Is the average American household debt to disposable income ratio really 123%? Am I reading that correctly? If so, holy shit.

KB Toys files for Chapter 11. Sure, this will destroy a couple thousand service jobs in the US, but how many manufacturing jobs in China have already been destroyed because of it? Up next, Toys'R'Us? Probably so, as they were bought out and larded up with debt in a 'private equity' buyout. Great news for kids, yeah?

Oil demand is down for the first time since 1983. That's a whole lot of demand destruction folks! I wonder how low the price will go? Maybe a gallon of gas for under a buck, once again? That would certainly be something I never thought I would see again in my life.

Bank of American is going to shed 35,000 jobs over the next three years. Meanwhile, a study finds White-Collar unemployment rising. Talk about something that will change the dynamic of social security, welfare, unemployment benefits! Nothing like job destruction in Dilbertland to force changes in the way Americans behave.

The trade deficit grew in the last quarter. I remember being told only recently that exports were the one ray of sunshine in this whole mess. I guess a strengthening dollar and New York turning into the financial equivalent of a black hole is pretty much sucking us all downwards.

And lastly, unemployment claims on the rise, again. The numbers were higher than expected.