Sunday, February 10, 2013

Sunday roundup (02-10-13)

"Sequester" Budget Cuts appear more likely (Calculated Risk blog) Lawmakers agree: Budget sequester isn't good (CNN blogs) Tax rift hardens as ‘sequester’ nears: Sen. Durbin, Rep. Cantor dig in as Obama prepares for major speech (Marketwatch) White House warns of ‘hundreds of thousands’ furloughs (The Washington Post blogs)

Time to break up the big banks by George Will (The Washington Post) Too big to succeed (Scientific American blogs) Too big to care: The Bank of America serves lawsuits, not customers (The Washington Times)

The Greatest Triumph of the Banking Industry (The Big Picture blog)

Timiraos: "FHA Gets Scrutiny" (Calculated Risk blog)

Florida Is Swamped with Foreclosures – And Deals on Distressed Homes (Time)

James Rickards: World Currency System Moving Towards Catastrophe (SilverGoldWorlds)

     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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