If YOU Agree With This Statement, It's Time to Vote Progressive

[FayeforCure]

[JeffreyS]

I do love me some Elizabeth Warren.

[buckethead]

I do too. It's a shame about the Consumer Financial Protection Bureau dealio:

http://regansravings.blogspot.com/2010/03/federal-reserve-elizabeth-warren-and.html

The Consumer Financial Protection Agency was originally proposed as an agency to promote consumer protection in contracts with banks.  In a coup of financial proportions, the banks and Federal Reserve have turned this idea into one to maintain their power.  Elizabeth Warren's proposed Consumer Financial Protection Agency has just been placed under the authority of the Federal Reserve rather than stand as its own independent authority.  The status quo will remain while we get to finance a new bureaucracy.   

The misleading language used by the banks was one of the key elements that Elizabeth Warren wanted the Consumer Financial Protection Agency to regulate.  She wanted contracts between banks and consumers to be written in clear, understandable language.  In an article that Warren wrote in the summer of 2007 entitled "Unsafe at Any Rate," Warren described the misleading language used by banks.
How did financial products get so dangerous? Part of the problem is that disclosure has become a way to obfuscate rather than to inform. According to the Wall Street Journal, in the early 1980s, the typical credit card contract was a page long; by the early 2000s, that contract had grown to more than 30 pages of incomprehensible text. The additional terms were not designed to make life easier for the customer. Rather, they were designed in large part to add unexpectedâ€"and unreadableâ€"terms that favor the card companies. Mortgage-loan documents, payday-loan papers, car-loan terms, and other lending products are often equally incomprehensible. And this is not the subjective claim of the consumer advocacy movement. In a recent memo aimed at bank executives, the vice president of the business consulting firm Booz Allen Hamilton observed that most bank products are "too complex for the average consumer to understand."
She began her article by saying:
It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the streetâ€"and the mortgage won’t even carry a disclosure of that fact to the homeowner. Similarly, it’s impossible to change the price on a toaster once it has been purchased. But long after the papers have been signed, it is possible to triple the price of the credit used to finance the purchase of that appliance, even if the customer meets all the credit terms, in full and on time. Why are consumers safe when they purchase tangible consumer products with cash, but when they sign up for routine financial products like mortgages and credit cards they are left at the mercy of their creditors?
The Wall Street Journal quoted Warren in regards to the confusion of the legal terms in contracts with banks:
"In some ways reform is less complicated than it's portrayed," Ms. Warren said adding that Congressional leaders will use a Byzantine reform structure as cover. "If it's really complex then 'I get to be the expert.' If it's really complex 'we'll decided this behind closed doors.' If it's really complex 'yes, it appeared that everyone in power walked away with the money but that's not what happened.' And so, complexity is a way to give political cover for voting with banks instead of with families"...."We haven't really rehabilitated our banks."
The decision to place the Consumer Financial Protection Agency within the Federal Reserve is a great victory for the status quo.  Hopefully, the House of Representatives can do something to stop this.  Barney Frank, on the left, and Ron Paul, on the right, are both leery of the Federal Reserve.  It's that happy, bought off middle that is all for policies like this.   

Ron Paul has been trying to audit the Federal Reserve for years.  It seems that the House of Representatives is the only branch of government that listens to the American people at the moment. 

One last quote from Ron Paul.
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

As for the term "progressive", wasn't Hitler a progressive?

Too soon?

[urbanlibertarian]

If the progressives are going to take away the power from the government that people are hiring lobbyists to have influenced in their favor then I'll be happy to vote progressive.

[FayeforCure]

If the progressives are going to take away the power from the government that people are hiring lobbyists to have influenced in their favor then I'll be happy to vote progressive.

That's exactly what Alan Grayson is about.

He went after the war profiteers in 2008............combatting the fraud that takes place in corporate welfare.

http://www.youtube.com/v/izT-kQYkWzw?

and the Stolen Money:

http://www.youtube.com/v/6W3L--s9wGo?

He was sooooo right:

After the U.S.-led invasion of Iraq in March 2003, the George W. Bush administration flooded the conquered country with so much cash to pay for reconstruction and other projects in the first year that a new unit of measurement was born.

Pentagon officials determined that one giant C-130 Hercules cargo plane could carry $2.4 billion in shrink-wrapped bricks of $100 bills. They sent an initial full planeload of cash, followed by 20 other flights to Iraq by May 2004 in a $12-billion haul that U.S. officials believe to be the biggest international cash airlift of all time.

This month, the Pentagon and the Iraqi government are finally closing the books on the program that handled all those Benjamins. But despite years of audits and investigations, U.S. Defense officials still cannot say what happened to $6.6 billion in cash â€" enough to run the Los Angeles Unified School District or the Chicago Public Schools for a year, among many other things.

For the first time, federal auditors are suggesting that some or all of the cash may have been stolen, not just mislaid in an accounting error. Stuart Bowen, special inspector general for Iraq reconstruction, an office created by Congress, said the missing $6.6 billion may be "the largest theft of funds in national history."

Read more: http://www.latimes.com/news/nationworld/world/la-fg-missing-billions-20110613,0,4414060.story

[urbanlibertarian]

From buzzfeed.com:

http://www.buzzfeed.com/buzzfeedpolitics/elizabeth-warren-says-shes-not-in-the-1

Posted Jan 27, 2012 3:45pm EST
l
The rhetoric of class and inequality is back in force, and Massachusetts Senate candidate Elizabeth Warren -- the standard-bearer for a combative new progressivism -- made the case to MSNBC's Lawrence O’Donnell last night that members of the Senate shouldn't own stock.

“I realize there are some wealthy individuals â€" I’m not one of them, but some wealthy individuals who have a lot of stock portfolios" she told him.

Hard to see how Warren wouldn't be, by most standards, wealthy, according to the Personal Financial Disclosure form she filed to run for Senate shows that she's worth as much as $14.5 million. She earned more than $429,000 from Harvard last year alone for a total of about $700,000, and lives in a house worth $5 million.

She also has a portfolio of investments in stocks and bonds worth as as much as $8 million, according to the form, which lists value ranges for each investment. The bulk of it is in funds managed by TIAA-CREF.

[JeffreyS]

Well if the law passes and she is elected that "combative" little lady will need to divest.

[FayeforCure]

From buzzfeed.com:

http://www.buzzfeed.com/buzzfeedpolitics/elizabeth-warren-says-shes-not-in-the-1

Posted Jan 27, 2012 3:45pm EST
l
The rhetoric of class and inequality is back in force, and Massachusetts Senate candidate Elizabeth Warren -- the standard-bearer for a combative new progressivism -- made the case to MSNBC's Lawrence O’Donnell last night that members of the Senate shouldn't own stock.

“I realize there are some wealthy individuals â€" I’m not one of them, but some wealthy individuals who have a lot of stock portfolios" she told him.

Hard to see how Warren wouldn't be, by most standards, wealthy, according to the Personal Financial Disclosure form she filed to run for Senate shows that she's worth as much as $14.5 million. She earned more than $429,000 from Harvard last year alone for a total of about $700,000, and lives in a house worth $5 million.

She also has a portfolio of investments in stocks and bonds worth as as much as $8 million, according to the form, which lists value ranges for each investment. The bulk of it is in funds managed by TIAA-CREF.

How refreshing to see some members of the 1%, including Alan Grayson, speak up for the 99%!!

These are the smart people that understand that robbing the middle class from their spending power is going to be the undoing of the America that we know.

You do not have to be part of the middle class to understand it...........although having been in the middle class before becoming part of the 1% CAN give you a better appreciation!

Fun Site That Lets You Know What Governor Romney Would Have to Pay for Items in Order for Him to Understand Your Income:

http://mittbucks.com/

[bill]

From buzzfeed.com:

http://www.buzzfeed.com/buzzfeedpolitics/elizabeth-warren-says-shes-not-in-the-1

Posted Jan 27, 2012 3:45pm EST
l
The rhetoric of class and inequality is back in force, and Massachusetts Senate candidate Elizabeth Warren -- the standard-bearer for a combative new progressivism -- made the case to MSNBC's Lawrence O’Donnell last night that members of the Senate shouldn't own stock.

“I realize there are some wealthy individuals â€" I’m not one of them, but some wealthy individuals who have a lot of stock portfolios" she told him.

Hard to see how Warren wouldn't be, by most standards, wealthy, according to the Personal Financial Disclosure form she filed to run for Senate shows that she's worth as much as $14.5 million. She earned more than $429,000 from Harvard last year alone for a total of about $700,000, and lives in a house worth $5 million.

She also has a portfolio of investments in stocks and bonds worth as as much as $8 million, according to the form, which lists value ranges for each investment. The bulk of it is in funds managed by TIAA-CREF.

How refreshing to see some members of the 1%, including Alan Grayson, speak up for the 99%!!

These are the smart people that understand that robbing the middle class from their spending power is going to be the undoing of the America that we know.

You do not have to be part of the middle class to understand it...........although having been in the middle class before becoming part of the 1% CAN give you a better appreciation!

Fun Site That Lets You Know What Governor Romney Would Have to Pay for Items in Order for Him to Understand Your Income:

http://mittbucks.com/

The Dems have been "looking" out for black people since the 1960's. Thats turned out pretty well.

[FayeforCure]

From buzzfeed.com:

http://www.buzzfeed.com/buzzfeedpolitics/elizabeth-warren-says-shes-not-in-the-1

Posted Jan 27, 2012 3:45pm EST
l
The rhetoric of class and inequality is back in force, and Massachusetts Senate candidate Elizabeth Warren -- the standard-bearer for a combative new progressivism -- made the case to MSNBC's Lawrence O’Donnell last night that members of the Senate shouldn't own stock.

“I realize there are some wealthy individuals â€" I’m not one of them, but some wealthy individuals who have a lot of stock portfolios" she told him.

Hard to see how Warren wouldn't be, by most standards, wealthy, according to the Personal Financial Disclosure form she filed to run for Senate shows that she's worth as much as $14.5 million. She earned more than $429,000 from Harvard last year alone for a total of about $700,000, and lives in a house worth $5 million.

She also has a portfolio of investments in stocks and bonds worth as as much as $8 million, according to the form, which lists value ranges for each investment. The bulk of it is in funds managed by TIAA-CREF.

How refreshing to see some members of the 1%, including Alan Grayson, speak up for the 99%!!

These are the smart people that understand that robbing the middle class from their spending power is going to be the undoing of the America that we know.

You do not have to be part of the middle class to understand it...........although having been in the middle class before becoming part of the 1% CAN give you a better appreciation!

Fun Site That Lets You Know What Governor Romney Would Have to Pay for Items in Order for Him to Understand Your Income:

http://mittbucks.com/

The Dems have been "looking" out for black people since the 1960's. Thats turned out pretty well.

Ah, the race card.

Hopefully Dems have looked out for ALL the people including women, children, and different races and ethnicities, rather than alienating all but the middle-aged white men.

[bill]

From buzzfeed.com:

http://www.buzzfeed.com/buzzfeedpolitics/elizabeth-warren-says-shes-not-in-the-1

Posted Jan 27, 2012 3:45pm EST
l
The rhetoric of class and inequality is back in force, and Massachusetts Senate candidate Elizabeth Warren -- the standard-bearer for a combative new progressivism -- made the case to MSNBC's Lawrence O’Donnell last night that members of the Senate shouldn't own stock.

“I realize there are some wealthy individuals â€" I’m not one of them, but some wealthy individuals who have a lot of stock portfolios" she told him.

Hard to see how Warren wouldn't be, by most standards, wealthy, according to the Personal Financial Disclosure form she filed to run for Senate shows that she's worth as much as $14.5 million. She earned more than $429,000 from Harvard last year alone for a total of about $700,000, and lives in a house worth $5 million.

She also has a portfolio of investments in stocks and bonds worth as as much as $8 million, according to the form, which lists value ranges for each investment. The bulk of it is in funds managed by TIAA-CREF.

How refreshing to see some members of the 1%, including Alan Grayson, speak up for the 99%!!

These are the smart people that understand that robbing the middle class from their spending power is going to be the undoing of the America that we know.

You do not have to be part of the middle class to understand it...........although having been in the middle class before becoming part of the 1% CAN give you a better appreciation!

Fun Site That Lets You Know What Governor Romney Would Have to Pay for Items in Order for Him to Understand Your Income:

http://mittbucks.com/

The Dems have been "looking" out for black people since the 1960's. Thats turned out pretty well.

Ah, the race card.

Hopefully Dems have looked out for ALL the people including women, children, and different races and ethnicities, rather than alienating all but the middle-aged white men.

The point  is they have been "looking" out for those groups for the last 40 years. Government and Dems cannot fix what they broke.

I also noticed there was no mention of Union lobbyists? Convenient omission.

[JeffreyS]

I think we all know there are lobbyists of many types but no type even "Union" have the type of money to skew the system like those with corporate money I know it and you know it Bill.

[Tacachale]

^Union lobbyists make up a good chunk of all political donations, including 5 of the top 10 biggest donors. They are a huge interest.

http://www.opensecrets.org/orgs/list.php

[JeffreyS]

^ Very interesting and eye opening. 

[BridgeTroll]

^ Very interesting and eye opening. 

It certainly is!  Kind of blows up all the stereotypes and generalities usually used around here.  The top twenty donors are OVERWHELMINGLY democrat.  The biggest republican boogieman... Koch industries... comes in at a paltry 77 ranking.  Pitiful.  Even Goldman Sachs gave more to dems than repubs.  JP Morgan and Morgan Stanley each split their money nearly 50/50.

ORG                                                                            TOTAL              DEM    REP


1 ActBlue                                                                       $57,470,970      99%     0%       
2 AT&T Inc                                                                     $48,025,567      44%     55%   
3 American Fedn of State, County & Municipal Employees   $46,382,548      94%     1%       
4 National Assn of Realtors                                               $41,403,426      47%    49%   
5 Service Employees International Union                           $37,829,428      76%     2%     
6 National Education Assn                                                 $37,197,739      82%     5%     
7 Goldman Sachs                                                             $36,344,887      60%     39%   
8 American Assn for Justice                                               $35,200,054      88%    8%     
9 Intl Brotherhood of Electrical Workers                              $34,637,147      97%     2%       
10 Laborers Union                                                            $32,213,700      88%      7%     
11 American Federation of Teachers                                  $31,883,616       90%     0%       
12 Teamsters Union                                                          $31,507,378      89%      6%     
13 Carpenters & Joiners Union                                           $31,309,258       85%     10%     
14 Communications Workers of America                            $30,422,596        94%      0%       
15 Citigroup Inc                                                               $28,932,667        50%     49%   
16 American Medical Assn                                                 $27,977,161        40%     59%   
17 United Food & Commercial Workers Union                      $27,632,675        93%       0%       
18 United Auto Workers                                                    $27,540,152        98%       0%       
19 National Auto Dealers Assn                                           $27,330,958        32%       67%   
20 Machinists & Aerospace Workers Union                           $27,082,727       98%        1%