Tuesday, August 20, 2013

Tuesday roundup (08-20-13)

Europe set to lose 1.9 million jobs, as business moves offshore: report (CNBC)

Greece needs third bail-out, admits German finance minister: Wolfgang Schaeuble, Germany's finance minister, has made an unexpected admission that Greece will need a third bail-out, just weeks before German national elections. (The Telegraph) German Fin Min says Greece will need a 3rd aid programme (Reuters) If Greece needs a third bailout, Europe had better find a formula that sticks: A better approach would see Greece's lenders take more pain up-front – but is Germany prepared to support that? (The Guardian)

Record bad debt plagues Spanish banks (the olive press)

If U.S. Housing Is Back, Where Are The Jobs? (Cliff Küle's Notes blog) Housing Market Won't Recover Until Unemployment Falls Below 7%: Miller Samuel CEO: The Daily Ticker's Lauren Lyster talks with Miller Samuel's Jonathan Miller about the state of the U.S. housing market. (Yahoo!'s The Daily Ticker)

Fed Finds 18 Large Banks Weak in at Least One Capital Area (Bloomerg) Banks are falling short in planning for the worst, Fed says (The New York Times)

Why Senator Warren's '21st Century Glass-Steagall Act' Is Never Going to Happen (The Huffington Post)

Charting Insolvency: Social Security and Wages (Of Two Minds blog)

How Changing Bankruptcy Laws For Student Loans Could Revitalize The Economy (Think Progress)

Detroit bankruptcy challenged on constitutional grounds (Reuters)

TAKEN: Under civil forfeiture, Americans who haven’t been charged with wrongdoing can be stripped of their cash, cars, and even homes. Is that all we’re losing? (The New Yorker) Are Innocent Citizens at Risk of Police Seizure of Their Cash, Cars and Homes?: Property seizure is a profitable practice for local law enforcement agencies, long used to deprive mobsters and drug kingpins. But the police can also take personal goods away from citizens who haven't been proven guilty of a crime. Ray Suarez talks to Sarah Stillman who investigated civil forfeiture for The New Yorker. (PBSNewshour)

Nationalised Spain bank plans 2,453 layoffs: union (Agence France Presse)

Nearly 700 layoffs announced in North Texas home mortgage industry (WFAA)

     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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