Friday, March 31, 2017

Friday roundup (03-31-2017)

Tillerson sets NATO allies 2-month "goal" on spending (CBSNews) Secretary of State Rex Tillerson spends his first weeks isolated from an anxious bureaucracy (The Washington Post)

France’s presidential election may determine the future of the European Union (The Washington Post)

Germany urges EU to file WTO complaint against U.S. in steel row (Reuters) ‘We are in a trade war,’ Trump’s commerce secretary says after stern German warning (The Washington Post blogs)

[In the United States,] Republicans are so hopeless, Trump may have to work with Democrats (The Washington Post) Republicans 'Turn The Cannons On Each Other' In Week Of Public Feuding (National Public Radio)

Retail bankruptcies march toward post-recession high (CNBC)

Australia’s Toll Group to cut 1,700 jobs (The Financial Times)

Caterpillar to close Aurora plant, cut 800 jobs (The Chicago Tribune)

     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, March 30, 2017

Thursday roundup (03-30-2017)

The life and times of an Italian non-performing loan: The deep roots of Italy’s bad-debt problems (The Economist)

U.S. debt to double over the next 30 years (CNNMoney) U.S. debt to reach 150 percent of GDP in 30 years: CBO (Reuters) The federal debt will grow to 1.5 times the total economy, the CBO projects (Marketwatch)

Can the White House drive the tax reform train? History says no: Lawmakers from both parties say it's hard for the president to take the lead on writing big policy initiatives. (Politico)

Trump threatens hard-liners as part of escalating Republican civil war (The Washington Post)

Four changes to save Trump’s presidency (The Washington Post blogs)

Amazon and Walmart are in an all-out price war that is terrifying America’s biggest brands: Grocery suppliers are feeling the squeeze — big-time. (recode)

     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, 03-30-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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.)

"The number of Americans who applied for unemployment benefits in late March dropped by 3,000 to 258,000, keeping new claims near the lowest level in decades." (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, March 29, 2017

Wednesday roundup (03-29-2017)

Lenders do not confirm preliminary deal on Greek bailout (Reuters) Grexit showdown: ‘High’ chance of Greece CRASHING out of eurozone amid bailout deadlock: GREECE could crash out of the eurozone and leave the EU as bailout talks reach deadlock once again sparking fears Greece or Germany could pull out of the deal. (The Express)

Portugal Calls for EU Reform Push as Britain Starts Divorce (Bloomberg)

Italy privatization drive peters out as 2018 election moves closer (Reuters)

Three charts that show Britain's borrowing binge isn't over as growth in credit card debt hits 11-year high (The Telegraph)

[In the United States,] The scary statistic that shows why Trump needs to fix Social Security now (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, March 28, 2017

Tuesday roundup (03-28-2017)

Le Pen victory could be five times as dangerous as Greece's financial meltdown: UBS (CNBC)

[United States Treasury Secretary Steven] Mnuchin Asked to Review Process for Too-Big-to-Fail Label (Bloomberg)

Trump now says he wants to work with Democrats — but it may already be too late (The Washington Post)

How the White House and Republicans Blew Up the House Russia Investigation (The New Yorker)

Ivanka Trump, Jared Kushner: Rising powers at the White House [NBCNews 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.

Monday, March 27, 2017

Monday roundup (03-27-2017)

Here’s what the Republicans who just stopped Trump want next (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, March 26, 2017

Sunday roundup (03-26-2017)

‘Marine Le Pen could WIN French election’, Goldman Sachs tells investors: A LEADING Goldman Sachs strategist has told investors to be wary of polls ahead of the French election amid suggestions that Front national leader Marine Le Pen could become the country’s next president. (The Express)

Spain's EU exit on horizon as ‘only a miracle’ can save nation from debt bubble BURSTING: SPANISH university professors and economists are calling on Prime Minister Mariano Rajoy to come clean over its debt burdens as calls for the country to leave the European Union (EU) grow. (The Express)

[In the United States,] Trump taps Kushner to lead a SWAT team to fix government with business ideas (The Washington Post)

Republicans turn fire on each other: Trump rips Freedom Caucus as GOP infighting explodes into the open. (Politico) OMB Director Mick Mulvaney: Washington’s ‘A Lot More Broken’ Than Trump Thought (NBCNews)




Fox News host calls on Ryan to step down, hours after Trump tweets about her show (The Washington Post) Judge Jeanine: Paul Ryan needs to step down as House speaker (Youtube)



White House looks past conservatives on tax reform - to Democrats (Reuters) Reince Priebus says it may be time to get Democrats "on board" (CBSNews) Some Lawmakers Now Look to Bipartisanship on Health Care (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.

Saturday, March 25, 2017

Saturday roundup (03-25-2017)

Trump gets tamed by Washington: The businessman president finds after the defeat of health care reform that legislating isn't as easy as making real estate deals. (Politico)

GOP wonders: Can it get anything done?: Republicans appear skeptical about their ability to move on to other pieces of their agenda after failing to keep the party together on their longtime promise to repeal Obamacare. (Politico) Trump, GOP fumble chance to govern (The Hill) Trump Becomes Ensnared in Fiery G.O.P. Civil War (The New York Times) Trump’s path forward only gets tougher after health-care fiasco (The Washington Post)

Failed House Vote Is 'A Great Opportunity' For Republicans, Former House Leader Says (National Public Radio)



     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, March 24, 2017

Friday roundup (03-24-2017)

EU tells Italy to step up reforms to spur growth (Reuters)

Poll finds unprecedented uncertainty among French voters before presidential election [Reuters via] (CNBC)

OECD sounds the alarm on China's soaring corporate debt (The Hill blogs)

‘Hello, Bob’: President Trump called my cellphone to say that the health-care bill was dead [in the United States House of Representatives] (The Washington Post) Republicans Admit Defeat On Health Care Bill: 'Obamacare Is The Law Of The Land' (National Public Radio) The Republicans Fold on Health Care: The House abandoned its legislation to repeal and replace the Affordable Care Act, handing President Trump and Speaker Paul Ryan a major defeat. (The Atlantic)

Republicans never wanted to kill Obamacare (The Boston Globe) It may sound crazy, but the GOP really wants its healthcare plan to fail [March 10; posted on this blog] (CNBC) 'It is one of the worst bills I have seen': Conservatives continue attacks on 'Trumpcare' judgment day (The Business Insider)

Trump says Republicans will likely turn to tax reform after Obamacare vote failure (CNBC) [But will it be easy?] Failure to Repeal Obamacare Would Endanger Tax-Cut Goals, Some in GOP Warn [March 21] (Bloomberg) What happens to tax reform if Obamacare repeal doesn't pass? [March 23] (CNNMoney) Fox's Stuart Varney Loses His S**t: 'The Republican Party Is A Disgrace' (Crooks and Liars blog)



Tillerson Will Go to Rescheduled NATO Meeting After Criticism (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.

Thursday, March 23, 2017

Thursday roundup (03-23-2017)

Italy is Europe’s leaden-toed boot: The host of the EU’s 60th anniversary party is the country most likely to bring it down (The Economist)

'Grexit' is back (The Business Insider) Leaving the euro would be devilishly difficult: It would not, however, be impossible (The Economist)

[In the United States,] Trump Ultimatum: Vote on Health Care Friday or Obamacare Stays (NBCNews)

Why Donald Trump is a terrible leader: The president has forgotten the people he promised never to forget [owned by Dow Jones, publishers of the editorially conservative newspaper The Wall Street Journal] (Marketwatch)

Is the Republican party about to implode?: As Donald Trump makes more enemies inside his own party, a Republican civil war seems inevitable (MacLeans)

With no emerging leaders, no clear message, Democrats flounder (The Hill blogs)

Teva to Cut Undisclosed Number of Jobs [as many as 6,000?] as It Seeks to Pare Costs (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, 03-23-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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.)

"The number of Americans who applied for unemployment benefits last week jumped by 15,000 to 258,000 and matched a two-month high, with fresh revisions showing layoffs a bit higher in the past 15 months than previously reported." (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, March 22, 2017

Wednesday roundup (03-22-2017)

Is Le Pen miles ahead in French polls? 'Secret polls' claim National Front candidate is actually far more popular with voters than official surveys forecast (The Daily Mail) But...What if she doesn't win? UBS' Gordon on the risks of Marine Le Pen losing the French election (CNBC)

Italy to test EU rules again with Veneto banks bailout (Reuters)

Trump Has a [United States] Debt Ceiling Problem: Like any real estate mogul, he loves spending other people’s money. He’s about to find out how painful that will be. (Slate)

Trump's Wall Street cop is a big defender of Wall Street (CNNMoney)

Only 3 in 10 Americans approve of how Trump is handling health care (The Washington Post)

Has Trump lost all credibility? The questions are growing. [Includes report on a "scathing" editorial in the editorially conservative newspaper The Wall Street Journal] (The Times-Picayune of New Orleans) Tom Brokaw Declares Trump White House 'Full Of Burning Fuses' (Crooks and Liars blog)



My Visit to Trump’s Washington: Republicans no longer believe Trump will give them cover to do what they want to do. by Robert Reich (Moyers & Company)

Yellen's Dangerous Glass-Steagall Repression (Daily Reckoning)

Sears Plummets After Filing Sparks Concern That End Is Near (Bloomberg)

PostNord cutting up to 4,000 Danish jobs in response to digitisation (ComputerWeekly)

Canada's Enbridge to cut 1,000 jobs after buying Spectra (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, March 21, 2017

Tuesday roundup (03-21-2017)

A diet of debt: Should spiralling levels of leverage worry investors? (CityAM)

Italy's populist 'mad man' extremely worrying for euro area stability: Euro zone economist (CNBC)

[United States Secretary of State] Tillerson plan to skip NATO, visit Russia puts allies on edge (CNN) Tillerson plans to skip NATO meeting, visit Russia in April - sources (Reuters)

Trump’s lies are failing him, and it is making him deeply frustrated (The Washington Post blogs)

A Supreme Court Nominee Alert to the Dangers of Big Business: Far from reflexively favoring big corporations over small competitors, Judge Neil Gorsuch has a nuanced view of antitrust law. (The Atlantic)

Donald Trump Literally Nominated The Goldman Sachs Bailout Lawyer To Run The SEC: Will Democrats roll over? (The Huffington Post) Trump SEC Pick Jay Clayton Connected to Mysterious Firm: He's not the only one in this administration, but Trump's SEC chief pick has some strange family holdings (Rolling Stone)

Dear America: Better Read the Fine Print on Your Credit Card Statement by Charles Hugh Smith (of two minds 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.

Monday, March 20, 2017

Monday roundup (03-20-2017)

Here’s where the next financial crisis is lurking: Five places where animal spirits are running too high (Marketwatch)

Euro zone's Dijsselbloem wants bailout fund turned into a European IMF (Reuters)

Spain, Italy and Greece owe massive debt of €1 TRILLION to ECB: EURO states owe the European Central Bank (ECB) a staggering €1trillion as they teeter on the verge of bankruptcy amid warnings a debt bubble is on the horizon. (The Express)

Default Fears Resurface Over Singapore's Looming Debt Wall (Bloomberg)

[In the United States,] Will Donald Trump Keep His Campaign Promise To Reinstate Glass-Steagall? (Fortune) The Main Reason Why We Had the Financial Crisis Of 2008 (Lombardi Letter)

Overshadowed executive order sets stage for threatened federal programs, workforce. Layoffs loom. (The Washington Post)

Russian elite invested nearly $100 million in Trump buildings, records show (Reuters)

Comey Confirms Russia Inquiry, Rejects Trump Wiretap Claims (Bloomberg)

Say Hello to $3 Trillion in Forgotten Debt (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.

Sunday, March 19, 2017

Sunday roundup (03-19-2017)

[In the United States,] Trump may move GOP health care bill to the right, dooming it in the Senate (CNN)

Trump approval rating sinks to new low (ABCNews)

     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, March 18, 2017

Saturday roundup (03-18-2017)

Shadow Lending Threatens China’s Economy, Officials Warn (The New York Times)

Donald Trump says Germany owes 'vast sums of money' to NATO, US for defence (The Associated Press) Trump Tweets Suggest President (Still) Doesn’t Understand How NATO Works (Slate) Fact-checking Trump's tweets: Does Germany owe NATO 'vast sums of money'? (ABCNews) No, Germany doesn’t owe America ‘vast sums’ of money for NATO (The Washington Post)

Trump 1, free trade 0: G20 drops pledge to fight protectionism (CNNMoney)

GOP health plan would hit state budgets hard: Moody's (CNBC)

L.A. budget report warns of $224-million deficit next year (The Los Angeles 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.

Friday, March 17, 2017

Friday roundup (03-17-2017)

Europe is worried about Trump’s plans to de-regulate banks (CNBC)

House leaders [in the United States Congress] set Obamacare repeal and replace vote for Thursday (CNN) Trump OKs changes in GOP health care bill, winning support (The Washington Post) Trio of GOP proposals would overhaul Medicaid dramatically, starting with job requirement (The Washington Post)

Trump Reverses Obama-Era Protections on Student Debt: This clears the way for debt agencies to charge higher fees on overdue loans. (The Atlantic)

List of the 138 JC Penney stores that are closing (The Associated Press)

Alitalia to cut 2,037 jobs, reduce flight crew pay in latest revamp: unions (Reuters) Alitalia faces strikes as layoffs loom: Alitalia has said it will face extensive strike action in April. The cash-strapped airline will see protests against a series of slated savings measures involving thousands of job cuts and hefty wage reductions. (Deutsche Welle)

     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, March 16, 2017

Thursday roundup (03-16-2017)

Don’t get excited about the Dutch election result, Le Pen still has a 40% chance of victory: UBS (CNBC)

Bank of England votes 8-1 to hold interest rate at 0.25 percent (CNBC)

America First: A Budget Blueprint to Make America Great Again (The White House)

Trump Budget Is ‘Heavy Lift,’ Even for G.O.P. Congress (The New York Times) Capitol Hill Republicans not on board with Trump budget (The Washington Post) Trump’s dystopian budget is going nowhere (The Boston Globe)

What America would look like under the Trump budget (CNNMoney) Trump federal budget 2018: Massive cuts to the arts, science and the poor (The Washington Post) If you’re a poor person in America, Trump’s budget is not for you (The Washington Post blogs) Trump's 'hard power' budget makes sweeping cuts to EPA and State Department, boosts defense spending (The Los Angeles Times) Trump Takes a Gamble in Cutting Programs His Base Relies On (The New York Times) Trump Proposes Cutting Billions to Urban Areas He Vowed to Help (NBCNews) Trump Budget Cuts to Scientific, Medical Research Would Have ‘Devastating’ Effect: Experts (NBCNews)

PBS and the Corporation for Public Broadcasting push back on Trump's proposal to defund (The Los Angeles Times)

The 62 agencies and programs Trump wants to eliminate (USAToday)

Trump’s Budget Could Cut 200,000 Federal Jobs (Fortune)

Wall Street Worried It Might Be Underrepresented In Trump Administration (Dealbreaker) Team Trump’s Troubling Tentacles: The Goldman Sachs Vampire Squid (The New American)

Health bill short of votes, GOP leaders look to Trump (The Associated Press)

2 Federal Judges Rule Against Trump’s Latest Travel Ban (The New York Times) Trump vows appeal up to Supreme Court after loss on travel ban (Reuters)

Are Collapsing Pensions "About To Bring Hell To America"? (ZeroHedge 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.

Is it a recovery yet? (Weekly report, 03-16-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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.)

"The number of Americans who applied for unemployment benefits fell by 2,000 to 241,000 in mid-March, as layoffs remained near the lowest level in decades." (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, March 15, 2017

Wednesday roundup (03-15-2017)

Fears Greek and Italian lenders could COLLAPSE eurozone if money-printing is cut: ITALIAN and Greek lenders could topple Europe's financial system if the European Central Bank (ECB) pulls its mammoth money-printing programme, top monetary policymakers fear. (The Express)

[In the United States,] Fed raises rates as job gains, firming inflation stoke confidence (Reuters)

Just so you know: Total U.S. debt and other obligations now total $69 trillion (Canada Free Press)

Rising rates will speed up the clock on retail's $3.7 billion time bomb (CNBC)

More than 1 million borrowers defaulted on their student loans last year: The amount owed by federal student loan borrowers has grown 17% since 2013 (Marketwatch) Student loan defaults are rising faster than you think (The Washington Post)

'It's getting worse': An increasing number of Americans have stopped paying their car loans (The Business Insider)

Trump needs to do 'smart regulation,' not deregulation, former FDIC chair says (CNBC)

Basic Principles of Banking: Hoenig on Restoring Glass Steagall (The Big Picture blog)

Federal judge in Hawaii freezes President Trump’s new entry ban (The Washington Post) After judge blocks Trump's revised travel ban, president vows to 'fight this terrible ruling' (The Associated Press)

Trump hires his FIFTH Goldman Sachs exec with new Treasury hire (The Daily Mail) Donald Trump Isn’t Even Pretending to Oppose Goldman Sachs Anymore (The Intercept)

Who Leaked Part of Donald Trump’s 2005 Federal Tax Return? (The New Yorker) Did Donald Trump leak his own tax return? (CNN) Why leaking his own tax return would be a smart media play by Trump (The Washington Post)  Maddow's excessive hype is a win for Trump (The Hill blogs)

Plan to save S.C. pension [which is $24 billion in debt] would make local governments pay (WRDW)

E.ON to cut [1300] jobs to reduce debts after record 2016 loss (Reuters)

Citing ‘Difficult Environment,’ Senvion To Cut 780 Jobs (North American Windpower)

Gordmans plans nearly 600 layoffs in Nebraska, Indiana (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.

Tuesday, March 14, 2017

Tuesday roundup (03-14-2017)

A Mountain of Debt: Is China's Economy Going To Crash? (The National Interest)

Trump's plan to dismember [the United States] government (CNN) Trump budget expected to seek historic contraction of federal workforce (The Washington Post)

White House Seeks to Cut Billions in Funding for United Nations: U.S. retreat from U.N. could mark a “breakdown of the international humanitarian system as we know it.” (Foreign Policy)

Trump loyalists sound alarm over ‘RyanCare,’ endangering health bill (The Washington Post)

White House analysis of Obamacare repeal sees even deeper insurance losses than CBO: The executive branch analysis forecast that 26 million people would lose coverage over the next decade, versus the 24 million CBO estimates. (Politico)

Top 0.1% of earners would get a $207,000 tax cut under GOP plan to repeal Obamacare (CNBC)

When It Comes to Wall Street, Preet Bharara Is No Hero: The prominent U.S. attorney fired by Donald Trump this weekend has been justly acclaimed for his pursuit of political corruption. But his treatment of the Wall Street executives involved in the financial meltdown was far less confrontational. (ProPublica)

     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, March 13, 2017

Monday roundup (03-13-2017)

China corporate debt levels excessively high, no quick fix: central bank governor (Reuters)

Big banks [in the United States] should split off riskiest activities: FDIC's Hoenig (Reuters) Regulator Proposes Walling Off Wall Street Investment Banks (Bloomberg)

Without Regulation Comes Responsibility: Businesses must act ethically in Trump's era of deregulation – or risk re-regulation in force. (US News & World Report)

CBO: Republican health care bill raises premiums for older, poor Americans by more than 750%: The American Health Care Act would make a low-income 64-year-old in the individual market pay more than half his income for health insurance. [Vox] via (CNBC)

The CBO Deals Paul Ryan’s Health-Care Plan a Major Blow: The hotly anticipated Congressional Budget Office report on the Republican replacement for Obamacare found it would increase the number of uninsured Americans by 86 percent. (The Atlantic) 24 million would lose health insurance coverage by 2026 under GOP's Obamacare replacement, new estimate [by CBO] says (CNBC)

Trump’s Backing a Healthcare Plan That Breaks His Promises (NBCNews)

Why is Rex Tillerson keeping a low profile?: Rex Tillerson is the lowest-profile secretary of state in modern times. As he prepares for high-stakes visits to Asian nations, there's news that he won't be taking press corps, one of a number of unusual changes in how the State Department does business. Chief foreign affairs correspondent Margaret Warner joins Judy Woodruff to discuss his influence and whether he’s being sidelined. (PBSNewshour)



     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, March 12, 2017

Sunday roundup (03-12-2017)

Firing Preet Bharara is not the answer to 'draining the swamp' (The Hill 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.

Saturday, March 11, 2017

Saturday roundup (03-11-2017)

America has too much debt to achieve 3% growth (The Business Insider)

[The early report was:] The Department of Justice just asked the 'sheriff of Wall Street' to resign after Trump asked him to stay on (The Business Insider)

[But then came this development:] New York federal prosecutor Preet Bharara says he was fired by Trump administration (The Washington Post)

Preet Bharara leaves a legacy of ethics enforcement in New York that future U.S. attorneys should match (The New York Daily News) Manhattan U.S. Attorney Preet Bharara has nailed countless criminals from thieving politicians to terrorists (The New York Daily News)

Pennsylvania GOP Lawmakers Sobering to Huge Budget Deficit: With three weeks of hearings behind them, Pennsylvania's Republican majorities now seem more willing to increase taxes to deal with the state's persistent post-recession deficit. (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.

Friday, March 10, 2017

Friday roundup (03-10-2017)

Enter Berlusconi: A Man, a Ban, and His Plan to Restore the Lira [to Italy] (Bloomberg)

Monte dei Paschi to sell $30 billion of bad loans (Marketwatch)

Sessions seeks resignations of 46 U.S. attorneys (USAToday)

It may sound crazy, but the GOP really wants its healthcare plan to fail (CNBC) A Bill So Bad It’s Awesome by Paul Krugman (The New York Times) 15 million will lose coverage under GOP health plan, Brookings believes the CBO will find (CNBC)

Journalists outraged by Tillerson's plan to travel without press (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.

Thursday, March 9, 2017

Thursday roundup (03-09-2017)

Oil sinks below $50 a barrel to end at a more than 3 month low: Oil could slide back to $42 if selling accelerates, analyst warns (Marketwatch)

ECB keeps policy, guidance unchanged as expected (Reuters) European Central Bank: Global politics now the bigger risk (The Associated Press)

Far-right French presidential election candidate Marine Le Pen is the biggest risk to European stability, Credit Suisse warns (The Daily Mail)

Monte dei Paschi approves preliminary restructuring plan ahead of state bailout (Reuters)

U.S. credit card debt at highest level in a decade (CBSMoneywatch)

Trump administration announces steps to avoid debt default (The Associated Press)

Trump told Mnuchin he wants deregulation [of the financial industry] done in six months, sources say (CNBC) Trump Promises Community Bank Chiefs He Will Ease Regulations [but "remains committed to reimposing" Glass-Steagall] (Bloomberg)

Trump reportedly pressures WH to craft infrastructure plan; suggests 90-day deadline for states (CNBC) Trump promised $1 trillion for infrastructure, but the estimated need is $4.5 trillion (The Washington Post) Engineers Say Tax Increase Needed To Save Failing U.S. Infrastructure (National Public Radio)

GOP Governors Are Unimpressed With GOP Health-Care Plan: From blunt criticism to cautious optimism, not a single governor has given the House bill a full-throated endorsement. (Governing) Why Republicans Are Battling Republicans on Obamacare Repeal (The New York Times)

Even Trump's Staunchest Defenders Won't Back His Wiretap Claim: Vice President Mike Pence declined to say whether he thought the president’s allegation is true, while the White House press secretary has insisted he won’t discuss the matter at all. (The Atlantic)

RadioShack files for bankruptcy protection for second time in two years, and it's closing 200 stores (The Associated Press)

Staples Closing Another 70 Stores as North American Sales Sink (Fortune)

500 employees lose jobs in Jacksonville as part of CSX layoffs (The Florida Times-Union)

     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, 03-09-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to 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.)

"The number of Americans who applied for unemployment benefits jumped by 20,000 to 243,000 in early March, but layoffs remained near a 45-year low." (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, March 8, 2017

Wednesday roundup (03-08-2017)

The era of global cheap money is coming to a timely end (South China Morning Post)

The European Debt Bomb Fuse Is Lit! Target2 Imbalances Hit Crisis Levels [Feb. 26] (ZeroHedge blog)

ECB to sit tight ahead of potential election upsets (Reuters)

Italy's Target 2 liabilities hit new record high in February (Reuters)

Greek farmers clash with riot police in Athens over austerity: Windows smashed and stones hurled at police firing teargas as more than 1,000 people travel from Crete to protest against tax hikes (The Guardian)

American Medical Association Opposes Republican Health Plan (The New York Times) Doctors, hospitals and insurers oppose Republican health plan (The Washington Post)

Meet the hundreds of officials Trump has quietly installed across the government [ProPublica via] (CNBC)

Illinois' deficit grows to $9.6 billion in fiscal 2016: audit (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, March 7, 2017

Tuesday roundup (03-07-2017)

France leaving euro will NOT be 'catastrophe' - and Italy will follow, says Marine Le Pen: FRENCH presidential candidate Marine Le Pen has assured voters leaving the eurozone would not result in the economic “catastrophe” her rivals have predicted as she anticipated other countries would follow. (The Express) Le Pen Promises to Resign If EU Exit Vote Fails, AFP Says (Bloomberg)

[In the United States,] Millions Risk Losing Health Insurance in Republican Plan, Analysts Say (The New York Times) Right revolts on ObamaCare bill (The Hill) The Conservative Uprising Against the Republican Health-Care Bill: The new GOP proposal drew immediate criticism from lawmakers who argued it doesn’t go far enough in erasing the Affordable Care Act. (The Atlantic) If you thought the Obamacare backlash was bad, Trumpcare will give Democrats a whipping boy for the ages (The Los Angeles Times)

GOP refuses to back Trump's wiretap claim: Several Republican senators said the president again stepped on his messaging with an unfounded accusation. (Politico) GOP Hill leaders back away from Trump on wiretap allegations (CNN)

Trump surprises group of kids on the first day of White House tours since inauguration (USAToday) President Trump Surprises Children on White House Tour (The New York Times)



Brazil's worst-ever recession unexpectedly deepens in late 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, March 6, 2017

Monday roundup (03-06-2017)

CDS markets signal rising fear of euro breakup (Financial Times Alphaville)

China’s banking system overtakes eurozone to become the biggest in the world: Some analysts have said credit boom has led to wasteful investments, overcapacity in certain industries and unsustainable debt levels (The Independent)

Canada, China Flashing Warning Signs Of Financial Crisis: Report (The Huffington Post Canada)

Trump’s new travel ban still wouldn’t have kept out anyone behind deadly U.S. terror attacks (The Washington Post) Trump's 'Muslim Ban 2.0' is still the same flawed, un-American mess (The Hill blogs)

This former British lawmaker is at the heart of the Trump wiretap allegations (The Washington Post) If the Feds Did Wiretap Trump Tower, It’s Not Obama Who Should Worry (Wired)

Fed’s Kashkari: Bank CEOs are talking ‘complete nonsense’ to try to win less regulation: Claims they have too much capital are false, Minneapolis Fed President says (Marketwatch)

Trump Has Many Jobs Unfilled; Is He 'Deconstructing The Administrative State'? (National Public Radio)

GM to lay off 1,100 at Lansing Delta plant, cut third shift [The Lansing State Journal via] (The Detroit Free 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.

Sunday, March 5, 2017

Sunday roundup (03-05-2017)

Global debt is spiralling out of control: Reducing debt through debt forgiveness, defaults or inflation is not without consequences. Savings designed to finance future needs, such as retirement, are lost. This in turn results in additional claims on the state to cover the shortfall or reduce future expenditure, which crimps economic activity by Satyajit Das (The Independent)

How Anti-Democratic Propaganda Is Taking Over the World: Autocrats from Beijing to Moscow are spreading their toxic ideology in more parts of the globe than ever before. And they're much more sophisticated than you think. (Politico)

Greece desperate for growth strategy as public mood darkens: With debt repayments of €7bn due in July and default looming, Greek government hunts rescue funds to boost employment (The Guardian)

Great Lakes mayors [in the United States and Canada] warn against cuts to ecological recovery initiative (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.

Saturday, March 4, 2017

Saturday roundup (03-04-2017)

Italian Debt: What To Do Next? (The Market Mogul)

China cuts growth target as it pushes through reforms, builds 'firewall' against risks (Reuters) China's economic concerns mount as thousands gather for congress: Premier Li Keqiang will deliver his annual report against the backdrop of a falling currency and an ever-growing housing and debt bubble (The Guardian)

Fish under threat from ocean oxygen depletion, finds study: Oxygen levels in oceans have fallen 2% in 50 years due to climate change, affecting marine habitat and large fish such as tuna and sharks (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.

Friday, March 3, 2017

Friday roundup (03-03-2017)

E.U. Lawmakers Call for End to Visa-Free Travel for Americans (The New York Times)

REVEALED: These six nations could be about to QUIT the Eurozone - and here's why: THE Brexit vote kick-started a wave of Euroscepticism last June and six other countries in particular [=Greece, Italy, Spain, Portugal, Ireland, and Cyprus] may be next to quit the block. [This list adds Cyprus, which was missing from The Express's earlier report, as posted here Tuesday (Economic Signs of the Times blog).] (The Express)

Greece begs World Bank for loan as it risks defaulting plunging eurozone into crisis: GREECE has requested a loan form the World Bank as it attempts to thrash out the details of its £73billion eurozone bailout. (The Express)

[In the United States,] Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of Proficio Bank, Cottonwood Heights, Utah (The Federal Deposit Insurance Corporation) Proficio Bank of Cottonwood Heights UT had a troubled assets ratio of 66.1 percent. (BankTracker)

     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, March 2, 2017

Thursday roundup (03-02-2017)

'EU is a dead man walking' Le Pen promises 'FREXIT' referendum in anti-Brussels tirade: MARINE LE PEN has promised French voters “a referendum on Frexit” if she is successful in the upcoming presidential elections. (The Express)

Greece Debt Relief Going Directly To Hedge Funds As Greek Poverty Rates Soar (ValueWalk)

Australian housing market crash could lead to broader downturn, OECD warns: Paris-based economic organisation says boom may end in ‘significant downward correction’ and government policy should limit investor lending (The Guardian)

Who Runs Trump's White House? (BloombergView)



Trump’s speech was a broadside attack on the values of a free society (The Washington Post)

Debt ceiling "X" date to hit in October or November (CNNMoney)

Trump’s team nixed ethics course for White House staff (Politico)

TRUMP THREATENS DRINKING WATER FOR ONE IN THREE PEOPLE: Earthjustice President Trip Van Noppen: “President Trump’s reckless order is an assault on each and every one of us, our health, and our well-being.” (EarthJustice)

Illinois faces continued economic downturn, think tank reports (Chicago City Wire)

Boeing gets 1,880 union workers to take voluntary layoffs (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.