Friday, June 7, 2013

Friday roundup (06-07-13)

EU Commission, IMF clash over report criticizing handling of Greece’s debt crisis (The Associated Press)

Austerity [in the UK] to last until 2020: expect hard times for a decade, say think tanks: 'We are still as far away from the target of balancing the deficit as we were in 2010' (The Independent)

U.S. Economy Adds 175,000 Jobs in May: The nation’s spring recovery continued as the economy added 175,000 jobs in May. But stagnant wages and a slightly higher unemployment rate indicate there’s way too much slack in the American labor market. (The Daily Beast) Austerity hampered job growth: Job gains are slow and steady; could have been better (Marketwatch)

Fed's Plosser says jobs report another reason to trim QE3 (Reuters)

Greenspan: Taper Now, Even If Economy Isn't Ready (CNBC) Greenspan on Market 'Uncertainty' & 'Excessive' Assets on Fed's Balance Sheet: In a wide-ranging interview, Alan Greenspan, former Federal Reserve Board chairman, discusses the stock market's likely reaction to the Fed's tapering policies. (CNBC)

How Another Housing Bubble Was Blown … And Why [Washingtons Blog via] (The Big Picture blog)

Taxpayers' loss on GM bailout looks to be about $10 billion (The Los Angeles Times)

Regulators shutter bank in Tennessee; brings this year’s US bank failures to 16 (The Washington Post) Mountain National Bank of Sevierville TN had a troubled assets ratio of 296.6%. (BankTracker) Mountain National Bank, Tennessee, Closed By Regulators – 16th Bank Failure of 2013 (Problem Bank List)

1st Commerce Bank, Nevada, Closed By Regulators – Fourth Bank Collapse In A Month for Capitol Bancorp [this bank failure was posted here in yesterday's blog] (Problem Bank List)

Nearly 4,000 Philadelphia Teachers, School Staff Losing Jobs (NBC10 Philadelphia) 3,783 being laid off from Philadelphia School District (6ABC)

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GM to lay off 560 workers to retool Romulus engine plant (The Associated Press)

     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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