Thursday, October 18, 2012

Thursday roundup (10-18-12)

EU leaders agree 'fiscal facility’ plan with eye on budget union: Europe's leaders agreed on Thursday to plans for a “fiscal facility” to help eurozone countries cope with shocks, opening the door to partial budgetary union. (The Telegraph)

Bad loans at a record high in Spain’s debt-hit banks (The London Evening Standard) Spain Banks Face Pain as Worst-Case Scenario Turns Real (Bloomberg)

Risks of eurozone-like debt crisis exist in Canada: report (The Financial Post)

Average student loan debt [in the US] nears $27,000 (CNNMoney)

How Obama can defeat Romney: Break up the big banks: President Barack Obama should counter Mitt Romney’s extraordinary solicitude toward Wall Street with a proposal to cap the size of the nation’s biggest banks, [Robert] Reich writes. (The Christian Science Monitor blogs) Neil Barofsky: Obama's Wall Street Reforms Deserve An 'F' Grade (The Huffington Post blog)

Fed call for cap on bank size sparks fresh debate on too big to fail (Reuters blogs)

Could the U.S. Face 'Cyber Pearl Harbor'? Protecting Banks from Hacker Attacks: As U.S. financial institutions continue to be attacked, Defense Secretary Leon Panetta warns of a "cyber Pearl Harbor." Michael Leiter, former director of the National Counterterrorism Center, and Neustar, Inc.'s Rodney Joffe talk with Margaret Warner about why banks are vulnerable to disruptions, theft and destructive threats. (PBS Newshour)

Alcatel-Lucent to cut 5,490 jobs worldwide (Reuters)

AMD to cut nearly 1,800 jobs or 15 pct of workers (The Associated Press)

Componenta to cut 550 jobs (Reuters)

     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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