Wednesday, February 6, 2013

Tuesday roundup (02-05-13)

For some reason this remained as a draft and did not get posted on Tuesday. 

Europe does not have the funds to solve sovereign debt crisis: The Lisbon treaty prohibits the European Central Bank from directly buying national governments' debt by Satyajit Das (The Independent)

State Debt Guarantees That Are ‘Hidden’ Add to Worries in Europe (The New York Times)

Ireland admits involvement in Catholic laundry slavery (CBSNews) State had 'significant' role in Magdalene laundry referrals (The Irish Times) Magdalene Laundries survivors reject apology: Survivors of the Magdalene Laundries have rejected an apology from the Irish prime minister about the conditions in the church-run laundries where women and girls toiled. (The Telegraph) Ireland finally admits state collusion in Magdalene Laundry system: Taoiseach Enda Kenny fails to formally apologise for involvement over female enslavement causing more outrage (The Guardian) Abused in the past and abandoned in the present (The Irish Times) There must be an apology to the Magdelene Laundry survivors and appropriate redress (The Irish Independent) Report of the Inter-Departmental Committee to establish the facts of State involvement with the Magdalen Laundries (Ireland's Department of Justice and Equality) Justice for Magdalenes (Office of the High Commissioner for Human Rights of the United Nations)

Obama Offers Deficit Savings to Head Off Automatic Cuts (The New York Times) Obama proposes short-term budget fix, Republicans swiftly object (Reuters)

CBO: Stubborn deficits not going away (Politico) 4 Things The New Congressional Budget Office Projections Show Us About The Economy (Think Progress) CBO: Budget Deficit Estimated at $845B (The Associated Press)

[Is this how bubbles are made?:] 'Easy Money' Will Help Stocks for Foreseeable Future: Roubini (CNBC) [Later when interest rates rise, says Bank of America] "There is reason to suspect that households will play a more active role in rebalancing out of bonds, into stocks" (CNBC) World Risks ‘Perfect Storm’ on Capital Flows, Carstens Says (Bloomberg)

Housing Market Already Shows Signs of a New Bubble (CNBC)

Holder Cites ‘Egregious’ Conduct by McGraw-Hill, S&P (Bloomberg) S&P misled investors on bonds' risks, suit says (USAToday) S&P Analyst: CDOs Are ‘Burning Down the House’ (The Big Picture blog) Is U.S. suit against rating agency S&P actually retaliation? (McClatchy Newspapers) Justice Department Charges Standard & Poor's Defrauded Investors (PBS Newshour)

Cheshire East Council announces 1,000 job losses (The BBC)

[Nordic paper maker] Stora Enso to slash 600 jobs despite Q4 profit (The Associated Press)

     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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