Monday, July 31, 2017

Monday roundup (07-31-2017)

After the Eurozone Crisis: Causes, Consequences, and Lessons for European and US Policymakers (The American Enterprise Institute)

The world's third-largest economy [= Japan] may be derailed by a rising political crisis (CNBC)

The next global recession might be triggered by China’s ‘shadow banking’: The problem lies in the unreported debt that’s fueling economic growth (Marketwatch)

[In the United States,] Centrist lawmakers plot bipartisan health care stabilization bill (Politico) Finally, a real plan to fix Obamacare [Editorial] (The Washington Post)

John Kelly, Asserting Authority, Fires Anthony Scaramucci (The New York Times) Anthony Scaramucci out as White House communications director (CNN) Scaramucci ouster a 'sign that someone is willing to spill a little blood,' analyst says (CNBC) Source: Scaramucci escorted out of White House (Youtube)






Kelly Tries to Impose Order at the White House (Time) Take it from this former colleague: John Kelly will bring order to the White House chaos (The Washington Examiner) Five things Gen. John Kelly must do to right the ship at the White House (CNBC) Scaramucci had to go. Now, it's time to discipline Trump (CNBC)

The Downsides of John Kelly's Ascension: It's not a signal that the president is preparing to moderate his White House—it's a signal he's going to the mattresses. (The Atlantic)

White House says Trump was probably 'joking' when he said police should be rough with suspects (CNBC)

President Trump reportedly 'personally dictated' Junior's misleading Russia statement (CNBC)

Trump drops to new low in Rasmussen poll (The Hill)

When will Trump supporters wake up? [Foreign Policy via] (The Chicago Tribune)

South Africa's Pick n Pay cuts 3,500 jobs, warns on H1 (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.

Sunday, July 30, 2017

Sunday roundup (07-30-2017)

EU explores account freezes to prevent runs at failing banks (Reuters)

Greek debt crisis: ‘People can’t see any light at the end of any tunnel’: The Greek government says the country has turned a corner, but that is not the experience of people on the ground (The Guardian)

Putin says U.S. will have to cut 755 from diplomatic staff in Russia (CBSNews)

U.S. says time for China to act on North Korea, Japan's Abe talks to Trump (Reuters) We Need a Radical New Approach on North Korea (The New York Times)

Dems pivot to offering ObamaCare improvements (The Hill)

Republicans Worry That White House Disarray Is Undermining Trump (The New York Times)

Can a president at war with both Republicans and Democrats govern? (USAToday)

Could Jeff Sessions be moved to the Department of Homeland Security? (FoxNews)

WHY THE SCARIEST NUCLEAR THREAT MAY BE COMING FROM INSIDE THE WHITE HOUSE by Michael Lewis (Vanity Fair)

Scott Pruitt's Crimes Against Nature: Trump's EPA chief is gutting the agency, defunding science and serving the fossil-fuel industry (Rolling Stone)

Netflix is carrying $20 billion in debt. Can it keep borrowing its way to success? (The Los Angeles Times)

July 2016: Unofficial Problem Bank list declines to 134 Institutions (Calculated Risk 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.

Saturday, July 29, 2017

Saturday roundup (07-29-2017)

Venezuela: How a rich country collapsed (CNNMoney)

[In the United States,] Trump threatens health insurance benefits for lawmakers (The Hill) [Meanwhile, on Fox ...] How Trump can win the ObamaCare fight: End the "friends and cronies" exemption for Congress (FoxNews) Trump threatens to end insurance payments if no healthcare bill (Reuters)

Trump: Senate Republicans ‘Look Like Fools’: President attacks GOP in confusing tweetstorm (RollCall)

Police Condemn Trump for Speech 'Condoning Law Enforcement Brutality' (Newsweek) U.S. police chiefs blast Trump for endorsing ‘police brutality’ (The Washington Post)

John Kelly, New Chief of Staff, Is Seen as Beacon of Discipline (The New York Times) In John Kelly, Trump gets a plain-spoken disciplinarian as his chief of staff (The Washington Post) West Wing waits to see if real change is coming: After months of chaos, President Donald Trump's aides wonder whether Priebus' replacement, Gen. John Kelly, can calm the famously mercurial president and defuse the rivalries among staff. (Politico)







     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, July 28, 2017

Friday roundup (07-28-2017)

Italy passes Monte dei Paschi state rescue into law (Reuters)

Brazil posts record budget deficit for June (Reuters)

[In the United States,] The Fed is about to make a major policy change. Here's how it works (CNBC)

Wolves of Wall Street Rejoice as Trump’s Wave of Deregulation Begins: Since the recession, big banks have increased in size by 38 percent (The New York Observer)

Wells Fargo admits it wrongly charged customers for car insurance (CBSNews)

Trump Chief Of Staff Priebus Is Out — In Biggest White House Staff Shake-Up Yet (National Public Radio) Trump Ousts Chief of Staff Priebus, Installs Ret. Gen. Kelly (NBCNews)

The night John McCain killed the GOP’s health-care fight (The Washington Post) John McCain's 'No' Vote Sinks Republicans' 'Skinny Repeal' Plan: The Arizona veteran cast an unexpected vote against Mitch McConnell’s last-ditch proposal to partially repeal the Affordable Care Act, leaving the GOP once again without a way forward. (The Atlantic) Bully-in-Chief Gets Schooled in the Ways of Washington: What worked with hotel workers and real estate developers was the wrong approach to upper-chamber pols. (US News & World Report) GOP lawmakers openly defy president as frustration mounts [written prior to "skinny repeal" defeat] (The Washington Post) GOP senators who blocked Obamacare repeal call for cooperation with Democrats (CNBC) Epic Health Care Fail Wasn’t McConnell’s Fault; It Was Trump’s: If we’d had a president who knew some policy and didn’t go around offending everybody, this bill (or some bill) would have passed. So what now? (The Daily Beast)




Trump Organization employees must agree to keep info about Trump family secret (CBSNews)

Donald Trump Endorses Police Brutality In Speech To Cops: The president said law enforcement officers shouldn’t protect suspects’ heads when putting them into police cars. (The Huffington Post) Trump praises police violence to audience of laughing cops: Leader of the free world endorses “rough rides” like the one that killed Freddie Gray. (ThinkProgress)







Sally Yates: Protect the Justice Department From President Trump (The New York Times)

There are three branches of government, and two are in distress (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.

Thursday, July 27, 2017

Thursday roundup (07-27-2017)

[In the United States,] The norms of government are collapsing before our eyes (The Washington Post)

Senate Republicans hope their own Obamacare repeal won't become law: GOP senators want assurances the health bill they pass will serve as a start to negotiations with the House. (Politico) Insurers are not loving Senate's 'skinny repeal' plan (CNNMoney) The ‘Skinny Bill’ Is a Farce. Here’s the Real Reason Republicans Are Doing It. (New York)

Sessions says he's not stepping down despite Trump's criticisms (The Associated Press) Allies Warn Trump of Conservative Revolt Unless He Backs Off Sessions (The New York Times) Sessions' powerful friends stand up to Trump: The attorney general's former colleagues in Congress, as well as conservative allies, publicly questioned the president's attacks on Sessions. (Politico) Kenneth Starr: Mr. President, please cut it out (The Washington Post)

Graham: Firing Mueller would be 'beginning of the end' of Trump's presidency (Politico)

Scaramucci unleashes profanity-filled rant against fellow Trump aides Priebus, Bannon (CNBC) Anthony Scaramucci Called Me to Unload About White House Leakers, Reince Priebus, and Steve Bannon: He started by threatening to fire the entire White House communications staff. It escalated from there. (The New Yorker) Scaramucci fast accruing power in White House (The Hill) Anthony Scaramucci tweets and deletes a cryptic message about leakers that also seemed to call out Reince Priebus (The Business Insider) Scaramucci: 'If Reince wants to explain he's not a leaker, let him do that' (CNN) The Trump White House just went full reality TV (The Washington Post)

Trump advisers eyeing possible Priebus replacements (ABCNews)

White House official: I'm getting concerned for my safety (FoxNews)



More Turmoil at the National Security Council: The NSC’s top official for the Middle East was abruptly dismissed on Thursday. (The Atlantic)

Trump administration threatens retribution against Alaska over Murkowski health votes (Alaska Dispatch News) Republican Congressman Defends Trump's Attack on Sen. Lisa Murkowski: 'Snatch a Knot in Their Ass' (Jezebel)

Boy Scouts Apologize Over President Trump’s Remarks at Jamboree (The New York Times)

A trifecta of criticism for President Trump with this message: Change your behavior (The Washington Post)

$382 Billion in Underfunded Corporate Pensions (The Big Picture blog)

Elizabeth Warren unloads on Trump's pick to lead Fed bank regulation (The Business Insider) Fed nominee Quarles: Time to step back from some banking regulations (CNBC)

GE to Cut 575 Jobs at Century-Old Locomotive Plant (Bloomberg)

     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, 07-27-17)

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 in the period running from July 16 to July 22 increased by 10,000 to a seasonally adjusted 244,000, the 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, July 26, 2017

Wednesday roundup (07-26-2017)

IMF says ECB should maintain stimulus, calls for end are 'premature' (Reuters)

[In the United States,] Trump now says he wants to tax the rich (CNNMoney)

GOP momentum grows for more modest plan to overhaul Obamacare (The Washington Post) Bipartisan Group Of Governors Warns Senate Not To Pass ‘Skinny’ Obamacare Repeal Bill: One key Republican senator may be paying close attention. (The Huffington Post) Senate rejects plan to repeal parts of Obamacare without replacement (CNBC)

Trump talks privately about the idea of a recess appointment to replace Sessions (The Washington Post) The Strange, Slow-Motion Defenestration of Jeff Sessions: Why is President Trump badmouthing his attorney general, why doesn’t he just fire him, and what does he hope to accomplish by pushing him out? (The Atlantic)

Poll: Voters say Mueller ouster would be inappropriate (Politico)

To America, It Looks Like Chaos. For Trump, It’s Just Tuesday.: The president makes a mess, then makes it worse. It’s what he’s always done. (Politico)

A Trump Tower of Absolute Folly (The New York Times)

Student loan borrowers, herded into default, face a relentless collector: the U.S. (Reuters) Student Loan Debt Hurts Economy, Consumers, and Retirement Savings (The Huffington Post)

Loan default rate for risky retailers jumps above 5%; Fitch Ratings (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.

Tuesday, July 25, 2017

Tuesday roundup (07-25-2017)

[United States] Government Shutdown Odds Grow With GOP Border Wall Funding Bill (Bloomberg)

AP sources: Trump speaks to advisers about firing Sessions (The Associated Press) In Trump’s World, ‘Very Weak’ Sessions Twists in Wind (The New York Times) Sessions’ defenders take on Trump taunts: Democratic and Republican legal luminaries alike say Sessions had no other option than to step aside from the Russia probe — and it’s not the job of the attorney general to protect the president. (Politico)




This is not okay [Editorial] (The Washington Post)

Senators Vote To Proceed With Health Care Debate (National Public Radio) In the absence of an actual Obamacare replacement plan, the GOP votes to debate ... no bill at all (The Los Angeles Times) McCain urges senators to work together on healthcare in fiery speech (The Hill) In hero's return, McCain blasts Congress, tells senators to stand up to Trump (Reuters) John Boehner doesn't think Republicans stand a chance of passing health care (CNN)

House passes Russia sanctions bill, setting up veto dilemma for Trump (The Washington Post)

How Jared Kushner Helped the Russians Get Inside Access to the Trump Campaign (The New Yorker)

Scaramucci threatens 'to fire everybody' to stop White House leaks: The financier and longtime Trump surrogate, newly installed as communications director, is eager to shake up a press operation seen as loyal to chief of staff Reince Priebus. (Politico) This Is Not the Mooch I Know (The New York Times)

Wall Street is really psyched about Scaramucci—Here's why (CNBC)

Trump’s Boy Scouts speech broke with 80 years of presidential tradition (The Washington Post) Trump boy scout Jamboree speech angers parents (The BBC) Backlash After President Trump Uses Boy Scout Jamboree as Political Soapbox – and Encourages Them to Boo Obama (People)

1 million jobs on the line as Senate votes on health care (The Washington Post blogs)

Seagate Technology slashing 600 jobs (Fox Business)

     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, July 24, 2017

Monday roundup (07-24-2017)

Eurozone recovery may have peaked, PMIs suggest (Marketwatch)

European Real Estate Is Entering Bubble Territory, Fidelity Says (Bloomberg)

Italy Delivered a Gargantuan Bank Bailout: Why It’s Time to Worry (Fortune)

Debt-ridden [UK] households 'risk a new credit crisis': Bank of England’s dire warning over mortgage lending, credit cards and car finance deals (The Daily Mail) Bank of England warns of complacency over big rise in personal debt: Banks, credit card companies and car loan providers told they face action against reckless lending (The Guardian)

Here We Go: McConnell Schedules Leap-Into-the-Unknown Health-Care Vote [in the United States Senate] for Tuesday (New York) In 24 hours, the Senate will vote on a mystery health care bill (Vox) Senate Braces for Health Showdown With McCain on Hand but a Plan Unclear (The New York Times) Former GOP senator: Resist the bullying. Don't vote for a mystery health care bill. (USAToday) Senate Republicans take cynicism to a horrifying new level (The Washington Post blogs)

Troubles deepen for Atty. Gen. Jeff Sessions as White House spokesman questions the 'future of the relationship' (The Los Angeles Times) Trump leaves Sessions twisting in the wind while berating him publicly (The Washington Post)

If President Trump fires Robert Mueller, we're headed for a constitutional crisis (The Los Angeles Times)

Rexit? Rex Tillerson 'to quit as Donald Trump's secretary of state before the end of the year' (The Telegraph) A chill emanating from the White House reaches State Department (CNN)

Scaramucci a candidate to replace Priebus: report (The Hill) Priebus sidelined as Washington outsiders' power grows: Trump's decision to bring on Anthony Scaramucci as communications director shows the diminished influence of establishment figures — which Priebus epitomizes. (Politico)

Molina Healthcare to cut about 1,400 jobs: memo (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.

Sunday, July 23, 2017

Sunday roundup (07-23-2017)

[In the United States,] Federal Reserve now faces prospect of global monetary policy tightening (Reuters)

President Trump to deliver statement on health care on Monday (CNBC)

GOP despairs at inability to deliver: The party’s failure to repeal Obamacare amid West Wing chaos has GOPers frustrated they’re squandering power. (Politico)

Can the President Be Indicted? A Long-Hidden Legal Memo Says Yes (The New York Times)

Trump is building a Cabinet ready for political, legal war (Axios)

Jeb Bush calls out Republicans silent on Trump's Russia probe (The Hill)

     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, July 22, 2017

Saturday roundup (07-22-2017)

[In the United States,] Republicans face two unpalatable options on replacement healthcare bill: After a six-month debate and seven years of promising they would repeal the Affordable Care Act, Republicans don’t have many good options left to pass a bill (The Guardian)

Congress Reaches Deal on Russia Sanctions, Setting Up Tough Choice for Trump (The New York Times)

Yes, Trump Could Pardon Himself. Then All Hell Would Break Loose: It’s never been tried. Here’s how it could blow up his presidency, or blow up the system. (Politico)

Don't Count on Institutions to Temper Trump: Personnel can be replaced and investigations subverted. (BloombergView)

Republicans Need to Prepare for the Worst: Expect the impossible. (Commentary)

Former spy chiefs tear into Trump: John Brennan and Jim Clapper trash Trump for his relations with Putin, attacks on intelligence community. (Politico)






     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, July 21, 2017

Friday roundup (07-21-2017)

Here's why deeply flawed Western economic models are undermining the worst global recovery in history (CNBC)

U.S. State Department to clamp ban on travel to North Korea (Reuters) North Korean Defectors Are Using Google Earth to Identify Killing Sites and Mass Graves in Kim Jong Un’s Totalitarian State (Newsweek)

[At the United States Senate:] 'I don't even know what we're proceeding to next week.' Obamacare vote nears with key details still missing. (The Los Angeles Times) A clear guide to what the hell is going on with the Senate health care bill: 7 things you need to know. (Vox) Senate parliamentarian says some major BCRA elements subject to 60-vote threshold (CBSNews)

Intercepts suggest Sessions discussed Trump campaign matters with Russia envoy: report (The Hill) U.S. Intercepts Reportedly Contradict Attorney General On Russia Contacts (National Public Radio)







Trump's blast of Sessions has 'chilling' effect inside West Wing (CNN)

Sean Spicer resigns as White House press secretary after objecting to Scaramucci hire (CNBC) Scaramucci, back-slapping hedge-fund magnate and GOP fundraiser, reaches the White House (CNBC) Scaramucci sorry for calling Trump a 'hack' with a 'big mouth' in 2015 (CNNMoney)

Trump reshuffling legal team (CNN) Marc Kasowitz and Mark Corallo depart Trump's legal team (CBSNews) Trump's public Russia comments could cause legal headaches for him — and his kids: Investigators can use the president's interview to establish facts and intent, potentially creating stumbling blocks for others touched by the case and making it harder for the many lawyers involved to coordinate. (Politico)

Mueller Expands Probe to Trump Business Transactions (Bloomberg)

Trump team seeks to control, block Mueller’s Russia investigation (The Washington Post) Trump Aides, Seeking Leverage, Investigate Mueller’s Investigators (The New York Times) How White House Threats Condition Mueller’s Reality (Lawfare blog)




[But ...]




No, Trump can’t pardon himself. The Constitution tells us so. (The Washington Post)

We’re on the Brink of an Authoritarian Crisis: If Trump fires Robert Mueller or pardons himself, Republicans won't do a thing about it—and our democracy will be changed forever. (The New Republic) Trump team’s attacks on Mueller rattle Washington: The president and his allies have ramped up their warnings against the special counsel in recent days. (Politico)

Moscow lawyer who met Trump Jr. had Russian spy agency as client (Reuters)

Former CBO directors in both parties defend the agency after White House attacks (The Washington Post)

Trump axes 860 Obama regulations, 179 from ‘secret’ list (The Washington Times)

Towns sell their public water systems — and come to regret it (The Washington Post)

Endo to cut 875 jobs and close facilities in Alabama (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, July 20, 2017

Thursday roundup (07-20-2017)

The sheer scale of Italy's debt threatens global GDP (The Business Insider)

[In the United States,] Republicans lament an agenda in 'quicksand': GOP lawmakers’ mood is darkening as the August recess approaches and they’ve made little progress on their priorities. (Politico)

House GOP leaders face uphill budget battle: Republicans are far from the votes to pass a budget, which would seriously undermine their tax reform push. (Politico)

Senate GOP has only bad options on health care (Axios) Conservatives furious and plotting revenge for health-care fail (The Washington Post) Senate GOP’s latest health care push sputters: Even after a positive White House meeting, Republicans appear unlikely to find the votes to repeal Obamacare. (Politico)

Social Security is running out of money and time [Editorial] (The Chicago Tribune)

ExxonMobil has been fined for an 'egregious' violation of Russia sanctions while Tillerson was CEO (The Business Insider) Exxon sues U.S. over fine levied for Russia deal under Tillerson (Reuters)

Trump ends covert CIA program to arm anti-Assad rebels in Syria, a move sought by Moscow
(The Washington Post)

How the GOP Became the Party of Putin: Republicans have sold their souls to Russia. And Trump isn’t the only reason why. (Politico)

Big German Bank, Key to Trump’s Finances, Faces New Scrutiny
(The New York Times)

Trump’s Fury Erodes His Relationship With Sessions, an Early Ally (The New York Times) The humiliation of Jeff Sessions (FoxNews) Sessions plans to 'continue' as attorney general, despite Trump's expressing regret over nomination (ABCNews) NYT's Trump interview 'was an ongoing negotiation' (CNNMoney) Yes, Trump’s Attacks on His Justice Department Are a Huge Problem (NBCNews)

The Inadvisable President: Donald Trump is an impossible boss, demanding absolute personal loyalty—even when it conflicts with the law or other key principles—and offering little faithfulness in return. (The Atlantic)

[Former Trump Campaign Manager] Manafort Was in Debt to Pro-Russia Interests ["by as much as $17 million"], Cyprus Records Show (The New York Times)

Mueller Expands Probe to Trump Business Transactions (Bloomberg)

Here’s the Chain Reaction Trump Could Set Off by Trying to Fire Mueller (Bloomberg)



When McCain ran against Obama, he went out of his way to defend him as a 'decent person' (The Business Insider) (Youtube)



Top State cyber official to exit, leaving myriad questions (Politico)

Connecticut Sinks Deeper in Debt (Bloomberg)

State [of Alaska], municipalities face higher borrowing costs from falling credit ratings (KTOO)

     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, 07-20-17)

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 in the period running from July 9 to July 15 fell by 15,000 to a seasonally adjusted 233,000, the Labor Department said Thursday. That matches the second-lowest level since the 2007-09 recession." (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, July 19, 2017

Wednesday roundup (07-19-2017)

EUROZONE WARNING: Now fears for IRELAND’S economy as shock figures show nation on brink: IRELAND’S economy is loaded with more debt and [an economy] MUCH smaller than previously thought, shock figures reveal. (The Express)

Eurozone crisis: Italy’s Five Star Movement DEMANDS referendum on future of euro: THE Eurozone could be in crisis after an anti-European Union party in Italy insisted it was still pushing for a referendum on the future of the euro. (The Express)

[In the United States,] As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away (The New York Times blogs)

Krauthammer rips GOP's 'epic fail' on healthcare (The Hill) 'This Is Historic': Krauthammer Calls GOP Health Care Effort 'An Epic Fail' (FoxNewsInsider) (Youtube)



How the Senate Health Care Bill Failed: G.O.P. Divisions and a Fed-Up President (The New York Times) Trump aides move on after health care loss: As the president's biggest agenda item tanked on the Hill, his senior advisers busied themselves with their pet projects – and looked ahead to tax reform. (Politico) The Disturbing Process Behind Trumpcare: The development of the Republican health-care bill offers a troubling picture of our legislative system. (The Atlantic)

After Trump scolding, Senate to try again on ObamaCare repeal and replace (The Hill) Health Care: Pres. Trump Hosts GOP Senators at White House: Facing criticism and increased pressure to follow through on seven years of repeal promises, Pres. Trump gathered GOP senators at the White House to discuss what to do next. (NBC Nightly News) (Youtube)



GOP repeal foes face blowback: Angry conservatives promise primary challenges. (Politico)

Republicans divided on debt ceiling strategy (Politico)

Tax reform becomes a must-win issue for the White House: With health care reform on ice, Trump moves on to taxes -- but Republicans aren't unified on a policy approach for that, either. (Politico) Trump targeting corporate tax rate ‘in the 20s’: A rate in the 20s has become a prevailing view among a number of senior officials and advisers, a White House official said. (Politico)

Trump’s priorities in funding and cutting are keenly felt by federal workforce (The Washington Post)

Citing Recusal, Trump Says He Wouldn’t Have Hired Sessions (The New York Times)

Supreme Court lets Trump administration reinstate travel ban restrictions on refugees but not on grandparents (The Los Angeles Times) Trump’s wall: The inside story of how the president crafts immigration policy (The Washington Post)

Sen. John McCain has brain cancer, aggressive tumor surgically removed (CNN)

CSX planning up to 700 additional layoffs (WTLV)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times 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.

Tuesday, July 18, 2017

Tuesday roundup (07-18-2017)

Eurozone on the ROCKS: Inflation PLUNGES further as ECB scrambles to save EU economy: EUROZONE inflation remains below target in an embarrassing development for the European Central Bank (ECB) which has pulled out all of the stops to kick the EU's economy into action. (The Express)

DAVID BLANCHFLOWER: The Fed's misleading view of the [United States] job market reflects 'a huge intellectual failure' (The Business Insider)

Student Debt Is a Major Reason Millennials Aren't Buying Homes: New York Fed economists blame student debt for homeownership woes (Bloomberg)

Latest health care bill collapses following Moran, Lee defections (CNN) Trump blindsided by implosion of GOP health care bill: While the president strategized with Republican lawmakers at the White House over steak, two senators were finalizing their statements tanking the current proposal. (Politico) GOP Tries to Regroup on Obamacare Repeal as Trump Lashes Out (Bloomberg)

[This was followed by a move simply to get rid of Obama care, with the result that:] GOP's repeal-only plan quickly collapses in Senate (The Hill) Two GOP senators to vote against ObamaCare repeal-only bill (The Hill) ‘Plan C’ on Obamacare, Repeal Now and Replace Later, Has Collapsed (The New York Times) 5 things Republicans have forgotten about governing (Marketwatch)

[Meanwhile,] Trump suggests Republicans will let ACA market collapse, then rewrite health law (The Washington Post)

[But then, just before the evening news, it was back to "Plan C":] McConnell: Senate [at the request of President Trump and Vice President Pence] to try to repeal ObamaCare next week (The Hill)

Trump’s grand promises to ‘very, very quickly’ repeal Obamacare run into reality (The Washington Post)

The coming Republican civil war over the budget resolution, explained [Vox via] (CNBC) House budget blueprint key to success of Trump tax agenda (The Associated Press)

Eighth man in Trump Tower meeting was linked to money laundering: Irakly Kaveladze, who met with Trump Jr. and Kushner, is linked to a Kremlin-friendly Russian oligarch through a network of shell companies. (Politico) Eighth person in Trump Tower meeting is identified (The Washington Post)

Trump and Putin Held a Second, Undisclosed, Private Conversation (The New York Times)

16 Things You Must Believe to Buy the ‘Witch Hunt’ Russia Narrative (National Review)

The Top Jobs in Trump’s Administration Are Mostly Vacant: Who’s to Blame? (The New York Times)

Trump Says He Has Signed More Bills Than Any President, Ever. He Hasn’t. (The New York Times)

Trump set out to uproot Obama's legacy. So far, that's failed (The Los Angeles Times)

Jeff Sessions Announces Justice Department Will Increase Asset Forfeiture: “No criminal should be allowed to keep the proceeds of their crime,” Sessions says of law that lets police take cash without charging anyone with a crime. (Reason blog) Jeff Sessions wants police to take more cash from American citizens (The Washington Post) White House dead wrong on asset forfeitures (The Washington Times)

Donald Trump's administration 'closes State Department office that investigates war crimes and genocide': Office of Global Justice has been working for 20 years to hold war criminals to account (The Independent) Tillerson to Shutter State Department War Crimes Office: Critics charge top U.S. diplomat with giving the green light to perpetrators of mass atrocities. (Foreign Policy)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times 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.

Monday, July 17, 2017

Monday roundup (07-17-2017)

New rules for banks may make crises worse, [European Union] stability agency says (Reuters)

France’s Macron to slash local government spending by €13 billion (France24)

Italian banks may take 10 years to fix bad debt issue: Morgan Stanley (Reuters)

New U.S. Subprime Boom, Same Old Sins: Auto Defaults Are Soaring (Bloomberg)

John McCain’s Recovery May Take Longer Than Expected, Dimming Prospects for GOP Health Bill (New York) Sen. John McCain's recovery is now a major factor in the GOP health-care debate (TheWeek)

How the White House and Republicans underestimated Obamacare repeal: The Trump team thought Congress would scrap the health law by late February. Nobody expected the effort to drag into the summer months. (Politico)

Outgoing Ethics Chief: U.S. Is ‘Close to a Laughingstock’ (The New York Times)

Meet the 5 Key Lawyers Advising President Trump on the Russia Scandal [Time via] (Yahoo! News)

Trump’s trade warrior prowls the West Wing: Peter Navarro has pulled the president so far right on trade that some aides worry about a global trade war. (Politico)

Trump’s Foreign Policy Meltdown: Undermining confidence and alienating allies, Trump has already undone years of American diplomacy. (The Nation)

     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, July 16, 2017

Sunday roundup (07-16-2017)

Trump Has Lowest Six-Month Approval Rating of Any U.S. President in 70 Years (Slate blogs) 6 months in, a record low for Trump, with troubles from Russia to health care (POLL) (ABCNews)

Obamacare repeal bill plunges into new uncertainty: Senate Republicans have no timetable for a vote with John McCain recovering from surgery. But they might not be able to pass a bill even if he was in Washington. (Politico) McCain’s Surgery Will Delay Senate Votes on Health Care Bill (The New York Times)

Governors Give Chilly Reception to Health Bill Push (The New York Times)

States in crisis: Embroiled in the worst budget battles since the Great Recession (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.

Saturday, July 15, 2017

Saturday roundup (07-15-2017)

Britons face lifetime of debt as Bank of England warns over 35 year mortgages (The Telegraph)

Another Bout of Deflation Ahead [in the United States]?: Transitory special factors have been keeping prices down, but signs suggest some deeper factors at work, too. (Morningstar)

White House launches aggressive push to flip GOP governors opposed to Senate health bill (The Washington Post)

Justice Department appeals latest travel ban setback to Supreme Court (Politico)

Trump Family Values: Amid revelations of Donald, Jr.,’s misguided meeting with two Russians, the President shows once again where his only loyalties lie. (The New Yorker)

Is the most powerful lobbyist in Washington losing its grip? (The Washington Post)

What happened when Walmart left: In West Virginia, the people of McDowell County can’t get jobs, and recently lost their biggest employer – the local Walmart store. They describe the devastating loss of jobs, community and access to fresh food (The Guardian)

Another fleeing corporate giant: Connecticut is facing a business migration crisis [7/11] (CNBC)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times 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, July 14, 2017

Friday roundup (07-14-2017)

Eurozone faces doom no matter how hard France and Germany try to save it, warns top investment bank (The Daily Mail)

Americans are cutting back on spending (CNNMoney) Americans are hoarding money in checking accounts (USAToday)

White House predicts budget deficit will hit $702 billion this year (The Associated Press)

Revised GOP healthcare bill succeeds at making things even worse (The Los Angeles Times) The new Senate health bill is terrible for anyone who is sick, has been sick, or will be sick: The revised Senate bill turns Obamacare into a high-risk pool. (Vox)

Trump set to bring in new attorney to manage response to Russia investigation (The Washington Post)

An ex-Soviet counterintelligence officer was in the Donald Trump Jr meeting (CNBC)

Columnist Charles Krauthammer Doubles Down On Trump Jr. Criticism: “This totally undermines a six-month story from the White House.” (The Huffington Post) Charles Krauthammer: 'Bungled Collusion Is Still Collusion' (Crooks and Liars blog)



Is This Fox News? Don Jr's Emails 'Badly Hurt Credibility Of Administration' (Crooks and Liars blog)






Trump’s Russian Laundromat: How to use Trump Tower and other luxury high-rises to clean dirty money, run an international crime syndicate, and propel a failed real estate developer into the White House. (The New Republic)

Illinois Budget That Saved It From Brink May Add to Pension Debt (Bloomberg)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times 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.

Thursday, July 13, 2017

Thursday roundup (07-13-2017)

Credit card defaults [in the UK] jump at fastest pace since end of Great Recession (The Telegraph)

A decade after Great Recession, 1 in 3 Americans still haven’t recovered (CNBC)

Yellen backtracks: 'We can never be confident there won't be another financial crisis' (CNBC)

Elizabeth Warren begs Janet Yellen to go after Wells Fargo board (CNNMoney)

New Senate Republican Health Plan Struggles to Win Over Critics (Time) Revised Senate health-care bill still lacks the votes to pass (The Washington Post) Senate Republicans one vote away from Obamacare repeal failure: GOP leaders unveiled a new plan to gut the health law, but it immediately ran into near-fatal opposition. (Politico) Rand Paul sounds ready to kill the Senate health care bill: “As far as I can tell, the new bill is the same as the old bill.” (Vox) The New Senate Health Care Bill Is Still An Assault On The Safety Net: Big Medicaid cuts and weakened protections for people with pre-existing conditions remain at its heart. (The Huffington Post)

Trump crafting plan to slash legal immigration: Senior aide Stephen Miller has been working with conservative senators to make good on Trump’s campaign promise. (Politico)

The Deep History of the Radical Right’s Stealth Plan for America: A Q&A with author Nancy McClean about the elusive James McGill Buchanan. (Moyers & Company)

What to do with a broken Illinois: Dissolve the Land of Lincoln (The Chicago Tribune)

Give Us Back Google News Classic Design #googlenews (Economic Signs of the Times 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.