Saturday, March 23, 2013

Saturday roundup (03-23-13)

Euro zone finance ministers to meet on Sunday over Cyprus (Reuters)

Cyprus bailout talks "at very delicate [and very difficult] stage" - govt (Reuters)  Cyprus weighs big bank levy; bailout goes down to wire (Reuters) Cyprus faces hard choices, tough future: EU's Rehn (Reuters)

"Lex Cyprus" will set precedents for closer EU union (Reuters)

Bank of Italy warns political impasse dents economic recovery (Reuters)

Half Of Americans Want To Break Up Banks That Are Too Big To Fail: Poll (The Huffington Post blog)

Unofficial Problem Bank list declines to 797 Institutions (Calculated Risk blog)

[New Zealand] Telecom to slash 1500 jobs: Labour (Business Day)

Boeing plans to lay off 800 machinists: Boeing says total number of positions cut this year will be between 2,000 and 2,300. (The Seattle Times)

Daimler Trucks to cut 600 jobs at NC, Ore. factories, down from 1,300 forecast in January (The Associated Press)

The Crash of 1929: It was a time when the stock market epitomized the false promise of permanent prosperity. (PBS American Experience)

Watch The Crash of 1929 on PBS. See more from American Experience.

Credit watch: A new book argues that investors should focus on the credit cycle, not economic growth (The Economist)

     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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