The sky is falling!

From the Ap Morning Brief...

"Chrysler may have been granted a fresh start, but it still faces old problems: how to sell enough cars and realign its fleet.... A 42-day stay in bankruptcy court cleansed the company of much of its debt and labor costs, but many analysts say Chrysler's immediate future is bleak. It lost $8 billion in 2008, and sales are down by almost half for the first five months of this year."

"Japan's benchmark Nikkei index pulling back from its first move above 10,000 in eight months amid conflicting signs about the strength of an economic recovery."

"...crude to fresh highs for the year."

"...the main reason that borrowers default on their home loans, foreclosures likely will remain elevated this year and into 2010. Many economists expect unemployment, now at 9.4 percent nationwide, to rise as high as 10 percent, and some project it will exceed the post-World War II record of 10.8 percent."

"China's trade plunged in May..."

"...confirms steep recessionTOKYO (AP) — Japan's economy shrank at a 14.2 percent annual pace in the first quarter — better than first thought, but still the worst quarterly contraction ever for the world's second-largest economy."

"Australia's unemployment rate rose to a seven-year high of 5.7 percent in May,..."