Chris Whalen Drops the F-Bomb on Wall Street while sounding the Bankruptcy Alarm!

As world leaders arrive in the us for the G8 Summit, not to mention the nATO summit this weekend -- we'll talk about the realpolitik of the US situation when it comes to generating domestic economic growth. Chris Whalen has written about a choice between debt and inflation or war, and says finding a way to avoid these two extremes is now the chief concern.

He's here to talk to us about it in studio!

Yesterday, we told you about deposit flight from Greek banks. Today, we talk Spain, where the country is denying reports of a bank run at it's second largest lender -- Bankia...This as Greece swears in a caretaker government to run things until elections next month. This is seen as the next step towards more certainty. However, this begs the question, are we seeing a larger run on Europe?

And the latest in Whale-Gate...JP Morgan CEO, Jamie Dimon, has been invited to testify before the Senate Banking Committee reportedly. And JP Morgan's 2 billion dollar trading loss, that could grow much larger, has prompted the New York Fed to examine how banks in its district are managing deposits. Hmmm...we wonder if Jamie Dimon gets any say in that since he is on the Federal Reserve's board after all.

On the hill today, officials from several financial regulatory agencies are testifying before the House Financial Services committee on the Settlement Practices of the US Financial Regulators. This is a good time to talk about regulation and fraud -- after all, this is the real F-Word on Wall Street that no one wants to utter, helped by their cronies on Capitol Hill. There is a major factor that may be working against victims of it, and unless you are an MF Global customer you may be surprised at what it is...take a guess for a second while Lauren brings in Christopher Whalen, Senior Managing Director at Tangent Capital Partners.

And when things are bad in the economy, it's usually good for people in the vice industries. But are things so bad in Europe, that even strippers are threatening to walk? Well, that's what appears to be happening in Paris -- Demetri, Lauren and Shannon will address this and other stories in today's "Loose Change."

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