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aaaaacfpb(Photo: Mike Licht)

In a July 21 entry in her blog, Sen. Elizabeth Warren (D-Massachusetts) warns that the Congressional Republicans are trying to kill the Consumer Financial Protection Bureau (CPFB) by literally inflicting a thousand cuts in the budgetary process. Then she makes an argument for why that shouldn't be allowed to happen:

And the fight was worth it. The agency went operational four years ago today, and it has handled 650,000 complaints since it opened its doors – some with money back and some with an apology. Mortgages have gotten clearer and easier to read. Work on credit cards, student loans, checking accounts, small-dollar loans, and other products is headed in the right direction. And in that four years, the consumer agency has forced the biggest banks in this country to return more than $10 billion directly to people they cheated.

Obviously, Warren has a personal interest in the fate of the Consumer Financial Protection Bureau. Against all odds, she formulated its goals, its structure and its responsibilities. Then she had to fight to see its passage through Congress, with sometimes only tepid White House support.

Published in EditorBlog


aaaaatrumpsterBigoted draft dodger and scurrilous self-promoter who inherited his wealth.(Image: Donald Trump)

For all those bemoaning the lack of noise in the Republican presidential sweepstakes it’s time to get down on our knees and give thanks to Donald Trump because whatever that man touches turns to loud. He’s the gift that keeps on blaring. Has all the delicate innuendo of concrete curtain rods. Not just a loose cannon, more like a  loose aircraft carrier.
To say the campaign of the self-appointed captain of the S.S. Birther got off to a rocky start is like intimating that transatlantic telecommunications cables make substandard dental floss. Critics derided the guy who tried to trademark the phrase “you’re fired!” for hiring extras to pretend to be supporters at his announcement, but another way of looking at it is… he’s already creating jobs.
At the beginning of a diatribe where the word “I,” or “I’ve” or “I’m” was used 244 times and that doesn’t include “me,” or “we” or “us,” the billionaire real estate developer trotted out some bizarre illegal immigrant harangue, accusing the Mexican government of sending drug- crazed rapists across the border. Demonstrating why veteran politicians often employ scriptwriters and utilize teleprompters: so they don’t stick their foot so deep into their mouths they can tickle their spleen with their shoelaces.
And the price The Donald paid for his bout of verbal incontinence was shooting straight to the top of Republican polls. Sure, he and some of his brands were dropped by a couple of lily-livered corporations like Univision, Farouk Systems, NASCAR, Serta, the PGA, Televisa, NBC Universal & Macy’s. But not all is lost; rumors abound that both Animal Planet and SyFy are interested in producing a mini-series about his hair.
Conservative conspiracy theorists accuse Trump of being a Democratic mole whose subversive goal is to make them look like intolerant cretins. But they’re the ones who spent the last 45 years crocheting the ass hat; can’t be surprised when some idiot picks it off the shelf and waltzes around in it.
Published in EditorBlog


aaaaachiquitaIn Spanish, the image above commemorates the ongoing battle for unionism in Colombia against paramilitary and government killings. In 1928, up to 3000 banana worker activists for a union were massacred by the Columbian military. The assassinations have continued by right wing militias beyond 2008. (Photo: Antonio Tobón Restrepo)

During his time as attorney general, Eric Holder appointed attorneys from his former law firm - the top DC white-collar defense firm of Covington & Burling - to senior positions in the Department of Justice (DOJ). In fact, at the beginning of Holder's term, the top three positions in the DOJ (the head of the DOJ civil division, the head of the criminal division and, of course, the position of attorney general) were held by Covington & Burling "revolving door" lawyers.

If one wants to understand why the DOJ was so lenient with big banks, it is instructive to look back at the infamous Chiquita Banana defense, headed by Holder when he was at Covington & Burling, shortly before he was appointed attorney general.

winter 2008 article in the Guardian provides the context for Holder's defense of Chiquita's indefensible, deadly corporate conduct. 

Published in EditorBlog


 aaaaapentbudg45(Photo: Ralff Somoff)

The National Priorities Project, an organization that analyzes the US budget, projects that "in fiscal year 2015, military spending is projected to account for 54 percent ofall federal discretionary spending, a total of $598.5 billion."

That does not include funding for the National Intelligence Programs - including the Central Intelligence Agency - which will separately receive $45.6 billion dollars in congressional discretionary funding in 2015, according to the Federation of American Scientists.

In addition, no one can accurately track all the military and intelligence discretionary spending buried in other line item allocations. This is because many projects related to military spending are intentionally concealed in unlikely funding areas.

That money is disproportionately going into the bank accounts of private defense contractors.

Published in EditorBlog


aaaajebsirJeb Bush continues the family tradition of backing policies that would compel workers to labor longer hours to make the wealthy richer. (Image: DonkeyHotey)

Indicating that he is completely cocooned in a 1% bubble - or that he simply has a self-serving and reckless disregard for the facts - GOP presidential aspirant Jeb Bush recently asserted that "people need to work longer hours to create a stronger US economy.

Statistical data indicates that as wealth has increasingly been consolidated upwards to a minute percentage of the US population, worker productivity has increased, as wages have remained stagnant. The impact of this phenomenon is that the rich profit from decades of rising productivity, with workers, on average, receiving no increased compensation.

As ABC News reported in its coverage of the Jeb Bush "longer hours" statement:

A 2014 Gallup poll found that already many Americans employed full-time report working, on average, 47 hours a week, while nearly 4 in 10 say they work at least 50 hours a week.

US workers toil more hours than workers in any other large, industrialized country, according to the Organization for Economic Cooperation and Development.

A couple of days ago, The New York Times published a telling chart (which you can view by clicking here and scrolling down) entitled, "The Growing Gap Between Productivity and Pay."

Published in EditorBlog


aaaaahistorydisneyThe US cannot long endure Disneyesque fantasizers who want to return to dangerous illusions about the nation's history. (Photo: Orange County Archives)

So what politicians and pundits who champion a return to the past - as if the US experienced some golden age of democracy and fairness - are really advocating is the entrenchment of a society ruled by white property owners and corporations.

Politicians who would lead us back to an illusionary historical model for the future are eroding the promise of democracy. They are trying to govern as if the US were the Magic Kingdom - but no wand of manufactured nostalgia will actually transform the moral infrastructure of this nation.

If we are to begin that process of transformation, we must first of all acknowledge the reality of our history.

Published in EditorBlog


aaaaaglasssThe repeal of the Glass-Steagall Act unleashed the big banks to go on a gambling spree. (Photo: theglobalmovement)

The odd couple of Sen. Elizabeth Warren (D-Massachusetts) and Sen. John McCain (R-Arizona) have teamed up to reinstate the Glass-Steagall Act, a piece of legislation that would essentially split commercial banks from investment banking institutions. A July 7 article in The Hill provides some background:

Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse.

Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout.

The bill, which they first introduced in the last Congress, would separate traditional banking with checking and savings accounts from financial institutions that offer services such as investment banking, which are riskier.

The repeal of the Glass-Steagall Act in Bill Clinton's second term has become symbolic of the sharp neoliberal economic turn that made DC Republicans and Democrats fairly indistinguishable on the financial front, with both parties trumpeting laissez faire policies in relation to Wall Street. By the beginning of the new century, both parties supported the practice of unleashing Wall Street to engage in rash risk-taking, with very little accountability.

Published in EditorBlog


aaaaawallstgreed45Santa Cruz County, California, won't do business with Wall Street banks engaging in illegal practices.

Santa Cruz County, California, recently figured out a way to hold big banks who engage in illegal and destructive behavior accountable: Don't do business with them.

According to AllGov California, the Santa Cruz County Board of Supervisors,

acting on a request from Supervisor Ryan Coonerty, voted to “not do new business for a period of five years with Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland and UBS as specified, and further direct that the County unwind existing relationships with these five banks to the greatest extent feasible.”

That means the county won’t buy the banks’ commercial paper or investment services, and will withdraw whatever funds it can from them.

Coonerty, and others, are not happy with the way big banks savaged the global economy and paid a pittance for their misdeeds.

As BuzzFlash documented yesterday, the Department of Justice under Eric Holder chose to only go through the motions of appearing to punish egregiously errant "banks too big to fail" without legally mandating structural or executive changes.

Published in EditorBlog


aaaarevolvingdoorThe revolving door: The list of financial giants that Holder's Department of Justice - and his Covington & Burling bench team – have treated with kid gloves is exhausting. (Photo: Nick Amoscato)

Eric Holder just rejoined the gilded DC law firm of Covington & Burling, after a few week's of hiatus between his stint as attorney general and his new job, in which he'll cash in on the status gained through his former position.

Covington & Burling - an elite law office that specializes in white-collar defense of banks and corporations – maintained a chokehold on the Department of Justice during Holder's tenure as attorney general. Indeed, when Holder became attorney general, he appointed Covington & Burling law partners to head both the civil and criminal divisions of the Justice Department. When the head of the criminal division, Lanny Breuer, stepped down and returned in early 2013 to Covington & Burling with a salary exceeding $4 million a year, he was replaced by Mythili Raman. Raman, in turn, stepped down from overseeing the DOJ criminal division in 2014 to become a partner at, yes, Covington & Burling. 

Published in EditorBlog


aaaabnewsomeconfBree Newsome boldly seized the Confederate flag, taking direct action for freedom. (Image: Reposted with permission of the artist, Rebecca Cohen)

Subsequent to Newsome's arrest when she reached the bottom of the Confederate soldier memorial flagpole on South Carolina capitol state grounds, she released a statement to Blue Nation Review. In part, she wrote:

I realized that now is the time for true courage the morning after the Charleston Massacre shook me to the core of my being. I couldn’t sleep. I sat awake in the dead of night. All the ghosts of the past seemed to be rising....

This was real.

This was—this is—still happening....

It is important to remember that our struggle doesn’t end when the flag comes down. The Confederacy is a southern thing, but white supremacy is not. Our generation has taken up the banner to fight battles many thought were won long ago. We must fight with all vigor now so that our grandchildren aren’t still fighting these battles in another 50 years. Black Lives Matter. This is non-negotiable.

It is understandable why the July 4th ritual of filling the dark skies with glittering light, exploding sounds and whistles is so exciting to so many. However, watching fireworks is not enough to advance freedom in a nation that is madly in love with so many myths about liberty, instead of actively advancing it.

Thank you, Bree Newsome, for reminding us of that.

Published in EditorBlog
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