Elizabeth Warren criticized President Obama for picking Wall Street-oriented economic advisers, but rejected Thomas Frank's attempt to invoke the Green Lantern theory of the presidency.
Banks argue that the CFPB approach would unleash a dangerous flood of misinformation that might promote the faulty sense that somehow they are not good corporate citizens.
Every day you read in the news about some new big bank outrage. Foreclosures, charging hidden fees, conspiring to rig markets, defrauding investors. Shouldn’t someone do something about it?
I hate to break it to David Brooks, but the Senate couldn't get more partisan or polarized than it is already and as his cohort on The PBS Newshour, Mark Shields explained to him this Friday, the Democrats finally getting fed up to invoke the so-called "nuclear option" is a symptom and not the cause of the problem.
We have to end the filibuster, at the very least for nominations, if not for everything. This has to happen because Republicans are now obstructing everything, and agencies of our government are going to start shutting down over this summer. Without action the National Labor Relations Board (NLRB) closes its doors at the end of August and not long after that the Consumer The Financial Protection Bureau (CFPB) will be without a director. These are just some of the nominations being obstructed -- filibustered -- in order to block these agencies from operating.
I have been bemused for many years by the peculiar mindset represented by DC centrism. I have written about it a number of times over the years, in my book <em><a href="http://www.amazon.com/Progressive-Revolution-Best-America-Came/dp/0470395117">The Progressive Revolution: How The Best In America Came To Be</a></em>, and in many of my blog posts. DC Centrism embraces what the political establishment, especially including the big special interests who tend to control this town, thinks is right, even when the vast majority of Americans are opposed to it. For example, cutting Social Security, something 80% of Americans oppose, is a classic example of DC centrism. Another example is focusing obsessively about the deficit while ignoring new measures to create jobs, which is the reverse of what voters want the government to focus on. Bailing out, and now subsidizing, the Too Big To Fail banks is yet another example. And these 3 examples really just scratch the surface- there are so many ways that DC Centrism is different from what the centrist position of real voters is.
There is a new report out this morning once again reminding us of the greatest disappointment progressives have in the Obama administration: the lack of toughness in regards to Wall Street. <a href="http://www.campaignforfairsettlement.org/obama_legacy_threatened" target="_hplink">The report</a>, issued by the Campaign for a Fair Settlement (full disclosure: this is a coalition I have helped in various ways since their founding), is probably the most harshly critical analysis yet by a coalition aligned with traditional progressive Democratic groups. The report opens with this damning list of hard to dispute facts, and then just goes on from there.
The news from the world of finance has been incredibly depressing of late, as the big Wall Street banks keep winning round after round in their battles with regulators. The flurry of deals, which in part were closed pre-Jan 1st to allow the banks to
In this morning's weekly address, President Obama highlighted indications of an improving U.S. economy, Five million jobs added, a falling unemployment rate, and his Wall Street reform legislation and gave a glimpse of what is a slowly, but very steadily, brightening financial future for middle-class Americans.
Thanks to the hard work done by Elizabeth Warren against strong opposition and overwhelming odds, and with the support of the Obama administration, consumers should soon have someone on their side when they're fighting consumer finance