Economy

Obama Economic Team Passes Out the Kool-Aid

Obama Kool AidIt’s the day before a hotly-contested national election, where it appeared the rabble was well positioned to deliver a colossal spanking to the elites who have for too long ignored their plight, so what does Team Obama do?

They have a press conference to talk about their eagerness to complete the Korea Free Trade Agreement negotiated by President Bush. "The president has long said we want to try and address the outstanding issues regarding the Free Trade Agreement in order to bring it forward for approval," said Mike Froman, Obama’s deputy national security advisor for international economic affairs. “[W]e're going to put every effort into achieving ... an acceptable agreement, a satisfactory agreement, by the time the president comes to Seoul," he told a news conference on Monday.

Are these people nuts?

Ask Your Bank to Produce the Note!

Produce the Note!Do you know who holds the promissory note to your mortgage? The legal document that shows that you really owe that debt? Really, are you sure? So many mortgages have been securitized, sliced and diced, sold and resold, that the paper trail from your local bank to Wall Street is murky and flawed. In some instances, the promissory note may even have been destroyed.

Every day the financial crisis continues to hit home for families being foreclosed upon. Last month, there were 347,420 foreclosure filings across America, and the rate shows no signs of slowing. The unemployment rate is now driving these tragic foreclosures and 11 million Americans are at risk of losing their homes.

Take Action! Demand a Freeze on Foreclosures!

Foreclosure sign

In recent weeks, it has been revealed that the nation’s largest banks have been fraudulently foreclosing on tens, if not hundreds of thousands of families. The big banks financed the predatory mortgage firms that caused the crisis in the first place, an now they are foreclosing on families, the unemployed, the sick, the elderly and even veterans using slipshod foreclosure mills to do their dirty work.

If you are as infuriated as we are call your State Attorney Generals Office today! Click here for a complete list of phone numbers.

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

BPlogoDemocrats 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.

No

Bailed-Out Banks Finance Predatory Payday Lenders

Al CaponeAmerican 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."

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