Thursday, August 31, 2017

Thursday roundup (08-31-2017)

Shutdown and default threaten U.S. safe-haven status: James Saft (Reuters)

Trump to propose initial $5.9 billion in Harvey aid (The Associated Press) Trump has pledged $1 million to Harvey relief, White House says (CNBC) The Looming Consequences of Breathing Mold: Flooding means health issues that unfold for years. (The Atlantic)

More fires expected after blast at Arkema's flooded Texas plant (Reuters) Texas Republicans Helped Chemical Plant That Exploded Lobby Against Safety Rules (International Business Times) The Chemical Plant Explosion in Texas Is Not an Accident. It's the Result of Specific Choices.: The perils of deregulation. (Esquire) Harvey reveals corporate hubris regarding safety (The Houston Chronicle) New Hazard in Storm Zone: Chemical Blasts and ‘Noxious’ Smoke (The New York Times)

How Harvey Will Change Texas: The storm’s most lasting legacy might be the end of the Lone Star State’s rugged individualism. (Politico)

Trump faces CEO, staff pressure on immigration plan (Axios)

Trump administration orders three Russian diplomatic facilities in U.S. closed (The Washington Post)

Robert Mueller Eliminates Trump’s Trump Card (New York) Mueller teams up with New York attorney general in Manafort probe: The cooperation is the latest sign that the investigation into Trump's former campaign chairman is intensifying. (Politico)

Trump Voters Growing Impatient With the President, Focus Group Reveals (The New York Times) Trump Voters 'Disappointed' In President: A focus group with Trump voters in Pittsburgh shows that some of his supporters are disappointed with the president. Pollster Peter Hart and NBC's Carrie Dann discuss. [VIDEO] (MSNBC)

This 'Trump's Voter Panel' Is Different - They're Actually Embarrassed (Crooks and Liars blog)



‘Abject Disappointment’: Pittsburgh Voters Skewer Trump’s Tone (NBCNews)





The incredible shrinking president (Axios)

How to Get Rich in Trump’s Washington: His presidency has changed the rules of influence in the nation’s capital — and spawned a new breed of lobbyist on K Street. (The New York Times Magazine)

Kushners’ China Deal Flop Was Part of Much Bigger Hunt for Cash (Bloomberg)

Wells Fargo Boosts Fake-Account Estimate 67% to 3.5 Million (Bloomberg)

Thyssenkrupp to cut up to 1,500 jobs at Industrial Solutions (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.

Is it a recovery yet? (Weekly report, 08-31-17)

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 Aug. 20 to Aug. 26 rose by 1,000 to 236,000, 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, August 30, 2017

Wednesday roundup (08-30-2017)

Russia bailout stokes fears of a systemic banking crisis (CNBC)

Britain's borrowing binge slowing but consumer debt still far too high: As Citizens Advice sounds alarm over credit card borrowing, the latest figures show only that the rate of increase is slowing (The Independent)

Failure to raise debt ceiling [in the United States] would be 'more catastrophic' than Lehman collapse, S&P says (CNBC)

Trump pitches tax reform to 'bring back Main Street' (CNN) Trump's Tax Reform Plan Targets Middle-Class Tax Complexity (Forbes) Trump Tries to Make Tax Cuts for Rich People Sound Populist (New York) Corporate Tax Cuts Don’t Create Jobs, They Enrich CEOs: A new study provides galling examples of this trend. (The Nation)

Harvey aftermath: Death toll rises; so do the floodwaters (CNN) Houston’s ‘Wild West’ growth: How the city's development may have contributed to devastating flooding (The Washington Post) Trump relishes role as chief executive of Harvey response: The optics-obsessed president didn't go near the disaster area during his visit to Texas, but the visit gave him the visuals he wanted as he checked in on emergency responders and addressed a local crowd. (Politico)

Trump administration's mixed North Korea signals raise questions about US strategy (CNN) Mattis responds to Trump: US 'never out of diplomatic solutions' on North Korea (The Hill)

Trump's shrinking West Wing: After a summer of departures by senior officials, none have been replaced, with current staff taking on double roles while other jobs are eliminated altogether. (Politico)

Legal challenge to Arpaio pardon begins (The Washington Post blogs) Why Trump’s Arpaio Pardon Is a Nationwide Call to Political Arms (The New Yorker)

Most American Voters Believe President Trump Is 'Tearing the Country Apart' (Time) Fox News Poll: Voters' mood sours, 56 percent say Trump tearing country apart (FoxNews)

Trump deepens the moral damage to the GOP (The Washington Post)

Feinstein surprises SF crowd by expressing hope for Trump (SFGate)

     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, August 29, 2017

Tuesday roundup (08-29-2017)

Credit card lenders [in the UK] 'targeting people struggling with debt': Citizens Advice finds almost one in five people struggling with debts have had their card limit raised without request (The Guardian)

What Happens if [the United States] Congress Rejects Border Wall Funding?: President Trump has vowed to have Mexico pay for a wall between the U.S. and its southern neighbor, but Congress is not so sure. (Reuters)

Jeff Sessions Is Bringing Back Civil Forfeiture with a Bang: Here's how the police can take your assets even if you haven't been convicted of a crime. (Moyers & Company)

Deluged Texas Braces for More Rain, and Years of Recovery (The New York Times) The Unprecedented Flooding in Houston, in Photos (The Atlantic)

Trump offers Texans in-person reassurances on storm recovery (The Associated Press) Axelrod: It's not always about you, Mr. President (CNN) 'that’s what he cares about':CNN's Dana Bash Trump spent his Texas time congratulating himself (Youtube)




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Mattis freezes transgender policy; allows troops to continue serving, pending study (USAToday) [This action follows this report:] Trump signs directive banning transgender military recruits [Aug. 25] (CNN)

What more proof of a secret Russian connection do we need? (The Washington Post blogs) Making sense of the Trump Tower Moscow stories (Axios) Felix Sater Is a Lean, Mean Trump-Russia Machine: A career criminal keeps popping up to reveal Trump ties to Russia. (Bloomberg)

Trump embraces law and order agenda (CNN)

A new polling low for Trump: Just 16 percent ‘like’ his conduct as president (The Washington Post) People who approve of Trump do so *because* of his behavior in office, not despite it (The Washington Post) Poll: Most Republicans want Trump to listen more to experienced members of GOP (Politico) Republicans Divided in Views of Trump’s Conduct; Democrats Are Broadly Critical: In their own words: How people describe Trump’s presidency (Pew Research Center)

Trump unusually silent after aides challenge him: Some close to the president, who has seen his approval ratings plummet, say he needs Tillerson and Cohn more than they need him. (Politico)

Ingraham And Fox And Friends Call Out Trump: 'Where's The Staff?' (Crooks and Liars blog) Trump responds to Ingraham: We're trying to shrink government (Politico) Trump fires back at Fox & Friends criticism of federal government vacancies (The Blaze)

Your regular reminder that Trump cares more about crowd size than almost anything else (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.

Monday, August 28, 2017

Monday roundup (08-28-2017)



[In the United States,] Harvey Costs Seen at Catastrophic Levels With Many Uninsured (Bloomberg) Harvey could overwhelm federal flood insurance program (CNBC)

Why Amazon Is Such a Threat to the Grocery Industry: How could a price drop at a chain with fewer than 500 stores scare a market with 38,000 of them? (The Atlantic) Amazon Cuts Whole Foods Prices as Much as 43% on First Day (Bloomberg) Whole Foods just got a whole lot cheaper (CNNMoney)

Wake Trump Up When September Ends: President, Congress Face Debt Limit, Government Shutdown Deadlines (Newsweek)

“We Can Engineer It”: Trump Associate Bragged About Using Deal with Putin to Help Win Election: E-mails between Felix Sater and Trump’s personal lawyer reveal efforts to build a Trump Tower in Moscow. (Vanity Fair) Trump Associate Boasted That Moscow Business Deal ‘Will Get Donald Elected’ (The New York Times) Top Trump Organization executive asked Putin aide for help on business deal (The Washington Post) Trump’s business sought deal on a Trump Tower in Moscow while he ran for president [Aug. 27] (The Washington Post) US intelligence 'detected Russian officials discussing meetings with Trump associates in 2015': They didn't know what to do with the information at the time, but are now taking a second look (The Independent) The Original Russia Connection:Felix Sater has cut deals with the FBI, Russian oligarchs, and Donald Trump. He’s also quite a talker. [Aug. 3] (New York)













Trump frustration with Tillerson rising fast (Axios) Tillerson switcheroo may happen sooner than expected (Axios)

Exiles on Pennsylvania Avenue: How Jared and Ivanka Were Repelled by Washington’s Elite: “What is off-putting about them,” one political veteran told me, “is they do not grasp their essential irrelevance. They think they are special.” (Vanity Fair)

Arpaio reminds us: Trump’s team enables evil behavior (The Washington Post)  'Sheriff Joe' and Donald Trump are emblems of racism and lawlessness (The Los Angeles Times)




Trump is dragging us toward a full-blown crisis. Here’s what has to happen now. (The Washington Post blogs)

Trump’s prized perk: Oval Office photo ops: Several advisers and aides say Trump appears happiest when showing off the Oval Office. (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.

Sunday, August 27, 2017

Sunday roundup (08-27-2017)

[In the United States,] Houston Hit by ‘Catastrophic Flooding’ From Hurricane Harvey, Hundreds Rescued (NBCNews) Houston devastated by flooding from Harvey as residents gird for days of rain (Reuters) Dallas preps 'mega-shelter' as Texas braces for more rain (CNN)

Hurricane Harvey Recovery Is ‘Going to Be Years’ Long, FEMA Administrator Says (NBCNews) FEMA director says Harvey is probably the worst disaster in Texas history (The Washington Post)

Trump reportedly demands China action: 'I want tariffs. And I want someone to bring me some tariffs' (CNBC)

Does Trump Represent U.S. Values? ‘The President Speaks for Himself,’ Tillerson Says (The New York Times)

Trump expected to lift [Obama-era] ban on military gear to local police forces (USAToday)

Sheriff Joe Arpaio is no conservative and no hero, no matter what President Trump says (USAToday) Arpaio Pardon: The First Verifiable Impeachable Offense?: Reaction to Donald Trump’s pardon of the controversial ex-sheriff from Arizona has been swift and severe, with some calling for the president’s impeachment. (Moyers & Company) Behold Our ‘Child King’ by Peter Wehner (The New York Times)

Famously book-shy Donald Trump recommends tome by 'great guy' Milwaukee sheriff David Clarke Jr (who said he'd 'choke a Democrat' and has been accused of massive abuses of power[)] (The Daily Mail)




Trump is shedding supporters like no other president in modern history (The Los Angeles Times)

August 2017: Unofficial Problem Bank list declines to 123 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, August 26, 2017

Saturday roundup (08-26-2017)

Are Central Banks Nationalizing The Economy? (ZeroHedge blog)

[In the United States,] Polls Show Trump, the Least Popular President Ever, Is Seeing His Approval Rating Sink to an All-Time Low (Newsweek)

Fallout grows as Trump continues attacks on fellow GOP members: The president turned his outrage on Sen. Bob Corker on Friday, just as Hill leaders prepare to tackle the budget and tax reform. (Politico)

Paul Ryan 'does not agree' with Arpaio pardon, spokesman says (CNN) McCain, others slam Trump over Arpaio pardon (CNBC) Arpaio Pardon May Be Opening Act of a Constitutional Crisis: Trump's move Friday night shows the same disregard of the rule of law with which he's trying to quash the Russia probe. (Moyers & Company) Phoenix Newspaper Tears Into Former Sheriff Joe Arpaio In Brutal Twitter Thread: The Phoenix New Times did not hold back after Trump pardoned the Arizona ex-sheriff. (The Huffington Post) Things to know about Joe Arpaio now that Trump has pardoned him. [Phoenix New Times) (Twitter) A Pardon for Arpaio Would Put Trump in Uncharted Territory (The New York Times)


















     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, August 25, 2017

Friday roundup (08-25-2017)

ECB President Draghi warns of 'serious risk' to global economy from rising protectionism (CNBC)

Draghi urges patience on ECB's ultra-easy monetary policy (Reuters)

U.S. imposes first economic sanctions against Venezuela (The Miami Herald) Trump slaps sanctions on Venezuela; Maduro sees effort to force default (Reuters)

Yellen rejects Trump approach to Wall Street regulation, says post-crisis banking rules make economy safer (The Washington Post)

Sebastian Gorka, a fiery nationalist and Bannon ally, abruptly exits White House (The Washington Post) Sebastian Gorka Is Forced Out as White House Adviser, Officials Say (The New York Times) Sebastian Gorka gone from White House (CNN)

Trump Pardons Joe Arpaio, Who Became Face of Crackdown on Illegal Immigration (The New York Times) Trump pardons former Sheriff Joe Arpaio (CNN) Trump's Pardon of Joe Arpaio Is a Clear and Ugly Message to Hispanic-Americans (Slate) Trump May Pardon Joe Arpaio, But History Will Not: The Arizona sheriff deserves to go to jail. (Esquire) Pardoning Joe Arpaio undermines respect for the law (The Hill blogs)

Trump provokes widespread anxiety (The Washington Post blogs)

Why I’m glad the generals are in control in the Trump administration (The Washington Post blogs)

Operation “Obama Eclipse”: Trump tweet confirms his singleminded obsession with that other president: Trump's presidency has been almost entirely defined by trying to wipe Barack Obama's legacy off the map (Salon)

VW engineer sentenced to 40-month prison term in diesel case (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.

Thursday, August 24, 2017

Thursday roundup (08-24-2017)

What the chaos looks like [in the United States] if Congress fails to raise debt ceiling by October (CNNMoney)

Trump hits GOP leadership on debt ceiling 'mess' (CNN)

Agitated Trump lashes out at McConnell, Ryan, Obama, Clapper, media: Trump goes on a Twitter attack Thursday, just days after telling a Phoenix crowd, ‘I don’t do Twitter-storms.’ (Politico)

Trump clashed with multiple GOP senators over Russia: The conversations are evidence of rising tensions between the president and congressional Republicans heading into a critical legislative span. (Politico)

Trump is starting to tear the GOP apart (The Washington Post) Trump's Fractured Relationship With Congress Causes GOP Dread (National Public Radio)

Fox News host urges Trump to drop 'unseemly' feud with McConnell (The Hill)




Inside Robert Mueller’s Army: To probe alleged Russian interference in the 2016 election, the special counsel has essentially built his own miniature Justice Department. Meet the experts he’s recruited. (The Daily Beast)

Time Is Up on Rex Tillerson: Having proved a failure at every aspect of being secretary of state, he should do the country a favor and resign. (Foreign Policy)

Jeff Sessions is dramatically reshaping Justice Department policy (PBSNewshour) (Youtube)



Interior Secretary Proposes Shrinking Four National Monuments (The New York Times)

Kelly moves to control the information Trump sees: A new process, laid out in two memos circulating in the West Wing this week, is supposed to ensure Kelly vets everything that hits the Resolute desk. (Politico)

Rabbis Protest Trump’s Comments by Boycotting Conference Call (The New York Times)




Sears is closing 28 more Kmart stores — here's the full list (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.

Is it a recovery yet? (Weekly report, 08-24-17)

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.)

"The number of people who applied for U.S. unemployment-insurance benefits inched up by 2,000 to 234,000 in the week that ended Aug. 19, after hitting a six—month low in the prior week, according to Labor Department data released 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, August 23, 2017

Wednesday roundup (08-23-2017)

Systemic banking fraud means next crisis will be worse (The London Evening Standard)

Fitch: U.S. 'AAA' rating at risk if debt ceiling not raised (Reuters)

Trump promises government shutdown over border wall, defends remarks on race again in Phoenix (The New York Daily News) Shutdown threat grows as Trump digs in on wall: The fight over the border wall is likely to explode in September. (Politico)

President Trump Ranted For 77 Minutes in Phoenix. Here’s What He Said (Time) FULL SPEECH - PHOENIX RALLY: Trump Defends Charlottesville Remarks, Bashes Media, Talks Arpaio (FNN) (Youtube)



14 increasingly unhinged moments from Donald Trump's rally in Phoenix, Arizona: The President's event was described as 'scary and disturbing'. Here's what you need to know (The Mirror) 23 Outrageous Moments From Trump’s Rally in Phoenix (New York) Trump in Arizona shows just how unfit he is (The Washington Post blogs) Questions every Republican must answer after Trump’s meltdown (The Washington Post blogs) CNN Panel Openly Questions Whether Trump Is Fit For Office After Wild Arizona Rally: “I’m not joking about it or being a smartass; this is a man who is not well.” (The Huffington Post)













Trump sticks it to GOP: At a time of rising tensions with his own party, the president makes it clear in a thundering Phoenix speech that he's not ready to make nice with fellow Republicans. (Politico)




Poll: Trump hits new low after Charlottesville (Politico)

Clapper questions Trump’s fitness for office after Phoenix rally: ‘How much longer does the country have to, to borrow a phrase, endure this nightmare?’ the former director of national intelligence said. (Politico) Clapper's full interview on Trump's rally (CNN)



The strange story of that ‘Blacks for Trump’ guy standing behind POTUS at his Phoenix rally (The Washington Post) 'BLACKS FOR TRUMP 2020' SIGN HOLDER: Claims Hillary, ISIS Out to Kill Black and White Women (TMZ)

Russia dossier firm founder speaks with Senate judiciary investigators (CNN) Glenn Simpson, key figure behind million-dollar 'dossier,' to face questions (ABCNews)

17th charity cancels its event at President Trump’s Mar-a-Lago Club, blaming ‘political turbulence’ (The Washington Post)

Regulatory activity dips to new lows in Trump administration (Bloomberg Government)

Drowning in debt, Connecticut faces budget crunch (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, August 22, 2017

Tuesday roundup (08-22-2017)

Macron to urge euro zone reform on trip to Greece next month (Reuters)

Starved by drought, Rome’s water supply may not spring eternal (PBSNewshour) (Youtube)



US Navy collisions stoke cyber threat concerns (McClatchy Washington Bureau) US Navy 7th Fleet commander to be dismissed (CNN)

‘It’s a hard problem’: Inside Trump’s decision to send more troops to Afghanistan (The Washington Post)

Trump aides plot a big immigration deal — that breaks a campaign promise (McClatchy Washington Bureau)

McConnell, in Private, Doubts if Trump Can Save Presidency (The New York Times)

Nikki Haley says she had 'personal' talk with Trump about Charlottesville (Politico)

Why the White House Needs Another Bannon: Every GOP president needs an intellectual wrangler. Trump can’t succeed without one. (Politico)

Is Anybody Home at HUD?: A long-harbored conservative dream — the “dismantling of the administrative state” — is taking place under Secretary Ben Carson. (ProPublica)

‘You’re Fired’ may be harder than Trump thinks when it comes to federal workers (The Washington Post)

Yes, Work for Trump (National Review)

     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, August 21, 2017

Monday roundup (08-21-2017)

1 in 3 Greeks misses income tax payment deadline in July, confiscations underway to plug hole (Xinhua)

UK credit and debit card spending ​growing​ at fastest rate since 2008: New figures showing borrowing is rising more than five times faster than earnings come after warnings from Bank of England (The Guardian) This Asset Manager Says U.K. Consumer Debt Bigger Challenge Than Brexit [Aug. 18] (Bloomberg)

China's Debt Swaps Surpass $100 Billion (Bloomberg)

Mitch McConnell: 'Zero chance' US fails to raise the debt ceiling (CNBC)

New Polls Show Trump’s Presidency Stands on Perilous Ground (NBCNews)

Secret Service depletes funds to pay agents because of Trump's frequent travel, large family (USAToday) Secret Service director cleans up comments on Trump travel demands (Politico)

Steve Bannon Readies His Revenge: The war on Jared Kushner is about to go nuclear. (Vanity Fair) Bannon Was Set for a Graceful Exit. Then Came Charlottesville. (The New York Times)

Unmasking the leftist Antifa movement (CNN)

     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, August 20, 2017

Sunday roundup (08-20-2017)

Britain's debt mountain to hit £2trillion in the longest run of budget shortfalls since Napoleonic times (This is Money)

[In the United States,] West Wing lurches into unknown after Bannon’s exit: Conservatives in Trump’s orbit are pushing back against the idea that the globalists are taking over. (Politico)

Breaking down Trump's chaotic month (CNN)



     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, August 19, 2017

Saturday roundup (08-19-2017)

Europe's 'ticking time bomb': Italy could DESTROY Eurozone as M5S soars in polls: ITALY'S growing debt crisis risks being a "ticking time bomb" that could tear the Eurozone apart, a political expert has said. (The Express)

[In the United States,] The Trumps Will Skip The Kennedy Center Honors Events Amid A Growing Celebrity Boycott: Two of this years honorees had said they would not attend any White House events in protest against Trump's politics. (BuzzFeed)

Trump applauds Boston protesters for 'speaking out against bigotry and hate' (CNN)

Trump Adviser Resigned Ahead of Negative Magazine Story: Billionaire investor Carl Icahn stepped down from an unpaid post as President Donald Trump's adviser on deregulation efforts just days before The New Yorker was preparing to publish a lengthy article detailing Icahn's potential conflicts. (The Associated Press) Carl Icahn’s Failed Raid on Washington: Was President Trump’s richest adviser focussed on helping the country—or his own bottom line? (The New Yorker)

How the Trump hotel has rewritten the rules of business — and politics — in Washington [Aug. 7] (The Washington Post)

The Rise of the Violent Left: Antifa’s activists say they’re battling burgeoning authoritarianism on the American right. Are they fueling it instead? (The Atlantic)

     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, August 18, 2017

Friday roundup (08-18-2017)

[In the United States,] Icahn Quits White House Role After Conflict-of-Interest Questions (Bloomberg)

Steve Bannon returns to Breitbart after ouster from White House (CNNMoney) Steve Bannon is more dangerous outside the Trump White House than in it (Quartz) Bannon Is 'Going Nuclear': The ousted White House chief strategist is back at Breitbart News, and he’s planning to make mischief. (The Atlantic) Bannon: 'The Trump Presidency That We Fought For, and Won, Is Over.': Departed White House strategist speaks to THE WEEKLY STANDARD. (The Weekly Standard) Bannon's billionaire meeting [with Bob Mercer] to plot a path forward (Axios) The Reclusive Hedge-Fund Tycoon Behind the Trump Presidency: How Robert Mercer exploited America’s populist insurgency. [March 27] (The New Yorker)

Romney Tells Trump to Apologize for Causing ‘Racists to Rejoice’ (The New York Times) [Statement] (Facebook)

[All] 16 Members of White House Arts Committee Resign to Protest Trump (The New York Times) Members of White House presidential arts committee resigning to protest Trump’s comments (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, August 17, 2017

Thursday roundup (08-17-2017)

Why Elites Are Winning The War On Cash by James Rickards (ZeroHedge blog)

[In the United States,] Former CIA director slams Trump's 'despicable' comments in letter to CNN anchor (CNN)

Republican senators are striking back in Trump's public war of words (CNN) Sen. Corker isn’t the only Republican who’s increasingly questioning Trump’s stability (The Washington Post)

Mitch McConnell's secret fury over Charlottesville response highlights GOP's Trump dilemma (USAToday)

Trump’s lack of discipline leaves new chief of staff frustrated and dismayed (The Washington Post)

Trump Aides Agonize Over Their Futures in a Reeling White House (Bloomberg) We're getting texts, emails from White House insiders wondering if they want to stay: Axios (CNBC)

Donald Trump's approval rating lowest since taking office, Marist Poll shows (USAToday)

Trump's 7 months of self-destruction (Axios) Trump Comments on Race Open Breach With C.E.O.s, Military and G.O.P. (The New York Times) I Voted for Trump. And I Sorely Regret It. (The New York Times)

Trump’s Quick Response To Barcelona Attack Makes His Charlottesville Reactions Look Even Worse: He advises people to “study what General Pershing of the United States did to terrorists when caught’’ — a story with no basis in fact. (The Huffington Post) Donald Trump's lie about John Pershing is not only ignorant; it's dangerous for the fight against radical Islamic terrorism (The New York Daily News) Study Pershing, Trump Said. But the Story Doesn’t Add Up. (The New York Times) The Real Story Behind Donald Trump's Pig's Blood Slander [Feb. 24, 2016] (Time)

Spanish carrier Iberia to cut up to 955 more jobs (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.

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

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 Aug. 6 to Aug. 12 declined by 12,000 to 232,000, 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, August 16, 2017

Wednesday roundup (08-16-2017)

One major way U.S. credit card debt is getting worse: American debt continues to rise, according to the New York Federal Reserve (Marketwatch)

US military leaders condemn racism after Charlottesville violence (CNN)

Trump economic councils disbanded after Charlottesville response (USAToday) What happened behind the scenes as Trump's business councils fell apart (CNNMoney)

Trump Rhetoric Empowers Dangerous Fringe Violence (The Cipher Brief) Trump Gives White Supremacists an Unequivocal Boost (The New York Times)

Trump’s Embrace of Racially Charged Past Puts Republicans in Crisis (The New York Times) Sen. Graham to Trump: 'Your words are dividing Americans' (CNN) Rubio to Trump: Your comments give white supremacists "a win" (Axios) GOP members of Congress criticize Trump's comments: 'We should never hesitate to call out hate' (CNN)




Shep Smith: Fox News Bookers Failed To Find A Republican Willing To Defend Trump (Crooks and Liars blog)



Fox & Friends Turns Emotional as Guests Bond Over ‘Morally Bankrupt’ Trump (Mediaite) Emotional interview: [Wendy Osefo and] Gianno Caldwell discuss President Trump's press conference on Charlottesville (Youtube)



White House aides wrestle with Trump’s race comments: There is a strong feeling of unease among some White House officials, including economic adviser Gary Cohn. (Politico)

Republicans, cut the outrage. It’s time to disown Trump. (The Washington Post blogs) People around Trump need to answer these hard questions (The Washington Post blogs) Time for My Fellow Republicans to Stand Up and Be Counted: Trump’s both-sidesism on neo-Nazis is an outrage. We need to say so—loudly. (Politico)

Obama’s Charlottesville Response, Boosted by Nostalgia, Becomes Most-Liked Tweet Ever (The New York Times) Quoting Mandela, Obama's Tweet After Charlottesville Is The Most-Liked Ever (National Public Radio)

Union Pacific lays off 500 managers, 250 other rail workers (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.

Tuesday, August 15, 2017

Tuesday roundup (08-14-2017)

Fossil fuel subsidies are a staggering $5 tn per year: A new study finds 6.5% of global GDP goes to subsidizing dirty fossil fuels (The Guardian)

China’s debt boom could lead to financial crisis, IMF warns (The Telegraph)

Both Korean leaders, U.S. signal turn to diplomacy amid crisis (The Associated Press)

Maybe The Fed Should be Worrying About Deflation [in the United States] And Not Inflation (The Huffington Post)

Trump blows up damage control as he blames ‘both sides’ for Charlottesville: ‘My head is spinning,’ one White House aide says after the president also pins blame on the ‘alt-left.’ (Politico) Trump defends his Charlottesville statements: Alt-left shares blame (CNN)



Trump again blames all sides for Virginia violence in bizarre, chaotic news conference (CNBC) Trump Defends Initial Remarks on Charlottesville; Again Blames ‘Both Sides’ (The New York Times)

Republican strategist: 'Stunned' by Trump's remarks, which put GOP in 'very difficult situation' (CNBC) GOP is more likely to vent ‘personal disgust’ for Trump after Charlottesville [Aug. 13] (CNBC)

Trump calls business leaders who dropped off manufacturing council 'grandstanders' (ABCNews) Trump has now lost 6 members of his manufacturing council since Charlottesville (CNNMoney) AFL-CIO President Trumka steps down from Trump manufacturing council (CNBC) AFL-CIO chief leaves Trump's manufacturing council after president's latest remarks (CNNMoney)

“A non-answer in a moment like this is an answer”: John Oliver on Trump’s response to Charlottesville (Vox)

Fox News' Katherine Timpf: What Trump Said About Charlottesville Was 'Disgusting' (Crooks and Liars blog)



[Earlier] Fox News Host Slams Trump’s Response to Charlottesville (Watch) (Variety) Eboni K's Docket on POTUS Trump's Response to Charlottesville 8/14/17 (Youtube)



FBI and DHS Warned of Growing Threat From White Supremacists Months Ago: Trump doesn't want to call out white supremacists. The FBI already did. (Foreign Policy) The disturbing thread of white nationalism woven into the NRA’s rhetoric: If you pay attention to the rhetoric of gun rights groups, what happened in Charlottesville wasn't surprising. (ThinkProgress) Here’s What Really Happened In Charlottesville: Who came ready for violence? Was it on “many sides”? The answers are clearer on the ground. (BuzzFeed) Why the Charlottesville Marchers Were Obsessed With Jews: Anti-Semitic logic fueled the violence over the weekend, no matter what the president says. (The Atlantic)

Obama's tweet after Charlottesville one of most popular tweets ever (The Hill)

Trump Sees Job and Wage Gains Helping to Soothe Race Relations (Bloomberg)

New Trump-Russia emails could establish a 'devastating' legal entanglement for Paul Manafort (The Business Insider)

Steve Bannon's job has never been in more jeopardy, sources say (CBSNews)

RBS plans to cut 880 IT jobs by 2020, UK labor union says (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, August 14, 2017

Monday roundup (08-14-2017)

Factory slowdown dents confidence in eurozone economic boom (The Telegraph)

China’s economy loses steam as Xi takes aim at debt (South China Morning Post)

82% of Americans fear nuclear war with North Korea (Axios)

Trump approval falls to lowest level ever in Gallup poll (The Hill)

Trump denounces KKK, neo-Nazis as ‘repugnant’ as he seeks to quell criticism of his response to Charlottesville (The Washington Post) President Trump condemns hate groups as "repugnant" (CBSNews)



Pence condemns Charlottesville violence [Aug. 13]: U.S. Vice President Mike Pence condemns both 'extreme' sides of the ideological spectrum after violence in Chartlottesville, Virginia. No reporter narration. (Reuters)



Sessions Emerges as Forceful Figure in Condemning Charlottesville Violence (The New York Times) Sessions vows 'vigorous' action in wake of Charlottesville tragedy (CNN) Sessions’ Aggressive Response To Charlottesville Should Come As No Surprise (The Daily Caller) Don’t Be Surprised Jeff Sessions Is Taking The Charlottesville Violence Seriously: He’s a crime punisher first; his ideology comes second. (BuzzFeed)







Under Armour CEO Kevin Plank becomes the second CEO to leave Trump's manufacturing council in less than 24 hours (CNBC) [Earlier ...] Merck’s Frazier Is Lonely C.E.O. Voice Challenging Trump on Charlottesville (The New York Times) Merck’s C.E.O. Took a Stand. What About Other Executives? (The New York Times blogs)

White Nationalists Say Charlottesville Was Just a Beginning (Bloomberg)




Trump campaign emails show aide’s repeated efforts to set up Russia meetings (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.