Tuesday, July 19, 2016

Tuesday roundup (07-19-2016)

EU court says bail-in legal but bank rescues need not hit investors (Reuters)

German business confidence falls to lowest level since November 2012 (CNBC)

The Italian job: Why Italy's lenders require €40bn bailout but its hands are tied by savers' obsession with buying bank bonds (This is Money)

WSJ: "A rate increase [in the United States] could come as early as September if economic data hold firm" (Calculated Risk blog)

It's official: Trump is Republican nominee (CNN)

Melania Trump on convention speech: 'I wrote it with as little help as possible' (Today) Speechwriters agog at Melania Trump plagiarism snafu: "My guess is their system is completely haphazard.” (Politico)

Forget Melania Trump. The Republican party platform is the circus we need to watch. (The Washington Post) The 2016 Republican Party Platform (GOP)

Glass-Steagall: Wall Street is not happy with Donald Trump: The GOP candidate’s pledge to bring back Glass-Steagall is an unwelcome surprise for the financial services industry. (CNBC) G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.) (The New York Times) Wall Street Takes a Hit in Democratic Party’s Platform Draft [July 3] (Bloomberg)

Why Clinton could still tap Wall Street talent despite platform pledge: ‘Revolving door’ ban may not entirely rule out Wall Street veterans (Marketwatch)

Dallas-based Comerica Inc. to cut 800 jobs, close locations in move to save $160 million (The Dallas Morning News)

Construction firm Dunne Group folds with loss of 524 jobs: Failure of Scottish firm, which worked on London skyscrapers, leaves hundreds more subcontractors facing uncertain futures (The Guardian)

     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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