With the unemployment rate soaring alongside the U.S. budget deficit, the Obama Administration and congressional Democrats are struggling to solve the nation’s problems before next year’s midterm election.

Americans should have been in the streets to reclaim the country long ago. Patrick Henry and his fellow patriots are turning over in their graves about the present day USA. The savvy folks I talk to on a regular basis are exceedingly pessimistic that our blessed republic can pull out of this present financial, economic and political tailspin. The US as we have known it is on the ropes.

The dogs in the street know Washington is going to have to come up with more cash to plug the gaping holes in banks’ balance sheets. Of course, our Orwellian government doesn’t want us to think that major banks such as Citigroup and Bank of America are insolvent.

I have always been a big fan of the safety and income potential of the nation’s utility industry. With the economy in shambles, few utilities have the potential they once did, but MDU Resources (NYE:MDU) is looking as good as ever.

While American stocks stumble, Shanghai soars… why Chinese equities are bucking the global trend… More data disasters… ADP jobs report, auto sales register scary declines…Tired of shaking down U.S. taxpayers, GM aims abroad… EU begged for Detroit dollars…Obama, Bernanke talk up Uncle Sam’s book… Eric Fry on how rampant inflation still seems inevitable…Chuck Butler takes a stab at the $10 trillion question: “How long will this dollar strength last?”

To ease the ongoing credit crisis and get banks lending again, the Obama administration realizes that it first has to resuscitate the “shadow financial system” that’s dominated by hedge funds and other large-scale private investors.

While everyone is focused on what Obama will do with green energy, it is pointed out that Canada is the largest, nearest, most reliable, and friendliest source of oil the U.S. has. Obama would be smart to enhance that relationship even further.

OPEC says willing to cut production further from March…  Impending U.S. stimulus package supportive…  Dismal U.S. jobs data still weighs on sentiment…

On the heels of a revealing unemployment report by the International Labour Office (ILO), China announced that the ranks of the people without jobs has dramatically increased – setting a 30-year high.

Worries rise that stimulus package could be held up… Ford stock rises after quarterly results… Initial jobless claims on tap… S&P 500 futures off 6.70 points, Dow futures off 52 points, Nasdaq futures off 4.75 points…