Banks

Wall Street’s Savage Reckoning: Clouds Gather Over G-20 Summit

March 4, 2016 Mike Whitney, www.counterpunch.org Educate! Banks, G20, Wall Street

By Mike Whitney for Counter Punch - Finance ministers and central bankers from the world’s biggest economies met in Shanghai, China over the weekend to discuss many of the problems for which they alone are responsible. Leading the list of issues, was the steady deceleration in global growth which, to great extent, is the result of experimental monetary policies central banks implemented following the recession in 2009. Surprisingly, the group admitted that their “easing strategies” had failed to produce the durable recovery that they sought, but at the same time, they made virtually no effort to correct their mistake by making the changes necessary...

The New Global Financial Cold War

March 2, 2016 Michael Hudson, www.counterpunch.org Educate! Banking and Finance, Banks, IMF, World Bank

By Michael Hudson for Counter Punch - Suppose a country owes money to another nation’s government or official agency. How can creditors collect, unless there’s an international court and an enforcement system? The IMF and the World Bank were part of that enforcement system and now they’re saying: ‘We’re not going to be part of that anymore. We’re only working for the U.S. State Department and Pentagon. If the Pentagon tells the IMF it’s okay that a country doesn’t have to pay Russia or China, then now they don’t have to pay, as far as the IMF is concerned.’

Money Revolution: Making Banks Public And Locally Accountable

February 26, 2016 Ellen Brown, www.ellenbrown.com Create! Banks, Regulation

By Ellen Brown for Web of Debt - The world is undergoing a populist revival. From the revolt against austerity led by the Syriza Party in Greece and the Podemos Party in Spain, to Jeremy Corbyn’s surprise victory as Labour leader in the UK, to Donald Trump’s ascendancy in the Republican polls, to Bernie Sanders’ surprisingly strong challenge to Hillary Clinton – contenders with their fingers on the popular pulse are surging ahead of their establishment rivals. Today’s populist revolt mimics an earlier one that reached its peak in the US in the 1890s.

Minneapolis Fed Chair Urges: Break Up The Big Banks

February 17, 2016 Myles Udland, www.businessinsider.com Create! Banks, Federal Reserve, Minneapolis

By Myles Udland for Business Insider - Neel Kashkari, the newly appointed president of the Minneapolis Federal Reserve, has come out swinging in his first speech as a Fed official. In a speech delivered at the Brookings Institution on Tuesday, Kashkari called for breaking up the biggest banks in the US. "I believe we need to complete the important work that my colleagues are doing so that, at a minimum, we are as prepared as we can be to deal with an individual large bank failure," Kashkari said.

Bank Executives Must Be Prosecuted

February 11, 2016 Subir, www.dailykos.com Create! Banks, Corruption, Justice

By Subir for Daily Kos - Well, you can’t say Bernie’s candidacy has had no impact. Phil Angelides was state treasurer of California for a number of years*, and in 2006 he ran for governor against Arnold Schwarznegger. In 2009, he was named chairman of the Financial Crisis Inquiry Commission. The commission produced a report outlining the causes of the crisis. It has sometimes been compared to the Pecora Commission.

Newsletter: Defeating The Oligarchs

January 30, 2016 Kevin Zeese and Margaret Flowers, www.popularresistance.org Newsletter Banks, Black Lives Matter (BLM), Ferguson, Finance and the Economy, Flint, health, Mining, oligarchy, Plutocracy, Solitary Confinement, TPP, Uranium, Water

By Kevin Zeese and Margaret Flowers. People in the US are taught that the way to create change is through voting. But in reality, voting in the US is very limited and ineffective. In an article, “Don’t Count on Elections: Organize or Die” the authors examine the myriad of ways that elections fail to create change; how they are designed to place a middleman, your representative, between you and the change you want and how elections tend to reinforce the status quo rather than change it. They point to South Carolina where there have been numerous attempts to rid the state of the Confederate Flag, but it was not until an activist climbed up a flag pole and took it down, that the government finally acted. Direct action, at the right moment, was more powerful than elections.

Announcing Bank Whistleblowers’ Group’s Initial Proposals

January 30, 2016 William K. Black, www.neweconomicperspectives.org Resist! Banking and Finance, Banks, Whistleblowers

By William K. Black for New Economic Perspectives - I am writing to announce the formation of a new group and a policy initiative that we hope many of our readers will support and help publicize. Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston are the founding members of the Bank Whistleblowers’ Group. We are all from the general field of finance and we are all whistleblowers who are unemployable in finance and financial regulation because we spoke truth to power and committed the one unforgivable sin of being repeatedly proved correct.

Wall Street Won First Round, We Might Win Next

January 30, 2016 Walden Bello, www.occupy.com Strategize! Banking and Finance, Banks, Wall Street

By Walden Bello for Occupy - When the ground from under Wall Street opened up in autumn 2008, there was much talk of letting the banks get their just desserts, jailing the “banksters,” and imposing draconian regulation. The newly elected Barack Obama came to power promising banking reform, warning Wall Street, “My administration is the only thing that stands between you and the pitchforks.” Yet nearly eight years after the outbreak of the global financial crisis, it is evident that those who were responsible for bringing it about have managed to go completely scot-free.

Iceland Sentences 26 Corrupt Bankers To 74 Years In Prison

January 16, 2016 Grouch E. Geezr, www.americannewsx.com Educate! Accountability, Banks, Finance and the Economy, Iceland

By Grouch E Geezr for AmericanNewsX.com. Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement. When most people think of Iceland, they envision fire and ice. Major volcanoes and vast ice fields are abundant due to its position on the northern part of the Mid-Atlantic Ridge. (A hot July day in Reykjavik is around 55 degrees.) However, Iceland is also noted for being one of the Nordic Socialist countries, complete with universal health care, free education and a lot other Tea Potty nightmares.

Newsletter: After The Crash…

January 9, 2016 Kevin Zeese and Margaret Flowers, www.PopularResistance.org Newsletter #BlackLivesMatter, Banks, Black Lives Matter (BLM), Capitalism, carbon free nuclear free, Climate Change, Community Banks, Credit Unions, Debt, Debt-Free Money, Democracy, Economic Democracy, Education, Eric Holder, Federal Reserve, Finance and the Economy, Foreclosures, Guaranteed basic income, Income, Income inequality, Infrastructure, Living Wage, Medicare, Medicare for all, Minimum Wage, Occupy Movement, Plutocracy, Poverty, Public Banking, Student Debt, TPP, Tuition, Unemployment

By Kevin Zeese and Margaret Flowers for Popular Resistance. The economic agenda described here would create a radical transformation of the economy from a top-down system designed for the wealthiest, to a botton-up system that creates a foundation for an economy that benefits all. Putting in place this economy would move us from a plutocratic economy to a democratized economy where people have economic control over their lives. It is a radical shift – how can it happen? There is only one path – the people must be educated, organized and mobilized to demand it. We need to change the political culture to one where the necessities of the people and protection of the planet are the priorities of the economy. If predictions are correct, the next economic collapse will deeper and more damaging than the 2008 collapse. It will be a tremendous opportunity to demand radical economic change. It is one the movement for economic, racial and environmental justice should be preparing for now.

Jury Awards $5 Million For Home Foreclosure, Gov’t Let Banks Off Easy

January 7, 2016 David Dayen, www.theintercept.com Educate! Banks, Finance and the Economy, Foreclosure, Housing

By David Dayen for The Intercept - A Texas jury’s recent decision to award over $5 million in damages and fees for the fraudulent foreclosure of a single home suggests that the big banks could have been on the hook for as much as $32 trillion — before the Justice Department and state attorneys general settled for $25 billion, or less than one-tenth of a penny on the dollar. In the trial in Harris County district court, the jury awarded Houston foreclosure victim. Mary Ellen and David Wolf $5.38 million on November 6, on the grounds that Wells Fargo Bank and Carrington Mortgage Services knowingly submitted false documents to kick them out of their home.

A Message Of Hope For The New Year

January 6, 2016 Jack Balkwill, www.dissidentvoice.org Strategize! #BlackLiveMatter, Antarctica, Banks, Bolivia, BXE, Capitalism, China, Climate Change, Cooperatives, Democracy, Ecuador, Elections, Empire, Energy, Environment, Finance and the Economy, Greece, Kurds, Marijuana, Media, militarism, Occupy, Portugal, Russia, sHellNo!, Spain, TPP, Ukraine, Venezuela, Wall Street, Zapatistas

By Jack Balkwill for Dissident Voice. There have been many victories and we need to celebrate them. Among the victories was stopping the northern portion of the KXL pipeline, various new laws in 24 states to prevent police violence and an increase inprosecutions of police who commit violence, and the increase in wages across the country and winning the critically important battle for net neutrality. These were people-powered victories that showed when we act together we have the power to defeat corporate interests. Another ongoing series of victories is seeing local people, who have not been involved in activism, working along with experienced, often young, energy activists, taking on big energy companies in an aggressive way. This is a victory.

Banks Don’t Always Win Anymore, Are On The Defensive

January 3, 2016 Zach Carter, www.huffingtonpost.com Educate! Banks, Finance and the Economy, Government, Wall Street

By Zach Carter for Huffington Post. Washington, DC - Banks started the year with a long Washington wish list. They wanted to tie up the Consumer Financial Protection Bureau with reams of red tape. They wanted to charge high hidden fees on auto loans -- a practice that disproportionately hits the pocketbooks of people of color. They wanted to poke a big hole in the Volcker Rule, which bans banks from placing speculative securities bets with taxpayer-backed money. They wanted to let banks with assets measured in 12 figures operate with thinner capital cushions and larger amounts of risky borrowed money. They wanted to kill a new rule that would require financial advisers to act in the best interests of their clients (amazingly, this is not already the law). The banks lost every one of these fights.

Central Banks Out Of Control

January 2, 2016 Jack Rasmus, www.telesurtv.net Educate! Banks

By Jack Rasmus for Tele Sur - U.S. Central Bank raises rates as well as currency wars. On Dec. 16, 2015, the U.S. central bank, the Federal Reserve raised short term interest rates. The move ended more than seven years during which the Fed kept rates at a near zero 0.25 percent or less. The move raises critical questions about the global economy for 2016, already slowing significantly since 2014. Further global slowdown is now almost certain in 2016 – with global oil prices now in the mid-US$35 range and projected to go lower, with commodity prices globally still deflating, with Europe’s economy continuing barely growing and Japan’s in yet another recession...

Switzerland Follows Iceland In Declaring War Against The Banksters

January 2, 2016 Isaac Davis, www.wakingtimes.com Resist! Banks, Switzerland

By Isaac Davis for Waking Times - Iceland has gained the admiration of populists in recent years by doing that which no other nation in the world seems to be willing or capable of doing: prosecuting criminal bankers for engineering financial collapse for profit. Their effective revolt against the banking class, who drove the tiny nation into economic crisis in 2008, is the brightest example yet that the world does not have to be indebted in perpetuity to an austere and criminal wealthy elite. In 2015, 26 Icelandic bankers were sentenced to prison and the government ordered a bank sale to benefit the citizenry. Inspired by Iceland’s progress, activists in Switzerland are now making an important stand against the banking cartels and have successfully petitioned to bring an initiative to public referendum that would attack the private banks where it matters most...

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