Economy

Finance Overhaul Heads to Senate Bank Committee for Votes Next Week

by Mary Bottari — March 17, 2010 - 2:29pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Send the message to Congress that we need to break up the banks and end "too-big-to-fail." Call your Senator using the toll free number provided by SEIU 866-544-7573. This number will be open and available to consumers until March 31, 2010, or you can send an email at BanksterUSA.org under "Protect American Families."

    U.S. Chamber Plans $3M Ad Blitz Vs. Dodd Bill

    by Mary Bottari — March 17, 2010 - 11:01am

    Congress Daily reported today that the U.S. Chamber of Commerce said it would spend at least $3 million in a multi-state TV ad buy opposing Senate Banking Chairman Christopher Dodd's (D-CN) bill to revamp the financial regulatory system.

    Main Source: 
    Congress Daily, March 17, 2010

    The Good the Bad and the Ugly in the Dodd Bill

    by Mary Bottari — March 16, 2010 - 8:25pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Here are some highlights regarding the 1,300 page bank reform bill released by U.S. Senator Chris Dodd (D-CN) yesterday.

    For-Profit Schools Leading Students into Debt

    by Anne Landman — March 15, 2010 - 12:34pm

    Ads for private, for-profit colleges and trade schools like the University of Phoenix, ITT Tech and Corinthian Colleges, Inc., lure students by leading them to believe that after graduation, they will land well-paying jobs that will help them get to a solid middle-class life.

    Main Source: 
    New York Times, March 13, 2010

    Progressive Senators Fight for Real Bank Reform

    by Mary Bottari — March 13, 2010 - 7:53am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Headlines blared that Senate Banking Chair Chris Dodd was done with dithering, and ready to move ahead with a financial reform package without Republican support. Financial reform groups should be celebrating this as a positive move that would roll back some of the worst elements of the bill inserted during recent bipartisan negotiations, including the nutty effort to put the Consumer Financial Protection Agency (CFPA) into the Federal Reserve -- an institution about as popular as the IRS.

    Hold the champagne. Reading between the lines, it seems that negotiations are continuing behind the scenes and ranking Republican Senator Richard Shelby (R-AL) says “an agreement is still very possible.” The little spat between Dodd and the Republicans has been beneficial, though, because it flushed out more details about the points of agreement and contention.

    Take Action This Week on Banking!

    by Mary Bottari — March 11, 2010 - 10:05am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Financial reform in the Senate is at a critical juncture, as Senate Democrats attempt to achieve a bipartisan bill. Conservative Senator Bob Corker (R-TN) appears to be in the driver’s seat.

    Reality TV Star Pushes Financial Reform

    by Mary Bottari — March 9, 2010 - 1:36pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Today the Funny or Die crew took the fight for financial reform to a new level, tapping the talents of reality TV star Heidi Montag who delivers the message that "with hidden fees and standard interest rate increases, that $11,000 jaw line can end up costing $50,000 dollars!" Montag is famous for her multiple plastic surgeries featured recently on the cover of People magazine.

    Senator Dodd Doubles Down on a Losing Bet

    by Mary Bottari — March 8, 2010 - 9:15am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd’s original proposal unveiled last year had numerous strengths, most significantly the removal of bank supervisory authority from the Federal Reserve. Dodd decided that the Fed had done such a lousy job ignoring the housing bubble and failing to crack down on predatory lending in the mortgage market that it shouldn’t be given a second chance.

    But a second chance for this unpopular and failed institution is currently in the works. In an effort to please Republicans and achieve a bipartisan bill, Dodd is not only going to let the Fed keep its bank supervision and rulemaking authority, he wants to give it authority over the proposed Consumer Financial Protection Agency (CFPA).

    Take Action on Bank Reform!

    by Mary Bottari — March 3, 2010 - 8:38am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • The reckless behavior of big Wall Street banks, credit card companies, and mortgage lenders caused a financial crisis that cost us millions of lost homes and jobs, billions in tax-payer funded bailouts and trillions in lost college and retirement savings.

    This week, the Senate will take up financial reform legislation that will set the shape of economy for the next 50 years. This is a critical time to call or email your Senator and tell them American families can no longer afford a "boom and bail" economy and it's past time that they cracked down on the abuses that caused the financial crisis.

    From March 1-4, you can call the Senate toll free at 1-866-544-7573 between the hours of 9 a.m.-5 p.m. EST. The toll-free number, provided by our friends at Service Employees International Union (SEIU), will ask you to dial-in your zip code. You will automatically be connected to your Senators' office. Or you can go to BanksterUSA.org to email your Senator.

    Goldman's Golden Fleece

    by Mary Bottari — March 2, 2010 - 9:05pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • The steady stream of revelations regarding the role Goldman Sachs has played in the fleecing of Europe should reinvigorate efforts in Congress to rein in the reckless trading that could send the global economy into another tailspin.

    To recap, Greece and a number of other European Union countries are dangerously in debt. EU rules say member countries cannot have budget deficits that exceed 3 percent of their gross domestic product (GDP). The Greek government recently revealed that its debt is closer to 12 percent of GDP. Other countries including Spain, Ireland, Italy and Portugal are also in trouble. Like our behemoth banks, these countries are “too big to fail.” A default by any one of them would put an end to talks of “green shoots” and could lead to a double dip recession.

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