Tuesday, October 2, 2012

Tuesday roundup (10-02-12)

Breaking up the banks: panacea for the crisis? (Deutsche Welle) EU Panel Joins Call For Banks To Split (The Wall Street Journal)

One step forward, two back for Greece on debt (Reuters)

Greece pushes for austerity deal as time runs short (Reuters)

German lawmakers' bailout-fatigue might delay aid for Spain as Madrid appears set to seek help (The Associated Press)

Spain: Fear the worst: Inadequate stress tests of Spanish banks are just the first of the troubled country's myriad problems. (Fortune)

Spain Will Default on Its Debt Just Like Greece: John Mauldin (Yahoo!'s The Daily Ticker)

AIG May Be Too Big To Fail, Again: FSOC (The Street)

Kodak Announces More Than 1,000 Layoffs (YNN)

Magyar Telekom to lay off 500 workers to cut costs (Reuters)

France drops rape inquiry into ex-IMF head Strauss-Kahn (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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