Tuesday, February 28, 2017

Tuesday roundup (02-28-2017)

Deutsche Bank warns SIX EU countries show warning signs of 'fiscal crisis': SIX European countries are showing early warning signs of fiscal crisis according to Germany's largest lender. [Article lists Belgium,  Italy, Portugal, Spain, and France, which make five] (The Express)

What to watch for in Trump’s address to [the United States] Congress (PBSNewshour) Republicans beg Trump for direction with Capitol Hill address: GOP lawmakers want guidance on how to handle Obamacare and tax reform. (Politico) New NSC chief pushed Trump to moderate his language on terrorism: What words the president uses from the podium tonight will give a hint about McMaster’s clout. (Politico)

Trump Says He’s Open to Legal Pathway for Undocumented Immigrants (The New York Times)

Fight over debt ceiling could accelerate Trump’s budget clash with GOP (The Washington Post)

President Trump's budget faces blowback for slashing State Department funds (ABCNews) Lindsey Graham: Trump Budget ‘Dead on Arrival’ in Congress: The South Carolina senator says certain cuts would put Americans at risk (US News & World Report) Top GOP chairman warns against Trump budget plan (CNN)




Trump Pinning Hopes on Economic Growth to Avoid Budget Cuts (The New York Times)

George W. Bush Breaks His Silence on the Direction of the Country Under President Trump: ‘I Don’t Like the Racism and Name-Calling’ (People)

Hershey To Cut Thousands Of Jobs Globally [= 15 percent of 20,650 full- and part-time employees] (Fortune)

Ford plans to cut 1,100 jobs at Bridgend factory - is Brexit to blame? (ITV)

Nearly 600 Penn State Employees Take Voluntary Retirement Package (CBS/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.

Monday, February 27, 2017

Monday roundup (02-27-2017)

German finance minister hints at REFUSING Greece debt cut paving way for default: GREEK hopes of a debt cut appear to have been dashed by the German deputy finance minister, increasing the likelihood of the Mediterranean country defaulting on a £5.9bn bailout repayment. (The Express)

The Enduring Mystery of Japan's Economy (Mother Jones)

Number of distressed U.S. retailers at highest level since Great Recession (Marketwatch)

Trump proposes defense spending boost, $54 billion in cuts to 'most federal agencies' (CNN) Trump touts spending plan, but promise to leave entitlements alone puts GOP in a quandary (The Washington Post) Trump budget faces GOP resistance: The president’s plan to boost defense spending at the expense of other programs provoked deep skepticism. (Politico)




Obamacare rollback could cost states billions, leave millions uninsured (Tribune Media Wire)

Bush Weighs In On Trump Presidency, Calling Press 'Indispensable To Democracy' (National Public Radio) George Bush: I Consider The Media To Be Indispensable To Democracy (Crooks and Liars blog) George W. Bush ATTACKS Donald Trump  (Youtube)



Dutch postal service to cut another 2,000 jobs (NLTimes)

Tesco is removing 1,700 deputy managers from its stores (CityAM)

     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, February 26, 2017

Sunday roundup (02-26-2017)

Think-tank warns fourth bailout for Greece ‘inevitable - as Germany refuses to offer relief (This is Money) No debt relief for Greece, says German deputy finance minister Jens Spahn: Fear of sending wrong signal to countries such as Spain among reasons for Germany’s strict line on Athens (The Independent)

[Former United States Budget Director David] Stockman: "After March 15 Everything Will Grind To A Halt" (ZeroHedge blog) Giant Fiscal Bloodbath Coming Soon-David Stockman (USAWatchdog) (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.

Saturday, February 25, 2017

Saturday roundup (02-25-2017)

[United States President] Donald Trump claims to remake GOP as party of ‘the American worker’ (The Boston Globe)

Fact-checking Trump's claim about debt dropping by $12B in last month (CBSNews)

Will Trump Take 'Brutally Forthright’ Advice From McMaster? (The New York Times) Trump’s National Security Adviser: Avoid Phrase “Radical Islamic Terrorism” (Slate) We looked at the new national security adviser’s writings. Turns out he’s the anti-Bannon. (Vox)

Trump Rejects DHS Report That Undermines Travel Ban Rationale: WSJ (Newsweek) White House effort to justify travel ban causes growing concern for some intelligence officials (CNN)

February 2017: Unofficial Problem Bank list declines to 155 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.

Friday, February 24, 2017

Friday roundup (02-24-2017)

Global sovereign debt to hit new all-time high - S&P (Reuters)

Citi sees a 20% chance of Le Pen winning which could 're-ignite a fully-fledged sovereign debt crisis' (CNBC) Marine Le Pen: Madame Présidente?: The far-right candidate leads in French polls, but her challenges may prove insurmountable. (The Atlantic)

Greece's Tsipras: the era of austerity is over (The Associated Press)

RBS reports net loss of $8.7 billion for 2016, its ninth straight year without a profit (CNBC)

[United States President Donald] Trump tells conservatives he is future of GOP (The Hill)

No president has ever waited this long to get a Cabinet approved (CNBC)

Trump wants to make sure U.S. nuclear arsenal at 'top of the pack' (Reuters)

Trump establishes task forces to eliminate ‘job killing regulations’ (The Washington Post) The high cost of cutting regulatory costs (The Chicago Tribune)

Bannon vows a daily fight for ‘deconstruction of the administrative state’ (The Washington Post)

White House goes to war with the media: Trump and his aides have dramatically escalated their feud with news outlets, blocking reporters from a briefing and promising to ‘do something’ about unfriendly outlets. (Politico) White House Bars Times and Other News Outlets From Briefing (The New York Times) White House blocks CNN, New York Times from press briefing hours after Trump slams media (The Washington Post)

J.C. Penney to close 130-140 stores, offers 6,000 workers early retirement (Dallas News)

     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, February 23, 2017

Thursday roundup (02-23-2017)

IMF warns against pretending 'unpayable debts' can be paid (Agence France Presse)

How France scrapping the euro could go beyond a ‘Lehman moment’ (CNBC)

Saudi Arabia Shrugs Off Concerns About Deflation, Despite Weak Outlook For Economy (Forbes)

U.S. financial regulators meet next week, discuss systemically important firms (Reuters)

Boehner: Republicans won't repeal and replace Obamacare: 'They’re basically going to fix the flaws and put a more conservative box around it,' Boehner said. (Politico)

Trump attack on press is 'biggest threat to democracy' says ex-Navy Seal chief: To the president they are ‘the enemy’ but William McRaven, an architect of the Bin Laden raid, called the media the republic’s ‘single most important institution’ (The Guardian) Retired Navy admiral: Trump's remark about media 'the greatest threat to democracy' (The Hill blogs)




Bannon Talks Pres. Trump's 'Economic Nationalist Agenda': In a rare public appearance, top Trump adviser Steve Bannon talked to the CPAC audience about the early days in the Trump White House. He was joined by Chief of Staff Reince Priebus. (NBCNews)



How Steve Bannon helped bring a nationalist, populist agenda to the White House (PBSNewshour)



Trump has a problem: Americans increasingly think he's incompetent (The Business Insider) [McClatchy-Marist] Poll: Majority finds Trump 'embarrassing' (The Hill)

Quinnipiac poll: Trump approval hits new low (The Hill blogs) Poll: Trump's approval rating continues to dip (CNN)

[Quinnipiac] Poll: Majority of voters oppose border wall, ObamaCare repeal (The Hill)

America’s utterly predictable tsunami of pension problems by George F. Will (The Washington Post)

Alan Greenspan: Ron Paul Was Right About The Gold Standard (ZeroHedge blog)

Board: Puerto Rico to Be Hit With Painful Austerity Measures: The newly appointed head of a federal control board that oversees Puerto Rico's finances is warning the U.S. territory will be hit with painful austerity measures in upcoming months. (The Associated Press) Puerto Rico Governor Says Years Needed to Fix Island Budget (Bloomberg)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 02-23-17)

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 U.S. workers who applied for unemployment benefits in late February rose slightly to 244,000, but layoffs remained near ultralow levels last seen in the early 1970s." (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, February 22, 2017

Wednesday roundup (02-22-2017)

EU orders Italy to tackle debts or face SANCTIONS as deficit reaches ALL TIME HIGH: BRUSSELS has threatened to hit Italy with stinging sanctions if the beleaguered country doesn't implement unpopular austerity measures. (The Express)

Italian banks struggle to break free from soured debt cycle (Reuters)

Greece will need a fourth bailout due to unsustainable debt pile says former finance minister (The Telegraph)

‘Spain is RUINED FOR 50 YEARS’ Economist predicts crisis and slams ECB over ‘crazy’ loans: A LEADING Spanish economist has hit out at the European Central Bank (ECB) saying "crazy" loans will ruin the lives of the population for the next 50 years. (The Express)

[United States] Homeland Security unveils sweeping plan to deport undocumented immigrants (USAToday) Trump Plan: Deport to Mexico Immigrants Crossing Border Illegally, Regardless of Nationality: The idea is part of a raft of immigration proposals signed by Homeland Security Secretary John Kelly that are likely to spur international and legal challenges. (ProPublica)

Thousands of emails detail EPA head’s close ties to fossil fuel industry (The Washington Post)

McDonald's to Cut Prices on Drinks as Industry Slumps [= deflationary trend] (Bloomberg)

Lowe's announces 525 layoffs; [of these,] 430 [are] at corporate office in Mooresville (WSOC)

     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, February 21, 2017

Tuesday roundup (02-21-2017)

EU tax chief admits Le Pen winning would be the end of the European project (CNBC)

Shocking extent of Greece’s poverty REVEALED as EU-enforced austerity CRIPPLES nation: THE economic situation in Greece is worsening despite massive bailout funds from the European Union with 22.2 percent of the population now “severely materially deprived”, according to the shocking research. (The Express)

Portuguese public debt rises to 130.6 pct of GDP in 2016 (Xinhua)

[In the United States,] New Trump Deportation Rules Allow Far More Expulsions (The New York Times) A nation of immigrants enters dark chapter (CNN)

President Pence: While Donald Trump is campaigning, Mike Pence is doing the president's job. (US News & World Report)

Democrats seek to quell Trump impeachment talk: Party leaders caution against rushing into a political trap. (Politico) If Trump is Impeached, it Might Be the End of America (Medium)

CSX to layoff 1,000 management positions (WTLV)

     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, February 20, 2017

Monday roundup (02-20-2017)

Italy: Drowning not Wading (National Review) The European Union at a Crossroads (London School of Economics blog)

Greece's creditors dash hopes for quick deal as debt inspectors prepare to return to Athens (The Telegraph)

Pence: Trump White House supports 'free and independent press' (Politico)

Household debt to hit new record in 2017: All categories of debt increased in Q4 (HousingWire) Household debt is dangerously close to 2008 levels [Feb. 16] (CNNMoney)

Student Debt in America Has Hit a New Record: President Trump has called student debt an "anchor" weighing down young Americans. (Bloomberg)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, February 19, 2017

Sunday roundup (02-19-2017)

EU Commission to warn Italy on Wed over rising debt (Reuters)

[United States Senator John] McCain says a free press is essential to a healthy democracy (The Associated Press)

Carl Bernstein: Trump's attacks on the press 'more treacherous' than Nixon's (CNNMoney) Carl Bernstein: Trump's Press Attacks 'Worse Than Nixon' (Crooks and Liars blog)



Chris Wallace: Trump 'crosses a line' calling media the enemy [around the 0:50 mark, Thomas Jefferson is quoted saying the press is the only "tocsin" of a nation; the word means "alarm bell" and is not synonymous with toxin or poison] (Youtube)



Rickards: This is a Rigged Financial System [I ignore the advertising within the article] (Daily Reckoning) Keiser Report: Trump/Abe Golf Diplomacy (E1030) (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.

Saturday, February 18, 2017

Saturday roundup (02-18-2017)

ALAN GREENSPAN: 'The eurozone is not working' (The Business Insider)

Washington PR offensive fails to quell Europe's anxiety over Trump (Reuters)

Marine Le Pen could 'blow up' the European Union, and the fear's starting to show (CNBC)

‘From bad to worse’: Greece hurtles towards a final reckoning: With another bailout set to bring more cuts, quitting the euro is back on the agenda (The Observer)

Fed President Admits US Banks Have Only "Half The Equity They Need" (ZeroHedge blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, February 17, 2017

Friday roundup (02-17-2017)

Greece will run out of money in July and its creditors can't agree on what to do (The Business Insider) Banker warns this Greek crisis is even MORE uncertain than previous deadlocks: A SENIOR banker at a one of Britain's largest assets management firms has warned that the looming Greek crisis could be even more uncertain than previous episodes of the nation's battle with its debts. (The Express)

Why Italy’s shaky economy should worry us all (The American Enterprise Institute)

One in four UK retirees burdened by unpaid mortgage or other debts: Numbers retiring in debt in 2017 is highest for seven years with nearly 40% still owing payments for debts such as interest-only mortgages (The Guardian) Workers taking debts into retirement now commonplace thanks to big mortgages and easy credit (This is Money)

[In the United States,] State Dept. carries out layoffs under Rex Tillerson (CBSNews)

A small city in Iowa is devoting 1,000 acres of land to America's vanishing bees: Little habitats on the prairie to save our nation's pollinators (Popular Science)

     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, February 16, 2017

Thursday roundup (02-16-2017)

European Central Bank: 'No room for complacency' on recovery (The Associated Press)

NY Fed: US household debt at highest level since 2008 (CNBC)

Big U.S. banks to push for easing of money laundering rules (Reuters)

Robert Harward turns down Trump’s national security offer [The Financial Times via] (CNBC)

'Extraordinary levels' of pollution have contaminated even the deepest parts of the Pacific Ocean (The Los Angeles 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.

Is it a recovery yet? (Weekly report, 02-16-17)

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, a proxy for layoffs across the U.S., rose by 5,000 to a seasonally adjusted 239,000 in the week ended Feb. 11, 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, February 15, 2017

Wednesday roundup (02-15-2017)

Derivatives Could Explode Like A Bomb! (Seeking Alpha)

Eurozone reports sluggish growth, failing to meet expectations: Geopolitical uncertainties surrounding Brexit, US economic policy and European elections are likely to stunt economic expansion in the year ahead (The Guardian)

Le Pen is on course to be France's next president, fund manager says from AI analysis (CNBC)

Nexit, Frexit or Grexit? The countries that could leave the EU next after Brexit: ANTI-EU politicians could triumph in French and Dutch elections, while cash-strapped Greece could crash out of the eurozone. Which country will leave the EU next? (The Express)

[In the United States,] Andrew Puzder withdraws labor nomination, throwing White House into more turmoil (The Washington Post) The Rejection of Andy Puzder (The New Yorker)

With Trump in the limelight, Congress has been quietly working to undo Obama-era regulations (The Los Angeles Times)

Doubts grow that GOP can repeal Obamacare: Probably only Donald Trump can whip the party's warring factions in line, but so far he's sent vague and conflicting messages. (Politico)

[3,200] Layoffs announced at Toledo's Jeep production plant (13ABC)

     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, February 14, 2017

Tuesday roundup (02-14-2017)

Fuelling the Frexit fire: Now EU DEMANDS France increases austerity amid deficit breach: FRANCE'S new president could be forced to roll out harsh austerity measures after it was revealed the country is set to breach rules set out by the European Union (EU). (The Express)

Greece defies creditors over more cuts as economy shrinks unexpectedly: Athens’ refusal to further austerity intensifies standoff over €86bn aid package that requires government to implement economic reforms (The Guardian) Greek Bailout Impasse Needs More Talks, Eurozone Chief Warns: The eurozone's top official said Tuesday that next week's meeting between Greece and its international creditors will not yet provide a full breakthrough on the country's bailout program because more negotiations on reforms are needed. (The Associated Press) Austerity-weary farmers hold protest march in Athens (euronews)

Greece is set to ditch the Euro in favour of US dollar [= "some" economists are discussing doing this] in devastating move which would 'freak out' Germany and humiliate EU, claims Trump's pick for Brussels envoy (The Daily Mail)

Could Greece Be The Trigger Of The Next Financial Crisis? (The Daily Caller) Greece Has One Foot Out EU Door, But It Is Italy Where Concern Should Be Focused (ValueWalk)

[The United States] National Security Council in turmoil amid Flynn departure (PBSNewshour)



‘Unbelievable Turmoil’: Trump’s First Month Leaves Washington Reeling (The New York Times)

Trump's Red Line Was Just Crossed And He Blinked: The Geopolitical and Economic Fallout (Forbes)

Ethics office calls on White House to discipline Conway (The Hill)

Credit Suisse to cut up to 6,500 jobs after reporting $2.4 billion loss (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.

Monday, February 13, 2017

Monday roundup (02-13-2017)

Eurozone debt crisis 2.0: French election and Greece panic markets: THE eurozone faces a toxic cocktail of risks that could create a second debt crisis and send the bloc into a meltdown worse than 2012, fear investors. (The Express)

Has Italy's Economy Hit Crisis Point? (ShareCafe)

[In the United States,] President Trump's National Security Adviser Michael Flynn has resigned (CNBC) Michael Flynn Resigns as National Security Adviser (The New York Times) Turmoil at the National Security Council, From the Top Down (The New York Times) Justice Department warned White House that Flynn could be vulnerable to Russian blackmail, officials say (The Washington Post)

Trump reviews top White House staff after tumultuous start: Michael Flynn is under fire, but he’s not the only one about whom Trump is voicing his doubts. (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, February 12, 2017

Sunday roundup (02-12-2017)

Greece, lenders risk euro zone instability if review talks drag on: EU's Dombrovskis (Reuters) Greece says bailout deal close, Juncker says it's on shaky ground (Reuters)

Germany’s New Trump-Critic President Sees Stormy U.S. Ties Ahead (Bloomberg)

'Alarming scale' of youth unemployment in Middle East [and North Africa], OECD official warns (CNBC)

[In the United States,] It’s too late for Trump to stop this financial rule by Barry Ritholtz (The Washington Post) Tony Robbins I What Is A Fiduciary (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.

Saturday, February 11, 2017

Saturday roundup (02-11-2017)

China’s debt could cause economic disaster ‘worse than 2008’: CHINA'S mounting debts are a huge cause for concern and could blow up into a financial crisis worse than 2008, experts have warned. (The Express)

This is going to be harder than Donald Trump expected (CNN)

Thus far, President Trump has been the con-man-in-chief (The Hill blogs)

‘A Sense of Dread’ for Civil Servants Shaken by Trump Transition (The New York Times)

Angry Constituents Swarm GOP Town Halls Across Country Over Proposal [To Repeal Obamacare]: The protests are reminiscent of seven years ago when Obamacare was put in place. This time, however, the anger isn't aimed at Democrats but at Republicans who want to repeal the law. (NBCNews)

Trump And Republicans' Timeline For Obamacare Repeal Getting Longer (National Public Radio)



The stealth Republican force behind Obamacare repeal: Lamar Alexander is preaching patience as much of the GOP demands quick action. Will his deliberate, bipartisan approach do the trick? (Politico)

Andersons files official notice of [920] store layoffs (The Blade of Toledo, Ohio)

     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, February 10, 2017

Friday roundup (02-10-2017)

Bank For International Settlements Warns Of Looming Debt Bubble (Forbes)

Fitch: Trump's economic plans represent a threat to the world (CNBC)

Trichet: “There Are Probably More Risks Than In 2007-2008” (The Corner)

EU Urges Trump Not to Turn His Back on Global Banking Rules (Bloomberg)

The European Central Bank is about to do something very stupid (The Week) [versus] European Central Bank head Draghi says stimulus still needed [Feb. 6] (The Associated Press)

Greek Bailout Talks Set to Drag Past February Amid Standoff (Bloomberg) [versus] Greece, creditors narrow their differences in bailout talks (The Associated Press)

Tough federal bank regulator [in the United States] calls it quits (CNNMoney) Fed resignation clears way for Trump candidate (USAToday)

Trump vexed by challenges, scale of government: The new president’s allies say he has been surprised that government can’t be run like his business. (Politico) Never Too Soon for a Functional White House (Bloomberg) Separation of Powers, Explained: Welcome to the first month of Democracy Apprentice. (Moyers & Company blog)

Backing away from a fight, Trump to honor one-China policy (The Washington Post)

Trump Administration Considering Shutting EPA’s Enforcement Office: Report: Critics say the move could imperil families across America. (The Huffington Post)

Trump rips court for ‘disgraceful decision’ (The Hill) Donald Trump just lost, bigly (The Washington Post)

U.S. Postal Service says it lost $200 million over holiday season (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.

Thursday, February 9, 2017

Thursday roundup (02-09-2017)

‘AAA’ rated sovereigns plunge to 13 year low, says Fitch (CNBC)

Is It Getting To Be Time For Another Eurozone Crisis? (Mother Jones)

Greece’s Creditors Said to Prepare Proposal for Bailout Deal (Bloomberg)

Disenchanted and anti-euro Italy troubling for the future of the EU: Analyst (CNBC)

U.S. Economic Collapse Looms as Bankruptcy & Debt Rise, Savings Plunge (Lombardi Letter)

Federal appeals court [in 3-0 verdict] maintains suspension of Trump’s immigration order (The Washington Post) 'See you in court,' Trump tweets after 9th Circuit court refuses to reinstate his controversial travel ban (The Los Angeles Times)

Trump border 'wall' to cost $21.6 billion, take 3.5 years to build: internal report (Reuters)

Kellyanne Conway accused of federal ethics violation (CBSNews) White House says Conway has been ‘counseled’ after touting Ivanka Trump’s products (The Washington Post) Conway: Trump 'supports me 100 percent’ (The Hill) Pledge Allegiance to the Trump Brand: The new normal in the White House is Trump profits before country. (US News & World Report)

Humana to lay off 500 home-care workers in Ohio and Florida (Modern Healthcare)

     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, 02-09-17)

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 early February fell by 12,000 to 234,000, hitting the second-lowest level of an economic recovery that began nearly eight years ago." (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, February 8, 2017

Wednesday roundup (02-08-2017)

Worries Grow Over Euro’s Fate as Debts Smolder in Italy and Greece (The New York Times blogs) European debt crisis: It's not just Greece that's drowning in debt (The Telegraph)

‘There's NO STRATEGY’ Extraordinary outburst from Italy’s bailout boss amid banking crisis: THE CRISIS in Italy’s banking system hit new levels after the man picked by to heal the country’s financial woes admitted he was “disillusioned” and there was no plan to tackle the situation. (The Express)

Greece will CRUMBLE under debts - IMF's damning verdict on eurozone's austerity targets: TROUBLED Greece will buckle under the weight of its huge debts, which are highly unsustainable over the longer term, according to damning analysis of the eurozone's bailout by the International Monetary Fund (IMF). (The Express) Trump envoy says Greece is now more likely to leave the euro: Ted Malloch, proposed US ambassador to the EU, casts doubt on survival of eurozone and says Athens should return to drachma (The Guardian)

[United States] President Trump to Judges: Drop Dead: No president has ever sounded as authoritarian towards courts as this one. And with his next attorney general, he can do great harm to the independent judiciary. (The Daily Beast)

Supreme Court nominee Gorsuch says Trump’s attacks on judiciary are ‘demoralizing’ (The Washington Post) Supreme Court Nominee Calls Trump’s Attacks on Judiciary ‘Demoralizing’ (The New York Times)

Executive orders out of control no matter who occupies the White House: Whether it’s a Democrat or a Republican, a president overusing the executive order makes Congress irrelevant. [Editorial] (The Kansas City Star)

Illinois Faces Further Downgrades If Budget Deal Not Reached (Bloomberg)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, February 7, 2017

Tuesday roundup (02-07-2017)

EU faces crisis as IMF warns Greek debts are on ‘explosive’ path (The Telegraph) Rare split on IMF board puts Greek bailout at risk: Germany stands firm that IMF must participate in Greece’s rescue program (Marketwatch) Greece's debt costs rise sharply as worries grow over IMF role: Investors worried by fund’s warnings country’s debt burden is unsustainable and reported split over joining latest bailout (The Guardian)

[In the United States,] Ex-CIA officials say Trump’s travel ban has “no national security purpose”: "The Order is of unprecedented scope," they said. (Ars Technica)

Experts: Trump Undermines Judiciary With Twitter Attack on Judge Robart (NBCNews)

If Trump wants law and order, he should rethink cutting regulation (The Hill blogs)

Trump's Education nominee DeVos confirmed as Pence casts historic tie-breaking vote (CNBC) The ethics case against Betsy DeVos (The Hill blogs)

Even if they’d defeated DeVos, Democrats faced a dicey future: Blind resistance to Trump may not be the winning ticket for 2018 midterm elections (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, February 6, 2017

Monday roundup (02-06-2017)

Relaxing bank regulation is the last thing we need: ECB's Draghi (Reuters) Trump's Rule-Slashing Is Bad News for Europe's Banks (BloombergView)

This Is Marine Le Pen’s Plan to Break Up the Euro (Bloomberg) Draghi Says Euro Is Irreversible as Le Pen Urges French Exit (Bloomberg)

Le Pen's French debt plan would trigger default, S&P tells Economist [Feb. 4] (Reuters)

Portugal Is in a Fragile State, Group Warns: The Organization for Economic Cooperation and Development has warned Portugal that its fragile banks and high national debt make it especially vulnerable to events, such as a slump in world trade or financial jitters in Europe (The Associated Press)

[In the Unites States,] Trump and Staff Rethink Tactics After Stumbles (The New York Times) Trump didn’t know he was giving Bannon so much power until after adding him to security council: report (RawStory)

Danger: Financial Deregulation Is A Very Bad Idea (Forbes) Trump Set to Rollback Financial Regulation Passed After the 2008 Crisis: The Democrats have refused to challenge Clinton and Bush-era deregulation and explain the causes of the financial crisis to the public, says former financial regulator Bill Black (The Real News Network) Trump Set to Rollback Financial Regulation Passed After the 2008 Crisis (Youtube)



Trump's formidable foe on immigration: Corporate America (CNNMoney) Former top diplomats, tech giants blast immigration order as court showdown looms (The Washington Post)

The media botched this Trump story last week — and that’s bad for everyone (The Washington Post)

Stephen Bannon’s worldview is deeply troubling [The Philadelphia Inquirer via] (The Seattle Times) First on the White House agenda – the collapse of the global order. Next, war?: Trump’s allies yearn to wreck alliances that have kept the peace for decades. Progressives must preserve them (The Guardian)

US pension funds are slashing their forecasts...and some don't even think they'll meet those [Reuters via] (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.

Sunday, February 5, 2017

Sunday roundup (02-05-2017)

Marine Le Pen promises liberation from the EU with France-first policies: Presidential candidate launches campaign with pledge to dump the euro and claim that Islamic practices are a threat to France (The Guardian)

[In the United States,] Appeals Court Rejects Request [by the Trump Administration] to Immediately Restore Travel Ban (The New York Times)




#DressLikeAWoman: Twitter backlash over reports of dress code for Trump staff: Amid claims that Donald Trump likes female staffers to dress a certain way, Twitter uses responded with pictures of what many women wear at work (The Guardian)

'The Senate is coming apart': Things have gotten so bad in the chamber lately that Chuck Schumer even voted against Mitch McConnell's wife. (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.

Saturday, February 4, 2017

Saturday roundup (02-04-2017)

Could populist victory in Italy [by Five Star Movement] set up tricky referendum on euro (Xinhua)

[United States President] Donald Trump might be more popular than you think: Once again, there's evidence suggesting traditional polls aren't accurately measuring support for the president and his policies. (Politico)

The method to President Trump's madness: What looks like chaos is at least in part a strategy to remind voters that they're getting what they asked for — a real shakeup in Washington. (Politico)

Trump Today: President blasts federal judge who halted travel ban (Marketwatch) Trump lambastes judge who lifts travel ban, vows to fight (Reuters)

Trump has signed an order that could roll back a rule intended to protect Main Street's retirement money (The Business Insider)

Republicans face anger over Obamacare repeal during town halls: Obamacare supporters showed up in huge numbers to voice concerns over repeal. (Politico)

Bannon film outline warned U.S. could turn into ‘Islamic States of America’ (The Washington Post) Steve Bannon’s own words show sharp break on security issues [Jan. 31] (USAToday)

Trust Records Show Trump Is Still Closely Tied to His Empire (The New York Times)

Inside Sears' death spiral: How an iconic American brand has been driven to the edge of bankruptcy (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.

Friday, February 3, 2017

Friday roundup (02-03-2017)

Grexit? Greece again on the brink as debt crisis threatens break with EU: Country faces critical few weeks as it struggles to meet bailout conditions and pressures rise in Germany and US (The Guardian)

Vegetable rationing imposed on UK supermarkets (CNBC)

First Trump approval rating lags behind past presidents [of the United States] (CNN)

40 per cent of American voters want to impeach President Donald Trump: The public is also yearning for former President Barack Obama, pollsters discover (The Independent) Most Americans Disapprove of Trump — and His Executive Orders (New York)

Bush-appointed [federal] judge halts Trump travel ban nationwide (The Hill blogs)

Sen. Warren goes at Trump for financial rules rollback: 'We're finding out whose side he's really on' (CNBC) Populism, Goldman Sachs-Style: Trump's executives orders deregulating Wall Street show he has no interest in protecting working Americans. (US News & World Report) Trump Just Declared Open Season on Suckers: The president is framing his deregulation plan as a way for consumers and bankers to enjoy more freedom. Because, you know, that worked so well the last time around. (The Daily Beast) [versus] Here's what everybody is getting wrong about changes to banking rules (CNBC)

The Fed's New Mission: Never Mind Financial Stability, Promote American Banks (Forbes) Congressman says Fed's involvement in international meetings is 'unacceptable' (CNBC)

Trump still spent campaign money on personal properties post-election (CNN)

Presidents have been signing executive orders since George Washington was in office. How do Trump's stack up? (The Los Angeles Times)

How to Build an Autocracy: The preconditions are present in the U.S. today. Here’s the playbook Donald Trump could use to set the country down a path toward illiberalism. (The Atlantic) ["David Frum ... was a speechwriter for President George W. Bush."] (The Atlantic)

Deutsche Bank to Cut [9,000 jobs in] Equities and Fixed Income Trading Staff (Bloomberg)

Manitoba Hydro cutting 900 jobs in 'necessary first step' (The Winnipeg Free 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.

Thursday, February 2, 2017

Thursday roundup (02-02-2017)

World growth caught between debt and a hard place: Grim prospects without strong growth and high inflation by Satyajit Das (Marketwatch)

Portugal’s state debt rises by 9.5 billion euros in 2016 (Macauhub)

[In the United States,] Trump Twitter Bursts Throw Decades-Old Alliances Into Chaos (Bloomberg) Trump's calls and tweets on foreign policy are threatening rivals, allies (USAToday)




A Jeffersonian for the Supreme Court: Neil Gorsuch’s record suggests a willingness to transform the law and to enforce constitutional limitations on the excesses of Congress and the president. (The Atlantic)

Trump said he’ll ‘totally destroy’ the Johnson Amendment. What is it and why should people care? (The Washington Post) Don't listen to the complainers on the religious right. We need the Johnson Amendment (The Los Angeles Times)

Leaked Draft of Trump’s Religious Freedom Order Reveals Sweeping Plans to Legalize Discrimination: If signed, the order would create wholesale exemptions for people and organizations who claim religious objections to same-sex marriage, premarital sex, abortion, and trans identity. (The Nation)

Trump to focus counter-extremism program solely on Islam - sources (Reuters)

‘Not the America I know’: George W. Bush’s daughter wants you to remember his speech on Islam (The Washington Post)

Will Trump break up the big banks? (CNNMoney)

Federal workers turn to encryption to thwart Trump: Agency employees are turning to Signal and other incognito forms of communication to express their dissent. (Politico)

Fitch downgrades Illinois rating by one notch to BBB and says it may downgrade again (Marketwatch)

Pa. school administrators say cash-strapped districts are 'treading water' [= "estimated deficit of $2.8 billion"] (The Philadelphia Inquirer)

Puerto Rico Defaults on Multimillion-Dollar Debt Amid Crisis (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.