Wednesday, June 29, 2016

Wednesday roundup (06-29-2016)

France at high risk of missing 2017 deficit target - audit office [Reuters via] (CNBC)

Italy's Renzi says Spain, Portugal risk EU deficit sanctions (Reuters)

[In the United States,] GE Says Too-Big-to-Fail Exit Puts Stamp of Approval on Overhaul (Bloomberg) After GE ruling, here are the too-big-to-fail banks and financial firms (Marketwatch)

[Meanwhile] The Fed just handed an embarrassing smackdown to 2 European banks (The Business Insider)

Congress sends Puerto Rico rescue bill to president (The Associated Press) Senate Clears Puerto Rico Bill Ahead of Island’s Default (Bloomberg)

Brazil Posts Wider-Than-Expected Primary Budget Deficit in May (Bloomberg)

Seagate Technology Plans to Cut 1,600 Jobs Amid PC Slump (Bloomberg)

Lloyds to axe 640 jobs in cost-cutting drive - sources (Reuters)

Canadian Pacific Railway to Lay Off 500 Workers: Railway cites lower volumes, softening demand for job cuts (The Wall Street Journal)

     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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