Tuesday, February 12, 2013

Tuesday roundup (02-12-13)

EU clears France to give temporary aid to Peugeot: The European Commission has cleared France to temporarily rescue PSA Peugeot Citroen with a €1.2bn (£1bn) guarantee on condition the car maker delivers a restructuring plan within six months. (The Telegraph)

BANK OF AMERICA: 'This Is Not A Fluke' — The Fed May Have To Ramp Up QE Again [Owing to Risk of Deflation] (The Business Insider)

The State of the Union Is Best Served by Growth, Not Austerity (The Nation)

How the United States’ High Debt Will Weaken the Economy and Hurt Americans (The Heritage Foundation)

More Austerity Cuts Coming To The States (Truthout)

The Break-Up-the-Banks Drumbeat Gets Louder. But Is It Just a Bunch of Hot Air? (Time)

One Republican’s plan for stopping Too Big to Fail (The Washington Post blogs)

Where does [US Senator Dean] Heller [(R) of Nevada] stand now on restoring Glass-Steagall? (The Las Vegas Review-Journal)

Losses mounting in bank bailouts (Marketwatch)

Food stamp users could see a benefits cut, if Congress doesn't act (NBCNews)

N.Y. May Issue Fracking Permits Without Final Regulations (Bloomberg)

Barclays vows fresh course, axes 3,700 jobs [up from the 2,000 posted here yesterday] -- [chief executive "Antony Jenkins said Barclays would put ethics above earnings at the bank"] (Reuters) Barclays axes 3,700 jobs (EuroNews)

Orange Poland to axe 1,700 jobs in 2013: official (Agence France Presse)

     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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