Monday morning headlines

Stocks are wobbly: A little like the Dodgers. Dow was down about 20 points and now is up by 40.

Americans buying a bit more: May's 0.2 percent increase in consumer spending follows a flat April. (AP)

OC recovery is a tough slog:: The Register's Big Orange economic index shows a small upswing, but retailers are still struggling.

Discount-heavy trends in such key consumer-centric industries are why you may not feel so giddy about economic prospects. And then you see banks and investors act with great caution. Consumers universally demanding a coupon before a sale is made. And businesses relentlessly prune costs, either by running thinly staffed or creating bidding wars for their limited business opportunities.

Unemployed giving up car leases: LeaseTrader.com, which matches up people who want out of their leases with those looking for short-term leases, said it expects to process 7.3 percent more listings this month. (OC Register)

Oil spill damage is limited: While the fishing and tourism industries along the Gulf of Mexico are getting hammered, the rest of the national economy is barely feeling any effects. (AP)

SEC investigates KB Home: Inquiry centers on the L.A.-based homebuilder's joint ventures and the way it accounted for declining home and land prices. From the WSJ:

Between 2006 and 2009, the top 12 U.S. homebuilders took more than $30.6 billion in impairment charges, fueled mainly by plummeting land values. KB Home wrote down more than $2.6 billion, but the company said Friday it didn't take any land-related charges in its second quarter ended May 31. Some analysts have in the past questioned the accuracy of some builder impairments. Analysts said a homebuilder might be tempted to go overboard in writing down the value of land because doing so would reduce the company's future expenses, making future results appear stronger. At the same time, builders might under-impair their assets to maintain the market's confidence.

Regulators take over credit union: The seizure of Arrowhead Credit Union over the weekend was part of a stepped-up effort to monitor the financial condition of credit unions. Daily operations will not be affected. (LAT)

Stadium review urged: Several dozen environmental groups are pushing state lawmakers to require a full study on how a downtown football stadium next to Staples Center would impact traffic, noise and air pollution. From the LAT:

Just months after the Legislature waived environmental laws for an NFL stadium proposed for the City of Industry, the groups are demanding that lawmakers not to do the same for a stadium being talked about by the Anschutz Entertainment Group near its Staples Center. "We cannot allow wealthy developers to buy their way into exemptions from state environmental laws,'' said David Pettit, senior attorney with the Natural Resources Defense Council.

CA considers unusual building deal: Rather than selling off 11 state-owned office buildings and then leasing back the property, California officials are considering a plan in which tax-exempt bonds would be sold and the proceeds would be used somehow finance long-term leases. From the LABJ:

Some critics said it amounts to a convoluted way to issue more debt, and the state would be better off simply unloading the buildings. "We are in debt up to our eyeballs and now need to find fancier ways to borrow money?" asked Adrian Moore, vice president of research at libertarian think tank Reason Foundation, who supports the idea of a straight-ahead sale and lease-back.

Broad files permit for museum: The plan, reports the Downtown News, is to begin construction on a parking garage for the new art museum by August or September. The museum itself would be set on top of the garage on Grand Avenue.