• 1) Post Office reports loss, may cut Saturday service

“Agency continues to lose money despite $6 billion in cost-cutting measures, and proposes that it drop Saturday delivery.

NEW YORK (CNNMoney.com) — The U.S. Postal Service reported a $3.8 billion loss in the 2009 fiscal year, and plans to propose to Congress in 2010 that it drop Saturday delivery.

That move alone would shave $3.5 billion in costs.”

• 2) N.J. Deficit May Top $8 Billion, Christie Team Says

“Nov. 16 (Bloomberg) — New Jersey Governor-elect Chris Christie and his economic transition team said the budget gap for the fiscal year beginning July 1 may exceed the $8 billion state budget officials previously forecast.”

• 3) Tennessee budget gap could reach $1.5 billion next year

“NASHVILLE – In a “worst-case scenario” next year, Tennessee state government could face a $1.5 billion budget gap between non-discretionary spending needs and the tax revenue available to pay for it, Gov. Phil Bredesen said today.

That figure includes about $515 million in budget cuts that are already built into this year’s and next year’s budget but were delayed from going into affect by the use of federal economic recovery and stimulus money in the current year’s budget.”

• 4) Millions will have to repay part of tax credit

“WASHINGTON — More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama’s tax break that was designed to help consumers spend the U.S. economy out of recession.”

• 5) Union Pensions in Crisis(PDF):

“Are you counting on a union pension? If so, be very afraid. So says a recent report, “Comparing Union Sponsored and Private Pension Plans: How Safe are Workers’ Retirements?” by Diana Furchtgott-Roth, Senior Fellow and Director of the Hudson Institute’s Center for Employment Policy, and Andrew Brown, an independent economist. Furchtgott-Roth and Brown report that many union pension plans do not have enough money to pay for the retirements they promised to provide their workers, and the problem is only getting worse.”

• 6) Gold Touches $1,143/oz, Silver Soars, Stocks Jump

“People want to own gold now because gold is the ultimate currency,” Gijsbert Groenewegen, a partner at Gold Arrow Capital Management in New York, was quoted on Bloomberg. “It’s clear that with such low interest rates, the dollar is being allowed to weaken, and there’s no incentive to hold it.”

• 7) China surpasses U.S. as top vehicle market

“China has surpassed the U.S. as the world’s largest car market, and consumers there are expected to buy as many as 50 million new cars and trucks a year by 2020, the chief executive of a Chinese industrial real-estate developer told a group of automotive suppliers today.”

• Fitch: Commercial Mortgage Delinquencies Rise In October

“Fitch Ratings said U.S. commercial mortgage-backed securities delinquencies continued to climb in October, with the hotel sector having the highest delinquency rate, although office delinquencies showed the biggest rise.

The delinquency rate rose to 3.86% last month from 3.58% in September and 3.04% in August. The hotel sector led with a delinquency rate of 6.81%, followed by the multifamily sector at 6%. Retail was the third largest, at 3.55%.”

……….Wow. So many green shoots today!!  Time to post the green shoots song for everyone.