Posts Tagged ‘predators’

Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | Comments Off

“Break ‘em Up!”

There are many reasons why we need to break up the behemoths of finance!

The taxpayers saved their affluent asses. The Big Banks, along with their highly compensated executives, were headed over the cliff with nothing to stop their fall, and we bailed them out!

Break ’em Up!

Congress, in a panic, saw fit to give taxpayer dollars to the self-destructive creators of the financial crisis to prevent a catastrophic meltdown of the U.S. economy, without even asking us.

We’re told over and over that TARP was successful, that Congress’ decisive actions saved the economy and that we should be eternally grateful. We’re reminded that the Big Banks are again stable. They’re back to making billions of dollars—and the economy is improving.

For whom?

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Posted in Banking, Economy, Too Big to Bail | Comments Off

“Financial Regulation, A Need for Strength and Vision!”

Today I sent the following missive to every member of the Senate Banking Committee, Democrat and Republican, requesting strong, comprehensive, and visionary regulation of the financial services industry. Tomorrow it will be sent to every member of the Finance Committee. Forty-two members of Congress will have received this request that they do their job for ‘the American people.’

It is my belief, as you will see in the e-mail, that we need to return to a time of greater consumer protection, a time when the Glass Steagall Act protected hard-working Americans from the predatory capitalism that devastated this country in the 1920’s. This letter will be followed in the next few days by my new article “Corruption: With a Lot of Help from Their Friends.”

Please read the following letter, join The Cutting Edge blog and join the conversation with your comments.

Senator Dodd,

The need for financial regulation is obvious and your effort to pass financial regulation is approaching its nexus.

Is there any ‘real’ desire on the part of Congress to regulate financial predators or to help consumers, the victims of callous and avaricious bankers? Read the rest of this entry »

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Posted in Banking, Economy | Comments Off

“Less Is More!”

This country needs to heal. But it does not need another layer of bureaucracy. We do not need a Consumer Finance Protection Agency.

Yes, the consumer does need protection from predatory capitalism; from the banks and the financial services community. But adding another complicated layer of protection is not what this country needs.

We have regulators in place, at one time strong regulators. But over the last 10 years the power of those regulators has been systematically stripped from those agencies by an unwitting Congress and an uncaring administration.

The past administration, either out of incompetence, stupidity, or through a diabolical plan, placed impotent individuals in charge of regulatory agencies charged with protecting the consumer—American taxpayers. Not only did we get little for our money, but got screwed in the process.

At a time when deficits are skyrocketing, leaving untenable debt for our children and grandchildren, this administration wants to add more government employees to the already too large bureaucracy.

But, the problem lies with Congress.

How does Congress legislate industry’s that they rely upon to get reelected? How do Congressmen and women protect their constituents from predatory corporations that are counting on considerations for their largess; huge campaign donations? Read the rest of this entry »

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Posted in Economy, Op-Eds on the Economy, Politics | Comments Off

Paper or Plastic! A Call to Action

Paper or Plastic? A common cry heard everyday at supermarkets, part of an effort at greening America.

In this economic morass in which we find ourselves the cry, Paper or Plastic, takes on a new meaning. It again refers to the greening of America, but it is equally, if not more important, for our survival.

The abuse of plastic—credit and credit cards—has placed the U.S. and its citizens in potential grave financial straits.

Over-leveraged and over-wrought, many people find themselves in untenable, unrecoverable debt. Upside down in their homes, over burdened with credit card loans, and years of car payments, many Americans are feeling stressed over huge debts. But, when will they get relief?

Relief will not come from the banks. Despite being responsible for the financial meltdown that we are experiencing, the banks continue to point the finger at irresponsible consumers while hoarding the dollars that they do have. In many cases the consumers are responsible. But the banks share a greater responsibility for the current economic problems.

Stop using Plastic!

Plastic issued by the banks is killing this country in more ways than one. The use of credit cards has our economy on a precipice and the continued use of plastic threatens to pull us over the edge. Read the rest of this entry »

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Posted in Call to Action, Economy | Comments Off

“Golden Fleeced!”

Goldman Sachs reported better than expected earnings on Tuesday morning, indicating that they had a stellar quarter; earning nearly 3.5 billion dollars.

It is the best quarter they have recorded in their 140 year history.

Sounds great on one level, but on another level, the American people have been fleeced by Goldman with the help of the government.

Analysts predicted just a day before that Goldman would report lofty profits around $2 billion. So how did Goldman report a profit 70% higher than analysts predicted just one day earlier?

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Posted in Banking, Call to Action, Economy, Too Big to Bail | 1 Comment »