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.

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