Real Economy Project

Consumer Bureau Launches in Shark-Infested Waters

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.

ALEC, For-Profit Criminal Justice, and Wisconsin

As the first half of 2011 has revealed, Wisconsin is not a moderate "purple" state, but a state divided between staunchly "blue" progressives and righteous "red" right-wingers. That rift is particularly apparent in legislative conflicts over the criminal justice system, a debate spurred by corporate interests represented in the American Legislative Exchange Council (ALEC) and perpetuated by ALEC legislative members, including Wisconsin Governor Scott Walker.

Wisconsin's history and public policy reflects the red/blue divide. It is the state that gave birth to the Republican Party, which supported slavery abolition, and the John Birch Society, which opposed the civil rights movement. In the first half of the 20th Century, the state elected both progressive hero Robert "Fighting Bob" LaFollette and right-wing extremist Joe McCarthy. It is the state that elected both former Senator Russ Feingold (D) and Representative Paul Ryan (R).

Wisconsin also produced Paul Weyrich, who in 1973 co-founded both the Heritage Foundation and ALEC (and in subsequent years, Free Congress and Moral Majority). Weyrich's ALEC, it seems, has been a factory for many of the state's most recent right-wing policy initiatives.

Russ Feingold Leads Thousands in Budget Protest at Wisconsin Capitol

Inside the Wisconsin state Capitol on Monday, June 6, Supreme Court Justices began hearings on the controversial collective bargaining measure proposed by Governor Scott Walker. Outside the Capitol, thousands of community members and employees from across the state rallied against the Walker-sponsored budget, chanting "Recall Walker" and "Walker, we won't back down! This is a union town!"

Former U.S. Senator Russ Feingold led the march from Madison Fire Station 1 toward the Capitol. Feingold was born in Janesville, Wisconsin, and marched up to the Capitol with Rock County AFSCME member past the standing "Walkerville" tent encampment, whose friendly inhabitants set up refreshment tables to help crowds battle the crushing heat. Feingold refused to address speculation that he might oppose Scott Walker in the next election, but signs, T-shirts and chants of "Russ for Governor" indicated mounting support for his candidacy.

Wisconsin Judge Declares Walker’s Collective Bargaining Bill “Null and Void”

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.

Move Over Machiavelli: Wisconsin GOP Kills Public Financing to Pay for Voter Suppression

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?

Deutsche Bank Goes After Whistleblower’s Son

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.

Robin Hood Storms Chase Castle and M&I Execs Get Piggish

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.

Wisconsin Protesters Weather Pessimism at May 14 Rally

Protesters took to the Wisconsin's capital once more on May 14th to prove neither pessimism nor weather could dampen their enthusiasm.

An estimated 10-15,000 Wisconsinites gathered on the State Street steps equipped with new chants and signs protesting Walker's collective bargaining bill, education cuts, Badger Care cuts and immigrant rights. Summing up the feeling of many, one protester held a sign saying "Too Many Bad Bills for One Sign!"

The Wisconsin protests have yet to become redundant or uninteresting and continue to reinvent the very notion of protesting. The May 14 rally, sponsored by unions and the Wisconsin Wave, wasn't any different.

Phil Neuenfeldt, President of the WI AFl-CIO, warned that even though the collective bargaining bill was tied up in the courts, Gov. Scott Walker "is attempting to ram through the legislation attacking workers by incorporating it into an already extreme budget proposal."

Walker Promotes Education Privatization in D.C. Amid Protests

It seems wherever Wisconsin Governor Scott Walker goes, protesters seem to follow. This rule held true earlier this week in Washington D.C., when Walker used his newly burnished credentials as an extremist to address a forum promoting the privatization of public schools.

The American Federation for Children (ACF) promotes school privatization and voucher schemes that take away critically needed funds for public education to fund private schools. Inside the Marriott, The American Federation for Children's "School Choice Now: Empowering America's Children" policy summit attracted voucher boosters like Pennsylvania Governor Tom Corbett and Michelle Rhee, the former controversial head of the Washington D.C. public school system. Outside the Marriott, there were around 200 protesters with signs that read "Public Education Not Privatization," "Save Our Schools," and "Vouchers Aren't the Answer."

Big Bank Backlash: From Coast to Coast People are Moving their Money

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.

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