Friday, July 12, 2013

Friday roundup (07-12-13)

Euro zone's queasy feeling as it looks in Japan mirror [July 10] (Reuters)

Fitch cuts French credit rating [from AAA] on budget, economy woes (Reuters)

Constitutional crisis pushes Portugal closer to the brink: Portugal's borrowing costs have spiked dramatically after key political parties failed to agree on a national salvation front, raising the risk of a snap election and an anti-austerity revolt. (The Telegraph) Portugal opposition wants bailout renegotiation (Reuters)

‘Debt Peril’ Awaits 1.25 Million UK Households If Rates Rise [The Financial Times via] (CNBC)

David Stockman: "The Born-Again Jobs Scam" [in the US] (ZeroHedge blog)

Cramer: Has UPS called recovery into question? (CNBC)

Sen. Elizabeth Warren seeks to revive Glass-Steagall bank limits: The Senate bill would not have prevented the fiscal crisis, but Sen. Elizabeth Warren says it would bar banks that make risky investments from taking deposits insured by the FDIC. (The Los Angeles Times) Elizabeth Warren Hits Big Banks Where It Hurts, New Bill Would Restore Glass-Steagall (Forbes) Sen. Elizabeth Warren Pitches 21st Century Glass-Steagall Bill: Sen. Elizabeth Warren, D-Mass., argues we need to break up big banks. [This is a video interview, I have used the embed code, but at this writing the video is not displaying in the blog. It is a mystery to me why some embed codes do not work.] (FoxBusiness)

Bank Lobbyists Gearing Up to Take Down New Glass-Steagall Bill (Yahoo!'s The Daily Ticker)

Two Sentences that Explain the Crisis and How Easy it Was to Avoid by Bill Black (The Big Picture blog) The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (The US Government Printing Office)

Brazil's Eletrobras cuts over 4,000 jobs in buyout (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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