Wednesday, April 26, 2017

Wednesday roundup (04-26-2017)

[In the United States,] White House Proposes Slashing Tax Rates, Significantly Aiding Wealthy (The New York Times) Trump tax plan gets lukewarm welcome on Capitol Hill (Politico) Trump tax cut sounds great but markets are skeptical it would send interest rates flying (CNBC)

Donald Trump’s Massive Corporate Tax Cut Literally Cannot Pass Congress (Slate blogs)



Republican Bid to Gut Dodd-Frank Renews the Debate About Breaking Up the Banks (Bloomberg) Republicans launch effort to roll back the Dodd-Frank banking regulations (The Washington Post)

Ignoring Glass-Steagall, A Policy for Disaster (Daily Reckoning)

Republicans finalize new Obamacare repeal proposal: The plan is expected to win more support from the conservative Freedom Caucus, but it’s still unclear whether the bill can pass the House. (Politico) Hard-Line Republican Caucus Backs Revised Bill to Repeal Obamacare (The New York Times) Moderates chafe at Republican health care compromise: Tuesday Group lawmakers are wary of a deal one of its members cut with the Freedom Caucus, casting doubt about whether it can pass the House. (Politico)

F.C.C. Chairman Pushes Sweeping Changes to Net Neutrality Rules (The New York Times) FCC head unveils plan to roll back net neutrality (The Hill) Sen. Schatz on FCC: ‘They have no idea how outraged people are about to be’ (TechCrunch)

Trump to issue new order calling into question two decades of national monument designations (The Washington Post)

Australia's sky-high household debt a ticking time bomb (Agence France Presse)

     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, April 25, 2017

Tuesday roundup (04-25-2017)

Republicans offer spending plan without border wall as Trump continues to vow that it will be built (The Washington Post) Trump Signals Shift on Wall Funding to Avert Government Shutdown (Bloomberg)

A Federal Judge Blocked Trump's 'Sanctuary Cities' Executive Order: The Justice Department said it would withhold jurisdictions’ federal funding if they don’t start playing ball with immigration authorities. In his ruling, Judge William Orrick said those threats were empty. (The Atlantic)

Trump Is Said to Abandon Contentious Border Tax on Imports (The New York Times)

Only 37 percent say Trump should repeal and replace Obamacare (POLL) (ABCNews) Even in Trump’s base, his path forward on health care is awfully unpopular (The Washington Post)

At Holocaust Remembrance Ceremony, Trump Vows To Confront Anti-Semitism (National Public Radio) Trump: Those who deny Holocaust are accomplice to evil: US President Trump is the keynote speaker at this year's Days of Remembrance ceremony, held by the US Holocaust Memorial Museum. (The Jerusalem Post)

Conservative media figures disappointed with Trump meeting (The Hill)

Great-West Lifeco to cut 1,500 jobs in Canada (Reuters)

Coke goes 'lean,' to cut 1,200 jobs as part of $800 million cost-savings plan (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, April 24, 2017

Monday roundup (04-24-2017)

Don’t assume Marine Le Pen is beaten: it’s delusional and dangerous: Leftwingers and ultra-conservatives could yet hand the French presidency to the Front National candidate – by refusing to back Emmanuel Macron on 7 May (The Guardian) Macron and Le Pen are now in a battle for the soul of France (The Los Angeles Times) Win or lose, Marine Le Pen is a nightmare for the EU (CNN)




French Election Results Provide Little Hope To Spur Country's Dismal Economy (Forbes)

Italy situation is bigger elephant in room than French and German elections: UBS chairman (CNBC)

Fitch cuts Italy's debt rating; cites weak growth, political risk (Reuters)

IMF says Greece needs to dig even deeper (Marketwatch)

[In the United States,] Trump seeks 15 percent corporate tax rate, even if it swells the national debt (The Washington Post)

Forget the critics, Mr. President. Your first 100 days have been just fine. (The Washington Post)

The makings of the next credit crisis could be in your driveway (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.

Sunday, April 23, 2017

Sunday roundup (04-23-2017)

Debt levels [around the globe] are now back where they were when Jim Cramer had his prophetic TV meltdown 10 years ago (The Business Insider) Cramer: Bernanke, Wake Up (Youtube)



Le Pen faces Macron in final round of French presidential election (CNN) Macron faces Le Pen for French presidency as mainstream parties bow out early (France24)

Vijay Mallya's $1 BILLION debt is just the 'tip of the iceberg' of unpaid loans that are holding back India's economy (The Daily Mail)

[In the United States,] Trump and Congress eye shutdown showdown over border wall: The deadline to fund the government is fast approaching, and neither Democrats nor the White House is backing down. (Politico) White House budget chief floats trade on ObamaCare, border wall funding (The Hill blogs)

Trump’s Fake War on the Fake News: The president puts on a big show of assaulting his “opposition” in the news media. But inside the White House, it’s a different story. (Politico)

Stores are closing at an epic pace (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.

Saturday, April 22, 2017

Saturday roundup (04-22-2017)

France votes in cliffhanger presidential election on Sunday (Reuters)

IMF Still Won't Sign Up To Greek Debt Deal - Turbulence Ahead (Forbes)

[United States House Speaker] Ryan Tells Colleagues House Will Act in Time to Avoid Shutdown (Bloomberg)

Sears names new CFO, plans more store closures (USAToday)

     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, April 21, 2017

Friday roundup (04-21-2017)

Fitch cuts Italy's debt rating; cites weak growth, political risk (Reuters) I.M.F. Torn Over Whether or Not to Bail Out Greece Again (The New York Times blogs)

IMF applauds Greek surplus, wants debt strategy before joining bailout (Reuters)

[In the United States,] Trump says 100-day marker is ‘ridiculous.’ But he’s scrambling to show progress by then on taxes, health care. (The Washington Post) Donald Trump just pulled a major flip-flop on his first 100 days in office (CNN)

Trump, Republicans face tricky task of averting U.S. government shutdown (Reuters)

White House pressures GOP leaders on Obamacare showdown next week: ‘The question is whether it can get 216 votes in the House, and the answer isn't clear at this time,’ a senior GOP aide said. (Politico) Uphill battle looms as Trump seeks revamped healthcare plan (Reuters)

Wal-Mart is slashing prices and deepening deflation woes for retailers (FoodDive)

     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, April 20, 2017

Thursday roundup (04-20-2017)

IMF encourages banks to sack staff amid weakness due to 'legacy of bad debt': THE International Monetary Fund (IMF) is warning banks to get rid of their staff amid concerns over their assets. (The Express)

[In the United States,] White House could provoke a spending showdown over funding for border wall (The Washington Post) White House eyes harder line on shutdown talks: The push for tighter border security is risky and comes amid pressure for a win. (Politico)

Trump is trying to repeal Obamacare again, but he still doesn't have the votes (The Los Angeles Times) House Republicans near potential breakthrough on health care, source says (CNN) The GOP has a new plan to destroy Obamacare. It’s even crueler than the last one. (The Washington Post blogs) How Republicans could pass 'TrumpCare' this month (The Hill blogs) ObamaCare replacement deal hits major speed bumps (The Hill)

     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, 04-20-17)

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.)

Number of people collecting unemployment checks hits 17-year low, jobless claims show: Initial jobless claims total 244,000 in mid-April (Marketwatch)

US Jobless Claims Fall To 1970s Levels - Maybe This Is Good, Maybe Bad (Forbes)

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, April 19, 2017

Wednesday roundup (04-19-2017)

Markets Start to Ponder the $13 Trillion Gorilla in the Room (Bloomberg)

The Great Western Economic Depression (Sprott Money)

They want to kill the euro: Why many Europeans want their money back (CNNMoney)

Nobel-winning economists attack Le Pen’s plan to leave Euro (The Connexion)

Brexit’s unpredictable outcome poses risk to global stability, says IMF: Organisation also says financial stability is threatened by US corporate debt, China’s credit bubble and weak EU banks (The Guardian)

China expands bad loan securitisation scheme to include more banks - state media (Reuters)

The US could see a 'significant' rise in public debt-to-GDP ratio: IMF fiscal affairs director (CNBC)

How Trump's First 100 Days Could End in a Government Shutdown: The historical marker on April 29 will coincide with the expiration of federal funding unless Congress can strike a bipartisan deal in time. (The Atlantic) White House eyes harder line on shutdown talks: The push for tighter border security is risky and comes amid pressure for a win. (Politico)

     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, April 18, 2017

Tuesday roundup (04-18-2017)

Greek bailout deal at risk of IMF exit (The Times of London)

Aircraft Carrier Wasn’t Sailing to Deter North Korea, as U.S. Suggested (The New York Times) How Did the Trump Administration Lose an Aircraft Carrier?: The White House said the USS Carl Vinson was headed for North Korea as it sailed the opposite direction—the latest example of a communications failure inside the executive branch. (The Atlantic)

The Inside Story of the Kushner-Bannon Civil War: West Wing sources come clean about the backstabbing, the bullying, the distrust, and the buzzing flies. (Vanity Fair)

Walmart On Tax Day: How Taxpayers Subsidize America’s Biggest Employer and Richest Family (The Big Picture 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, April 17, 2017

Monday roundup (04-17-2017)

Americans are swamped in $1 trillion of credit card debt (The New York Post)

Trump’s Goldman Sachs Vampire Squid Presidency (Crooks and Liars blog)

EPA emerges as major target after Trump solicits policy advice from industry (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, April 16, 2017

Sunday roundup (04-16-2017)

[In the United States,] Wall Street banker Cohn moving Trump toward moderate policies (Reuters)

Trump’s message to Democrats: Negotiate Obamacare, or payments to insurers will be cut (The Washington Times) Trump is playing a dangerous game of chicken with Democrats that could cause healthcare costs to skyrocket (The Business Insider) Trump is now destroying a healthy health-care system (The Washington Post)

Protesters at tax marches across the U.S. demand President Trump release his returns (The New York Daily News) Trump asks why people are still talking about his taxes a day after protesters asked for his returns (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, April 15, 2017

Saturday roundup (04-15-2017)

Titanic Parallel to the Federal Reserve (Deviant Investor 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.

Friday, April 14, 2017

Friday roundup (04-14-2017)

Consumer prices dropped in March [in the United States] by the largest amount in more than 2 years (CNBC)

Senators See Trump Support Giving Glass-Steagall Bill a Chance: Warren, McCain push for reinstating wall between commercial and investment banking (RollCall)

Borrowers must fight for themselves as student loan reforms are rolled back (The Chicago Tribune)

Yes, all debt is bad debt (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.

Thursday, April 13, 2017

Thursday roundup (04-13-2017)

Stop Pretending on Greek Debt [Editorial] (Bloomberg) Debt Relief for Greece Essential, Peterson Institute Working Paper Concludes (Greek Reporter)

[In the United States,] GOP establishment sees Trump’s flip-flops as move toward a ‘conventional Republican’ (The Washington Post)

Gary Cohn’s Glass-Steagall Support Is a Trickle-Down Trojan Horse: Trump’s top economic adviser—our Trickle Downer of the Week—is veiling his support for more deregulation behind the rhetoric of financial reform. (The American Prospect)

Why It’s Going to Take Another Financial Catastrophe to Fix Wall Street (New York)

     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, 04-13-17)

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.)

"Initial jobless claims were essentially unchanged at 234,000 in early April, holding near extremely low levels that show the U.S. labor market is going strong despite a slowdown in hiring last month." (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, April 12, 2017

Wednesday roundup (04-12-2017)

Europe risks nightmare as anti-euro 'Bolshevik' storms France by Ambrose Evans-Pritchard [preview; full article behind paywall] (The Telegraph)

Greece bailout hangs in the balance: IMF still refusing to join ahead of looming deadline: GREECE's eurozone creditors are still at loggerheads with the International Monetary Fund (IMF) over proposed economy reforms for the debt-stricken countries, Christine Lagarde confirmed today. (The Express) IMF still mulling over joining Greek bailout: IMF chief Christine Lagarde says they have yet to decide whether to join the next bailout payment for Greece. The fund's participation is seen as a condition for Germany to unblock new funds to the debt-riddled country. (DeutscheWelle)

White House budget director says Trump promise to eliminate [United States] debt was just ‘hyperbole’: Don’t take Trump seriously or literally. (ThinkProgress)

U.S. government posts $176 billion deficit in March [versus $108 billion in March 2016] (Reuters)

White House calls for deep agency cuts (Politico) Trump’s Directive Will Lift Hiring Freeze, as It Asks Agencies for Cuts (The New York Times)

Trump's stunning u-turns on NATO, China, Russia and Syria (CNN)

In a Major Reversal, Pres. Trump Says NATO is ‘No Longer Obsolete’: Standing next to NATO’s secretary general Wednesday, the president backed away from his common campaign trail assertion that NATO was obsolete. (NBC Nightly News)



Trump says Russia relations may be at ‘all-time low,’ praises Tillerson trip (FoxNews) U.S.-Russia relations, trust ‘at a low point,’ says Tillerson in Moscow: Discord was on display at Secretary of State Rex Tillerson's Moscow meetings with Russian Foreign Minister Sergey Lavrov. The most immediate trigger for tensions was a deadly sarin gas attack in Syria, and the U.S. attack on a Syrian air base. Lavrov gave no ground on issues of Syria, Ukraine or Russian meddling in the U.S. election. Chief foreign affairs correspondent Margaret Warner reports. (PBSNewshour)



Trump's border wall will get its start in San Diego County (The San Diego Union-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.

Tuesday, April 11, 2017

Tuesday roundup (04-11-2017)

Eurozone industrial output falls unexpectedly (Marketwatch)

Italy greenlights plan to cut deficit by 3.4 bn euros (Agence France Presse)

Trump taxes: [United States] President scraps tax plan, timetable threatened (The Associated Press)

Trump's message to bankers: Wall Street reform rules may be eliminated (Reuters)

Why the GOP should be very worried about what’s happening in Kansas and Georgia (The Washington Post) A Special Election In Kansas Could Signal 'Big League' Problems For GOP, Trump (National Public Radio) Why Republicans Are Worried About Kansas (FiveThirtyEight)

The real reason for the White House infighting: Trump has no clear vision or agenda (The Washington Post blogs)

Why the Trump administration has so many vacancies: The process is bogged down by the involvement of top White House officials, turf wars and an inexperienced and overworked staff. (Politico) More delays in ambassador nominations, trainings (CNN)

Republicans avoid town halls after health care votes (USAToday)

Bebe to cut 700 jobs statewide as it moves retail online (The Orange County Register)

     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, April 10, 2017

Monday roundup (04-10-2017)

French and Italian populists unprepared for trauma of euro exit: Paris or Rome leaving the currency would trigger a massive default by Wolfgang Münchau [The Financial Times via] (The Irish Times)

Brussels SHOULD have punished Spain and Portugal for debts, says ECB: SPAIN and Portugal shouldn't have been let off the hook by Brussels after breaking economy rules that are in place to prevent a financial crisis, according to the European Central Bank. (The Express)

Gorsuch sworn into [the United States] Supreme Court, restores conservative tilt (The Associated Press) The Conservative Pipeline to the Supreme Court: With the Federalist Society, Leonard Leo has reared a generation of originalist élites. The selection of Neil Gorsuch is just his latest achievement. (The New Yorker)

4 senators have introduced a bill that could dramatically change the way Wall Street works [April 8] (The Business Insider)

Wells Fargo Rehires About 1,000 Staff in Wake of Account Scandal (Bloomberg)

‘People Just Flat-Out Lie’: Andrea Mitchell’s covered seven White Houses. Then came Trump. ‘I’ve never seen anything like this,’ she tells The Global Politico. (Politico)

Aerojet Announces Plans to ‘Relocate or Eliminate’ 1,100 Jobs in Sacramento (Sacramento Business Journal)

Raiffeisen plans to cut up to 950 jobs in Poland by end-2019 (Reuters)

2 Sisters [Food Group in the UK] plans 630 job cuts at ‘ageing’ chicken site (Food Manufacture)

     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, April 9, 2017

Sunday roundup (04-09-2017)

Trump and taxes: Back to drawing board, seeks GOP consensus (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, April 8, 2017

Saturday roundup (04-08-2017)

Greece Gets Another Bailout Extension But The Basic Problem Still Isn't Solved (Forbes)

Plastic fantastic? Why our [UK] debt frenzy may be catching up with us (The Telegraph)

The Emerging Trump Doctrine: Don’t Follow Doctrine (The New York Times) McMaster shows clout in Trump's first crisis (The Hill)

[US] Retail Store Job Cuts Deepen as More Buyers Migrate Online (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, April 7, 2017

Friday roundup (04-07-2017)

Greek Bailout Talks Make Major Breakthrough on Reforms: Greece and its international creditors took a big step Friday toward an agreement that will ensure the country gets the money it needs to avoid a potential bankruptcy this summer but which could spell more pain for austerity-weary Greeks. (The Associated Press) [But] IMF needs euro zone assurance on Greek debt sustainability before joining bailout (Reuters)

[United States President Donald] Trump launches military strike against Syria (CNN)

Credit card debt hits $1 trillion as economy expands (CBSMoneywatch)

The retail sector is shedding jobs like it’s a recession (Marketwatch) Retailers cut tens of thousands of jobs. Again (CNNMoney)

Concerned about White House infighting, Trump eyes shake-up: WSJ (Reuters) Trump is reportedly considering a major staff shakeup amid a deepening rivalry between Steve Bannon and Jared Kushner (The Business Insider)

Kushner left Russian meetings off security clearance forms (The Hill)

Senate confirms Neil Gorsuch to Supreme Court (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.

Thursday, April 6, 2017

Thursday roundup (04-06-2017)

Draghi: No early exit from ECB's zero-interest rate policy: The euro has hit a three-week low after the European Central Bank (ECB) chief said he saw no need to deviate from accommodative policies, including zero interest rates and massive bond-buying until the end of the year. (DeutscheWelle)

China’s economic miracle is over: Export-driven economy isn’t as strong as government claims (Marketwatch)

[In the United States,] Three Precursors to the ’08 Crisis are Repeating Now by Nomi Prins [April 3] (Daily Reckoning)

Trump adviser from Wall Street backs U.S. bank breakup law (Reuters) Top White House adviser Gary Cohn offers support for move that could break up big banks (The Washington Post)

What 'Bring Back Glass-Steagall' Means to Left and Right (Bloomberg)

Fed's Kashkari: Dimon got it wrong, 'too big to fail is alive and well' (Yahoo! Finance)

Steve Bannon Calls Jared Kushner a ‘Cuck’ and ‘Globalist’ Behind His Back: Donald Trump’s two closest aides are fighting “nonstop” and often “face-to-face,” officials say — and it’s even uglier in private. (The Daily Beast) Civil war rages throughout Trump administration: Trump campaign staffers are squaring off against establishment GOP types in federal agencies — and the casualties are piling up. (Politico)

     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, 04-06-17)

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 sank by 25,000 to 234,000, marking the second-lowest level of the current economic expansion ..." (Marketwatch)

U.S. weekly jobless claims post largest drop in almost two 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, April 5, 2017

Wednesday roundup (04-05-2017)

Greece Says a Deal on Unfreezing the Bailout Is Close: Top Greek and European officials indicated Wednesday that a breakthrough in the country's dragging bailout talks can be achieved in two days' time, although Greece's prime minister pressed for a special Eurozone summit if the deal fails to materialize. (The Associated Press) Greece pushes for emergency eurozone summit if creditor talks stall: Differences stem from implementation of labor reforms, pension cuts and tax increases [The Wall Street Journal via] (Marketwatch)

Half of American working families are living paycheck to paycheck: Recession-era debt and stagnant wages are a bad combination (Marketwatch)

Bannon removed from National Security Council role (CNN) Bannon ousted from National Security Council: The Trump administration initially faced a bipartisan wave of complaints over a political official serving in a national security role. (Politico) Don’t Read Too Much Into Steve Bannon Losing His NSC Seat (Newsweek)

     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, April 4, 2017

Tuesday roundup (04-04-2017)

Global debt explodes at 'eye-watering' pace to hit £170 trillion (The Telegraph) How the global debt pile rose to ‘eye-watering’ levels: Much of the precipitous rise over the past decade has come from emerging markets (Marketwatch)

Thousands of Greek pensioners protest against cuts as more austerity looms (Reuters)

Risky lending will endanger banks if credit bubble bursts, Bank of England warns (The Telegraph)

[In the United States:] Has Trump hit rock bottom yet? [Right Turn conservative blog on latest poll results] (The Washington Post blogs)

Now Republicans want to undo the regulations that helped consumers and stabilized banking (Vox)

Fed's Tarullo: Reduction of capital at US banks 'would be ill-advised' (CNBC) The Boston guy who helped avert economic disaster is leaving the Fed (The Boston Globe) [versus] JPMorgan CEO calls for regulatory changes in shareholder letter (Reuters)

Commerzbank to cut 7,800 jobs in Germany: Handelsblatt (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, April 3, 2017

Monday roundup (04-03-2017)

‘BE PREPARED’ ECB fires grave warning to Europe's most debt-ridden countries: EUROPE'S debt-laden countries have been warned to prepare for higher borrowing costs and an end to ultra accommodative monetary policies that have helped prop up economies in the aftermath of the financial crisis. (The Express)

A Le Pen-Led France May Be the Crisis That Draghi Can’t Fix (Bloomberg)

Bunga Bunga, American Style: Donald Trump and Silvio Berlusconi have a lot more in common than fake tans and lechery. (Slate)

Student Loans at $1.3 Trillion Shove Family Debt Toward Pre-Crisis Peak (TheStreet) Number of people who owe over $100,000 in student debt has quadrupled in 10 years: 20% of recent borrowers who owed over $100,000 in student debt defaulted within five years (Marketwatch) Debt load could snag students, hurt U.S. economy: Fed's Dudley (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, April 2, 2017

Sunday roundup (04-02-2017)

Greece heads closer to default as it holds out against austerity (The Times of London) Tsipras says deal with creditors hinges on debt relief (Agence France Presse)

[In the United States,] Trump remains the center of attention, but he’s increasingly isolated politically (The Washington Post)

March 2016: Unofficial Problem Bank list declines to 151 Institutions, Q1 2017 Transition Matrix (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, April 1, 2017

Saturday roundup (04-01-2017)

Presidential hopeful Fillon warns France could face Greece's fate (Reuters)

Supreme Court showdown looms [in the United States] with far-reaching consequences (The Associated Press)

New EPA documents reveal even deeper proposed cuts to staff and programs (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.