Saturday, May 11, 2013

Saturday roundup (05-11-13)

G7 Agrees No Banks Are Too Big To Fail: Talks outside London are mainly focused on unfinished banking reforms five years after the financial crisis first bit. (Sky News) UK's Osborne says G7 vows to tackle bank reform with urgency (Reuters)

Thousands of Israelis march against austerity budget (Agence France Presse)

Expectations for Central Banks Concern [the Fed's] Plosser: Federal Reserve Bank of Philadelphia President Charles Plosser talks about global central bank policies, the U.S. economy and stocks. Plosser, speaking with Tom Keene and Sara Eisen on Bloomberg Television's "Surveillance," also discusses global central bank policies. Richard Haass, president of the Council on Foreign Relations, also speaks. [May 9] (Bloomberg)

Bankers: College debt bubble mimics housing bubble (USAToday)

Unofficial Problem Bank list declines to 771 Institutions (Calculated Risk blog)

Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks? (Problem Bank List) Sunrise Bank, GA, Closed As Regulators Zero In On Capitol Bancorp (Problem Bank List) [These bank failures were posted yesterday, but the reports from the Problem Bank List site were not available to include at time of posting.]

Boeing to shed 1,500 IT jobs here over next three years: Boeing will inform its information-technology workers Monday that 1,500 IT jobs in the Puget Sound region will go away in the next three years through a combination of layoffs, attrition and relocation to Missouri and South Carolina. (The Seattle 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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