Wednesday, August 21, 2013

Wednesday roundup (08-21-13)

ECB and Germany play down talk of third Greek bailout (Reuters)

Ireland's Household Debt Crisis Still Far From Over [--] Irish Homeowners Still Stressed: Many Irish homeowners are finding it difficult to make their mortgage payments (The Wall Street Journal)

FOMC Minutes: "Almost all Committee members agreed that a change in the purchase program was not yet appropriate" (Calculated Risk blog)

Recession’s pain reaching deep into the economic recovery (The Washington Post)

The epic crisis in retirement savings: Vast majority of Americans unprepared for retirement. Median retirement savings for those 25 to 34? Zero dollars. (MyBudget360)

Wells Fargo to cut 2,300 mortgage jobs as refinancing slows (Reuters)

     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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