Yesterday, the Democratic establishment got a huge shock when the state of Massachusetts voted Republican Scott Brown into office for the U.S. Senate. Massachusetts is a staunchly Democratic state and Brown was elected to take Edward Kennedy’s seat. Kennedy was a big supporter of Government health care, which Brown and most voters are not. Brown’s election victory [...]
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The Federal Reserve announced Thursday new banking rules, which require consumers to opt-in before overdraft protection fees are allowed on their ATM and debit cards. This is a huge win for consumers who are being soaked for close to $40 billion dollars in overdraft fees in 2009 alone. These new rules will take effect on July 1, [...] As American consumers, 70% of the economy is based upon our spending. This makes us very powerful in some ways. It also makes us a target for aggressive sales tactics and deceptive marketing claims. You may think companies would appreciate the consumer’s contribution to their bottom-line, but the opposite is often true. Many companies now look upon consumers as easy marks. And, fleecing [...] Risky derivatives and leveraged securities were the primary cause of the Global Financial Crisis of 2008. It’s no coincidence this happened after Congress repealed provisions from the Glass-Steagall Act, which was created during the Great Depression to protect depositors. Without this protective legislation, banks were free to create and sell these types of securities, which later became known as ”Toxic Assets”. The [...] There is a lot of rhetoric and arm-twisting regarding the Obama health care plan. President Obama is scheduled to appear on television tonight to rally support for his plan. Although there are claims of partisan bickering, it is the “Blue Dog” Democrats who are holding up this plan. They, like most Americans, want to see real [...] |
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