How the credit card industry stole $80 from me

I run an online business that accepts payments via Paypal. It’s a subscription model, so people are billed every month. One of my customers got caught up in one of the giant hacks at Target or Home Deport, or whatever. In response to her card getting stolen, the bank challenged every single charge on her

Moyers: Six Banks Control 60% of Gross National Product – Is the U.S. at the Mercy of an Unstoppable Oligarchy?

So even if the Tea Party folks saw the light, what can ordinary Americans do?

That’s the question I want to put to my guests, Simon Johnson and James Kwak. They have written this new book, 13 Bankers: The Wall St. Takeover and the Next Financial Meltdown. It’s a must read – already a best seller — and it couldn’t have come at a better time. This book could change the debate over financial reform by tipping it in favor of the public.

Paul Krugman: Financial Reform 101

Regulating the health insurance was a big effing deal, but reigning in the the banks is arguably far more critical to US economic stability. As usual, Economist Paul Krugman is your guide to all things economic, and today he broke down financial reform in simple and easy to understand terms. There are three groups of

Obama’s biggest mistake

President Obama continues to make the same mistake over and over again. From bankers, to members of Congress and even the American people, Obama keeps hoping everyone will just get along and find common ground.

JPMorgan and Goldman Sachs make big profits with no competition

Most people, including myself, have no idea what financial institutions do. Whatever it is they do do, it sounds like a sweet gig, especially now that any competition that may have existed before the crash of 2008, is now gone. Goldman Sachs and JPMorgan Chase are running wild with taxpayer money, no regulation and no competition.

Obama and G-20 members pat themselves on the back for preventing another Great Depression

The Hill reported today that President Obama and the other G-20 members said that the bank bailouts successfully averted another Great Depression; all that’s left is just a bit of regulatory tweaking and we’ll be right as rain. I’m sure they’re right – all government needed to do to fix the economic crisis was to throw billions and billions of dollars at the banks who screwed everything up in the first place.

TARP Inspector says banks “Far more dangerous”

Top inspector of the Troubled Asset Relief Program says that the economy is “far more dangerous” now than before the economic collapse and subsequent bailout. So a year after last year’s run-on-the-Treasury by too-big-too-fail banks, the Troubled Asset Relief Program has done a lot to help banks get bigger and nothing to help protect the economy or taxpayers said TARP Inspector Neil Barofsky.

Obama says Wall Street “choosing to ignore” lessons learned

What? Wall Street is choosing to do what it does best, makes piles of cash anyone they can? And now Obama is bemoaning them for “choosing to ignore” lessons they should have learned when bank after bank failed and was then bailed out by the taxpayers. Why do they even have the option of choosing to ignore those lessons? And weren’t the lessons learned supposed be brought to bear on the regulatory agencies Obama now controls? Or we could just sit back and hope the Wall Street thugs do the right thing.

Bank Losses Drain Deposit Fund, F.D.I.C. Reports

Even as financial stocks have rallied nearly 60 percent since the end of March, the Federal Deposit Insurance Corporation issued another grim report card Thursday on the health of the nation’s banks.

The agency reported that the banking industry lost $3.7 billion in the second quarter amid a surge in bad loans made to home builders, commercial real estate developers, and small and midsize businesses.