Friday, February 1, 2013

Friday roundup (02-01-13)

Worst Not Over for Spain Banks After Big Writedowns (CNBC)

Portugal: country must tighten belt in 2013, premier says: More troika-mandated cuts, but Passos Coelho won't say where (ANSAMed)

Report: [US] Firms hired at a steady pace in January but not enough to change U.S. jobless rate (The Washington Post) The 18 Biggest Mass Layoffs Of The Past Year (The Business Insider)

‘Fiscal Cliff’ Was a Head-Fake, Budget Woes Are Here to Stay: David Stockman [VIDEO] (Yahoo's The Daily Ticker)

Austerity measures will strangle the U.S. economy: Our shrinking GDP is no great mystery. Government spending took a precipitous drop in the fourth quarter by Robert Reich (Salon)

Gasoline at Highest Price Ever for This Time of Year (CNBC)

Connecticut budget deficit seen at $140 mln in 2013 (Reuters)

HP To Cut 850 Jobs In Germany (RTT News)

Credit Supernova! by William H. Gross (PIMCO)

     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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