Spiteful Squad dies, its persist ability triggers, returning it from your graveyard to the battlefield without a -1/-1 counter on it due to its replacement effect.
When
Spiteful Squad enters,
Blasting Station triggers, untapping
Blasting Station.
Resolve the
Blasting Station ability from step 1.
Repeat.
Notes
When
Spiteful Squad dies with a +1/+1 counter on it, that counter can be placed onto another creature. If that creature had a -1/-1 counter on it, it will be removed, allowing it to be returned via persist.