Wednesday, September 26, 2012

Wednesday roundup (09-26-12)


Europe's Got A New Crisis, And This Time The ECB Can't Solve It (The Business Insider)

There’s No Solving Europe’s Debt Crisis Without Solving the Jobs Crisis (Bloomberg)

French unemployment tops 3 million as economy struggles (The BBC) Amid His U.N. Visit, François Hollande Is Haunted by French Economic Woes: Escalating economic and employment woes, as well as serious rifts within his leftist majority and Cabinet, cast a dark shadow over French President François Hollande's moment in the international sun as he addressed the U.N. (Time)

Spain's Troubles Worsen, Sparking New Phase for Euro Crisis (CNBC) Spain's crisis flares again as AAA club scuppers bank rescue deal: Spain's debt crisis has returned with a vengeance after Germany, Holland and Finland reneged on a crucial summit deal and scuppered hopes of direct eurozone help for Spanish banks. (The Telegraph)

Bailout uncertainty pushes Spanish yields above 6 percent (Reuters)

Bank of Spain warns of 'deep recession' amid massive protests (The Associated Press)
Anti-Austerity Protests Break Out In Athens And Madrid (Reuters)

Austerity-hit Italians avoid shops, sales drop (Reuters)

IMF, EU clash over Greece's bailout prospects (Reuters)

Former RBS trader saw Libor fixing as 'cartel' - report (Reuters)

More CEOs Expect to Cut Jobs Over Next Six Months: A majority of CEOs expect flat or declining employment, with Congress and trouble abroad to blame. (U.S. News & World Report) US CEO Confidence Tumbles to Three-Year Low (Reuters) CEOs now see gloomy third quarter, drop growth expectations (The Washington Times)

Corporate America sweats as U.S. nears fiscal cliff (Reuters)

Republican study warns against US bailout of state pensions (Reuters)

A record 1 in 5 homes has student loan debt (CBSNews) Nearly one-in-five households have student loans (CNNMoney) [The report:] A Record One-in-Five Households Now Owe Student Loan Debt: Burden Greatest on Young, Poor (Pew Research Center)

California Mayor [of Atwater] Asks for Prayers as Bankruptcy Looms (Bloomberg)

     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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