Friday, October 19, 2012

Friday roundup (10-19-12)

Europe mistakes market lull for vote of confidence -- [Thursday's deal "was a step backwards from agreements already made in June"] (The Telegraph blogs)

Merkel raises new hurdles on EU bank union (Reuters)

Greek PM says sure will get aid before cash runs out November 16 (Reuters)

Italy Anti-Austerity Party Tops 20% for First Time, Poll Says (Bloomberg)

UK experiences 'weirdest' weather (The BBC)

Is It Now Technically Impossible For The U.S. To Ever Balance Its Budget? (Cliff Küle's Notes blog) United States Budget Dilemma (Youtube)

Google's Miss Highlights Big Worry on Wall Street -- ["revenue is coming in much worse than anyone thought"] (CNBC)

Bank seizures in Florida, Missouri makes total of 46 US failures so far this year (The Associated Press)

GulfSouth Private Bank of Destin FL had a troubled assets ratio of 272%. (BankTracker) GulfSouth Private Bank, Florida, Closed By Regulators (Problem Bank List)

First East Side Savings Bank of Tamarac FL had a troubled assets ratio of 200.7%. (BankTracker) First East Side Savings Bank, Florida, Closed By Regulators (Problem Bank List)

Excel Bank of Sedalia MO had a troubled assets ratio of 341.2%. (BankTracker) Excel Bank, Sedalia, MO, Closed By Regulators (Problem Bank List)

Sony to close factory in central Japan, cut workforce by 2,000 in moves aimed to cut $385M (The Associated Press) Sony to cut HQ staff by a fifth, shutter Japan plant (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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