Tuesday, December 11, 2012

Tuesday roundup (12-11-12)

Mr. Berlusconi’s Shameless Return (The New York Times) Berlusconi move could undermine Monti agenda in Italy (Reuters)

[US] Debt-ceiling hysteria rears its ugly head — again (The Providence [RI] Journal) As U.S. Approaches Debt Limit, Treasury Readies ‘Extraordinary’ Measures (The Wall Street Journal blogs) ‘Cliff’ Plans Exchanged; Reid Says Deal Unlikely Before Christmas! (CNBC)

The FHA: Next Government Bailout? (Bloomberg)

Bailout Over, U.S. Treasury Plans to Sell A.I.G. Shares (The New York Times blogs) Huge AIG Bailout Profit 'Misleading', Says Ex-TARP Watchdog (The Huffington Post blog)

Too big to fail means too big for jail (NBCNews) ‘Too big to fail’ becomes ‘too big to indict’ (The Washington Post blogs) HSBC to Pay Record Fine to Settle Money Laundering Charges (The New York Times blogs)

US student loans: The trillion dollar debt trap
(The BBC)

A Public Sector Worker Paradise in California (Iacono Research)

"Watch for Market Dislocations" - Karl Denninger (Youtube)

Peugeot to Cut Added 1,500 Jobs as European Sales Plunge (Bloomberg)

Kaiser staffers protest layoffs of 530 workers (The Press-Enterprise of Riverside CA)

Detroit to Lay-Off 500 Workers Amid Bankruptcy Rumours (The Point Daily)

Tests Say Mislabeled Fish Is a Widespread Problem (The New York Times) ["mislabeling"]

     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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