"Words that make actions speak louder."
Today is the first election in American history in which corporations have been allowed to spend their own money to buy political favors. This legalized corruption comes courtesy of the Supreme Court’s ruling in Citizens United v. Federal Election Commission, which injected massive amounts of corporate cash and unprecedented levels of secrecy into American politics. […]
Tom Perriello always knew it would be hard to hold his seat in Congress. The progressive Democrat from Albemarle County, Va. represents a district designed to nullify liberal votes with a wide swath of conservative countryside. He was elected in 2008, riding President Obama’s coattails to victory by just 727 votes. He does not represent […]
Corporate cash does funny things to people. Sen. Jim DeMint (R-SC) got into office by pledging to fight “special interests,” but just a decade or so later, he’s running one of the biggest special interest shows in Washington. It’s easy to see the appeal. As the fancy funding backing the Tea Party demonstrates, big money […]
The New York Times should be embarrassed. This morning, the paper of record published an outrageous hit-piece on Raj Date, one of the most effective consumer advocates in the nation. The article completely misconstrues Date’s work on financial reform, ignores his years of work pushing for stronger consumer protection, and falsely portrays Date as some […]
It’s been pretty well-documented that the ultimate fate of Wall Street reform will depend on a series of highly technical proceedings at federal regulatory agencies. If regulators adopt tough new rules, the financial overhaul could succeed well beyond the expectations of optimistic reformers. But there is a very real danger that banks will be able […]
The Tea Party likes to wrap itself in “grassroots” contempt for wealthy elites, but the 12 leading Tea Party Senate candidates have accepted over $4.6 million in campaign contributions from Wall Street for the upcoming election. Despite all the Tea Party rhetoric against big, bad bailouts, the leading candidates have had no problem accepting millions […]
There’s been plenty of recent media attention to the prospect of investor lawsuits over fraudulent mortgages and mortgage securities. But investor lawsuits against mortgage servicers could be even more damaging than these other lines of legal inquiry. The four largest banks hold nearly half a trillion dollars worth of second-lien mortgages on their books—loans that […]
Foreclosure fraud is ruffling a lot of feathers on Wall Street, and while the full scope of losses remains unclear, even major banks are now acknowledging that this is a multi-billion-dollar disaster, not just a set of minor paperwork headaches. So how bad will it get for Wall Street? There are several disaster scenarios in […]
The so-called “centrists” at Third Way Foundation have come out against a national foreclosure moratorium, but like many of Third Way’s policies, there’s nothing centrist about their opposition. Third Way is simply throwing American homeowners under the bus in the service of Wall Street profits. That sellout isn’t surprising when you examine the membership of […]
The bank lobby is spreading a host of silly myths about the foreclosure fraud outbreak in an effort to downplay the scandal and minimize concerns over potential bank losses that have emerged in the blogosphere. Housing Wire’s Paul Jackson spouts most of them in his post today. Jackson does acknowledge a host of major problems […]