Saturday, August 4, 2012

Saturday roundup (08-04-12)

Bank of England ‘will slash growth forecast to zero’, say analysts (This is Money)

Amid the U.S. housing recovery, signs of another slowdown: As the residential-property market climbs back from the worst collapse since the Great Depression, homebuilders across the nation need more customers for the industry to enter a sustainable recovery and help drive U.S. economic growth. (Bloomberg)

Top 10 Most Profitable Companies Paid ~9% Tax Rate (The Big Picture blog)

Doug Kass: Kill the 'Quants' Before They Kill Us (CNBC) (CNBC)

Repeal of Glass-Steagall: Not a cause, but a multiplier (The Washington Post)

Unofficial Problem Bank list declines to 899 Institutions (Calculated Risk blog)

Study: Many Americans die with 'virtually no financial assets': It is a central worry of many Americans: not having enough money to live comfortably in old age. Now an innovative paper co-authored by an MIT economist shows that a large portion of America’s older population has very little savings in bank accounts, stocks and bonds, and dies “with virtually no financial assets” to their names. (Phys)

Drought Hurting Crops: Farmers battle conditions reminiscent of the 1930s Dust Bowl. (ABCNews) Click link to see video

New Photo Essay Shows Human Dimension of Food Stamps (Food & Environment Reporing Network)

Trane layoffs in Tyler [of 500 workers] (KETK)

     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 that exist today could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. This blog further attempts to show that the financial crisis of 2008 was largely a result of the devastating consequences of excessive risk taking and the absence of effective regulation of such behavior. Furthermore, this blog maintains that not only have the lessons that should have been learned from this experience not been learned, but that the risks to the economy, including the persistent building up of "too big to fail" institutions, have actually increased since the crisis began. Finally this blog also brings to light, from time to time, reports of a parallel threat to economic well-being developing in the energy industry, which suggest that an energy shock may be coming much closer in time than is generally imagined.

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