Economy
Democrats Weaken Financial Reform Package Before Debate Even Begins
The long-anticipated debate on financial services reform was scheduled to begin on the House floor yesterday. But in a bad sign for reformers, conservative Democrats managed to wring damaging concessions out of House leadership before the debate even began.
Federal Reserve Tries to Burnish Image with Ad Campaign
Submitted by Anne Landman on
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
Submitted by Anne Landman on
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.
Charitable Giving, Goldman Style
Submitted by Mary Bottari on
Last week, a humbled Goldman Sachs canceled its holiday parties and trumpeted a noble new program to mentor and loan to small businesses. The cost, $500 million, made headlines across the country.
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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.
"For Better or Worse" - Geithner, Goldman, and AIG
U.S. Treasury Secretary Timothy Geithner has trouble understanding that the core responsibility of any federal official is to be thrifty with taxpayer dollars. This has been confirmed with new revelations from Bloomberg about Geithner's role in the secret AIG-Goldman bailout.
GAO Touts Good News! Stock Trades Safe from H1N1
Submitted by Mary Bottari on
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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