Tuesday, February 19, 2013

Tuesday roundup (02-19-13)

OECD economies shrank at end of 2012: GDP across 34 Organisation for Economic Co-operation and Development members fell 0.2% in final quarter of last year (The Guardian) OECD economies contract for first time since 2009 (EuroNews)

European Car Sales Fall 8.7% to Record Low (The New York Times)

Possible Berlusconi comeback is nightmare for Merkel (Reuters)

Obama warns Congress over spending cuts: 'People will lose their jobs': President takes tough line against Republicans he says are jeopardising US economic stability by refusing to compromise (The Guardian) Obama presses Congress for stopgap sequester fix (The Washington Post)

Simpson and Bowles Keep Pushing With New Deficit Plan (ABCNews) Memo to Congress, White House: Get serious on debt (Politico) A Bipartisan Path Forward to Securing America's Future (Moment of Truth Project) Erskine Bowles pessimistic about a ‘grand bargain’ (Politico) New Bowles-Simpson deficit plan would cut $2.4 trillion (CNNMoney) Sequestration Is Austerity, but Not Enough for Simpson and Bowles (The Nation blogs)

Wonkbook: So many sequester replacements (The Washington Post blogs)

Democratic Senator Presses Regulators On Why Big Banks Can’t Be Broken Up (Think Progress)

Who will be paying Hillary?: As the former secretary begins a speaking career, we'll learn a lot from her corporate client roster (Salon)

Jack Lew and the Obama Administration’s Finance-Friendly Status Quo: Meet the new Treasury secretary, same as the old Treasury secretary. Lloyd Green on nominee Jack Lew. (The Daily Beast)

Report to call for Detroit emergency manager - city official (Reuters)

Facebook, The Coolest Cutest Corporate Welfare Queen Of Them All (The Busines Insider)

Supreme Court Appears to Defend Patent on Soybean (The New York Times) Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety)

Danone to cut 900 jobs in ailing Europe (Reuters) Danone to cut 900 jobs in Europe (The Financial Times)

     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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