The Consumer Financial Protection Bureau (CFPB) throws open its doors to consumers this week, officially starting its mission to safeguard Americans from overly complex financial products and malignant banking practices. The bureau is the culmination of a national grassroots effort to hold the big banks accountable for the 2008 economic collapse caused by Wall Street's insatiable appetite for dangerous mortgage products. Millions of Americans signed petitions to create the bureau and new polling shows that 74% of Americans think it is a terrific idea.
News Articles By Mary Bottari
Although he passed away in 2006, states are now grappling with many of the toxic notions left behind by University of Chicago economist, Milton Friedman.
In her groundbreaking book, The Shock Doctrine, Naomi Klein coined the term "disaster capitalism" for the rapid-fire, corporate re-engineering of societies still reeling from shock. The master of disaster? Privatization and free market guru Milton Friedman. Friedman advised governments in economic crisis to follow strict austerity measures, combining radical cuts in social services with the full-scale privatization of their more lucrative assets. Many countries in Latin America auctioned off everything standing -- from energy and water utilities to Social Security -- to for profit multinational firms, crushing unions and other dissenters along the way.
In the 2010 elections, Republicans emerged with seven more governor's mansions. They also won control of 26 state legislatures, up from 14. In many trifecta states, where a new Republican majority won control of both houses and the governorship, an odd thing happened. A steady stream of almost identical bills -- bills to defund unions, require Photo ID's make it harder for democratic constituencies to vote, bills to privatize schools and public assets, bills to enshrine corporate tax loopholes while crippling the government's ability to raise revenue, bills to round up immigrants -- were introduced and passed. An almost identical set of corporations benefited from these measures.
It is almost as if a pipeline in the basement of these state capitols ruptured simultaneously, and a flood of special interest legislation poured out. The blowout preventer -- political power-sharing -- was disabled. The source of the contamination? The American Legislative Exchange Council (ALEC).
This week, the Center for Media and Democracy unveiled its ALEC Exposed website to display an archive of over 800 ALEC "model bills." This archive will allow reporters and citizen journalists to identify the ALEC bills moving in their states. We encourage researchers to search for some of the measures written about below.
In the wake of allegations that Wisconsin Supreme Court Justice David Prosser placed fellow Justice Ann Walsh Bradley in a chokehold in her office, women's rights organizations and elected officials across the state are calling for him to step down until investigations are complete.
Tense Confrontation Over Collective Bargaining Ruling
On June 13, the day before the state's highest court issued their politicized contentious split decision upholding Governor Scott Walker's controversial collective bargaining law, members of the court were debating whether to issue an opinion. At that point it was uncertain if the court would get involved, since no hearings had been held and no facts had been presented to the court. Prosser and the conservative justices tracked Justice Bradley and Chief Justice Abrahamson down in Bradley's chamber. According to new reports, Bradley demanded Prosser leave her chamber after he made disparaging remarks about Abrahamson. That was when Prosser is alleged to have put his hands around her throat and placed her in a chokehold. "It was in no way playful," said one source who was present.
On May 26, Wisconsin Judge Maryann Sumi ruled Governor Scott Walker's "budget repair bill," which would eviscerate collective bargaining rights for most public workers in the state, "null and void."
Sumi ruled that lawmakers clearly violated the state's open meetings law in their rush to pass the bill at the height of the capitol protests, and that the public interest in the enforcement of the state's open records law outweighed the public interest in sustaining legislative action.
You are a new Governor pursuing a radical, budget-slashing agenda. In your spare time, you work to pass the most restrictive Voter ID law in the nation, which turns out to be quite costly. What to do? Here is an idea. To pay for your voter suppression efforts, why not rob public financing for elections, a system designed to encourage a diversity of candidates and a flourishing of democracy?
By Eric Carlson, Center for Media and Democracy
In July 2008, Florida lawyer Lynn Szymoniak received foreclosure papers on her home. Szymoniak had encountered financial difficulties after spending several years caring for her ailing mother while simultaneously fighting her own health problems, and failed to re-negotiate her adjustable-rate mortgage with her lender.
On Tuesday, the shareholders of Marshall and Ilsley (M&I) Bank of Wisconsin "voted" to give $71 million in bonuses to failed executives as part of an acquisition deal. "Voted" may not be the right word, since CEO Mark Furlong opened and closed the meeting within the span of five minutes, allowing no discussion and no questions from the dozen or so shareholders in the room. Furlong has apparently learned Robert's Rules of Order from his friend Governor Scott Walker and the rest of the gang in the Wisconsin Capitol.
As the economy continues to sputter and new unemployment claims surge to an eight-month high, it hasn't escaped the notice of people on Main Street that the folks on Wall Street are back in the black.
According to Fortune magazine, profits of the 500 largest U.S. corporations have surged 81 percent this past year. Fortune's editors write, "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans."
When Fortune is standing up for the workers, you know it's bad.
Yesterday three special elections were held in Wisconsin to fill the
seats of legislators tapped by Wisconsin Gov. Scott Walker to fill
vacancies in his administration.
In a special election, Democrat Steve Doyle defeated Republican John Lautz for the Wisconsin District 94 Assembly, flipping a seat held by Republicans for 16 years. The hot topic in the race was Gov. Scott Walker's plan to curtail collective bargaining rights for public employees.