Tuesday, May 23, 2017

Tuesday roundup (05-23-2017)

State bailout of Italian banks could re-ignite 'doom loop' concerns: S&P Global (Reuters)

Britain Raises Threat Level to ‘Critical,’ Says ‘Further Attack May Be Imminent’ (NBCNews) US leak of Manchester attacker's name strikes new blow to intelligence sharing: Naming of Salman Abedi by ‘US officials’ hours before it was announced by UK authorities is latest in series of leaks that may damage credibility with allies (The Guardian)

The day China’s version of the Lehman crisis explodes: An extraordinary expansion of personal debt poses a major risk to the world's second-largest economy (The Japan Times)

[United States] Lawmakers Declare President Trump’s Budget Proposal ‘Dead on Arrival’ (NBCNews) Trump's budget is facing massive blowback in Congress — and Republicans are some of the loudest complainers (The Business Insider) Face it, Trump voters — you got played (USAToday)

CIA director alerted FBI to pattern of contacts between Russian officials and Trump campaign associates (The Washington Post) Ex-CIA chief: Worries grew of Trump campaign contacts to Russia (Reuters)

The Questions About Obstruction Now Spread to White House Staff: Reports that presidential aides asked senior intelligence officials to help shut down the FBI investigation put those staffers in legal jeopardy. (The Atlantic)

Senate Intel panel issues subpoenas to Flynn businesses (The Hill)

Trump retains Marc Kasowitz as private attorney for Russia probe: reports (Reuters) Trump’s Longtime Lawyer Is Defending Russia’s Biggest Bank: Marc E. Kasowitz, who has represented Donald Trump for more than 15 years, was recently named a lead attorney in a federal civil lawsuit against Sberbank, which is majority-owned by the Russian government. (BuzzFeed)

‘RussiaGate’ Has Become a Catastrophic Failure of Leadership — and a Debacle From Which the Trump Presidency Will Not Recover: The Trump-Russia scandal has metastasized quickly and destructively. (Moyers & Company)

The Looming Retail Bailout (Forbes)

GM to cut 600 South Africa jobs by July as it pulls out of country (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.

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