TOP STORIES
German Parliament Approves $1 Trillion Rescue – DealBook
PIMCO’s Gross: Markets exhibiting “flight to liquidity” – Reuters
Senate Passes Reforms Designed to Prevent Worst U.S. Collapse – Bloomberg
Financial Reform Bill Passed without Addressing ‘Too Big to Fail’ – HuffPo
Barack Obama celebrates biggest banking shake-up since the Great Depression – Guardian
‘Perfect storm’ as market tremors hit China, Europe and the US – Telegraph
Why state pension funds may need a $1 trillion bailout – CNN/Money
Padded Pensions Add to New York Fiscal Woes – NY Times

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MARKETS/INVESTING
Oil falls below $70 amid Europe growth fears – AP
Gold dips, stocks fall, economic worry hurts PGMs – Reuters
Market Decline is Based on More Than Fear – Pragmatic Capitalist
“We Are On Schedule for a Very, Very Long Bear Market,” Prechter Says – Tech Ticker
Two Dow Theorists remain bullish despite Thursday’s plunge – MarketWatch
Gold and Greece: not what you think – MineWeb

ECONOMY
Lost Decade Looming? – Krugman, NY Times
Europe Crisis Will Hit Global Growth: El-Erian – CNBC
Five economic fault lines pose risks for recovery – CNN/Money
Leading index posts first drop since early 2009 – Reuters
Who Creates the Wealth in Society? – NY Times

INTERNATIONAL
China’s Foul Assets, Fouler Yet – Xie, Caixin Online
BOJ cautious on Europe woes, outlines new loan plan – Reuters
New U.K. government met by record April deficit – MarketWatch
Sweden Emerges as ‘Safe Harbor’ From Europe Debt Woes – Bloomberg
Hotter inflation muddies the waters on interest rate hike – Globe and Mail
BOE’s Posen: U.K. Inflation Disparity Is Disturbing – WSJ
PMI signals slower euro-zone growth in May – MarketWatch
City fears of ‘Great Depression Mark II’ – Telegraph

REAL ESTATE
Nearly 75% of homes are affordable – CNN/Money
59 Percent of Homeowners Wouldn’t Walk Away – The Truth About Mortgage
Most (and least) affordable cities to buy a house – CNN/Money
U.S. mortgage rates sink further – LA Times

FED/TREASURY/BANKING
No Exit, No Time Soon – Barron’s
Fed’s Tarullo says Europe crisis threatens U.S. economy – Reuters
Central Bankers Can’t Return to Simpler Times After Bailouts – Bloomberg
A Look Inside the Fed’s Balance Sheet – WSJ

INTERESTING
Top Tax Rate? Socialism – The Big Picture
Annoyed by cellphones? Scientists explain why – Reuters
Hot pursuit ninjas save Australia mugging victim – BBC
Brits vote iPhone 8th greatest invention – CNN/Money