Wednesday, July 24, 2013

Wednesday roundup (07-24-13)

Caterpillar Just Downgraded The Whole World (The Business Insider)

China Manufacturing Weakens Further as Slowdown Deepens (The Business Insider)

Right now, Larry Summers is the front-runner for Fed chair (The Washington Post blogs) Sheila Bair Endorses Janet Yellen For Bernanke's Federal Reserve Job, But Wall Street Whispering Campaign Could See Top Job Going To Another Candidate (International Business Times)

Analyst Meredith Whitney warns of ‘staggering’ aftershocks from Detroit bankruptcy (The Globe and Mail of Toronto) Meredith Whitney: 'Detroit Will Start A Wave of Municipal Bankruptcies' (The Business Insider) Detroit not a one-off, aftershocks will be staggering: Whitney (CNBC) 'Neighbor vs. neighbor' in US cities, Whitney says (CNBC)



A New Glass-Steagall Act by Simon Johnson (Peterson Institute for International Economics)

     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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