Tuesday, May 12, 2015

Tuesday roundup (05-12-15)

OECD says signs of U.S. economy flagging, China loses more steam (Reuters)

Greece depletes emergency reserves at IMF for debt payment [to the same IMF; Reuters via] (The Globe and Mail of Toronto) Greece confirms repayment of €750m loan instalment to IMF: Move aims to banish fears of insolvency in Athens but little optimism exists about a breakthrough in bailout talks any time soon (The Guardian) IMF paid but how much money does Greece have left? (Reuters blogs)

Greece Inches Closer to an Accident (BloombergView) Facing Vicious Debt Cycle, Greece Sprints to Apply Fixes (The New York Times)

How Greece’s liquidity problem could cause an unplanned Grexit (The Conversation)

Greece to rehire cleaning ladies, school guards laid off under austerity (Reuters)

Krona Falls as Sweden Sinks Back Into Deflationary Quagmire (Bloomberg)

Household Debt Barely Rose in First Quarter, New York Fed Says (Bloomberg)

[In the United States,] Democrats Plot Revolt Behind Closed Door, Sink Trade Bill (Bloomberg) Senate Democrats gang up to delay fast-track trade bill (Reuters) Here's The Senator [= Sherrod Brown (D-Ohio)] Who United Democrats To Block Obama's Trade Agenda (The Huffington Post)

Banks brace for Bernie Sanders (The Hill)

[Meanwhile,] GOP Bank Legislation Would Roll Back Regulations For 30 Large Financial Firms (International Business Times) Proposed banking overhaul sets up high-stakes battle (The Hill) Banks Face Uphill Battle to Soften Too-Big-to-Fail Rules (Bloomberg)

SEC charges executives at for-profit college ITT with fraud (The Washington Post)

Consumers are still getting hit with huge overdraft fees (CNNMoney)

Janet Tavakoli: Sequel to Wall Street Horror Show Is Coming: Tavakoli talks to ThinkAdvisor about three banker suicides, why another global meltdown is coming and how JPMorgan CEO Jamie Dimon holds onto power (ThinkAdvisor)

Moody's cuts Chicago's credit rating to junk (Marketwatch)

Subsea 7 plans to eliminate 2,500 jobs globally (FuelFix blogs)

Houston engineering company cuts 1,700 jobs amid first quarter loss (FuelFix blogs)

     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 exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

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