Elizabeth Warren

Lying Karl Rove's lying about Elizabeth Warren and TARP

  • Posted on: 9 December 2011
  • By: luaptifer

Simon Johnson provides his separate assessment of the lies and distortions used in attacking MA Senate candidate, Elizabeth Warren, at BaseLineScenario:

Karl Rove’s Crossroads GPS has another ad out attacking Elizabeth Warren. This is beyond ludicrous – the ad attempts to blame Ms. Warren for the Troubled Asset Relief Program (TARP) and for bank bailouts. The principle here seems to be that when the truth cannot be slanted in a way you want, just ignore the facts and go all out for disinformation.

I count at least five misrepresentations in the ad, and I suggest the following corrections (here):...

In case it's not so obvious, Karl Rove and American Crossroads / GPS are in full-blown service to launder the electoral interests of the richest 1% who don't have the numbers but have the money that designed the Citizens United decision exactly in order to be able to buy corporate speech, instead. 

Senator Bernie Sanders, just yesterday, offered a Constitutional amendment in what I consider to be the last-ditch effort to reverse the Citizens United-induced spiral into a straight-up representative fascism.

Until that Amendment is passed, I guess, American Crossroads Watch will continue to respond to, for further example, what is likely to be a ramping of attacks on the efforts of candidates or officials like Virginia Governor Tim Kaine.

But it takes more than documenting the expose, and your help is needed to get the word out.  Please help spread it to your friends and families.

Open Thread - Landmark Ruling Last Week that YOU may not have heard about and then some...

  • Posted on: 18 August 2010
  • By: Connecticut Man1

Zach Carter takes note of recent ruling in a case that shows pretty clearly how the banks, not just Wells Fargo BUT all banks, purposely rigged their overdraft system against you:

Wells Fargo Overdraft Scam Makes Elizabeth Warren More Important Than Ever

A landmark court ruling on Wells Fargo's outrageous overdraft scam has the potential to return hundreds of millions of dollars in stolen funds to consumers all over the country. But like many of the banking scandals from the past decade, there's more to the story than simple bank predation. When banks devised this new program to swindle their own customers, bank regulators did not merely look the other way, they actively encouraged the behavior by writing a new rule approving a practice that courts now believe to be unfair and deceptive. The Wells Fargo case should be viewed as a clear example of why Elizabeth Warren ought to head the new Consumer Financial Protection Bureau.

The overdraft scam that Judge William Alsup slapped down yesterday is not unique to Wells Fargo-- every big bank in the country has been doing it for years, and if it's never happened to you, it's probably happened to your friends or family. Banks make a lot of money from overdraft fees-- $38 billion last year, compared to a combined industry profit of just $12.5 billion. They don't make that money by accident. Internal company emails and memos from the Wells Fargo case show bankers spending a lot of time figuring out how to maximize the number of overdraft charges they can hit their checking customers with.

One way is by changing the order in which your transactions are processed. Most people think that their checks and debit card purchases are processed in the order that they make them. But that's not how banks actually do it. Instead, they wait for you to make several purchases, and then process the most expensive purchases first. This method pushes a customer's balance to zero faster than the honest way that actually reflects buying habits. And the sooner your balance goes to zero, the more overdraft fees the bank can hit you with.

It is institutional fraud, across the board and directed at the average consumer, that had elevated the issue of the new consumer protection agency to a grassroots level to begin with.

And it is not just the bank customers that are institutionally screwed over by the financial system. Again from Mr. Carter, even the small players on Wall Street are habitutally hammered to the benefit of the American elite that continues to escape punishment for their crimes:

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War on An Economy in Crisis

  • Posted on: 27 July 2010
  • By: Connecticut Man1

With billions having been tossed into Iraq without any accountability at all, is it surprising in any way that the GOP's complete financial incompetence has left the nation in tatters?

Yesterday, the Special Inspector General for Iraq Reconstruction (SIGIR) released its findings on how the money was spent from a special Iraq reconstruction fund set up by the Department of Defense (DOD) between 2003-2007. The account used Iraqi oil money to fund the reconstruction of Iraq. SIGIR concluded that 96 percent of the $9.1 billion the reconstruction program cannot be accounted for by the DOD:

A US federal watchdog has criticised the US military for failing to account properly for billions of dollars it received to help rebuild Iraq. The Special Inspector General for Iraq Reconstruction says the US Department of Defence is unable to account properly for 96% of the money. Out of just over $9bn (£5.8bn), $8.7bn is unaccounted for, the inspector says. [...]

The funds in question were administered by the US Department of Defence between 2004 and 2007, and were earmarked for reconstruction projects. But, the report says, a lack of proper accounting makes it impossible to say exactly what happened to most of the money.

Now we need to look at what we can do to fix some of this, right? First, let us define some of the problems:

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A bit on the new consumer protection agency +++ FinReg with Thom Hartmann and Matt Taibi

  • Posted on: 23 July 2010
  • By: Connecticut Man1

Over at My Left Nutmeg the Working Families Party is gunning to get Senator Chris Dodd to do the right thing and push for a vote on Elizabeth Warren for the new consumer protection agency (CPA):


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False Sense of Security From Masters of Econ Disasters And The Markets Empty Threats

  • Posted on: 24 June 2010
  • By: Connecticut Man1

It is becoming pretty darn clear that the fools that created the economic disaster think they can push us through it on their wishful thinking. Idiots like Geithner are painting rosy pictures of what they are doing - with Obama noddingly approving of it - and hoping you, the average American and the ones that are still being crushed economically, won't notice. Yves there:

Geithner Yet Again Misrepresents TARP “Performance”

Meanwhile and according to Paul Krugman,

Against The Super-Asinine, The Gods Themselves Contend in Vain


Brad DeLong wonders how the proponents of tight budgets and tight money are prevailing in the midst of mass unemployment, low interest rates, and incipient deflation.

It’s actually not all that surprising. Horrifying, but not surprising.

The case for expansionary policies in the face of a slump is intellectually difficult; Keynes described the writing of the General Theory as a painful process of discovery, and so it is. The natural instinct of almost everyone is to think that tough times require tough measures, and that if the economy is suffering, the government should tighten its own belt. It would take a clear consensus from economists to overcome that natural bias.

And that consensus has, of course, been lacking — largely because a significant proportion of the economics profession has spent the last three decades systematically destroying the hard-won knowledge of macroeconomics. It’s truly a new Dark Age, in which famous professors are reinventing errors refuted 70 years ago, and calling them insights.

While we bear in mind that there may be real solutions that will stop this disaster from happening again, and the need to really address the results of it honestly, there are the underlying rules of a market whose obscene motto for years was:

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Elizabeth Warren pursues Oversight, through TARP Maze

  • Posted on: 13 April 2009
  • By: jamess

originally posted 2009-04-12 21:29:02 -0500, bumped by carol

Elizabeth Warren was appointed chair of a newly created Congressional Oversight Panel (COP), which is charged with keeping tabs on the $700 billion bailout of the financial sector - including Troubled Assets Relief Program (TARP).

Warren however, has had some "Trouble" getting straight forward answers ... as she explained to the Boston Globe:

Keeping tabs on the bailout

By Elizabeth Warren -- April 12, 2009

    Elizabeth Warren: There's a major problem and a minor problem. The minor problem is documentation. I've spent four weeks now looking for someone who can give me the details of the stress test so that we can do an independent evaluation of whether the stress test is any good.

    We get: "someone will call [you] right back." Only the call doesn't come. The major problem is ...