Friday, August 2, 2013

Friday roundup (08-02-13)

Britain in debt: Half of UK adults 'living on financial edge': A nation of Britons 'living for now' are infact living on the edge when it comes to finances (The Independent)

[Ireland's] Central Bank insists austerity is only real option: Fiona Muldoon tells MacGill summer school Government must get State’s finances in order (The Irish Times)

Economy added disappointing 162k jobs in July -- [“consistent with a sluggish, lackluster economy” said Alan MacEachin, an economist at Navy Federal Credit Union] (The Washington Post) Ten Times More Waiter And Bartender Than Manufacturing Jobs Added In 2013 (ZeroHedge blog) Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time (ZeroHedge blog) "We Have Become a Nation of Hamburger Flippers": Dan Alpert: The Daily Ticker's Aaron Task talks with Westwood Capital's managing director Dan Alpert about the July jobs report which showed lower than expected payroll growth and a decline in the unemployment rate as people dropped out of the labor market. (Yahoo!'s The Daily Ticker)

How the United States gets deflation and becomes the next Japan (Credit Writedowns blog)

Regulators seize bank in Florida; brings this year’s US bank failures to 17 (The Associated Press) First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral) of Fort Myers FL had a troubled assets ratio of 417.7%. (BankTracker)

10 Signs That US Infrastructure Is A Disaster (The Business Insider)

     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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