Tuesday, January 31, 2017

Tuesday roundup (01-31-2017)

EU disintegration? Here's the probability of France's far right ending the largest civilization project of the 20th century (CNBC)

Trump Nominates Neil Gorsuch for U.S. Supreme Court: In what could be one of his most enduring legacies, the president announced Tuesday night he had selected the 49-year-old federal judge to fill Antonin Scalia’s vacant seat. (The Atlantic) Neil Gorsuch is Trump's SCOTUS nominee. Background, bio, facts and political views (Politico) What you need to know about Colorado judge Neil Gorsuch, Donald Trump’s pick for the Supreme Court: The fourth-generation Coloradan and conservative jurist has written against euthanasia and in favor of political term limits (The Denver Post) Neil Gorsuch & Abortion: 5 Fast Facts You Need to Know (Heavy)

The Wrongly Fired Attorney General Lawfully Refused To Defend The Muslim Exclusion Order (Forbes) Democrats Stall a Sessions Vote After Trump Fires Yates (Bloomberg) Democrats Skip Votes, Delaying Confirmation of Trump Nominees (The New York Times)

Trump sacking acting A.G. raises new questions about his respect for the rule of law (The Washington Post) Donald Trump firing Attorney General Sally Yates has led to breakdown of rule of law, say legal experts: The sacking of attorney general Sally Yates violates 'a principle that everything else in our democracy depends on', said Matthew Miller (The Independent) Trump’s firing of the acting attorney general sets a dangerous precedent (The Washington Post) Donald Trump Could Threaten U.S. Rule of Law, Scholars Say [June 3, 2016] (The New York Times) Nixon White House lawyer [John Dean]: Trump's firing of acting AG Yates a 'new low' (The Hill) Trump threatens independence of Justice Department with firing (MSNBC)

White House aides who wrote Trump's travel ban see it as just the start (The Los Angeles Times)

Big Pharma CEOs Met With Trump But They Won’t Give In to His Demands (Fortune)

Five big questions about Trump’s executive order on regulation: What does "regulation" even mean? Don't count on the order to tell you. (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.

Monday, January 30, 2017

Monday roundup (01-30-2017)

EU watchdog calls for EU bad bank to tackle soured loans (Reuters)

IMF gives bad marks to eurozone: The eurozone has a large record of excessive borrowing, rigged budget figures and disrespect for EU fiscal rules, a fresh working paper by the IMF has said. It looked at the past two decades of the bloc's development. (Deutsche Welle)

Why 2017 Could See the Collapse of the Euro by Joseph E. Stiglitz (Fortune)

Greece 'has three weeks to make austerity deal or faces explosive debts': 'We could be looking at potentially disastrous political turmoil, which would bring back the scenario of Grexit with a vengeance,' says economic expert (The Independent) Not again? Why Greece could be on track for another bailout (CNBC) New euro zone loans to Greece hinge on IMF participation in bailout: ESM (Reuters)

Spain should deepen structural reforms: IMF (Reuters)

Kuwait projects $25.9 billion budget deficit next fiscal year (Reuters)

In a Week, Trump Reshapes Decades of Perceptions About America (The New York Times)

Trump signs '2-for-1' order to reduce regulations (The Hill) Trump wants to scrap two regulations for each new one adopted (The Washington Post)

Trump: We will do a 'big number' to Dodd-Frank (The Hill)

Trump’s Not Draining the Swamp—He’s Filling It: Under President Trump, banking sharks will once again have immense influence on the American economy. by Nomi Prins (The Nation)

Trump transition leader’s goal is two-thirds cut in EPA employees (The Washington Post) Green movement 'greatest threat to freedom', says Trump adviser: Climate-change denier Myron Ebell says he expects Trump to withdraw the US from the global climate change agreement (The Guardian)

Donald Trump, Stephen Bannon and the Coming Crisis in American National Life ["an 80-year cycle in American history" is posited] (Time)

Republican-led Congress starting to worry about its role in the Trump era (The Los Angeles Times) Top Republicans left in dark about Trump’s travel ban (The Hill)

Koch network could serve as potent resistance in Trump era (The Washington Post)

Trump's state department purge sparks worries of 'know-nothing approach' to foreign policy: The sudden dismissal of several senior officials has left a gaping hole at the heart of US diplomacy: ‘The machinery is still there, but no one’s in the cockpit’ (The Guardian)

Jewish Republicans chide Trump on Holocaust statement (Politico) #NeverAgain: Never before has there been a debate in the country about what we remember on Holocaust Remembrance Day. Never again should it happen. (Medium)

Deutsche Bank to pay $425 million fine over Russian money-laundering scheme: New York regulator (CNBC) Deutsche to pay $425 million to New York regulator over Russian 'mirror trades' (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, January 29, 2017

Sunday roundup (01-29-2017)

Eurozone 'destruction' necessary if countries are to thrive again, warns former ECB hawk [Jürgen Stark] (The Telegraph)

Greece has three weeks to deal with 'potentially disastrous' debt, says IMF: Failure of Greece and the EU to reach compromise by 20 February ‘would bring back Grexit with a vengeance’. (The Guardian)

A DANGEROUSLY ISOLATED PRESIDENT (The New Yorker) Trump Elevates Bannon, Sabotages Himself: The new president really needs a strong National Security Council. It looks like he doesn't want one—not after putting his alt-right campaign CEO Steve Bannon on it. [Foreign Policy via] (The Daily Beast) Trump just made an unprecedented, 'radical' change to the National Security Council (The Business Insider)

Trump's Immigration Fiasco Might Be More Premeditated Than We Think (Mother Jones)

January 2017: Unofficial Problem Bank list unchanged at 163 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, January 28, 2017

Saturday roundup (01-28-2017)

Former Soviet leader Mikhail Gorbachev warns, ‘It all looks as if the world is preparing for war’ (The New York Daily News)

Bank of England clampdown set to put the brakes on runaway levels of household borrowing (This is Money)

Google Recalls Staff to U.S. After Trump Immigration Order (Bloomberg) Trump immigration ban sends shockwaves through tech industry (USAToday) Chaos at airports as Trump’s immigration order goes into effect (McClatchyDC)

President Trump's Muslim ban excludes countries linked to his sprawling business empire (The New York Daily News) How Does Trump's Immigration Freeze Square With His Business Interests? (National Public Radio)

Fears That Trump’s Visa Ban Betrays Friends and Bolsters Enemies (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, January 27, 2017

Friday roundup (01-27-2017)

Greece’s Tsipras Insists on ‘Not One Euro More’ of Austerity (Bloomberg) This could be Greece’s last chance to save itself (CNBC) IMF says Greece debt 'explosive' in long term (Agence France Presse)

Germany Sees Monte Paschi Bailout Eroding Bank-Failure Rules (Bloomberg)

Trump's executive order suspends the entry of Syrian refugees into U.S. (USAToday) Trump signs executive order to keep out 'radical Islamic terrorists' (CNN) Council on Islamic-American Relations to sue over Trump 'extreme vetting': The advocacy group says Trump’s executive order, which has prompted swift criticism, has an ‘underlying motive to ban people of the Islamic faith’ (The Guardian)

Trump, Mexican president agree to not debate wall in public (The Hill) President Trump and Mexican president speak by phone amid crisis in relations (The Washington Post)

McConnell to Trump: Do not lift sanctions on Russia: The president's phone call with Vladimir Putin Saturday threatens to strain his relationship with congressional Republicans. (Politico)

Behind closed doors, Republican lawmakers fret about how to repeal Obamacare (The Washington Post)

Trump and the Republicans Are on a Suicide Mission Together: And we'll all have to live with the fallout. (The New Republic)

Dallas Police, Fire Pension Reaches Boiling Point (NBC DFW)

Seaway Bank sold to State Bank of Texas in FDIC-brokered deal (The Chicago Tribune) Seaway Bank and Trust Company of Chicago IL had a troubled assets ratio of 178.2 percent. (BankTracker)

     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, January 26, 2017

Thursday roundup (01-26-2017)

Euro zone heading for trouble without more convergence: IMF (Reuters)

Eurozone pleads urgent solution to Greece debt impasse (Agence France Presse)

[In the United States,] Trump administration asks top State Department officials to leave (CNN) Report: Entire State Department Management Team Fired By Trump Admin (Talking Points Memo) 'I've never heard of anything like this': Former State Department officials say high-level resignations are 'a huge blow' (The Business Insider)

Mexico-U.S. tensions escalate after Pena Nieto cancels his trip to Washington and Trump seeks 20% import tax (The Los Angeles Times) Outraged Mexicans back Peña Nieto's decision to scrap visit with 'bully' Trump (USAToday) Mexico: We will not pay for Trump border wall (The BBC)

U.S. Border Patrol Chief Morgan asked to leave agency (Reuters) AP source: Border Patrol chief says he's been forced out (The Associated Press)

White House says Mexico border wall might be funded by tax on imports (The Washington Post) White House softens 20% border tax idea, calling it part of a 'buffet of options' (CNBC)

The wall is the least aggressive part of Trump’s executive actions on immigration: The biggest single-day changes to immigration policy in recent memory. (Vox) [Former United States Secretary of State] Madeleine Albright: 'I stand ready to register as a Muslim' (USAToday)

All of Trump’s executive actions so far: The new president is chipping away at Obama’s legacy, and he’s not waiting for Congress to do it. (Politico)

Steve Bannon: Media should 'keep its mouth shut' (CNNMoney) Breitbart News Tries to Go Mainstream: The scrappy, outsider publication has never enjoyed this much prominence—but it’s discovering that success brings its own challenges. (The Atlantic)

McMullin: Trump's attacks on media reveal authoritar... (Youtube)



     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, 01-26-17)

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 Americans who applied for unemployment benefits climbed by 22,000 to a one-month high of 259,000 in late January, but the level of layoffs remained extremely low." (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, January 25, 2017

Wednesday roundup (01-25-2017)

Eurozone set for years of stagnation and crises as members drift apart, Moody’s fears (The Telegraph)

Eurozone CRISIS: Trump’s likely EU ambassador hints euro 'could FAIL' within 18 months: THE man tipped to be Donald Trump’s ambassador has warned that the European Union’s single currency “could collapse” as Brexit negotiations rumble on. (The Express) 'You CAN'T leave!' EU threatens France and Italy with MAMMOTH bill if they quit the euro: BRUSSELS has threatened Italy with an almost certainly unpayable bill if the country's citizens take the democratic decision to quit the troubled euro. (The Express)

Britain's national debt poised to hit £1.7trillion - with interest payments approaching £40bn a year (The Daily Mail)

[In the United States,] Trump Blocks Syrian Refugees and Orders Mexican Border Wall to Be Built (The New York Times) Donald Trump Declares War on Muslims: The president’s executive orders reveal his intent to fulfill his horrifying campaign promises. (Slate) Rights advocates slam Trump plans on Muslim immigrants, refugees (Reuters)

Trump says torture works as his government readies a review (The Associated Press) Trump Poised to Lift Ban on C.I.A. ‘Black Site’ Prisons (The New York Times) White House draft order calls for review on use of CIA ‘black site’ prisons overseas (The Washington Post)

Reports of Federal Government Agencies Directed Not to Communicate with the American Public (Sunlight Foundation)

Pension clock continues to tick [in Pennsylvania], unfunded liability tops $74B (WHTM)

     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, January 24, 2017

Tuesday roundup (01-24-2017)

There's a key risk in Europe that everybody is missing (The Business Insider) A meeting of nationalist leaders sows division in Europe (PBSNewshour)

Federal Debt [in the United States is] Projected to Grow by Nearly $10 Trillion Over Next Decade (The New York Times)

Trump seeks to revive Dakota Access, Keystone XL oil pipelines (The Washington Post) Trump sends an unmistakable signal on pipelines: Big oil is back (The Los Angeles Times)

Donald Trump tells Detroit auto CEOs that environmental regulations are ‘out of control’ (The Washington Post) As Trump Signals Rollback On Environmental Regulations, New Jobs Report Indicates That's A Bad Idea (Forbes)

Federal Workers Told To Halt External Communication In First Week Under Trump: Staff have been told to stop talking to Congress and the press. (The Huffington Post) Information lockdown hits Trump’s federal agencies: ‘It’s a dark time right now,’ a former Obama administration spokeswoman says as multiple agencies tell employees to restrict news releases and social media. (Politico) Trump bans government scientists from sharing their work with the taxpayers who funded it (RawStory) WHAT WE ACTUALLY LOSE WHEN THE USDA AND EPA CAN’T TALK TO THE PUBLIC: FACTS AREN'T POLITICAL (Popular Science)

Four ways to save our food system if bees disappear: If a region’s farms were to lose the free labor they rely on, what could we do to keep crops growing—and how much would new methods change the way we eat? (The New Food Economy)

Whirlpool to cut 500 EMEA jobs in dryer manufacturing unit (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.

Monday, January 23, 2017

Monday roundup (01-23-2017)

Here are the countries with the biggest debt slaves (The Business Insider)

China's growth boom could be threatened by debt levels says Fitch Ratings (CityAM)

Interest on U.S. debt is economy-killer, 2016 annual financial report shows (The Star-Telegram of Fort Worth, Texas)

Trump Abandons Trans-Pacific Partnership, Obama’s Signature Trade Deal (The New York Times) TPP, explained: What is the Trans-Pacific Partnership that President Trump is withdrawing from? (USAToday)

Trump tells business leaders he wants to cut regulations by 75% or 'maybe more' (CNBC)

Donald Trump threatens business leaders with border tax (CNN)

Trump names net-neutrality critic Ajit Pai as FCC chairman: Republican Pai beings free-market approach, seeks to end many regulations [The Wall Street Journal via] (Marketwatch) Ajit Pai, staunch opponent of consumer protection rules, is now FCC chair: Ex-Verizon lawyer Pai will take “weed whacker” to net neutrality under Trump. (Ars Technica) Meet the new FCC chariman, harbinger of doom for net neutrality (Mashable)

     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, January 22, 2017

Sunday roundup (01-22-2017)

Deadly tornadoes strike South; ‘high risk’ for more as freak storm approaches East Coast (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.

Saturday, January 21, 2017

Saturday roundup (01-21-2017)

As Another Economic Crisis Approaches, Greece and Euro Should Consider a Divorce (The Huffington Post)

[The United States] Justice Department blesses White House post for Kushner (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, January 20, 2017

Friday roundup (01-20-2017)

‘None of us knows what is going to happen’: Trump’s presidency takes America into uncharted waters. (Politico)

Trump's policies are 'very, very favorable' to financials, former Wells Fargo CEO says (CNBC)

Here’s How Much Barack Obama Added to the National Debt (Fortune)

Brutal Austerity Is Coming to a Statehouse Near You: Most eyes are on federal politics, but big cuts could be coming to your state. [Jan. 15] (AlterNet)

     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, January 19, 2017

Thursday roundup (01-19-2017)

Italy presents the European Union’s new bank-rescue rules with their first big test: For Italian banks to turn a page, Monte dei Paschi di Siena must be sorted out (The Economist)

     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, 01-19-17)

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 sank by 15,000 to 234,000 in the week ended Jan 14, just a hair above the post-recession low, the government reported 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, January 18, 2017

Wednesday roundup (01-18-2017)

Italians’ Public-Debt Load Up 2,617 Euros Each on Renzi Miss (Bloomberg)

DBRS cuts Italy's credit rating, posing problems for its banks (Reuters)

Federal watchdog: U.S. government spending "unsustainable" (CBSMoneywatch)

Credit Suisse Resolves U.S. Mortgage Probe for $5.3 Billion (Bloomberg)

The Trump lobbying purge that wasn’t: The transition made a big show of sidelining lobbyists, but they found ways to stay involved anyway. (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.

Tuesday, January 17, 2017

Tuesday roundup (01-17-2017)

Eurozone banks see credit standards easing: ECB (Marketwatch)

EU asks Italy to cut back 2017 budget deficit: Treasury source (Reuters)

Deutsche Bank finalizes $7.2 billion settlement [with the United States Department of Justice] (CNNMoney) It's official: Deutsche Bank reaches $7.2 billion RMBS settlement: Largest RMBS settlement ever (HousingWire)

Morgan Stanley pays $13 million to settle overbilling charges: Company says the charges were the result of coding errors (ConsumerAffairs)

The restaurant recession turned even more damaging in December (Marketwatch)

As Trump Era Arrives, a Sense of Uncertainty Grips the World (The New York Times)

Airplanes, golf courses, trademarks and more: Trump’s government will oversee his businesses (The Washington Post)

Lowe’s cutting 2,400 full-time jobs as part of staffing overhaul (The Charlotte Observer)

     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, January 16, 2017

Monday roundup (01-16-2017)

World’s 8 Richest Have as Much Wealth as Bottom Half of Global Population [the eight are: Bill Gates, Amancio Ortega Gaona, Warren Buffett, Carlos Slim, Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Mike Bloomberg] (The New York Times)

Italy in talks with EU over budget deficit: sources (Agence France Presse)

Bank of England ‘keeping close eye on UK consumer spending’: Mark Carney says consumers are powering economy through Brexit uncertainty but debt is increasing (The Guardian)

[United States President-elect Donald] Trump's Cabinet pick invested in company, then introduced a bill to help it (CNN)

Bank Failures by Year (Calculated Risk blog)

Bankrupt U.S. retailer American Apparel starts layoffs [about 2,400 workers in Southern California] (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, January 15, 2017

Sunday roundup (01-15-2017)

Need for debt advice is rising [in the UK] this month after millions lured by cheap credit for Christmas shopping (This is Money) UK charity reports jump in demand for debt advice (Reuters)

Chief Ethics Lawyers: [United States President-elect Donald] Trump Will Be In Violation Of Constitution When He Takes Oath Of Office (Crooks and Liars blog)

Death toll rises to six in unrelenting ice storms (USAToday)

     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, January 14, 2017

Saturday roundup (01-14-2017)

If [United States President-elect Donald] Trump Builds the Wall, What Will Happen to our Food System? (Modern Farmer)

6 in 10 Americans don't have $500 in savings (CNNMoney)

How the national debt could lead to another economic collapse (The Hill blogs)

     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, January 13, 2017

Friday roundup (01-13-2017)

Fiat Chrysler Faces U.S. Criminal Emissions Investigation (Bloomberg)

Bank of America CEO Moynihan: Optimism about Trump administration is ‘palpable’ (The Charlotte Observer blogs) It's OK to Love Banks Again (Bloomberg)

Harvest Community in N.J. becomes first bank failure of new year (The American Banker) Harvest Community Bank of Pennsville NJ had a troubled assets ratio of 366.9 percent. (BankTracker)

Review of the 2016 Bank Failures and Their Effects on Depositors (DepositAccounts 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, January 12, 2017

Thursday roundup (01-12-2017)

ECB extended QE with political shocks in mind (Marketwatch) Euro zone economic recovery seen on shaky ground ahead of elections: Reuters poll (Reuters)

'Positive momentum' in Greek debt talks but no clear agreement in sight (Reuters)

Euro zone finance ministers to discuss legality of Monte Paschi rescue - source (Reuters)

[In the United States, President-elect Donald] Trump’s Corporate Cabinet: Trump's Cabinet of billionaires, business moguls and entertainment personalities brings a new look to who runs our government. [The Huffington Post via] (Moyers & Company blog)

Most Americans are one medical emergency away from financial disaster: As income stagnates, people are struggling to put money aside (Marketwatch)

1930s-Like Demographic Headwinds Are Restraining the U.S. Economy: Echoes of the Great Depression. (Bloomberg)

U.S. Puts Bumblebee On The Endangered Species List For 1st Time (National Public Radio)

Lowe’s plans thousands of layoffs, will shift many workers’ duties: Employee reorganization comes after lower profit outlook [The Wall Street Journal via] (Marketwatch)

Aker Solutions to make up to 650 job losses in UK, Norway and India (EnergyVoice)

Boeing S.C. to offer voluntary layoffs to 600 (Charleston Regional Business Journal)

     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, 01-12-17)

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 Americans who applied for unemployment benefits in the first week of 2017 rose by 10,000 to 247,000, but they remain near the lowest level in decades." (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, January 11, 2017

Wednesday roundup (01-11-2017)

U.S. indicts six as Volkswagen agrees to $4.3 billion diesel settlement (Reuters)

Trump says won't divest from his business while president (Reuters) How Trump Misled America About His Plans for His Companies: President-elect's press conference showed there will be no blind trust, and there will be new deals (Rolling Stone) Government ethics chief blasts Trump over plans for business (CNNMoney) Trump’s presser was remarkable. It means we’re heading into truly uncharted territory. (The Washington Post blogs)

Is Trump Draining the Swamp or Filling It? by Martin Armstrong (Armstrong Economics blog)

Seagate to cut more than 2,000 jobs in China (Reuters)

Wal-Mart to Cut Nearly 1,000 Corporate Jobs This Month -- WSJ (Dow Jones Newswires)

     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, January 10, 2017

Tuesday roundup (01-10-2017)

Europe’s year of living dangerously (The American Enterprise Institute)

Desperate Eurozone to borrow BILLIONS to fund Greece rescue amid fears of crash: THE eurozone's bailout fund is borrowing tens of billions so it can fund a rescue plan for Greece, amid fears the country's debt crisis could once again send shockwaves through the bloc. (The Express)

Sir John Vickers: 'Bank of England stress tests not tough enough' (ITV)

[United States President-elect] Donald Trump’s ‘first attempt to ignore the law’ (The Washington Post)

CNN: Intelligence Report Indicates Russia Has Compromising Information On Trump (Crooks and Liars blog)

Hundreds of Colleges Saddling Students With Unaffordable Debt, Feds Say: Even some Harvard grads are leaving school with debt they can't repay. (Bloomberg)

Thoma: "Here's what really caused the housing crisis" (Calculated Risk blog)

What Is Driving The 'Unbanking Of America'? [National Public Radio's Fresh Air, via] (WUNC)

     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, January 9, 2017

Monday roundup (01-09-2017)

U.S. charges Volkswagen executive with fraud over emissions scandal (Reuters)

Trump’s son-in-law, Jared Kushner, to join White House as senior adviser; no formal role for Ivanka Trump (The Washington Post) Why Donald Trump’s selection of his son-in-law for a top White House job is a dicey decision (The Washington Post) Why Jared Kushner’s conflicts of interest matter (Vox)

Elizabeth Warren and Democrats introduce bill to push Trump to divest businesses (CNBC)

4 Of 9 Trump Nominees Set For Hearings This Week Haven’t Completed Ethics Disclosures: Mitch McConnell doesn’t care about these “little procedural complaints.” (The Huffington Post)

Schumer sends McConnell back his own 2009 letter on nominations (The Hill blogs)




Satisfying a $100 million [Iowa] state budget deficit (KIMT)

[UK's] Tesco set to cut 1,000 jobs in restructuring plans: Warehouses in Hertfordshire and Derbyshire will be closed but more than 500 jobs will be created elsewhere in the retailer’s network (The Guardian)

     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, January 8, 2017

Sunday roundup (01-08-2017)

No one can afford to stop the [UK's] new consumer credit crisis: The Bank of England is too complacent about rising debt in households with stagnant incomes. But government dare not risk any slowdown in spending (The Guardian)

[In the United States, President-elect Donald] Trump has taken few steps to disentangle from private empire (The Associated Press)

Trump confidants could face tangle of potential conflicts as presidential advisers (The Washington Post)

Report: During Trump transition, foreign policy matters relayed through Jared Kushner (Jewish Telegraphic Agency) Ivanka Trump and Jared Kushner: Israel’s insurance policy: For the first time in its history, instead of leaning on a world power, Israel is leaning on the marital relationship between the US president-elect’s daughter and her Jewish husband. We should hope and pray, therefore, that this marriage lasts many years, or at least until the end of the president’s term. (YNet) Jared Kushner, a Trump In-Law and Adviser, Chases a Chinese Deal (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.

Saturday, January 7, 2017

Saturday roundup (01-07-2017)

Western governments pile up debt to become the world's biggest borrowers (The Telegraph)

‘Brump’ [= Brexit + Trump Election] Heightens Uncertainty in Global Economy: Many events over the past year – Brexit, Donald Trump’s victory, rise of far-right parties in Europe and continued weakness in the banking sector – have added significant uncertainty to an already fragile global economy. (The Wire)

Germany's Gabriel says EU break-up no longer unthinkable (Reuters)

[In the United States,] Ethics Office Warns Confirmations For Trump Nominees Are Moving Too Fast (National Public Radio) Ethics official warns against confirmations before reviews are complete (The Washington Post) Giving Mr. Trump’s Nominees a Pass (The New York Times)

Trump national security pick Monica Crowley plagiarized multiple sources in 2012 book (CNNMoney)

REPORT: Jared Kushner is taking steps to explore a White House role (The Business Insider) Who Is Jared Kushner? 15 Things You Need to Know About Donald Trump's Son-in-Law.: Ivanka Trump's husband wields extraordinary influence in the Trump sphere. [Dec. 9] (Cosmopolitan) Jared Kushner Could End Up at the Heart of Trump White House [Nov. 17] (NBCNews) What Does Jared Kushner Really Want?: What could make a wealthy scion of the Democratic elite appear to sell his soul for Trump? Family, perhaps, but maybe not the one that you think. [Nov. 16] (Vanity Fair)

Massive storm system moves into Northern California; flooding, heavy snow forecast (The Los Angeles Times) Monster Winter Storm Cripples South, Kills Four Across U.S. (NBCNews) Winter storm moves up East Coast (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.

Friday, January 6, 2017

Friday roundup (01-06-2017)

What are conservatives [in the United States] doing voting to increase debt by $9 trillion? (McClatchyDC) National debt is a real threat to America (Acton Institute Power Blog)

[Sen. Elizabeth] Warren announces she’s running for re-election (The Boston Globe)

China's ZTE to slash about 3,000 jobs - sources (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, January 5, 2017

Thursday roundup (01-05-2017)

“What Is Clear Is That Greece Cannot Pay Its Debt And Will Never Pay It” [-- Fernando Eguidazu, Secretary of State for the European Union] (The Corner) Greece Heads Into Another Economic Crisis: Time To Finally Exit The European Union? (Forbes)

Trudeau will bury us [= Canadians] in debt (The Toronto Sun)

[In The United States,] We’re Just As Vulnerable To A Dust Bowl Drought As We Were In The 1930s (Modern Farmer)

Sears and Kmart closing 150 stores (CNNMoney) Dismal holiday sales at Macy's and Kohl's cast gloom over sector (Reuters)

MD Anderson cutting staff by 1,000 workers via layoff, retirement; no doctors affected (The Houston Chronicle)

     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, 01-05-17)

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.)

Weekly Initial Unemployment Claims decrease to 235,000 (Calculated Risk blog)

Jobless claims drop 28,000 to a nearly 43-year low: Fewest Americans seeking unemployment benefits since 1973 (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, January 4, 2017

Wednesday roundup (01-04-2017)

Total global debt tops 325 pct of GDP as government debt jumps: IIF (Reuters) Global debt surges in 2016, faces rising interest: IIF (Agence France Presse)

Harvard Academic Sees [Global] Debt Rout Worse Than 1994 ‘Bond Massacre’ (Bloomberg)

'The EU will COLLAPSE in 2017' Shock warning from expert who predicted Brexit AND Trump: A PROFESSOR who foresaw Brexit and Donald Trump winning the US election has made another incredible prediction – the end of the EU in 2017. (The Daily Star) The EU is the 'biggest risk out there' – strategist warns of dangers of bloc's COLLAPSE: THE fall of the European Union is the "biggest risk" to the world's financial markets, a leading European strategist has warned. (The Express) Euro collapse by 2022: Member state WILL leave currency within five years, experts say: THE euro is at increasing risk of a bombshell exit by a member country, which could tip the single currency into meltdown, according to leading experts. (The Express)

Italy sees annual deflation for first time since 1959 (The Local)

UK credit binge approaching levels not seen since 2008 crash: Debt charities issue warning to government after unsecured consumer credit grew at fastest rate in more than 11 years (The Guardian) British shoppers splurge as debt grows at fastest pace since boom year of 2005 (The Telegraph) Warning as credit card debt hits a £66.7bn high: Families borrowing growing at the fastest rate for 12 years (The Daily Mail)

Final salary pension deficit of biggest listed firms in UK 'hits £137bn': Consultancy says combined deficit has trebled from £39bn in previous year despite stock market ending year on high (The Guardian)

[In the United States,] Illinois ends 2016 with $11 billion in unpaid bills (Madison-St. Clair Record)

Macy's is closing 68 stores, cutting 10,000 jobs (CNNMoney)

     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, January 3, 2017

Tuesday roundup (01-03-2017)

This is how much debt Americans took on during the holidays: Many shoppers didn’t save before spending this holiday season (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.

Monday, January 2, 2017

Monday roundup (01-02-2017)

EU set for CATASTROPHIC 2017: Fresh European banking crisis IMMINENT, top analyst warns: EUROPE could suffer another catastrophic banking catastrophe on a par with the 2008 financial crisis, a top analyst has warned. (The Express)

Why repealing ObamaCare will be a trainwreck for the GOP (TheWeek)

Pennsylvania think tanks battle over remedies for $1.7B state budget deficit (Lancaster Online)

     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, January 1, 2017

Sunday roundup (01-01-2017)

German Ifo think tank chief says Italy risks quitting euro zone (Reuters)

December 2016: Unofficial Problem Bank list [in the United States] declines to 169 Institutions, Q4 2016 Transition Matrix (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.