Economy

Federal Reserve Tries to Burnish Image with Ad Campaign

The Federal Reserve Bank is on the hot seat for failing to protect consumers from unscrupulous mortgage lenders, failing to predict or prevent the financial crisis, and its involvement in the multi-billion-dollar, 2008 taxpayer-funded bailouts, making this a great time to run an ad campaign to try and burnish its image.

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Congress Subverts Transparency in Digital Version of Expense Report

In a supposed bid to increase transparency in government, House Speaker Nancy Pelosi asked Congress to post its quarterly expense reports (pdf) online, where the public can view them. But transparency took a hit in the digital age.

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Frank Capra: Great Movie Maker, Brilliant Financial Analyst

The Center for Media and Democracy's BanksterUSA campaign released a new video today, "It's NOT Such a Wonderful Life," saluting the classic film by Frank Capra. Our short video takes footage from the 1946 black and white film to make a point about today's financial crisis and the need for Congress to step up efforts to regulate banks so that this type of catastrophic financial meltdown never happens again. You can view our video at our BanksterUSA website or on our new YouTube channel. We hope you'll share the video with your friends.

Tough Talk Is Not Enough on Loan Modifications

Today, the Obama administration announced that it is stepping up efforts to pressure mortgage companies and banks to reduce payments for homeowners facing foreclosure.

As double digit unemployment becomes the major driver of foreclosures and as the vast majority of adjustable rate mortgages have yet to trigger, the White House is finally getting the message that news footage of families being tossed to the curb during the holiday season will not help Democrats going into the 2010 election cycle.

Anniversary Sparks Renewed Efforts to Break Up the Banks

Thursday, November 12th marks the ten year anniversary of the repeal of the depression-era Glass-Steagall Act that protected consumers from casino-style gambling on Wall Street and prevented significant financial crises for almost 60 years. As Congress took up a series of bills this fall to restore confidence in the financial sector, notably lacking were any bills to break up the big banks and restore Glass-Steagall protections.

GAO Touts Good News! Stock Trades Safe from H1N1

H1N1 is here. President Obama declared a national health emergency. Health workers and schools are worried because the vaccine is seriously behind schedule. Parents are worried about how they will stay home with their kids and keep their jobs. What are the watchdogs at the Government Accountability Office worried about?

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LIVE! From the Big Showdown in Chicago

With the newspapers full of talk about "zombie" banks and parasitic "vampire squid" financial institutions, it was particularly fitting that the "Showdown in Chicago" started with a ghoulish group of zombies rocking out to Michael Jackson's "Thriller." Chicago's own South Shore Drill Team opened the three days of banks protests with a bang and had the crowd of thousands of activists dancing in no time.

The Showdown promises to be the first major American protest against the banks since the financial meltdown in September 2008. Thousands are expected to join three days of educational activities and the large march on Tuesday to the American Bankers Association (ABA) convention at the downtown Sheraton hotel.

Halloween Horror! Seven CEOs to Face Paycuts

According to the Wall Street Journal, federal "pay czar" Kenneth Feinberg will order seven bailed out financial institutions and auto companies to cut their compensation packages for top officers by 25%-50%. According to one professor interviewed, this represents a "seismic shift" in corporate governance.

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