Wednesday, June 28, 2017

Wednesday roundup (06-28-2017)

The split between doves and hawks in the Bank of England is intensifying (The Business Insider)

We [in Ireland] must cut dangerous debt levels to lessen risk of crisis (The Irish Independent)

China’s debt surpasses 300 percent of GDP, IIF says, raising doubts over Yellen’s crisis remarks (CNBC)

[In the United States,] McConnell is trying to revise the Senate health-care bill by Friday (The Washington Post) McConnell is known as a deal-closer, but he’s never done policy this big (The Washington Post)

Technology is the hidden driver of low inflation: BlackRock’s Rieder (CNBC)

[The decision by Google to destroy the format of their news pages and to make them virtually unreadable has depressed me immeasurably and is having a severe impact on the production of this blog. I am unsure what to do.] (Google blogs)

     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, June 27, 2017

Tuesday roundup (06-27-2017)

The BIS and the global debt bubble (The American Enterprise Institute blogs)

Few Overseas Have Faith in Trump’s Leadership, Survey Finds (The New York Times)

UK banks ordered to hold more capital as consumer debt surges: Bank of England brings forward annual stress tests as it grows anxious over lenders’ exposure to consumer credit (The Guardian)

[In the United States,] Vote Delayed as G.O.P. Struggles to Marshal Support for Health Care Bill (The New York Times) ‘Repeal and replace’ was once a unifier for the GOP. Now it’s an albatross. (The Washington Post) Senate Health Care Vote Delayed, But Negotiations Continue (NBC Nightly News)



Powerball, Mega Millions to drop Illinois due to state's budget crisis (WLS) Wednesday’s $90 million Powerball drawing could be last for budget-hobbled Illinois: Lack of funding in a state nearing ‘junk’ credit rating affects Powerball, Mega Millions and state prize payments over $25,000 (Marketwatch)

How Bad Is the Crisis in Illinois? It Has $14.6 Billion in Unpaid Bills (Dow Jones Newswires)

President Trump Looks To Slash Nearly 4,000 Interior Department Jobs (National Public Radio)

     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, June 26, 2017

Monday roundup (06-26-2017)

World heading for financial crash as China on verge of ‘boom gone wrong’: A GLOBAL financial crash is brewing as China and other emerging markets are binging on debt, the world's central bank watchdog has warned. (The Express)

The Next Recession: We Are Witnessing The Largest Twin Bubbles In History (Forbes)

France to make public spending cuts as 2017 deficit to exceed 3 percent: finance minister (Reuters)

Italy bank rescue divides Europe (Reuters) Italy bank bailout anger as EU has 'one rule for Rome and another for others': ITALY will be allowed to break official European Union rules and stump-up billion of pounds worth of taxpayer cash for crumbling lenders to prevent a full-scale banking crisis. (The Express) Italy's Latest Bank Bailout Has Created A Two-Speed Eurozone (Forbes) Italy agrees to €17bn bailout of two more banks in biggest ever rescue plan: Depositors were at risk so the state had to stop in to to save Banca Popolare di Vicenza and Veneto Banca, Prime Minister Paolo Gentiloni said (The Independent) If you want something to worry about with a shorter fuse, watch Italy: Banks and government can’t bail each other out (Asia Times)

[The United States] Supreme Court Will Hear Travel Ban, Which Is Partly Reinstated (The New York Times) Supreme Court just handed Trump a huge victory on travel ban (CNBC) [versus] ACLU: Supreme Court decision allows for ‘only the narrowest’ travel ban (The Washington Post)




22 million fewer Americans insured under Senate GOP bill (CNNMoney) American Medical Association Comes Out Against Senate O’care Repeal Bill (Talking Points Memo)

Three GOP senators to vote against taking up healthcare bill without changes [= Susan Collins, Dean Heller, and Rand Paul] (The Hill)

Koch-backed group calls health fight in Congress 'humbling' (Politico)

John Dean: Frightened Trump Is In Over His head [The Verdict via] (Newsweek)

Where Trump Zigs, Tillerson Zags, Putting Him at Odds With White House (The New York Times)

Pennsylvania budget deadline looms with no clear way to bridge $3 billion deficit (The Morning Call)

     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, June 25, 2017

Sunday roundup (06-25-2017)

Great recession fears as bankers warn next global crash could arrive 'with a vengeance': Next major recession could be brewing in countries like China, a new report warns (The Independent)

Inflation Has More Than One Reason to Surge, Only It Won't (Bloomberg)

Gartman: The oil bear market has turned crude into a ‘worthless’ commodity (CNBC) Young people don't want to work for oil companies (CNNMoney)

Italy winds up Veneto banks at cost of up to 17 billion euros (Reuters) Italy Commits $19 Billion for Veneto Banks in Largest State Deal (Bloomberg) Italy Rushes to Approve Decree Law to Keep Two Veneto Banks Open (Bloomberg) Deal on Italian Banks Raises Questions about Eurozone Rules (Dow Jones Newswires)

Senate Republicans [in the United States] skeptical Obamacare repeal can pass this week: Senate GOP leaders face problems from seemingly every corner of the conference. (Politico) Rival Senate factions push competing agendas as healthcare measure hangs in balance (The Los Angeles Times) Senate Republicans face key week as more lawmakers waver in support for health-care bill (The Washington Post) Key Republican Collins has 'serious concerns' on healthcare bill (Reuters) Democrat and Republican senators say vote on GOP health care bill should be delayed (The New York Daily News) Koch network withholding support of Senate health-care bill, pushing for changes (The Washington Post)

The Senate Health Care Bill Is Crueler Than You Ever Imagined: The House plan to replace Obamacare was heartless. The Senate plan is even worse. (Cosmopolitan) GOP's Obamacare repeal bills threaten huge disruptions across the healthcare system (The Los Angeles Times)

On healthcare, GOP loss could be a win (CNN)

Trump Refuses To Blame Obama For Resistance To The Senate Health Care Bill Draft: Trump also said he thinks the several Republicans who are holding out support for the current health care bill draft can be convinced. (BuzzFeed News)

Illinois debt is about to be rated 'junk.' What that means (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.

Saturday, June 24, 2017

Saturday roundup (06-24-2017)

Oil Prices To Stay Low If Global Credit Impulse Turns Negative (OilPrice)

European Central Bank Moves to Wind Down Two Italian Banks (The New York Times blogs) Italian government decree for Veneto banks delayed to Sunday: source (Reuters) Europe's Banking Union Is Dying in Italy: Italy's plan to rescue two small banks makes a mockery of Europe's new regulations. (BloombergView)

VW brand is cutting jobs more quickly than planned: HR boss (Reuters)

Bank of England poised to act as credit card market overheats (The Telegraph)

The surprising GOP holdout on the [United States] Senate’s health bill: One of Obamacare’s harshest critics isn’t sold on the repeal bill. (Politico)

Senate health-care bill faces serious resistance from GOP moderates (The Washington Post)

Opioid crisis threatens GOP ObamaCare repeal (The Hill) Opioids, a Mass Killer We’re Meeting With a Shrug (The New York Times)

Why I resigned from the Foreign Service after 27 years (The Washington Post)

Chicago Police Pension Goes Bust by Martin Armstrong (Armstrong Economics 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, June 23, 2017

Friday roundup (06-23-2017)

Has the world been fitted with a debt straightjacket? (The American Enterprise Institute)

Senate Health Care Bill [in the United States]: Five GOP Senators Say They Don't Support (NBC Nightly News)



Five GOP senators now oppose health bill — enough to sink it (The Washington Post) [Senate Majority Leader Mitch] McConnell will be a legislative wizard if health care passes (The Washington Post) Republican Senator Vital to Health Bill’s Passage Won’t Support It (The New York Times) Heller comes out against Senate GOP health care bill: The Nevada Republican did leave the door open to supporting the bill if changes are made. (Politico) [Heller was in a count of seven opponents, posted here on Wednesday] (Economic Signs of the Times blog) Rand Paul [, another of the five opponents]: Republican health care plan is an insurance bailout (The Washington Times) Conservatives are rage-tweeting that the Senate health care bill is "Obamacare lite" (Vox) How ‘Repeal-and-Replace’ Legislation Could Increase The Deficit [includes more information on Dean Heller, the latest of the five GOP opponents and author of a 2015 amendment to Obamacare that was voted in with bipartisan support] (The Federalist) On health care, moderates quiet while conservatives yell (Axios)

Memo Shows Preet Bharara Was Concerned After Phone Call From White House: “Hi Mr. Bharara, this is Madeline Westerhout calling from President Donald Trump’s office.” (BuzzFeed News)

Carrier workers facing layoffs feel betrayed by Trump (CBSNews) [But] Spicer says Carrier layoffs don’t represent backtracking on commitment to save Indiana jobs (Marketwatch)

     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, June 22, 2017

Thursday roundup (06-22-2017)

Where Does Italy’s Bank Recapitalization Stand?: Italy is making real progress now. But completing the recapitalization of Monte and the restructuring of the two Veneto banks may not be quite enough. (The Council on Foreign Relations blogs)

[United States] Senate Health Care Bill Includes Deep Cuts to Medicaid (The New York Times) Republicans’ Obamacare repeal would be one of the biggest cuts to the social safety net in history (The Washington Post) Rocky rollout for Senate healthcare bill (The Hill) Four GOP senators oppose Senate health-care bill in its current form (The Washington Post) McConnell’s Calculation May Be That He Still Wins by Losing (The New York Times) Trump says he is 'very supportive' of Senate healthcare bill [Reuters via] (CNBC) Former Molina CEO calls Senate health-care bill 'heartless' (CNBC)

Trump vows to cut 'job-killing' regulations on tech industry (The Hill)

GOP lawmaker raises 'serious questions' about Kushner family conflicts (CNNMoney)

How Can Trump Get Anything Done With All Those Empty Seats?: A lack of staff at key agencies is weighing on the president’s agenda and frustrating cabinet officials. (Bloomberg)

EPA, Interior Plan to Cut More Than 5,000 Staff by 2018 (Newsweek) EPA completes purge of scientists from its scientific advisory board (Daily Kos)

Dying Sears Canada Plans to Slash 2,900 Jobs, Close 59 Stores Amid Bankruptcy (TheStreet)

Bombardier to cut around 2,200 jobs in Germany - source (Reuters)
 
Allianz to cut 700 jobs in Germany in next three years: Sueddeutsche (Reuters)

Trump's Carrier deal is not living up to the hype — jobs still going to Mexico [as more than 600 employees brace for layoffs] (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.

Is it a recovery yet? (Weekly report, 06-22-17)

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 rose by 3,000 to 241,000 in the seven days stretching from June 11 to June 17, Labor Department said Thursday." (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, June 21, 2017

Wednesday roundup (06-21-2017)

[In the United States,] G.O.P. Rift Over Medicaid and Opioids Imperils Senate Health Bill (The New York Times) GOP Health Bill Kept Secret From Senators Assigned to Write It (Bloomberg) Trumpcare Could Be Doomed As 7 Senate Republicans Are Reported To Be No Votes: There is a report that seven current Senate Republicans are no votes on the secret health care bill, while three others are undecided. (PoliticsUSA)

Trump seeks sharp cuts to housing aid, except for program that brings him millions (The Washington Post)

Scott Pruitt to eliminate 8 percent of Environmental Protection Agency workforce by September: In an effort to continue downsizing the regulatory agency, the EPA will soon shed 1,200 employees (Salon)

Tesco to cut up to 1,100 jobs with Cardiff customer centre closure (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.

Tuesday, June 20, 2017

Tuesday roundup (06-20-2017)

3 ways Clean Energy will make Big Oil extinct in 12 to 32 Years — without subsidies: As the old world dies, a new world is being born (Medium)

Towards global deflationary recession (The Huffington Post)

EU Says Greece Needs More Debt Relief Despite Buffer (Bloomberg)

[In the United States,] Fed should be fighting deflation as prices fall for autos, commodities and now groceries (CNBC) Amazon Has at Least One Fed Official Rethinking Inflation (Bloomberg)

U.S. tightens sanctions on Russia over Crimea (CNNMoney)

How to Deal With North Korea: There are no good options. But some are worse than others. (The Atlantic) Obama told Trump that North Korea was most urgent problem he'd face: report [March 4] (The Hill)

What happened to Otto Warmbier? When the unthinkable is unknowable. (The Washington Post)

Why you should care about increasing secrecy in White House and Senate (CNN) The White House Press Briefing Is Slowly Dying: The daily appearance by the press secretary has become rarer, and moved off camera. Asked for an explanation, Steve Bannon said, “Sean got fatter.” (The Atlantic) In Trump’s Washington, public business increasingly handled behind closed doors (The Washington Post)

Fate of Obamacare repeal uncertain in Senate: GOP leadership is confident, but other Republicans are far less bullish. (Politico) Senate GOP speeding towards health care vote [on June 29, which is] next Thursday (CNN) Senate GOP leaders will present health bill this week, even as divisions flare (The Washington Post) Sen. Corker expects GOP Obamacare repeal bill will be made public Thursday (Politico) Senate GOP considers deeper Medicaid cuts than House bill (The Hill)

[Sen.] Dick Durbin [(D) of Illinois]: To Stop Healthcare Bill, 'The Magic Number Is Three' (Crooks and Liars blog) Trio of conservative Republicans [Ted Cruz, Mike Lee, and Rand Paul] rip Senate healthcare process (The Hill) Mike Lee [(R) of Utah]: Frustrated About 'Lack of Transparency in Healthcare Process' (Youtube)



State Department probes Clinton handling of government emails, could pull her security clearance (FoxNews)

A Disabled Executive: The Special Counsel Investigation and Presidential Immunities (Lawfare blogs)

Attorney General Jeff Sessions hires private lawyer (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, June 19, 2017

Monday roundup (06-19-2017)

Amazon CEO Jeff Bezos may be single-handedly killing inflation [in the United States] (CNBC)

GOP considers canceling August recess to salvage agenda (The Hill)

Are Republicans leading the most secretive health-care bill process ever? (The Washington Post)  Newt Gingrich: GOP, slow down on killing ObamaCare (The Hill blogs)

For Trump, danger signs in the polls (The Hill)

Elizabeth Warren: Americans Don’t Want Less Regulation: Senator says there’s no mandate to loosen rules on banks (The Wall Street Journal)



Otto Warmbier, imprisoned in North Korea, dies in U.S. (USAToday) Why I can’t stop thinking about Otto Warmbier (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, June 18, 2017

Sunday roundup (06-18-2017)

Falling Commodity Prices Are a Big Reason Why Inflation Is So Low (StockCharts)

The Justice Department Is Killing Trump (National Review)

Rosenstein must recuse himself from involvement in Mueller probe (CNN)

Help wanted: Why Republicans won’t work for the Trump administration (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, June 17, 2017

Saturday roundup (06-17-2017)

Republicans divided as Trump reverses some Obama Cuba policy (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, June 16, 2017

Friday roundup (06-16-2017)

[In the United States,] Governors from both parties slam House healthcare bill, call for bipartisan Senate approach (The Hill) Senate likely to miss its Obamacare repeal deadline: The prospects of Republicans meeting their deadline of a Senate health care vote before the end of the month are bleak — and growing more so by the day. (Politico) Descent Into Secrecy: Senate Health Talks Speak To Steady Retreat From Transparency (Kaiser Health News) The Senate’s Health Care Secrecy Is a Breathtaking Contempt for Democracy: Millions will suffer, for a tax cut. (Slate)

Prospect of Trump firing Mueller keeps becoming more untenable (The Washington Post) White House aides fret over Trump’s Russia probe obsession: The president can't stop talking about the expanding Russia probes, and advisers say they're worried he's making the situation worse. (Politico) Trump is hastening his own political death spiral (The Washington Post)

Trump reports hundreds of millions in income (CNNMoney)

Could Illinois be the first state to file for bankruptcy? (CBSMoneywatch)

Are States The Next 'Too Big To Fail'? (Investor's Business Daily)

     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, June 15, 2017

Thursday roundup (06-15-2017)

Greece gets credit lifeline, IMF joins bailout (Reuters) IMF won't fund Greek bailout until it gets more clarity on debt restructuring (CNBC) Greece Gets Enough to Avoid Another Bailout Trauma: Greece has avoided another bailout trauma after striking a deal with European creditors to get more money and assurances that the country's repayment burden will be eased once it can stand on its own. (The Associated Press)

'We can't allow second Brexit' Eurozone must reform or more will leave, warns Spain: THE eurozone cannot afford another country to leave the bloc after Britain's groundbreaking vote to leave last year, Spain's economy minister has warned. (The Express)

Bank of England narrowly votes in favor of maintaining record low interest rates (CNBC)

UK student loan debt soars to more than £100bn: News of 16.6% jump in outstanding debt follows Labour’s general election pledge to scrap tuition fees (The Guardian)

[In the United States,] A Reported Investigation of Trump Would Have Widespread Legal Implications (NBCNews) Trump lashes out at Russia probe; Pence hires a lawyer (The Washington Post)

The Senate’s Health Care Bill Remains Shrouded in Secrecy (NBCNews) I’ve covered Obamacare since day one. I’ve never seen lying and obstruction like this. [Vox via] (CNBC)

Trump to unveil new Cuba travel restrictions in aim to slam regime's human rights record (CNBC)

Energy Department Closes Office Working on Climate Change Abroad (The New York Times)

Trump Administration Scraps New Protection For Endangered Whales, Sea Turtles: “[The] administration has declared war on whales, dolphins and turtles off the coast of California,” one advocate said. (The Huffington Post)

Kroger sinks 13% on outlook warning; CFO blames deflation and competition (CNBC) Kroger Tumbles After Food Deflation Brings Dimmer Outlook (Bloomberg) Sprouts Farmers Market 'significantly impacted' by deflation due to its focus on fresh items (Marketwatch)

Nike To Cut About 1,400 Jobs Globally (Fortune)

     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, 06-15-17)

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 fell by 8,000 to 237,000 in the seven days stretching from June 4 to June 10, the government said Thursday." (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, June 14, 2017

Wednesday roundup (06-14-2017)

The world is awash in $9 trillion of bonds that are guaranteed to lose money [= negative-yielding bonds] (Quartz)

Greek PM renews call for lenders to tackle Greece's debt (The Associated Press)

[In the United States,] Fed hikes interest rates despite declining inflation, sets plan for balance sheet reduction (CNBC)

America’s Deficit Just Jumped by $30 Billion. Should You Care? (NBCNews)

Senate Democrats plan offensive to try to save Obamacare (Politico) The Senate is about to ram through Trumpcare. This is not a drill; it's an emergency (The Los Angeles Times) Trump Now Thinks the ‘Great’ American Health Care Act Is ‘Mean’ (New York)

How Trump is rolling back Obama’s legacy: During President Trump’s first year in office, Congress and his administration plan to review, revoke and overwrite key parts of his predecessor’s domestic legacy. (The Washington Post) Trump tries to master the art of the tiny: Facing multiple investigations and a stalled reform agenda, the president is shifting to smaller proposals to generate concrete wins. (Politico)

Special counsel is investigating Trump for possible obstruction of justice, officials say (The Washington Post)

Democrats in Congress suing Trump, citing conflicts (USAToday)

Australia's Telstra says will cut 1,400 jobs in cost-cutting drive (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.

Tuesday, June 13, 2017

Tuesday roundup (06-13-2017)

Global credit crunch WARNING issued on debt bubble as current trends mirror 2008 crash: WARNING signals have been felt today after a key credit indicator mirrored the same pattern experienced ahead of the financial crisis of 2008, in a eerie sign that the global economy is heading for another downturn. (The Express)

France at 'extremely high risk' of MISSING deficit target warns French PM: FRANCE is likely to miss its deficit target for this year because of the previous government's lax spending, prime minister Edouard Philippe said. (The Express)

One in 10 in serious debt [in the UK] 'have no bed' (The BBC)

[In the United States,] Trump disapproval rating hits new high in daily Gallup poll (CNBC)

Lost in the Trump chaos: House Republicans vote to gut financial protections: Dangerous moves to unravel post-crisis financial protections cannot break through the Trump scandal bubble (MediaMatters) Elizabeth Warren: 'Too Big to Fail Banks' Now Even Bigger (The Wall Street Journal blogs)



Trump knocks House health care bill as too harsh: The president offered no detailed directives, but pressed for a deal. (Politico) Republicans are closer to killing ObamaCare than you think (TheWeek) [versus] Senate GOP reins in expectations for killing Obamacare: Some Republican lawmakers are growing worried about their tight time frame for overhauling health care. (Politico) Senate GOP won't release draft health care bill ["We aren't stupid"] (Axios)

11 States Sue Trump's DOE Over Stalled Energy-Use Limits: New York, California and nine other states are suing the Trump administration over its failure to finalize energy-use limits for portable air conditioners and other products. (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.

Monday, June 12, 2017

Monday roundup (06-12-2017)

Euro zone, IMF eye compromise to unblock loans for Greece (Reuters)

Payday loan complaints [in the UK] see sharp rise despite new rules (The BBC)

US budget deficit jumps in May as spending outpaces revenue (The Associated Press)

Treasury Secretary Mnuchin says US can pay its bills through early September (The Associated Press)

Trump hasn’t appointed anyone to any key infrastructure jobs [Vox via] (CNBC)

Trump makes bizarre claims at press event as Cabinet members take turns praising him (CNBC) Cabinet Members Take Turns Praising President Trump in Meeting (Time) Trump Hosts Cult-like Cabinet Meeting To Bask In Praise (Crooks and Liars blog)



Trump reportedly mulling the termination of special counsel Robert Mueller (CNBC)

D.C. and Maryland sue President Trump, alleging breach of constitutional oath (The Washington Post)

Another U.S. appeals court refuses to revive Trump travel ban (Reuters) Trump's tweets were used against him in a court's travel-ban ruling (The Business Insider)

Harry Markopolos – Who Exposed Madoff – Has Uncovered a New Fraud [funding level of Boston's MBTA pensions] (Advisor Perspectives)

     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, June 11, 2017

Sunday roundup (06-11-2017)

Trump is starting to draw battle lines with [the United States] Congress on an issue [= the debt ceiling] with huge implications for the global economy (The Business Insider)

Supreme Court limits SEC's power to recover ill-gotten gains [June 5] (Reuters)

Trump interactions were 'very weird and peculiar,' former US attorney Preet Bharara says (The Associated Press) There's 'absolutely evidence' to begin obstruction of justice case on Trump: Bharara (ABCNews)



     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, June 10, 2017

Saturday roundup (06-10-2017)

Trump to unveil new U.S.-Cuba policy next Friday in Miami (Politico)

Top criminal law expert joins special counsel Robert Mueller’s Russia probe (The Washington Post)

I was an FBI agent. Trump’s lack of concern about Russian hacking shocks me. (The Washington Post)

Judge Napolitano: Comey Laid Out Case For Obstruction Of Justice (Crooks and Liars blog)



How Illinois became America's failed state: The Land of Lincoln is drowning in red ink. And it's about to have its most expensive election ever. (Politico)

Ann Taylor, Dress Barn, Loft, Lane Bryant: Store closures on the way (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.

Friday, June 9, 2017

Friday roundup (06-09-2017)

Greece approves reforms in return for loans, debt relief (Reuters)

UK's Theresa May will not resign after losing majority, seeks permission to form government (CNBC) May adopts contrite tone after Tory MPs vent anger over election: Prime minister apologises to Tories who lost seats and reaffirms top cabinet posts in DUP-backed minority government (The Guardian)

[In the United States,] After weeks of uncertainty, Trump endorses NATO’s collective defense (The Washington Post) Trump Discovers Article 5 After Disastrous NATO Visit: Trump’s public performance in Brussels was a disaster. Behind closed doors, it was even worse. (Foreign Policy)

Trump accuses Comey of lying, says he’d ‘100 percent’ agree to testify in Russia probe (The Washington Post) ‘The president’s new at this’: Other views: A roundup of what people are saying about James Comey's testimony. (USAToday)

Conservatives near revolt on Senate health care negotiations: Republicans are increasingly pessimistic that key conservative senators will vote for the eventual bill. (Politico)

Americans are suddenly defaulting on their credit cards (The Business Insider)

More retailers are in danger of bankruptcy now than during the Great Recession (The Business Insider)

     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, June 8, 2017

Thursday roundup (06-08-2017)

Italy's banks in talks with Rome over rescuing Veneto lenders: sources (Reuters)

Santander Rescues Popular as Spain Real Estate Loans Sink Lender (Bloomberg) [Spain's] Banco Popular fails and is bought by Santander: As European bank crises go, this was an orderly one (The Economist) ECB's Constancio says bank run triggered Banco Popular rescue (Reuters)

May's Conservative party to lose majority in UK Parliament: Exit poll (CNBC) The Tories from 2010 to 2017 have been the most debt-fuelled governments in modern UK history: Austerity has failed even on its own terms (Left Foot Forward)

US debt limit showdown looms sooner as wealthy bet on Trump tax cut (Reuters)

The House quietly voted to destroy post-financial-crisis Wall Street regulations (The Business Insider) The Financial Choice Act Doesn't Repeal Dodd-Frank, but It's Still a Big Deal: The House approved the bill with a party line vote on Thursday, but it's prospects are dim in the Senate. (Reason blogs) The House just passed the biggest bank deregulation bill in a generation (Vox)

Comey: White House lied about me, FBI (The Washington Post) 'No question' Trump involved in obstruction of justice: Former Watergate prosecutor (CNBC)



Chris Wallace On Comey Testimony: 'Was Very Damaging To The President' (Crooks and Liars blog)



AN UNFAIR BURDEN: Cook County failed to value homes accurately for years. The result: a property tax system that harmed the poor and helped the rich. (The Chicago Tribune)

Verizon to slash about 2,100 jobs when it closes its Yahoo acquisition (CNBC)

Saks Fifth Avenue's owner, HBC, to cut 2,000 jobs in North America (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.

Is it a recovery yet? (Weekly report, 06-08-17)

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 dropped by 10,000 to 245,000 in the seven days stretching from May 28 to June 3, the government said Thursday." (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, June 7, 2017

Wednesday roundup (06-07-2017)

Australians curb spending as household debt balloons (Reuters)

Trump’s America Is Facing a $13 Trillion Consumer Debt Hangover (Bloomberg)

Jamie Dimon: 'America has to get its act together' (CNBC)

Trump is crippling his agenda by leaving top jobs unfilled (CNNMoney)

Comey details 'inappropriate' and 'very concerning' meetings with Trump (ABCNews) I helped prosecute Watergate. Comey’s statement is sufficient evidence for an obstruction of justice case. by Philip Allen Lacovara (The Washington Post) Trump, furious and frustrated, gears up to punch back at Comey testimony (The Washington Post)

The Lawless Presidency (The New York Times) Where Are the United States Attorneys? (The New York Times)

The Real ‘Resistance’ to Trump? The GOP Congress.: Republicans may control Washington, but they’re squabbling over turf—just as the Founders intended. (Politico)

Sen. Mark Warner: More state election systems were targeted by Russians (USAToday)

Republicans Can’t Really Repeal Dodd-Frank: But they will pretend to try anyway. (The Nation) 3 crucial ways the Financial Choice Act of 2017 and a repeal of Dodd-Frank could hurt your money (Mic) How the Financial Choice Act Hurts Americans (Fortune)

'Illinois is imploding': State's annual deficit set to top $6BILLION by end of June as lawmakers fail to pass a budget for the third year in a row (The Daily Mail) S&P, Moody's Downgrade Illinois to Near Junk, Lowest Ever for a U.S. State [June 1] (Bloomberg) Illinois is being sucked into a 'negative credit spiral,' warns S&P [June 1] (CNBC)

As the merger is completed, layoffs of up to 1,000 jobs at the combined AOL and Yahoo are expected: As the troubled deal is finally culminated, it’s time for cuts. (Recode)

     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, June 6, 2017

Tuesday roundup (06-06-2017)

The World’s $100 Trillion Question: Why Is Inflation So Low? (Bloomberg)

Collapse of Veneto banks [in Italy] would create systemic crisis: undersecretary (Reuters)

South Africa’s unexpected recession confounds economists [The Financial Times via] (CNBC)

McConnell whips [the United States] Senate GOP back in line on Obamacare repeal: Republicans emerged more optimistic they could pass a bill to gut the health law after a series of meetings Tuesday. (Politico)

Senate Republicans fear ‘train wreck’ in September: There have been no talks between the two parties on how to avoid a shutdown and debt default in late summer or early fall. (Politico)

By politicizing terror [via Twitter], Trump picked the wrong approach to global crisis (The Hill blogs) Even The Conservative WSJ Editorial Board Thinks Trump’s Tweets Are A Huge Problem: “Further evidence that the most effective opponent of the Trump Presidency is Donald J. Trump.” (The Huffington Post) Donald Trump May Find Time To Live-Tweet James Comey’s Testimony: This could get interesting. (The Huffington Post)

Comey Told Sessions: Don’t Leave Me Alone With Trump (The New York Times) [Meanwhile] Top intelligence official told associates Trump asked him if he could intervene with Comey on FBI Russia probe (The Washington Post)

Trump Grows Discontented With Attorney General Jeff Sessions (The New York Times) Trump is now raging at Jeff Sessions. This hints at a deeply unsettling pattern. (The Washington Post blogs) Jeff Sessions suggested he could resign amid rising tension with President Trump (ABCNews) White House won't say if Trump has confidence in AG Sessions (CNN)

Senior US diplomats driven to dissent, resign under President Trump (ABCNews)

The Trump administration has a recruiting problem (The Washington Post) [Plus...] Four top law firms turned down requests to represent Trump (Yahoo!News) [Meanwhile] How Trump is stalling his own nominees: The White House has taken weeks to formally submit nominations to the Senate, even after announcing the picks. (Politico)

White House ices Russia war room idea: Corey Lewandowski and David Bossie won’t join the administration to handle crisis response for the time being, and inquiries will be directed to Trump’s attorney in New York. (Politico)

Leaked NSA Doc Highlights Deep Flaws in US Election System: A leaked NSA document outlining alleged attempts by Russian military intelligence to hack into U.S. election systems is the latest piece of evidence suggesting a broad, sophisticated foreign attack on the integrity of U.S. elections. (The Associated Press)

The $110 billion arms deal to Saudi Arabia is fake news (Brookings Institute blogs)

In Trump’s White House, Everything’s Coming in ‘Two Weeks’ (Bloomberg)

Sears is closing 66 more stores (USAToday)

Amazon's and Walmart's latest moves confirm the death of the middle class as we know it (The Business Insider)

Four Reasons Why A Government Bailout For Retailers Is Inevitable (Forbes)

     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, June 5, 2017

Monday roundup (06-05-2017)

IMF's Lagarde offers eurozone Greek debt compromise, Handelsblatt says (Reuters)

Household debt bubble [in the UK] hits £198bn and it's close to bursting: Average home now owes £7,300 after spenders go on a borrowing binge (The Daily Mail)

[In the United States,] Trump set to make first moves at completely revamping the Federal Reserve (CNBC)

As Russia probe grinds on, Trump struggles to gain traction on agenda (Reuters)

Trump's Tweets May Have Sunk His Travel Ban: The president fires off some ill-advised tweets confirming the legal arguments opposed to his policy (The Atlantic) With Every Tweet, Trump Turns His DOJ Into More of a Mockery: How the president is losing his travel ban case every time he tweets about his travel ban (Slate) Trump undercuts his lawyers with tweets about travel ban (The Los Angeles Times) Trump’s latest unhinged tweetstorm could hasten his downward spiral (The Washington Post blogs)

Trump's tweets prompt backlash from GOP lawyers: Prominent attorneys are concerned the president is undermining his own administration's case for preserving his controversial travel ban policy. (Politico) Ex-Bush official unloads on Trump: He ‘infects the legal soundness of everything his admin does’ (Raw Story)

Trump Can’t Stop Corporate America From Fighting Climate Change: Sustainability is good for business. Pulling out of the Paris Agreement won’t change that. (Slate)

How a ‘shadow’ universe of charities joined with political warriors to fuel Trump’s rise (The Washington Post)

Study: Illinois' public pensions are worse off than state claims (Illinois News Network)

Grand Canyon at risk as Arizona officials ask Trump to end uranium mining ban: Powerful regional officials to ask administration to end 20-year ban, saying it is unlawful and inhibits economic opportunity (The Guardian)

4 Reasons Why Puerto Rico’s ‘Bankruptcy’ Process Matters to U.S. Residents (NBCNews)

     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.