Friday, February 15, 2013

Friday roundup (02-15-13)

Eurozone Economies Declined in 2012: Italy and Spain had especially sharp declines (Morning Edition from National Public Radio)

[US] Financial Crisis Cost Tops $22 Trillion, GAO Says (The Huffington Post blog)

Senator Elizabeth Warren grills regulators, ending quiet first month in office: In first spotlight turn, Warren rips deals with big banks, scolds for settling civil cases (The Boston Globe) Elizabeth Warren's Aggressive Questioning Prompts Anger From Wall Street (The Huffington Post blog) Elizabeth Warren lashes out at regulators: In her first appearance on the Senate Banking Committee, Sen. Elizabeth Warren grilled regulators for not taking Wall St. banks to trial. (CNNMoney)

Former U.S. bailout cop says another crash is inevitable (CNN blogs)

The United States After the Great Recession: The Challenge of Sustainable Growth (The Brookings Institution)

Wal-Mart Executives Sweat Slow February Start in E-Mails (Bloomberg)

Regulators close down Chicago bank, represents 3rd US bank failure of 2013 (The Associated Press) Covenant Bank of Chicago IL had a troubled assets ratio of 334.7%. (BankTracker)

     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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