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.

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