Monday, July 15, 2013

Monday roundup (07-15-13)

Fitch cuts European Financial Stability Facility to AA+ (The Associated Press)

IMF Says Spain Banks Must Bolster Capital as Risks Stay High (Bloomberg)

Why China's slowdown spells trouble for Europe (CNBC) China Growth Slows to 7.5% as 2013 Target Under Threat (Bloomberg)

[US] Economy skids dangerously close to contraction: Spending weakening, but incomes still growing (Marketwatch)

Report: $151B in debt by NY public authorities (Newsday)

800 [AUSTRALIAN] PUBLIC SERVICE JOBS CUT TO HELP PLUG CARBON TAX BUDGET BLACK HOLE (The Australian Broadcasting Corporation)

Phone company lays off hundreds [= about 700] amid inquiry (Indianapolis Business Journal)

[About 575] Pratt Employees Take Buyouts; Layoffs Still Necessary (The Courant of Hartford, Connecticut)

Bank of America shedding 543 Fresno jobs (TBJNow)

     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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