Tell Larry Summers, "Don’t Delay!"
Larry Summers is confirming rumors that he plans on leaving his job as the President's chief economic adviser at the end of the year.
Economy
Already Elizabeth Warren Deserves a Promotion
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.
March as "One Nation" on October 2, 2010!
Join as "One Nation" on October 2, 2010 for a giant march in Washington D.C. to demand good jobs now. One Nation describes itself as "a movement of individuals and organizations committed to putting America back to work and pulling America back together." Their key demands are job creation, equal justice, and quality public education for all. Only the Banksters would disagree with that agenda. Learn more about the civil rights, labor and consumer groups supporting this giant mobilization and where you can find your seat on a bus.
Spinning the Tax Cuts
Submitted by Anne Landman on
Democrats argue that Republicans' plan to extend the Bush-era tax cuts for the nation's wealthiest citizens would add $700 billion to the national debt over the next ten years. While this is true, Democrats usually don't mention that Obama's plan to extend tax cuts for just middle and low income wage earners would also add to the national debt.
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Bailed-Out Banks Finance Predatory Payday Lenders
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."
Declare a Jobs Emergency on September 15!
Job cuts have a way of sneaking up on you -- a few teachers here, a police officer there and another fire department that is not open when you need them. In some areas it is a slow bleed, but as every Emergency Medical Technician knows, a thousand small cuts can still kill the patient.
Welcome Mr. President, but Laverne and Shirley Don't Work Here Anymore
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.
Banking on a Lighter Note
The accolades for Elizabeth Warren keep rolling in on the BanksterUSA.org petition. If you have not had a chance to sign it or leave a comment, click here. While you are at it, check out the amusing video produced by the Main Street Brigade to promote her candidacy for the head of the Consumer Financial Protection Bureau.
The Washington Post reports that Warren has been spotted meeting with bankers. No, I don't believe she has gone to the dark side, however I do believe that this indicates the administration is serious about her nomination and has asked her to build some bridges.
Wouldn't you like to be a fly on the wall when she meets with Goldman Sachs CEO Lloyd Blankfein: "so Lloyd, are you still selling securities that are designed to fail?" Or with Wells Fargo CEO John Stumpf: "have you stopped juggling customer late fees to maximize the pain for consumers?" These are just some of the big bank tricks featured in our last column.
Telecoms Force Customers to Pay for Nothing
Submitted by Anne Landman on
Time Warner Cable has figured how to make customers pay more for a "service" that consists of doing absolutely nothing: it doubled its fee to not print customers' names in the phone book. Time Warner now charges $1.99 a month, or almost $24 a year, for an unlisted number.
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Will Perpetrators of Financial Crimes Ever Face Justice?
Some will rob you with a six gun and some with a fountain pen – Woodie Guthrie
Like mushrooms popping up in a damp basement, a slew of court settlements have been registered recently involving the big banks and their role in the financial crisis. An informal review of settlements over the last two years reveals about 16 multi-million dollar payouts from the big banks amounting to some $1.6 billion in fines and restitution and $13 billion in buybacks of auction-rate securities that were represented to be as safe as cash.
Sounds impressive, doesn’t it? But when fines are stacked up against an elite white-collar crime spree worth trillions, it is a little less impressive.
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