Saturday, June 29, 2013

Saturday roundup (06-29-13)

Central Banks and the Mother of All Bubbles? (The Mess That Greenspan Made blog) Is the U.S. Facing the Mother of All Bubbles? (Bloomberg)

Former Top Regulators Tell Congress to Rein in Big Banks: Three former financial regulators testify to the House Financial Services Committee in support of reinstating Glass-Steagall legislation and addressing Too Big to Fail Banks. (The Real News)

FDIC’s Hoenig Says Another Crisis May Resurrect Bailout Specter [June 26] (Bloomberg)

Fed’s Fisher Urges Bank Breakup Amid Too-Big-to-Fail ‘Injustice’ [June 25] (Bloomberg)

Method of extracting natural gas may contaminate drinking water (Agence France Presse) Fracking’s Threats to Drinking Water Call for a Precautionary Approach (National Geographic)

Irish, German leaders slam Anglo bank's arrogance (Bloomberg)

Mired in recession, ex-Yugoslav Croatia joins troubled EU (Reuters)

Lord Lawson: City reform has a long way to go: After playing a key role in the Banking Commission on Standards, former Chancellor Lord Lawson explains why the reform of the City still has a long way to go. (The Telegraph)

Siemens to cut 1,700 jobs in energy operations: report (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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