Sunday, July 23, 2017

Sunday roundup (07-23-2017)

[In the United States,] Federal Reserve now faces prospect of global monetary policy tightening (Reuters)

President Trump to deliver statement on health care on Monday (CNBC)

GOP despairs at inability to deliver: The party’s failure to repeal Obamacare amid West Wing chaos has GOPers frustrated they’re squandering power. (Politico)

Can the President Be Indicted? A Long-Hidden Legal Memo Says Yes (The New York Times)

Trump is building a Cabinet ready for political, legal war (Axios)

Jeb Bush calls out Republicans silent on Trump's Russia probe (The Hill)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, July 22, 2017

Saturday roundup (07-22-2017)

[In the United States,] Republicans face two unpalatable options on replacement healthcare bill: After a six-month debate and seven years of promising they would repeal the Affordable Care Act, Republicans don’t have many good options left to pass a bill (The Guardian)

Congress Reaches Deal on Russia Sanctions, Setting Up Tough Choice for Trump (The New York Times)

Yes, Trump Could Pardon Himself. Then All Hell Would Break Loose: It’s never been tried. Here’s how it could blow up his presidency, or blow up the system. (Politico)

Don't Count on Institutions to Temper Trump: Personnel can be replaced and investigations subverted. (BloombergView)

Republicans Need to Prepare for the Worst: Expect the impossible. (Commentary)

Former spy chiefs tear into Trump: John Brennan and Jim Clapper trash Trump for his relations with Putin, attacks on intelligence community. (Politico)






     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, July 21, 2017

Friday roundup (07-21-2017)

Here's why deeply flawed Western economic models are undermining the worst global recovery in history (CNBC)

U.S. State Department to clamp ban on travel to North Korea (Reuters) North Korean Defectors Are Using Google Earth to Identify Killing Sites and Mass Graves in Kim Jong Un’s Totalitarian State (Newsweek)

[At the United States Senate:] 'I don't even know what we're proceeding to next week.' Obamacare vote nears with key details still missing. (The Los Angeles Times) A clear guide to what the hell is going on with the Senate health care bill: 7 things you need to know. (Vox) Senate parliamentarian says some major BCRA elements subject to 60-vote threshold (CBSNews)

Intercepts suggest Sessions discussed Trump campaign matters with Russia envoy: report (The Hill) U.S. Intercepts Reportedly Contradict Attorney General On Russia Contacts (National Public Radio)







Trump's blast of Sessions has 'chilling' effect inside West Wing (CNN)

Sean Spicer resigns as White House press secretary after objecting to Scaramucci hire (CNBC) Scaramucci, back-slapping hedge-fund magnate and GOP fundraiser, reaches the White House (CNBC) Scaramucci sorry for calling Trump a 'hack' with a 'big mouth' in 2015 (CNNMoney)

Trump reshuffling legal team (CNN) Marc Kasowitz and Mark Corallo depart Trump's legal team (CBSNews) Trump's public Russia comments could cause legal headaches for him — and his kids: Investigators can use the president's interview to establish facts and intent, potentially creating stumbling blocks for others touched by the case and making it harder for the many lawyers involved to coordinate. (Politico)

Mueller Expands Probe to Trump Business Transactions (Bloomberg)

Trump team seeks to control, block Mueller’s Russia investigation (The Washington Post) Trump Aides, Seeking Leverage, Investigate Mueller’s Investigators (The New York Times) How White House Threats Condition Mueller’s Reality (Lawfare blog)




[But ...]




No, Trump can’t pardon himself. The Constitution tells us so. (The Washington Post)

We’re on the Brink of an Authoritarian Crisis: If Trump fires Robert Mueller or pardons himself, Republicans won't do a thing about it—and our democracy will be changed forever. (The New Republic) Trump team’s attacks on Mueller rattle Washington: The president and his allies have ramped up their warnings against the special counsel in recent days. (Politico)

Moscow lawyer who met Trump Jr. had Russian spy agency as client (Reuters)

Former CBO directors in both parties defend the agency after White House attacks (The Washington Post)

Trump axes 860 Obama regulations, 179 from ‘secret’ list (The Washington Times)

Towns sell their public water systems — and come to regret it (The Washington Post)

Endo to cut 875 jobs and close facilities in Alabama (Marketwatch)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, July 20, 2017

Thursday roundup (07-20-2017)

The sheer scale of Italy's debt threatens global GDP (The Business Insider)

[In the United States,] Republicans lament an agenda in 'quicksand': GOP lawmakers’ mood is darkening as the August recess approaches and they’ve made little progress on their priorities. (Politico)

House GOP leaders face uphill budget battle: Republicans are far from the votes to pass a budget, which would seriously undermine their tax reform push. (Politico)

Senate GOP has only bad options on health care (Axios) Conservatives furious and plotting revenge for health-care fail (The Washington Post) Senate GOP’s latest health care push sputters: Even after a positive White House meeting, Republicans appear unlikely to find the votes to repeal Obamacare. (Politico)

Social Security is running out of money and time [Editorial] (The Chicago Tribune)

ExxonMobil has been fined for an 'egregious' violation of Russia sanctions while Tillerson was CEO (The Business Insider) Exxon sues U.S. over fine levied for Russia deal under Tillerson (Reuters)

Trump ends covert CIA program to arm anti-Assad rebels in Syria, a move sought by Moscow
(The Washington Post)

How the GOP Became the Party of Putin: Republicans have sold their souls to Russia. And Trump isn’t the only reason why. (Politico)

Big German Bank, Key to Trump’s Finances, Faces New Scrutiny
(The New York Times)

Trump’s Fury Erodes His Relationship With Sessions, an Early Ally (The New York Times) The humiliation of Jeff Sessions (FoxNews) Sessions plans to 'continue' as attorney general, despite Trump's expressing regret over nomination (ABCNews) NYT's Trump interview 'was an ongoing negotiation' (CNNMoney) Yes, Trump’s Attacks on His Justice Department Are a Huge Problem (NBCNews)

The Inadvisable President: Donald Trump is an impossible boss, demanding absolute personal loyalty—even when it conflicts with the law or other key principles—and offering little faithfulness in return. (The Atlantic)

[Former Trump Campaign Manager] Manafort Was in Debt to Pro-Russia Interests ["by as much as $17 million"], Cyprus Records Show (The New York Times)

Mueller Expands Probe to Trump Business Transactions (Bloomberg)

Here’s the Chain Reaction Trump Could Set Off by Trying to Fire Mueller (Bloomberg)



When McCain ran against Obama, he went out of his way to defend him as a 'decent person' (The Business Insider) (Youtube)



Top State cyber official to exit, leaving myriad questions (Politico)

Connecticut Sinks Deeper in Debt (Bloomberg)

State [of Alaska], municipalities face higher borrowing costs from falling credit ratings (KTOO)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 07-20-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from July 9 to July 15 fell by 15,000 to a seasonally adjusted 233,000, the Labor Department said Thursday. That matches the second-lowest level since the 2007-09 recession." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, July 19, 2017

Wednesday roundup (07-19-2017)

EUROZONE WARNING: Now fears for IRELAND’S economy as shock figures show nation on brink: IRELAND’S economy is loaded with more debt and [an economy] MUCH smaller than previously thought, shock figures reveal. (The Express)

Eurozone crisis: Italy’s Five Star Movement DEMANDS referendum on future of euro: THE Eurozone could be in crisis after an anti-European Union party in Italy insisted it was still pushing for a referendum on the future of the euro. (The Express)

[In the United States,] As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away (The New York Times blogs)

Krauthammer rips GOP's 'epic fail' on healthcare (The Hill) 'This Is Historic': Krauthammer Calls GOP Health Care Effort 'An Epic Fail' (FoxNewsInsider) (Youtube)



How the Senate Health Care Bill Failed: G.O.P. Divisions and a Fed-Up President (The New York Times) Trump aides move on after health care loss: As the president's biggest agenda item tanked on the Hill, his senior advisers busied themselves with their pet projects – and looked ahead to tax reform. (Politico) The Disturbing Process Behind Trumpcare: The development of the Republican health-care bill offers a troubling picture of our legislative system. (The Atlantic)

After Trump scolding, Senate to try again on ObamaCare repeal and replace (The Hill) Health Care: Pres. Trump Hosts GOP Senators at White House: Facing criticism and increased pressure to follow through on seven years of repeal promises, Pres. Trump gathered GOP senators at the White House to discuss what to do next. (NBC Nightly News) (Youtube)



GOP repeal foes face blowback: Angry conservatives promise primary challenges. (Politico)

Republicans divided on debt ceiling strategy (Politico)

Tax reform becomes a must-win issue for the White House: With health care reform on ice, Trump moves on to taxes -- but Republicans aren't unified on a policy approach for that, either. (Politico) Trump targeting corporate tax rate ‘in the 20s’: A rate in the 20s has become a prevailing view among a number of senior officials and advisers, a White House official said. (Politico)

Trump’s priorities in funding and cutting are keenly felt by federal workforce (The Washington Post)

Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (The New York Times)

Supreme Court lets Trump administration reinstate travel ban restrictions on refugees but not on grandparents (The Los Angeles Times) Trump’s wall: The inside story of how the president crafts immigration policy (The Washington Post)

Sen. John McCain has brain cancer, aggressive tumor surgically removed (CNN)

CSX planning up to 700 additional layoffs (WTLV)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, July 18, 2017

Tuesday roundup (07-18-2017)

Eurozone on the ROCKS: Inflation PLUNGES further as ECB scrambles to save EU economy: EUROZONE inflation remains below target in an embarrassing development for the European Central Bank (ECB) which has pulled out all of the stops to kick the EU's economy into action. (The Express)

DAVID BLANCHFLOWER: The Fed's misleading view of the [United States] job market reflects 'a huge intellectual failure' (The Business Insider)

Student Debt Is a Major Reason Millennials Aren't Buying Homes: New York Fed economists blame student debt for homeownership woes (Bloomberg)

Latest health care bill collapses following Moran, Lee defections (CNN) Trump blindsided by implosion of GOP health care bill: While the president strategized with Republican lawmakers at the White House over steak, two senators were finalizing their statements tanking the current proposal. (Politico) GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (Bloomberg)

[This was followed by a move simply to get rid of Obama care, with the result that:] GOP's repeal-only plan quickly collapses in Senate (The Hill) Two GOP senators to vote against ObamaCare repeal-only bill (The Hill) ‘Plan C’ on Obamacare, Repeal Now and Replace Later, Has Collapsed (The New York Times) 5 things Republicans have forgotten about governing (Marketwatch)

[Meanwhile,] Trump suggests Republicans will let ACA market collapse, then rewrite health law (The Washington Post)

[But then, just before the evening news, it was back to "Plan C":] McConnell: Senate [at the request of President Trump and Vice President Pence] to try to repeal ObamaCare next week (The Hill)

Trump’s grand promises to ‘very, very quickly’ repeal Obamacare run into reality (The Washington Post)

The coming Republican civil war over the budget resolution, explained [Vox via] (CNBC) House budget blueprint key to success of Trump tax agenda (The Associated Press)

Eighth man in Trump Tower meeting was linked to money laundering: Irakly Kaveladze, who met with Trump Jr. and Kushner, is linked to a Kremlin-friendly Russian oligarch through a network of shell companies. (Politico) Eighth person in Trump Tower meeting is identified (The Washington Post)

Trump and Putin Held a Second, Undisclosed, Private Conversation (The New York Times)

16 Things You Must Believe to Buy the ‘Witch Hunt’ Russia Narrative (National Review)

The Top Jobs in Trump’s Administration Are Mostly Vacant: Who’s to Blame? (The New York Times)

Trump Says He Has Signed More Bills Than Any President, Ever. He Hasn’t. (The New York Times)

Trump set out to uproot Obama's legacy. So far, that's failed (The Los Angeles Times)

Jeff Sessions Announces Justice Department Will Increase Asset Forfeiture: “No criminal should be allowed to keep the proceeds of their crime,” Sessions says of law that lets police take cash without charging anyone with a crime. (Reason blog) Jeff Sessions wants police to take more cash from American citizens (The Washington Post) White House dead wrong on asset forfeitures (The Washington Times)

Donald Trump's administration 'closes State Department office that investigates war crimes and genocide': Office of Global Justice has been working for 20 years to hold war criminals to account (The Independent) Tillerson to Shutter State Department War Crimes Office: Critics charge top U.S. diplomat with giving the green light to perpetrators of mass atrocities. (Foreign Policy)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.