Thursday, June 27, 2013

Thursday roundup (06-27-13)

Bank Bailout Deal Struck in EU Talks Decrees Writedowns (Bloomberg) EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues: New European Union “bail-in” rules to impose the losses of failed banks on shareholders, bondholders and some large depositors were agreed early this morning by Europe’s finance ministers. (The Telegraph)

State Auditor Warns That France Must Cut Spending (The New York Times) France Likely to Miss Deficit Target, Auditors Warn (CNBC) Tempers fray in France as drastic cuts loom: France's budget watchdog has called for another round of drastic cuts and an immediate freeze in public sector pay and benefits, warning that public finances are badly off track as deep recession eats into tax revenues. (The Telegraph)

French consumer confidence at all-time low, outlook bleak (Reuters)

Portuguese anti-austerity strike hits mostly transport (Reuters) Portugal General Strike: Austerity Triggers Fourth Major Shutdown In 25 Years (The Associated Press)

Ireland in recession as bailout exit approaches (Reuters)

[US] Consumer spending, jobs data point to lukewarm growth (Reuters)

Mortgage rates soar to 4.46% - biggest jump in 26 years (CNNMoney) Mortgage rates leap amid fears that Fed will end stimulus: The average for a 30-year fixed home loan soars to 4.46% from 3.93% last week, the biggest jump in the Freddie Mac survey since 1987. Fed moves to calm investors. (The Los Angeles Times)

Housing Recovery Elusive for U.S. Homebuilders (The Big Picture blog)

Why the Recovery Has Been So Miserable in 2 Charts (The Atlantic)

Regulators file civil charges against ex-NJ Gov. Corzine over collapse of firm MF Global: Corzine is charged with violating his legal obligations to diligently supervise. (The Associated Press)

Public pension costs swamp revenues of 10 U.S. states - Moody's (Reuters) U.S. State Pension Underfunding Worsens With New Moody’s Formula (Bloomberg)

Exclusive - Josh Fox Extended Interview Pt. 1: In this exclusive, unedited interview, "Gasland Part II" director Josh Fox disputes the idea that natural gas is a boon for the environment. (Comedy Central's The Daily Show with Jon Stewart)

Exclusive - Josh Fox Extended Interview Pt. 2: In this exclusive, unedited interview, Josh Fox argues that government regulatory agencies are in the natural gas industry's pocket. (Comedy Central's The Daily Show with Jon Stewart)

Exclusive - Josh Fox Extended Interview Pt. 3: In this exclusive, unedited interview, Josh Fox warns of lobbying and PR solutions to technical and engineering environmental problems. (Comedy Central's The Daily Show with Jon Stewart)

You have no idea how much we rely on honeybees and how much their collapse could cost us (The Financial Post)

     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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