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WOM Editor

Martin Berg posts

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Consumer advocate Harvey Rosenfield writes weekly: subscribe http://www.wheresourmoney.org/archive/?page_id=47shapeimage_9_link_0
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Declaring Independence on Financial Reform March 1 Read Reuters’ economic blogger Felix Salmon’s intriguing takeaway from the weekend’s depressing news that Repubs have rejected even Chris Dodd’s watered-down, weakened version of the financial consumer protection agency. Salmon’s prescription: the Dems should accept whatever the key Republican senators, Richard Shelby and Bob Corker, want. It won’t be that much worse than Dodd’s current “toothless” proposal is now. 
Then, consumer advocate Elizabeth Warren should team up with a non-governmental organization like the Center for Responsible Lending and perform the function of a real independent consumer financial protection agency, warning people about particularly bad loans or institutions that are rip-offs, and commending good ones. 
Are the Republicans really thwarting the Democrats? Or do Democrats not get anything done by design? Salon’s Glenn Greenwald tells you how and why the Democrats have perfected ineffectiveness and timidity into a high art. Read it and weep.
Meanwhile there's life in old dinosaur print media yet. NYT columnist Gertchen Morgenstern.... read more http://blogs.reuters.com/felix-salmon/2010/02/28/the-death-of-the-cfpa/http://blogs.reuters.com/felix-salmon/2010/02/28/the-death-of-the-cfpa/http://www.salon.com/news/opinion/glenn_greenwald/2010/02/23/democrats/index.htmlhttp://www.salon.com/news/opinion/glenn_greenwald/2010/02/23/democrats/index.htmlshapeimage_12_link_0shapeimage_12_link_1shapeimage_12_link_2shapeimage_12_link_3
Back to Future of Reform With Sen. Dodd March 2 Dodd moves to scale back Consumer Financial Protection Agency plan In an attempt to lure the Republican votes needed to get a sweeping overhaul through the Senate, the Banking Committee chief is circulating a plan for a less powerful Bureau of Financial Protection. -- Los Angeles Times, March 2, 2010 odd Proposes Dial 1-900-4Protection Line In a leisurely attempt to lure the Republican and Democrat votes needed to get itsy-bitsy, not too scary reform bill through Senate, the Banking Committee chief is circulating a plan to set up a 900 number to be answered on weekends by volunteers from credit card customer service departments. Costs of the program will be defrayed by charge of 99 cents per call. -- Los Angeles Times, May 20, 2010 Dodd Proposes Facebook Financial Protection Page In further attempt to lure the Republican and Democrat votes needed to get any kind of friggin’ bill through Senate, the soon to retire to the financial industry Banking Committee chief is circulating a plan to create a Facebook page where consumers can share financial protection ideas with each other. -- Los Angeles Times, June 15, 2010 Dodd Proposes Wall Street Protect Consumers Fuhghettaboutit. -- Los Angeles Times, July 4, 2010http://www.latimes.com/business/la-fi-financial-reform2-2010mar02,0,5759279.storyshapeimage_16_link_0
Innovation Just Isn't What It Used To Be March 3 When Wall Street wants to get out the big intellectual artillery in the argument against strong financial reform, they haul out innovation. Regulation will strangle innovation, and we can’t have that, the financial titans contend. Innovation is the strength of America, without it we will lose our competitiveness, yadda yadda yadda. But over the past several decades financial innovation has focused too much on mathematical models and not enough on a vision of improving the country and people’s lives. http://dealbook.blogs.nytimes.com/2009/09/09/blankfein-on-bonuses-and-regulation/shapeimage_17_link_0
How Wall Street and Washington Betrayed America from Essential Information / CEFhttp://www.wallstreetwatch.org/http://www.wallstreetwatch.org/http://www.wallstreetwatch.org/http://www.wallstreetwatch.org/shapeimage_18_link_0shapeimage_18_link_1shapeimage_18_link_2shapeimage_18_link_3

Baseline Scenario


Dean Baker’s "Beat the Press"


The Big Picture


Credit Slips




Pro Publica's "Eye on the Bailout"


Trutthdig


New Deal 2.0

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“Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car.” Neil Barofsky, inspector general for TARP program "The Card Game" Frontline/ NYT investigate the massive consumer loan industry – the history, the new rules, and what's ahead for banks and consumers. http://www.pbs.org/wgbh/pages/frontline/creditcards/http://www.pbs.org/wgbh/pages/frontline/creditcards/http://www.pbs.org/wgbh/pages/frontline/creditcards/shapeimage_22_link_0shapeimage_22_link_1shapeimage_22_link_2
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© Consumer Education Foundation 2009

 

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