Saturday, December 29, 2012

Saturday roundup (12-29-12)

With fiscal cliff looming, Obama urges leaders to come to their senses and pass a budget deal: The House and the Senate both held unusual Saturday afternoon sessions, in a last-ditch attempt to avoid automatic tax increases and spending cuts set to go into effect. (The New York Daily News) Lawmakers to Hold Weekend Talks on Averting Budget Change (Bloomberg) House lawmakers now say fiscal crisis vote not likely until Monday [= New Year's Eve] (FoxNews) With no ‘fiscal cliff’ deal in sight, sequestration seems all but certain (The Washington Post)

The current economic recovery is a fraud (FoxNews)

Unofficial Problem Bank list declines to 838 Institutions (Calculated Risk blog)

India files murder charges against suspects in brutal gang rape (CNN) "Gang-rapes [in New Delhi] are so frequent that they are barely mentioned in the newspapers..." (Agence France Presse) Will death of rape victim be tipping point in changing a misogynistic culture in India? (The Globe and Mail of Toronto) 10 reasons why India has a sexual violence problem (The Washington Post blogs)

     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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