Thursday, September 20, 2012

Thursday roundup (09-20-12)

The slow bank run that could still doom Europe (The Washington Post blogs) Europe’s bailout nations bleed bank deposits (Marketwatch)

European financial risk monitor says markets still fragile despite help from ECB’s new plan (The Associated Press)

Swift Actions Needed From Europe, IMF Says (The Wall Street Journal)

Greek Deal on Austerity Measures Still Elusive (The Associated Press) Fight Looms on Greek Bailout: Creditors Must Negotiate Who Will Sacrifice to Save Athens From Bankruptcy, as Shortfall Worsens (The Wall Street Journal) Commerzbank CEO sees further Greek debt haircut (Reuters)

Spain risks break-up as Mariano Rajoy stirs Catalan fury: The ruling parties of Catalonia have sought guidance from Brussels on the legality of secession from Spain, requesting a “route map” for membership of the European Union and the euro as an independent state. (The Telegraph)

Italy Boosts Deficit Forecast as Recession Worse Than Expected (Bloomberg) Italy's growth outlook still dismal after Monti reforms (Reuters)

French business activity slumps in September: PMI - poll (Reuters)

BoE's King says euro zone threatens slow UK recovery (Reuters) Bank of England governor: UK economic recovery slow, will take a long time (The Associated Press)

U.S. household debt posts largest rise since 2008 (Reuters) Household debt climbs at fastest rate in 4 years (Marketwatch)

Economy leaves many returning students disappointed, deep in debt (NBCNews)

Could Municipal Bonds Be the Next Financial Titanic? (Forbes)

California Debt Higher Than Earlier Estimates, a Task Force Reports (The New York Times)

US can’t ‘austere’ itself to a higher GDP, Goldman Sachs CEO says (The Associated Press)

Leading Economic Gauge Dips; Philly Fed Index Shrinks (CNBC)

Sheila Bair Book Excerpt: Bank Bailout 'Plagues Me To This Day' (The Huffington Post blog) Sheila Bair Still Feels Bad That JPMorgan Was Forced To Take Cheap Capital To Help Out Citi (Dealbreaker) Sheila Bair and the bailout bank titans: As the financial system melted down in the fall of 2008, the Treasury Department gave the nation's biggest banks billions in new capital. Was it all necessary? No, says the former FDIC chief in her new book. (Fortune)

Pawlenty quits Romney campaign to head bank lobby group (Reuters)

American Airlines cancels hundreds of flights through October: The airline is facing labor strife, bankruptcy proceedings and layoffs. (The Los Angeles Times)

Bank of America reportedly plans to cut 16,000 jobs: With Bank of America's cost-cutting plan, which includes the workforce reduction and closing 200 branches, it will no longer be the nation's largest bank. (The Los Angeles Times) BofA speeds up plans to cut 16,000 jobs: WSJ (Reuters) Why Bank Of America's 16,000 Job Cuts Are Necessary (Forbes)

Screwing The Taxpayer, 600,000 At A Time (Market Ticker)

     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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