Friday, May 24, 2013

Friday roundup (05-24-13)

Enrich (Not Beggar) Thy Neighbor In The New Great Depression [Interview with Tangent Capital's Jim Rickards] (Cliff Küle's Notes blog) (Youtube)

Gretchen Morgenson on Why Banks Are Still Too Big To Fail: The New York Times columnist tells Bill that, five years after the country’s economic near-collapse, banks are still too big to fail, too big to manage, and too big to trust. (Bill Moyers & Company)

Meet The People Who Are Subverting Wall Street Reform (Think Progress) Is Wall Street literally writing America's laws now? Citigroup reportedly helped draft more than 80 percent of a House finance bill (This Week) Banks’ Lobbyists Help in Drafting Financial Bills (The New York Times blogs)

New York to sue BofA, Wells Fargo over mortgage practices (Reuters)

Thanks To QE Bernanke Has Injected Foreign Banks With Over $1 Trillion In Cash For First Time Ever (ZeroHedge blog)

Portugal warns of deficit target miss (Agence France Presse) Portugal PM says may need new easing of 2014 deficit goal (Reuters)

Mammoth Japan Stimulus Still Not Enough: Hayman's Bass (CNBC) Bass: BOJ Facing 'Rational Investor Paradox': Kyle Bass, Hayman Capital Management, says rational investors are starting to sell Japanese government bonds. (CNBC)

Steel distributor Kloeckner to cut more jobs [more than 2,000 jobs], sites (Reuters)

     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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