Wednesday, August 7, 2013

Wednesday roundup (08-07-13

Vacationing While Europe Sinks (The New York Times)

Richard Koo: Eurozone Still in Severe Balance Sheet Recession (Value Walk)

If you think Europe is fine, look at Italy: Italy is growing far too slowly and has been doing so for a long time (The Irish Times)

[Italy's] Paschi Has Fifth Straight Quarterly Loss on Bailout Costs (Bloomberg)

[In the US] Borrowing By Consumers Rose in June, Fed Reports (The Associated Press)

How The $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy (Forbes)

BofA Put Toxic Debt in Bond as Staff Resisted, U.S. Says (Bloomberg)

Federal Reserve Buying 130,000 Homes Per Month? (Cliff Küle's Notes blog)

Embry - We Have Never Seen Anything Like This In History (King World News)

Saginaw County [Michigan] officials fight for funding in face of $2 million budget deficit (MLive)

Nokia Siemens Said to Weigh 8,500 Job Cuts in Scale Focus (Bloomberg)

Wells Fargo announces 763 layoffs, none in Charlotte (The Charlotte Observer)

Severna Park company Dynasplint lays off 500 after loan foreclosure: Half of job losses occur in Md.; president plans to rehire later (The Baltimore Sun)

     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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