Economics Update (a Day Late)

It's not just bankruptcies in the US that are on the rise. Personal insolvencies in the UK just rose to a new record.

In the US, Advanta filed for bankruptcy, which may seem like a minor thing, except for the fact that they were a huge player in small business credit cards, or rather, they were until they shut that down because of excessive defaults in May.

In energy, oil rose, largely on concerns about the potential effects of Tropical Storm Ida, and in currency, the IMF is suggesting that the Dollar has a way to go, so the dollar went down.