Sunday, January 27, 2013

Sunday roundup (01-27-13)

Preparing for a Perfect Storm: Stagnation in the developed world, uncertainty in China, and political instability in the Middle East could make for a rough 2013. by Nouriel Roubini (Slate)

Europe: No retreat from austerity [-- that was the message from the just-concluded World Economic Forum at Davos, Switzerland] (CNNMoney)

Basking in the shadows? Regulators are watching you [you = shadow bankers] (Reuters)

Failure to reach ECB could be catastrophic for Ireland, [Foreign Minister] Gilmore warns (The Irish Independent) Ireland plans to redo bank debt proposal (Reuters) Gilmore tells leaders of 'urgent' need for deal with ECB on debt (The Irish Times) Rescheduling our [Irish] debt won't help – we need a write-down: We must restore confidence so that consumers start spending again (The Irish Independent)

Clegg: [The UK] Government will not change course on austerity: Deputy prime minister Nick Clegg has said there is no 'Plan B' on tackling the economy despite seeing stagnant growth in 2012. (The Telegraph)

US Facing Fresh Financial Shock to Economy (The Financial Times)

The Untouchables: FRONTLINE examines why no Wall St. execs have faced fraud charges for the financial crisis (PBS Frontline) The Untouchables (PBS Frontline)

Watch The Untouchables on PBS. See more from FRONTLINE.

The Avengers: Will they be the ones who make the banks pay for the mortgage mess? [The American Lawyer via] (Patterson Belknap Webb & Tyler LLP) "1. In mid-2006, Bear Stearns induced investors to purchase, and Ambac as a financial guarantor to insure, securities that were backed by a pool of mortgage loans that -- in the words of the Bear Stearns deal manager -- was a 'SACK OF SHIT.'" [pdf launches as download] (Orrick)

Making Them Pay (and Confess) (The New York Times)

     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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