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.

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