Real Economy Project

Champions of financial reform who fought hard for a strong Wall Street reform bill this year know they cannot let down their guard. They are tracking and countering the moves of the big banks as they try to weaken the Dodd–Frank Wall Street Reform and Consumer Protection Act during its implementation phase. They are bracing for a battle with Republicans who are threatening to repeal key parts of the law. What they were not expecting was a rear-guard attack on the recently passed measure from the Obama administration.

Evidently, Geithner is interested in exempting the $24 trillion – that is trillion with a "t" – foreign exchange (or forex) market from the clearing and transparency requirements of the act.

So the Washington insiders tell us that Harvard Law Professor Elizabeth Warren was named as a "special adviser" to the President in order to dodge a lengthy confirmation battle in the Senate. Rather than nominate her to head the Consumer Financial Protection Bureau (CFPB) on a permanent or even interim basis, Obama instead announced an odd, hybrid appointment where she works for both the White House and U.S. Treasury Secretary Tim Geithner. In theory, she will have full authority to set up the CFPB, but does not have the title of "Director" that goes with it.

Hmmm. She appears to be happy about all this, but it leaves us here at BanksterUSA unsatisfied. This is a temporary appointment. What is she? A Kelly Girl? We are sick of temporary jobs. We prefer permanent things like a title, a salary, benefits, five years guaranteed, and most importantly, power.

Already Elizabeth Warren deserves a promotion and in this GRITtv interview, Mary Bottari proposes a new role for America's favorite consumer advocate.

American taxpayers bailed out the big banks. Now many of those banks are returning the favor by extending credit to payday lenders who sucker consumers into a spiraling debt trap.

That is the claim in a new report published this week by National People's Action (NPA), the Chicago-based community organization. The report, called Predators' Creditors, names Wells Fargo, Bank of America and JP Morgan Chase as some of the biggest lenders to the booming payday loan industry.

"The very same banks that helped tank the economy are now helping the bottom feeders of the industry," says George Goehl, Executive Director of NPA. "The report shows that a $300 payday loan could end up costing you $750. If Al Capone was alive today, I bet you could get a better deal from him."

For many Americans, Laverne and Shirley remain the enduring icons of the city of Milwaukee. Barack Obama was a teenager when the sitcom about two independent young women working in a beer factory was a popular hit in the late 1970s. But the sad truth about Milwaukee is that Lavern and Shirley don't work here any more.