Business/Economic/Housing News for Jan. 2 through Jan. 8, 2010

Government News:

Illinois Has Days to Plug $13 Billion Deficit That Took Years to Produce

Incoming New York Governor Andrew Cuomo cuts pay for himself and senior administration officials

Governor Brown says he will release a "painful" new California budget next week

Half Moon Bay, CA, fighting insolvency, might outsource its police department

New Jersey wants to seize your unused gift cards

Housing News:

Bank of America agrees to pay Fannie Mae and Freddie Mac $2.8 Billion in settlement over 12,045 bad Countrywide loans it sold the two

Florida Condos: Banks no longer making loans to condo buyers if 15% of units in a condo building are not up to date on their condo fees

Housing specialist says now is the time to sell before banks flood the market with stealth inventory

Economic News:

Gold hits all time closing high, silver close highest since 1980

Oil hits 26 week high ($92.66 a barrel) on first day of trading in 2011

Optimism riding high in Alberta oilpatch: 2011 seen as 'largest year ever' for drilling

Generation Y: the new depression generation?

European debt markets 'face second credit crisis'

Google to be your next phone company?

Layoffs/Hirings:

My Space to downsize half its employees in preparation for possible sale

Cape Canaveral to layoff 150 United Space Alliance workers this week

Dollar General plans to open 625 new stores in 2011 and hire 6,000 people

Tech, gaming support firm to add 408 jobs in western N.C

Best of the Web:

Public Workers Face Outrage as Budget Crises Grow - New York Times

Why Mortgage-Backed Securities Aren't (Backed by Securities): How MERS Toasted the Banks - L. Randall Wray, Huff Post

Hiding A Depression: How The Government Does It - Daniel Amerman, Safe Haven

Baby Boomers' Retirements In Jeopardy - Time Magazine

Dude, Where's My Job? - The Burning Platform