The jobless rate hit a 26-year high of 9.5% last month – and many economists are betting for the jobless rate to hit 10%.

Bill is traveling for the rest of the week, but fear not – we will muddle through without him. A good bit of activity in the markets since yesterday.

The bulls may be celebrating America’s stronger-than-expected 2Q GDP data, but most other data coming from the US smells pretty rotten. Unemployment reached a five-year high of 6.1% in August. The number of foreclosures continues to break new records. And last week, Integrity became the tenth US bank to go under this year. Kate Incontrera says anyone that was hoping for a speedy US recovery better think again…

Does the term ‘hemorrhaging money’ mean anything to you?

It should, says Kate Incontrera in The Daily Reckoning.

Because the housing bill approved by Congress yesterday will cost taxpayers $25 billion in fiscal years 2009 and 2010, according to the Congressional Budget Office. And it could wind up costing up to $100 billion in the long term.

The bill is also a major threat to privacy, according to Desidooru Saloon’s Dave Gonigam… 

Dan Denning in The Daily Reckoning Australia says the world is facing a global oil crunch. And new ’solutions’ like Canada’s tar sands and Colorado’s shale oil are actually hugely wasteful of energy. We need an real advance in solar technology, says Dan…

The eurozone is sliding into recession, and the US financial crisis is a major contributor.

In particular, the slide of twin mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) is spooking foreign investors. This is because one in ten US mortgages are essentially held by foreign institutions and governments.

Foreign investors looked on securities in Fannie and Freddie as just as good as US government securities, says Kate Incontrera. So to keep foreign investors in the country Congress has little choice but to back the US Treasury’s Fannie and Freddie bailout plan…

The Feds debate the ‘long and short’ of recession…placing bets on the Fed’s next move. Greenspan: “Non, je ne regrette rien”…the stinging reproach of a former Fed Chairman. Dealing with future problems, today…a few worthwhile suggestions from the Philadelphia film festival…and more!