Monday morning headlines

Stocks open lower: Still waiting for the early rounds of second-quarter earnings reports. Dow is down about 10.

Credit risks: More than one in four Americans have a credit score of 599 or below, which is generally considered to be lousy. Historically, just 15 percent fall under that level. (AP)

Economic forecasts are trimmed: Look for third quarter growth to be in the 2.7 percent range, and the final three months to be 2.8 percent, says Blue Chip Economic Indicators. That's sluggish even in good times. The Blue Chip numbers are based on about 50 forecasts. (Barron's)

$5 trillion bill is coming due: That's what banks worldwide owe bondholders and other creditors between now and 2012 (more than half that amount are liabilities in Europe). From the NYT:

[The] concern is that banks hungry for refinancing will compete with governments -- which also must roll over huge sums -- for the bond market's favor. As a result, credit for business and consumers could become more costly and scarce, with unpleasant consequences for economic growth. "There is a cliff we are racing toward -- it's huge," said Richard Barwell, an economist at Royal Bank of Scotland and formerly a senior economist at the Bank of England, Britain's central bank. "No one seems to be talking about it that much." But, he added, "it's of first-order importance for lending and output."

CA stimulus money running out: The idea was for economic growth to pick up where the federal stimulus dollars left off, but it's not working out that way. From the Sacramento Bee:

"I think the original assumptions were that we'd be much further along in our economic recovery by the time the money was spent," said Michael Cohen, deputy legislative analyst in the nonpartisan Legislative Analyst's Office. "If the economy goes along at what we're projecting, when the federal dollars go away, we're going to be left with a good-sized budget problem." California is set to receive $3.7 billion in state budget help this year - $5 billion less than the state used to balance last year's spending plan, according to the Department of Finance.

Hefner wants Playboy private.: The magazine founder is offering to buy the rest of Playboy he doesn't already own for $5.50-a-share - about a 40 percent premium. (WSJ)

Flight cancellations climb: May numbers show a 30 percent increase from a year earlier. Perhaps the airlines are trying to avoid new federal penalties for stranding passengers more than three hours. (LAT)

All-Star game not big economic deal: It'll bring about $85 million to the Anaheim area, which covers hotel rooms, lodging and the like. But that's not a major event for the Socal economy. (OC Register)