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.

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