Thursday, September 6, 2012

Thursday roundup (09-06-12)

European debt crisis dragging down world economy, report says (The Los Angeles Times)

Draghi Says Officials Agree on ECB Unlimited Bond-Buying (Bloomberg) Huge Step Taken by Europe’s Bank to Abate a Crisis (The New York Times) ECB loads the ‘big bazooka,’ agrees to buy government bonds, if needed (The Washington Post)

Draghi Plays His Trump Card, the IMF (The Wall Street Journal) IMF Chief Praises ECB Move (The Wall Street Journal blogs)

Recession 'taking hold' in Eurozone, OECD says (Bloomberg) O.E.C.D. Warns of Recession in Germany (The New York Times)

The Eurozone Is Still Doomed, Isn't It? (Mother Jones)

ECB sets stage for euro rescue but will Spain jump? (Reuters) GOLDMAN: Spain Will Formally Request A Bailout Next Weekend (The Business Insider) "Spain Requests Bailout On September 14" - Goldman's Definitive Post-Mortem On Europe's Third Bond Buying Attempt (ZeroHedge blog)

Unemployment in Greece Hits Depression Levels—And Is Headed Higher (U.S. News & World Report blogs)

UK tells banks to cut exposure to euro breakup risk (Reuters)

Larry Summers warns of 1930s slump threat to UK economy: The ex-US Treasury Secretary takes a swipe at "Plan A" as he warns the UK’s austerity effort means it has failed to avoid the threat of a 1930s-style Great Depression. (The Telegraph)

Palestinian Authority faces cash crunch, raising risk of unrest: The Palestinian Authority may run out of money soon to pay bills and salaries as foreign aid drops. Officials blame the Israeli occupation. (The Los Angeles Times)

Obama: Recovery will take Depression-level effort (The Associated Press)

Back-to-School Letter to the US Congress by Mohamed A. El-Erian (Project Syndicate)

U.S. debt $417 billion below the debt ceiling (CNNMoney)

Elizabeth Warren: "The system is rigged" (CBSNews)

Top Bank Lawyer’s E-Mails Show Washington’s Inside Game (Bloomberg)

Why the Candidates Aren’t Talking About Housing (The Wall Street Journal blogs)

Racing toward the fiscal cliff: Time running out to avert economic disaster [editorial] (The Miami Herald)

Woodward's new book details debt ceiling fiasco (CNNMoney)

ROSENBERG: Subprime Auto Lending Is Bigger Today Than It Was At The Peak Of The Credit Bubble (The Business Insider)

How an aging population will kill the American Dream (The Globe and Mail of Toronto)

Albertsons store closures show industry's travails: Rivals big and small are siphoning off traditional grocery stores' customers. (The Los Angeles Times)

Nearly 3,000 jobs to go from Qld Health (Sky News Australia)

     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 an energy shock may be coming much closer in time than is generally imagined.

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