Saturday, February 9, 2013

Friday-Saturday roundup (02-08/09-13)

The Ghost of ABN Amro Haunts Europe's Banks (CNBC) Monte Paschi struck secret deal over Antonveneta: police (Reuters)

[Europe's] Horsemeat scandal blamed on international fraud by mafia gangs: DNA testing of food to be stepped up following fears there has been criminal activity on an international scale (The Observer)

Thousands protest over bank debt burden in Republic of Ireland (The BBC)

Italy's Berlusconi revives tax amnesty proposal (Reuters)

Spain’s Outlook Kept Negative at Two Levels Above Junk by Fitch (Bloomberg)

The lessons I learned from my week with Japan's power-brokers: The new Bank of England governor should heed Japan's efforts in trying to emerge from its lost decade (The Observer)

[In the US:] Huge Storm Swipes [New York] City and Buries Northeast (The New York Times) New England Begins the Big Dig-out After Epic Snow (The Associated Press) Close to 600,000 still without power as blizzard heads out to sea (CNN)

White House Warns Coming Austerity Will Hit Economy Hard (Reuters) Clinton: America’s Debt Problems ‘Can’t Be Solved’ With Austerity (Think Progress)

Bill Clinton Warns House Democrats “We Need An Economic Strategy Here”: Former president gives blunt and sobering assessment of the landscape Democrats will face in upcoming midterm elections. (Buzzfeed)

Economic Growth Is Likely to Be Slow in 2013 and Pick Up in Later Years (Congressional Budget Office)

Stockman: This is the Start of Housing Bubble 2.0: Former Reagan Budget Director David Stockman on the impact the Fed is having on the housing market. [THERE IS A VIDEO HERE. I HAVE USED THE EMBED CODE PROVIDED BY FOX BUSINESS, BUT AT TIME OF POSTING THE VIDEO IS REFUSING TO LOAD ON THE BLOG.] (FoxBusiness)

Vital Signs Chart: Americans Ease Up on Credit Cards (The Wall Street Journal blogs)

Why Do Banks Get Away With Murder?: Big banks have copped to heinous crimes that have cost citizens billions of dollars. And it just keeps happening. Daniel Gross on why the madness never ends—and no one goes to jail. (The Daily Beast)

Unofficial Problem Bank list declines to 820 Institutions (Calculated Risk blog)

Neil Barofsky Extended Interview Pt. 1: In this exclusive, unedited interview, Neil Barofsky shares the reasons TARP failed in its original purpose to aid troubled homeowners. (The Daily Show with Jon Stewart)

Neil Barofsky Extended Interview Pt. 2: In this exclusive, unedited interview, "Bailout" author Neil Barofsky explains why the banks will never face true justice. (The Daily Show with Jon Stewart)

ThyssenKrupp to Cut 2,000 Jobs as It Seeks Europe Steel Savings (Bloomberg) ThyssenKrupp to slash jobs (EuroNews)

The Lovely Hill: Where People Live Longer and Happier: In one idyllic community in southern California, [Seventh-Day] Adventists live 4 to 7 years longer -- and more healthily and happily -- than the rest of the country. A look at their diet, lifestyle, and philosophy (The Atlantic)

     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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