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.

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