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.

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