Friday, August 16, 2013

Friday roundup (08-16-13)

U.S. Consumer Confidence Falls From a Six-Year High (Bloomberg) CHART: What Consumer Sentiment Numbers Don't Tell You: The latest consumer sentiment reading dropped considerably from June's six-year high, but what does that even mean? (U.S. News & World Report)

U.S. retailers say uneven recovery keeps consumers cautious (Reuters)

Spanish public debt in June reaches 90.2 pct of GDP (Xinhua)

The New Dutch Disease: Mortgage Debt (The Wall Street Journal blogs) The Dutch, Europe's apostles of austerity, feel the economic pain (Reuters)

Chinese banks' bad debt seen as twice official figure; capital raisings ahead: Banks expected to tap capital markets as they prepare for a surge in non-performing loans (South China Morning Post)

[India's] Educomp starts cost optimisation; cuts 3,500 jobs (PTI)

AOL to cut 500 jobs at Patch: Almost half of the local-news division's 1,000 employees will lose their jobs. CEO Tim Armstrong said he hopes to make Patch profitable by the end of the year. (Crain's New York Business)

     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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