Wednesday, May 3, 2017

Wednesday roundup (05-03-2017)

A desperate plea for help as 4 African nations [South Sudan, Somalia, Yemen, and Nigeria] near a famine crisis (ABCNews) Famine Creeps in on Africa: This month, the U.N. warned of a growing risk of mass deaths from starvation in multiple African countries. (US News & World Report) Looming 'catastrophe' in East Africa proves why world must tackle climate change, says Oxfam: Nearly 11 million people in Kenya, Ethiopia and Somalia are dangerously hungry and in need of humanitarian assistance (The Independent)

[In the United States,] Private-sector job growth slows to 177,000 for April, ADP says (The Los Angeles Times) [Follows Monday's reports of lower inflation, less manufacturing expansion than expected, and reduced consumer spending (Economic Signs of the Times blog)]

House will vote on GOP Obamacare replacement bill on Thursday (CNBC) Upton, Long reverse themselves and back Obamacare repeal bill: GOP leaders are tweaking the bill to lure resistant House members as the White House pushes for a vote as soon as Thursday. (Politico)

ACA (Obamacare) Cut Personal Bankruptcies in Half (The Big Picture blog)

U.S. Auto Sales Plunge Dramatically As The Consumer Debt Bubble Continues To Collapse (The Economic Collapse blog)

Puerto Rico Makes Unprecedented Move To Restructure Billions In Debt (National Public Radio) Puerto Rico, with $73 billion in debt, forced toward bankruptcy (The Washington Post)

Mississippi to cut mental health services, lay off [650] employees (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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