Sunday, January 31, 2016

Sunday roundup (01-31-16)

Baltic index continues fall to new record low (Reuters)




"Pandora's Box Is Open": Why Japan May Have Started A 'Silent Bank Run' (ZeroHedge blog) Negative Interest Rates Show Desperation of Central Banks (Washington's Blog)

America's Democracy Is Dominated By Powerful Business Organizations & A Few Affluent Americans (Cliff Küle's Notes blog)

[Democrat] Hillary Clinton, [Republican] Donald Trump Narrowly Ahead In Final Poll Before Iowa (National Public Radio) How does the Iowa caucus work? (The Baltimore Sun) Everything you need to know about the Iowa caucuses and why they matter (The Los Angeles Times)

Elizabeth Warren Challenges Clinton, Sanders to Prosecute Corporate Crime Better Than Obama (The Intercept) Sen. Warren slams 'shockingly weak' punishments for corporate crime (Reuters) Elizabeth Warren: One Way to Rebuild Our Institutions (The New York Times) Rigged Justice: 2016: How Weak Enforcement Lets Corporate Offenders Off Easy by the staff of Sen. Elizabeth Warren (D) of Massachusetts (The United States Senate)

January 2016: Unofficial Problem Bank list declines to 238 Institutions (Calculated Risk blog)

     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.

Saturday, January 30, 2016

Saturday roundup (01-30-16)

This map shows all the central banks with negative interest rates: The Bank of Japan is the latest central bank to move its deposit rate into negative territory (Marketwatch)

BofA Presents The 4 "D's" Of Deflationary Doom (ZeroHedge blog)

Greece's international lenders to start bailout review on Monday (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 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.

Friday, January 29, 2016

Friday roundup (01-29-16)

Japan imposes a negative interest rate: What that means for them and us (The Los Angeles Times) Bank of Japan’s negative rate decision is a mark of ‘desperation’: Move marks ‘capitulation’ over effectiveness of QE: economist (Marketwatch) "The BoJ's NIRP Will Result In More Currency Wars And Global Growth Slowdown" (ZeroHedge blog) [Former US Federal Reserve Chair] Bernanke says Fed likely to add negative interest rates to recession-fighting tool kit (Marketwatch)

'China's debt avalanche is the biggest worry' (CNBC)

Slow lending pace doesn't bode well for eurozone: The European Central Bank's plan to reinvigorate the eurozone economy isn't having the desired effect, new data show. Pumping more than a trillion euros into the financial system has barely boosted banks' net lending. (Deutsche Welle)

Italy's bank debt clean-up: a small step: Italian banks are in trouble, burdened by an estimated 200 billion euros' worth of non-performing loans. Now bank balance sheets are to be cleaned up. But will that be enough to re-start Italy's sputtering economy? (Deutsche Welle)

Bank of England to force bigger UK lenders to hold more capital as 'risk buffer': Threadneedle Street wants banks and building societies to be able to continue lending in times of stress (The Guardian)

U.S. GDP fizzles in the fourth quarter: Growth tapers off as consumers, businesses cut back (Marketwatch) Cracks in America's economy are growing (CNNMoney)

U.S. manufacturing teeters on the edge of recession: Capital spending is down, but production and hiring are still rising (Marketwatch)

Fed to Stress-Test 33 Banks on Weathering Global Recession (Bloomberg)

Brazil 2015 budget gap hits record as austerity fails (Reuters) Brazilian Budget Gap Hits Record as Commodity Boom Turns to Bust (Bloomberg)

Caterpillar closing 5 plants, cutting 670 jobs (The Associated Press)

     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.

Thursday, January 28, 2016

Thursday roundup (01-28-16)

The $29 Trillion Corporate Debt Hangover That Could Spark a Recession (Bloomberg)

World Bank and IMF in emergency BAILOUT talks to save countries from bankruptcy over oil: TUMBLING oil prices are plunging emerging economies into financial crisis, sparking what could be the start of a global economy meltdown. (The Express) This oil producing country [= Azerbaijan] may need a bailout (CNNMoney) Azerbaijan to ask IMF for $3 bln aid, World Bank for $1 bln - source (Reuters)

Scandals wallop Deutsche Bank's bottom line: Deutsche Bank has logged a record multibillion euro loss for 2015. Germany's biggest lender is still reeling from a series of scandals, with litigation costs and restructuring efforts weighing down the former giant. (Deutsche Welle) Deutsche Bank expects 2018 will be its first ‘clean’ year (CNBC)

Bundesbank Brings Home German Gold From New York, Paris: Chart (Bloomberg)

A China bank contagion could blow up global markets (CNBC)

“Big Four” Banking Oligopoly in One Chart (The Big Picture blog)

Anglo's Kumba Iron Ore to Cut 3,900 Jobs After Prices Plunge (Bloomberg)

     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.

Is it a recovery yet? (Weekly report, 01-28-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims declined by a seasonally adjusted 16,000 to 278,000 in the seven days stretching from Jan. 17 to Jan 23, the government said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, January 27, 2016

Wednesday roundup (01-27-16)

Irish central bank chief: shocks could trigger destabilising [international] debt flows (Reuters)

Italy, EU strike deal to help banks deal with bad loans [The Wall Street Journal via] (Marketwatch) Italy gets its deal on bad loans but bank problems persist (Reuters)

EU asks Portugal to explain smaller-than-promised deficit cuts (Reuters)

Inquiry finds ECB made Irish bank crisis worse: An Irish parliamentary inquiry has identified multiple institutional failures that led to Ireland's 2008 banking crisis. While the problem was home-grown, ECB actions had made the crisis worse, the inquiry found. (Deutsche Welle)

FOMC Statement: No Change to Policy, Uncertain about rise in inflation [in the United States] (Calculated Risk blog)

RAY DALIO: The [expansion phase of the 50-year to] 75-year debt supercycle is coming to an end (The Business Insider)

STMicro to cut 1,400 jobs and quit set-top box business (Reuters)

Norfolk Southern to cut about 1,200 jobs by end of the year: The railroad reported disappointing financial results on Wednesday, and a plan to streamline operations (WDBJ)

     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.

Tuesday, January 26, 2016

Tuesday roundup (01-26-16)

One Salmon Costs More Than Barrel of Oil as Slump Deepens: Chart (Bloomberg)

A Month After Raising Rates [in the United States], Fed Faces Darker Global Economy (The Associated Press) Did the Fed Make a Rate-Hike Mistake? (The Wall Street Journal blogs) The Federal Reserve may have made a huge mistake (The Washington Post blogs)




Hillary Clinton Laughs When Asked if She Will Release Transcripts of Her Goldman Sachs Speeches (The Intercept) Clintons's $200,000 an Hour Pay From Goldman Sachs is Nothing to Laugh At (The Huffington Post) Goldman Sachs is in the eye of the campaign storm (McClatchy Washington Bureau)

Posti [of Finland] to slash up to 860 jobs (YLE)

Alpha announces more mining layoffs, more than 850 could lose jobs (MetroNews, The Voice of West Virginia)

Software maker VMware to cut 800 jobs, sees weak 2016 (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 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.

Monday, January 25, 2016

Monday roundup (01-25-16)

U.S. crude drops back below $30 as Iraq adds record output (Reuters)

Why the Black Hole of Deflation Is Swallowing the Entire World … Even After Central Banks Have Pumped Trillions Into the Economy (Washington's Blog)

Democracy is broken all over Europe (Global Post)

Russian Economy Shrinks Most Since 2009 as Oil Prices Sink (Bloomberg) Worrying data raise Russia recession odds: Economist (CNBC)

States Deal With a Variety of Issues After Historic Blizzard (The Associated Press) East Coast digs out after blizzard as flights, transit remain snarled (The Washington Post) Blizzard will cost up to $3 billion (CNNMoney) At Least 40 Dead After Historic Blizzard Hits East Coast: It was billed as the storm of a generation and, as promised, it clobbered much of the East Coast, surprising some cities with an even bigger punch than expected.  (NBC Nightly News with Lester Holt)



State Budget Deficit [in Connecticut] Increases to $72 Million (The Hartford Courant)

Sprint slashes 2,500 jobs to cut costs (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 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.

Sunday, January 24, 2016

Sunday roundup (01-24-16)

Why you should worry about cheap oil (CNNMoney)

French PM Manuel Valls says refugee crisis is destabilising Europe: Speaking at the World Economic Forum in Davos, Valls fears the flow of those fleeing war zones is placing the concept of Europe in danger (The Guardian) 'The EU has forgotten it needs borders': French PM says Europe 'could die very fast' unless 'destabilising' flow of migrants is stopped (The Daily Mail) Manuel Valls: 'Europe is in grave danger over migration crisis': The French prime minister has warned that Europe's migration crisis is putting the European Union at grave risk. [VIDEO] (The BBC) EU could go UNDER in 6 WEEKS, Dutch PM claims as France admits 'we weren't built for this': THE Dutch prime minister said the future of the European Union could be decided in just six weeks if the bloc doesn't get a handle on the migrant crisis, as panicking France begs Britain to stay in the union. (The Express)

France to Maintain ‘State of Emergency’ Until Islamic State Is Destroyed (Breitbart)

On borrowed time: Ireland's deceptive debt numbers: Government debt is back under 100pc of GDP, but with pensions and other liabilities excluded, Dan White asks, how realistic are the stats? (The Irish Independent)

Portugal’s new president demands financial discipline (The Associated Press) Center-right candidate wins Portugal presidential vote outright (Reuters)

[United States Sen. Elizabeth] Warren: $5.1B Goldman Sachs Settlement is a “Farce” (National Mortgage Professional Magazine)

     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.

Saturday, January 23, 2016

Saturday roundup (01-23-16)

Sprint is laying off 829 at Overland Park campus (The Kansas City Star)

     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.

Friday, January 22, 2016

Friday roundup (01-22-16)

Euro zone business activity growth weakest since Feb (CNBC)

Eurozone may see negative inflation soon: ECB's Ewald Nowotny (Agence France Presse) Inflation expectations lower than at the start of ECB QE (Reuters)

Mario Draghi denies that ECB bazooka is empty amid fears QE is turning toxic: 'The side effects of the QE medicine are getting stronger: the curative effects are getting weaker', warns UBS chief Axel Weber by Ambrose Evans-Pritchard (The Telegraph)

Eurozone Could Ease Greek Debt in Future, Not Now, Eurogroup Head Says: Such action in the future would depend on Athens keeping a primary budget surplus, says Dijsselbloem (The Wall Street Journal)

Spain: Rajoy declines offer to form new govt for the moment (The Associated Press) Spain's anti-austerity Podemos proposes forming govt with Socialists (Agence France Presse)

Portugal's new Socialist government is promising to lower the country's budget deficit this year, while also scrapping unpopular austerity measures (The Associated Press)

Britain is now £1,542,000,000,000 in debt as George Osborne blows his OWN targets: GEORGE Osborne has failed to meet his own target for borrowing after it was revealed Britain’s debt has leapt £53BILLION over the current financial year to reach a staggering £1.542TRILLION. (The Express)

China's banking crisis looms like Banquo's Ghost in Davos: China is trapped. The more it burns through foreign reserves to defend the currency, the more it tightens domestic credit by Ambrose Evans-Pritchard (The Telegraph)

US Recession Fears: Does The Fed Have The Ammo To Fight Another Downturn? (International Business Times)

Fears of recession in industrial sector grow as pessimism deepens: GE and Alcoa have set a sobering tone for December quarter earnings (Marketwatch)

‘Too Big to Fail’ Banks Thriving a Few Years After Financial Crisis (The New York Times)

     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.

Thursday, January 21, 2016

Thursday roundup (01-21-16)

Citigroup cuts global economic growth forecasts (Reuters)

Europe on the verge of collapse: Soros (CNBC) ‘The EU Is on the Verge of Collapse’—An Interview: George Soros and Gregor Peter Schmitz (The New York Review of Books)

ECB signals more easing to come as early as March (CNBC)

IMF demands EU debt relief for Greece before new bailout: In talks with Tsipras about struggling economy, Lagarde sets out fresh conditions for further financial aid (The Guardian)

Italy's banks rebound; government seeks swift solution to bad loans (Reuters) Is Italy the next Greece?: Italy’s banks stocks are plunging, igniting fears over the strength of the long-troubled industry [Jan. 20] (The Telegraph) Some Monte Paschi customers withdraw savings as bank's stock sinks [Jan. 20] (Reuters)

Davos leaders fear 'Brexit' may be deathknell for EU: European politicans plead with Britons to vote "yes" and keep the union intact by Ambrose Evans-Pritchard (The Telegraph)

George Soros Says He Expects Hard Landing for China Economy (Bloomberg)



[In the United States,] Whitewashing Corporate Fraud: Boston Fed Edition by David Fiderer (The Big Picture blog)

Schlumberger Cuts Another 10,000 Jobs as Crude Rout Deepens (Bloomberg)

Pearson to cut 4,000 jobs in latest restructuring plan (Reuters)

Southwestern Energy to Cut 1,100 Jobs Amid Energy Slump (The Associated Press)

Barclays’ axe set to fall on 1,000 more jobs in investment bank [The Financial Times] (CNBC)

Canadian Pacific Railway to cut up to 1,000 jobs as rail volume slumps (The Canadian Broadcasting Corporation)

Virgin Media to cut 900 jobs over the next two years: Telecoms firm plans structural shake-up as it undergoes five-year £3bn project to expand broadband network (The Telegraph)

     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.

Is it a recovery yet? (Weekly report, 01-21-16)


A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims climbed a seasonally adjusted 10,000 to 293,000 in the seven days stretching from Jan. 10 to Jan 16, the government said Thursday." (Marketwatch)

Jobless Claims in U.S. Increased Last Week to a Six-Month High (Bloomberg)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, January 20, 2016

Wednesday roundup (01-20-16)

Fears of global liquidity crunch haunt Davos elites: Rising Fed interest rates means "liquidity could drop dramatically, and that scares everyone", warns IMF deputy by Ambrose Evans-Pritchard (The Telegraph)

We're about to experience a 'full-blown deleveraging spiral': Pro (CNBC)


With the markets in turmoil, the risk of deflation is high: In the UK and France, inflation is running at 0.2 per cent; Germany is at 0.3 per cent and the US at 0.5 per cent (The Independent)

Default risk in energy debt seen as higher than Great Recession: Analyst: When energy companies’ cash flow turns negative, oil could reach a bottom (Marketwatch)

Low Oil Complicates Struggle to Raise Eurozone Inflation (The Associated Press)

Deutsche Bank expects to post record 6.7 billion euro net loss for 2015​ (Reuters)

Greek Prime Minister Alexis Tsipras to Push Creditors for Less Austerity in Davos: Leader meeting with heads of the International Monetary Fund, European Central Bank and top German and U.S. officials (The Wall Street Journal) Greece Must Improve Pension Bid to Win Debt Ease, Moscovici Says (Bloomberg)

Italy Must Start Reducing Debt-to-GDP Ratio, EU's Moscovici Says (Bloomberg)

The Bank of England is at risk of sleepwalking into a financial crisis: Commodity prices are falling, crude oil is tumbling, market confidence is crashing – the monetary policy committee‘s next move will probably be to cut interest rates by David Blanchflower (The Guardian)

Russia's recession woes deepen amid oil slump: Russian authorities are preparing a stress test for the economy based on oil prices of $25 per barrel. Meanwhile, analysts warn the country could be in for a world of pain if prices continue to plunge. (Deutsche Welle)

BOJ likely to cut coming fiscal year's CPI forecast below 1 percent - sources (Reuters)

[In the United States presidential campaign,] The Clinton Team Is Writing 'Too Big To Fail' Out Of The Financial Crisis: Why grapple with history when you can just rewrite it? (The Huffington Post)

5 reasons why Venezuela's economy is in a 'meltdown' (CNNMoney)

Shell, BG Group job cuts will rise to 10,000 (FuelFix blog)

Barclays’ axe set to fall on 1,000 more jobs in investment bank [The Financial Times via] (CNBC)

     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.

Tuesday, January 19, 2016

Tuesday roundup (01-19-16)

IMF Cuts Global Growth Forecast to 3.4% in Year of ‘Great Challenges’ (Bloomberg)

World faces wave of epic debt defaults, fears central bank veteran: Situation worse than it was in 2007, says chairman of the OECD's review committee by Ambrose Evans-Pritchard (The Telegraph)

Oil market could drown in oversupply in 2016, says IEA: International Energy Agency predicts increase in supply after lifting of sanctions against Iran, pushing prices down further (The Guardian) Iran Set to Pump More Oil Into Market Glut (The New York Times) Oil price falls below $28 a barrel - less than cost of an actual barrel (The Mirror)

Italian Banks’ Bad Loans Continue to Mount: Several of nation’s banks come under ECB review of bad loan holdings (The Wall Street Journal) Italy bank stocks in fresh meltdown over toxic loans (Agence France Presse) ECB seeks bad loan data from UniCredit and other Italy banks (Reuters)

Portugal's austerity reversal may spell budget trouble (Reuters)

BoE's Carney says has no timetable for raising record-low UK rates (Reuters)

Canada watchdog sees household debt ratio climbing in 2016 (Reuters)

Large federal debt [in the United States] remains a major problem [Editorial] (The Florida Times-Union of Jacksonville, Florida)

A key US economic indicator is on an ugly streak that has never occurred outside a recession (The Business Insider)

Atlantic City, N.J., mayor says bankruptcy 'back on the table' (Reuters)

J&J to cut 3,000 jobs in struggling device division (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 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.

Monday, January 18, 2016

Monday roundup (01-18-16)

Richest 62 people as wealthy as half of world's population, says Oxfam: Charity says only higher wages, crackdown on tax dodging and higher investment in public services can stop divide widening (The Guardian) A world divided: Elites descend on Swiss Alps amid rising inequality (Reuters) 62 people own same as half world – Oxfam (Oxfam)

Oil slumps below $28 to 2003 low as Iran sanctions lifted (Reuters) Big banks brace for oil loans to implode (CNNMoney)

What Crisis Is The Gold/Oil Ratio Predicting This Time? (ZeroHedge blog)

Hollande Aims 2 Billion Euro Plan at France’s High Unemployment (The New York Times) Francois Hollande pledges to ‘redefine’ the French economic model to tackle unemployment crisis: French president admits that raft of reforms will be required to combat economy's joblessness problem (The Telegraph)

IMF resists a return to still-struggling Greece: IMF has still not decided whether it will participate in the third financial bailout for Greece (Agence France Presse) Greece says willing to discuss pension reforms with IMF (Reuters)

UK economy could be in stronger shape if Bank of England had cut rates below zero, says official: Gertjan Vlieghe argues that introducing negative interest rates in response to the crisis may have led to a stronger economic recovery (The Telegraph)

Puerto Rican officials seek debt restructuring to avoid looming defaults (The Washington Post) Puerto Rico Says Shortfall to Increase to $23.9 Billion (Bloomberg) Puerto Rico's debt crisis just got worse (CNNMoney)

     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.

Sunday, January 17, 2016

Sunday roundup (01-17-16)

Weak U.S. data deluge points to sharply slower growth (Reuters)

Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears (ZeroHedge blog)

Bank Failures by Year (Calculated Risk blog)

A recession worse than 2008 is coming (CNBC)

Tata Steel to cut 1,050 jobs in Britain - Sky News (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 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.

Saturday, January 16, 2016

Saturday roundup (01-16-16)

Global slump 'will force UK factories into deeper recession’: Manufacturers expected to cut investment as oil prices head towards $20 a barrel mark (The Telegraph)

China’s avalanche stokes fears of global recession (The Times of India blogs)

[In the United States,] Economists and Financial Experts in Favor of Sen. Sanders' Wall St. Reforms [including Robert Reich and William K. Black] (Bernie Sanders)

     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.

Friday, January 15, 2016

Friday roundup (01-15-16)

Oil Price Falls as Global Growth Anxiety Weighs on Markets (The New York Times) Oil Tumbles Below $30 With Brent at Biggest Discount Since 2010 (Bloomberg)



Baltic index slump continues on demand concerns (Reuters)

Lagarde tempers assumption of IMF role in third Greek bailout: A day after Greece assured eurozone officials of its conviction that the IMF have a role in a third bailout, the fund's chief, Christine Lagarde, has said it may need months to decide whether to get involved at all. (Deutsche Welle)

[In the United State,] Rate rise calls evaporate as markets plunge, murmurs of Fed reversal (Reuters) Janet Yellen and Fed left with face full of egg after interest rate rise blunder: Four weeks and one market meltdown later, US central bank’s decision to opt for early rate hike no longer looks so clever (The Guardian blogs)

Economic Growth in U.S. Cracking Under Strain of Global Slowdown (Bloomberg)

Retail Sales in U.S. Decrease to End Weakest Year Since 2009 (Bloomberg)

NEW YORK-AREA MANUFACTURING COLLAPSES, WORST SINCE THE GREAT RECESSION (The Business Insider)

Treasury Secretary to Congress: Help Puerto Rico (The Associated Press) U.S. Treasury's Lew urges action on Puerto Rico ahead of [Jan. 20] visit (Reuters)

Only Republican Voters Can Stop Donald Trump Now (The New Yorker)

Walmart will close 269 stores this year, affecting 16,000 workers (CNNMoney) America's most iconic retailers are shutting down stores and laying off thousands — and this could be just the beginning (The Business Insider)

     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.

Thursday, January 14, 2016

Thursday roundup (01-14-16)

Volkswagen likely to buy back 115,000 cars in U.S: German report (Reuters)

BOE Keeps Key Rate at Record Low as Oil Damps Inflation Path (Bloomberg)

A Towering Chinese Debt Mountain Looms Over Markets (Bloomberg)

The Fed’s Inflation Problem Just Got Worse: With overseas weakness likely to further chill U.S. inflation, the Fed’s rate-raising plans are in for a challenge (The Wall Street Journal)

Goldman Sachs in $5.1 billion toxic mortgage settlement (CNNMoney)

ATM and overdraft fees top $6 billion at the big 3 banks (CNNMoney)

More Than Half of Americans Reportedly Have Less Than $1,000 to Their Name: According to a new survey. (Esquire) Deeper Into Credit Card Debt With No Regrets This Holiday Season (Magnify Money)

Two dealers allege Fiat Chrysler falsifying sales (The Detroit News)

     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.

Is it a recovery yet? (Weekly report, 01-14-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims rose by 7,000 to 284,000 in the week ended Jan. 9, the second-highest level since July, a report from the Labor Department showed on Thursday." (Bloomberg)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, January 13, 2016

Wednesday roundup (01-13-16)

Gusher of supply keeps pounding oil prices (CNBC)

The Hidden Risk of Plummeting Oil Prices: War: Falling oil prices could mean rising global conflict. (The Nation)

Beware the great 2016 financial crisis, warns leading City pessimist: Albert Edwards joins RBS in warning of a new crash, saying oil price plunge and deflation from emerging markets will overwhelm central banks, tip the markets and collapse the eurozone (The Guardian)

Europe on the brink of financial MELTDOWN as Germany faces economic ruin: THE European financial powerhouse could be facing a huge financial crisis which would have devastating implications for Britain as a lethal storm of economic problems brews in Germany. (The Express)

Bank of England plans to get tougher on rule-breaking banker bonuses (Reuters)

Russia starts to feel the pain of $30 oil (CNBC)

What Would Goldman Sachs Do If It Lost Both Parties [In The United States Presidential Election[? by Martin Armstrong (Armstrong Economics blog)

"The Big Short" and Bernie's Plan to Bust Up Wall Street (Robert Reich blog)

The Rise of Shadow Banks and the Repeal of the Glass-Steagall Act (Truthout)

Undisclosed dollars dominate campaign spending: Candidates and their allies push the limits of the law, while regulators sit on the sidelines. (Politico)

GE says plans to cut 6,500 jobs in Europe in next two years (Reuters) GE Plans to Cut 6,500 Jobs in Europe After Alstom Purchase (Bloomberg)

     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.

Tuesday, January 12, 2016

Tuesday roundup (01-12-16)

Oil crashes to $30 a barrel (CNNMoney) Tumbling oil trades below $30 a barrel for first time in 12 years (Reuters) Oil price forecast to fall to $20 a barrel, predicts Morgan Stanley: Leading Wall Street bank says price will keep falling if China’s currency continues its plunge against US dollar (The Guardian)

Another Great Recession threatens world financial markets: Mr. Global Economy is comatose and not improving by Satyajit Das (Marketwatch)

The Swiss are being asked to delay paying taxes because negative interest rates punish towns for holding money (The Business Insider)

How Would Democratic Presidential Hopefuls [in the United States] Reform Wall Street?: Each Democratic candidate has a plan to clean up the banks. The difference is in the details. by Simon Johnson (Moyers & Company)

Pat Buchanan says Donald Trump is the future of the Republican Party (The Washington Post)

BP Plans to Cut 4,000 More Jobs as Crude-Oil Slump Deepens (Bloomberg)

More layoffs [= about 530] announced for BAE Systems Norfolk shipyard (WTKR)

     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.

Monday, January 11, 2016

Monday roundup (01-11-16)

"Nothing Is Moving," Baltic Dry Crashes As Insiders Warn "Commerce Has Come To A Halt" (ZeroHedge blog) Rail Freight Shipments [In The US] Are Collapsing (Investment Research Dynamics)

RBS cries 'sell everything' as deflationary crisis nears: Clients told to seek safety of Bunds and Treasuries. 'This is about return of capital, not return on capital. In a crowded hall, exit doors are small' by Ambrose Evans-Pritchard (The Telegraph)

Alarm bells sound in [British] manufacturing over global economy: Worldwide economic risks threaten UK manufacturing, with a third of companies considering 'across the board' cuts (The Telegraph)

Scrap Bank of England's powers after century of boom and bust, says think-tank: UK should return to historic system of "free banking", the Adam Smith Institute argues (The Telegraph) Sound Money: An Austrian proposal for free banking, NGDP targets, and OMO reforms (Adam Smith Research Trust)

Is Deflation Coming To China? (Forbes)

Half of US shale drillers may go bankrupt: Oppenheimer's Gheit (CNBC)

​Arch Coal's bankruptcy: More gloom for the industry (CBS Moneywatch) Arch Coal Files for Bankruptcy in Latest Blow to U.S. Miners (Bloomberg)

Trump & Taxation by Martin Armstrong (Armstrong Economics blog) Donald Trump is getting much better as a candidate (The Washington Post)

Sanders and Trump both get treated like rock stars. But similarities end there. (The Washington Post)

What If Bernie Sanders Is the Democrats' Best Bet?: The Vermont senator now argues that he’s more electable against a Republican than his leading rival. (The Atlantic) Here’s exactly how Bernie Sanders can beat Hillary Clinton (The Washington Post)

     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.

Sunday, January 10, 2016

Sunday roundup (01-10-16)

Why the Fed needs to prepare for the worst right now (The Washington Post)

     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.

Saturday, January 9, 2016

Saturday roundup (01-09-16)

Greek government has solid majority to pass pension reform - deputy PM (Reuters)

China’s Stabilizing Consumer Prices Leave More Room for Stimulus (Bloomberg)

Still don’t think Donald Trump can win? This chart should convince you. (The Washington Post)

Why Bernie Sanders Doesn’t Want Your Vote: On the road with a man so angry he scares Democrats, too. (Bloomberg)

Surprise! Corporate America Is Throwing Down for the TPP (TruthDig)

     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.

Friday, January 8, 2016

Friday roundup (01-08-16)

Will Biden or Warren make a late [United States] presidential campaign entry? (PolitickerNJ)

Obamacare's Legacy: U.S. Now Leads World in Healthcare Spending (The Gilmer Mirror of Gilmer, Texas)

Alcoa to close southwestern Indiana smelter, cut 600 jobs (The Associated Press) Alcoa smelter closure to bring U.S. aluminum output to post-WWII levels (Reuters)

Campbell Labels Will Disclose G.M.O. Ingredients (The New York Times) Campbell Soup becomes first major company to start GMO labeling (Reuters) OCA Statement on Campbell’s Announcement that the Food Co. Will Label Foods Containing Genetically Engineered Ingredients (Organic Consumers Association)

Download the True Food Shopper's Guide: How to Avoid Foods Made with Genetically Modified Organisms [GMOs] (The Center for Food Safety) Say "No" to GMOs (Non-GMO Project) THE GREAT GMA COVERUP INFOGRAPHIC (TheBoycottList) GMO Free USA (Facebook) Millions Against Monsanto by OrganicConsumers org (Facebook)

     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.

Thursday, January 7, 2016

Thursday roundup (01-07-16)

World Bank cuts global growth forecast (USAToday) World Bank cuts global economic growth outlook (Reuters)

2016 Theme #4: The End-Game of Debt-Fueled "Growth" by Charles Hugh Smith (of two minds blog)

Oil down again to 12-year low; $30 handle looks more likely (Reuters)

The World Wary as US Federal Reserve Declares End to Debt Crisis: Federal Reserve lifted interest rates for first time since 2007, aiming for normalization; emerging markets may struggle (Yale Global)

George Soros Sees Crisis in Global Markets That Echoes 2008 (Bloomberg)

Eurozone unemployment falls to lowest level in over 4 years [= 10.5 percent] but retail sales slip during the month (The Associated Press)

Merkel has run out of bazookas: Germany has few options when the issue of Greece’s debt returns to the headlines (Marketwatch)

Why Investors Should Be Wary of Italy: Compared to Greece, Italy is an economic powerhouse. But its debt crisis could render companies powerless. (U. S. News & World Report)

George Osborne's warnings about the economy show how fragile his austerity-led recovery is: The Chancellor's warnings of a 'cocktail' of serious threats make the Autumn Statement seem a long time ago (The Independent) Here's the real threat to the UK economy, and it's got nothing to do with China: Osborne has warned about risks to the UK economy, but he didn't mention the burgeoning current account deficit, which makes Britain ever more vulnerable to a "sudden stop" balance of payments crisis (The Telegraph)

Capital flight pushes China to the brink of devaluation: Beijing cannot keep burning through reserves at a record pace to defend the yuan and at the same time loosen monetary policy. It has to choose by Ambrose Evans-Pritchard (The Telegraph)

Be Scared of China's Debt, Not Its Stocks (BloombergView)

[Banks in the United States are] Too big to fail, and only getting bigger (Oxfam America blogs)

Note To Joe Stiglitz: Banks Originate, Not Intermediate, And That's Why Aggregate Demand Is Stuffed by Steve Keen (Forbes)

40% of millennials have used a pawnshop or payday lender: Twenty-somethings are turning to these practices because they’re struggling financially (Marketwatch)

Yahoo Plans to Lay Off At Least 1000 Employees: Report (Variety)

     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.

Is it a recovery yet? (Weekly report, 01-07-16)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. ["'I think that we're hoping for the numbers to stay below 600,000, and not until we get below 500,000 can we be more certain that there is an economic recovery,' said Linda Duessel, market strategist at Federated Investors in Pittsburgh." (Reuters)]

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Fresh government figures show 277,000 people filed initial jobless claims in the seven days running from Dec. 27 to Jan 2." (Marketwatch)

U.S. jobless claims fall; planned layoffs smallest in 15-1/2 years (Reuters)

SEE LAST WEEK'S POST HERE.

     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.

Wednesday, January 6, 2016

Wednesday roundup (01-06-16)

Oil prices crash to 11-year low: Jitters over global overproduction take toll on benchmark Brent crude, fuelling a third successive day of losses (The Guardian)

A "Perfect Storm Is Coming" Deutsche Warns As Baltic Dry Falls To New Record Low (ZeroHedge blog)

Eurozone inflation stays low, missing expectations (Marketwatch)

Brexit Danger: The EU Strategy to Keep Britain from Leaving: This summer, Britain will vote on whether to remain in the European Union. The skeptic camp appears to be gaining ground -- and EU leaders are growing concerned. They have developed a plan to give in to most of Cameron's EU reform demands. (Spiegel Online)

Osborne warns of 'dangerous cocktail' of economic risks [to the UK] (The BBC)

BOJ's Kuroda: willing to take bold steps if needed for price target (Reuters)

[In the United States,] Fischer Worries Fed Can't Head Off or Contain Financial Crises [Jan. 4] (Bloomberg)

Clinton Defends Big Banks & Repeal of Glass-Steagall by Martin Armstrong (Armstrong Economics blog)

Is Your Bank Too Big to Fail? Probably! Check Out This Handy List (Time)

Puerto Rico misses second major debt payment as economy struggles [Jan. 5] (The BBC)

Macy's to Cut up to 4,800 Jobs After Weak Holiday Sales (The Associated Press)

Monsanto Eliminating 1,000 More Jobs to Cut Costs (The Associated Press) Monsanto to slash 1,000 more jobs, total planned cuts at 3,600 (Reuters)

First Quantum to Cut 730 Jobs at Zambia Copper Mine: State TV (Bloomberg)

SolarCity to cut 550 jobs in Nevada (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 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.

Tuesday, January 5, 2016

Tuesday roundup (01-05-16)

Why Too Big to Fail Isn’t Over in Europe: New resolution regime for European banks doesn’t solve all problems just yet (The Wall Street Journal)

[German automaker] VW faces billions in fines as U.S. sues for environmental violations (Reuters) Republicans Propose Volkswagen Bailout Right After the U.S. Government Sues Over Emissions Lies (Gawker)

Don't bet against deflation's return [to Britain]: Indebted households without asset wealth are particularly vulnerable to deflationary dynamics - and the UK has a lot of them (The Guardian)

Consumer borrowing [in the UK] rises at fastest rate since before the financial crisis: Economists warn that the scale of consumer borrowing is "reminiscent of the credit-fuelled era of the mid 2000s" as it rises at fastest rate for nearly a decade (The Telegraph) Consumer debt climbing out of control, charities warn: Official figures show we borrowed more before Christmas than in any month for seven years (The Independent)

"It's Coming To A Head In 2016" - Why Bank of America Thinks The Probability Of A Chinese Crisis Is 100% (Zero Hedge blog)

[In the United States,] Shrinking corporate margins raise recession concerns (USAToday)

Sanders Vowing to Break up Banks During First Year in Office (The Associated Press) Clinton and Summers are wrong on Sanders's Glass-Steagall proposal (The Hill blogs)

[Evangelist] Franklin Graham Launches 50 State ‘Decision America 2016’ Tour in Iowa (Breitbart)

     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.