Daily Archives: 06/02/2010

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Move Your Money


Break up the Big Banks. Pledge to Move Your Money now!The big banks on Wall Street — JP Morgan/Chase, Citibank, Bank of America, Wells Fargo, Goldman Sachs and Morgan Stanley — have had an incredible year, getting huge taxpayer bail-outs, making record profits and paying out multi-million dollar bonuses to their CEOs while many of them are still participating in all the highly leveraged activities that caused our housing and credit crisis in the first place.

I’d like to say the good news is that Congress is poised to pass major financial reforms later this month, so the President can sign the bill before the 4th of July. The problem is the bill they’re planning to pass isn’t good enough. Don’t take it from me. Here’s what the New York Times said about it last week:

The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.

Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact.

In other words, too big to fail banks will still be too big to fail. It’s time to take matters into our own hands. So today we’re joining the Move Your Money campaign started by the good people at The Huffington Post. Declare your independence from big banks and pledge to Move Your Money to a local community bank or credit union today.

PLEDGE TO MOVE YOUR MONEY TO A COMMUNITY BANK OR CREDIT UNION RIGHT NOW

Community banks and credit unions don’t act like the big banks. Typically, they’re more responsible in how they manage their money, they’re more closely connected to the people and businesses who live near them, and they’re more inclined to make loans they know will get paid back. And your local credit union isn’t going to ask Congress for a multi-billion dollar bail-out either. These are the qualities most people want banks to have.

The idea is simple.

To regular Americans this issue isn’t Left or Right — it just makes sense. If enough people move their money from a big bank to a smaller, more local, more traditional community bank, we can break up the big banks ourselves. By working together, we won’t have to wait for Congress make change happen.

TAKE THE PLEDGE AND FIND A CREDIT UNION OR COMMUNITY BANK NEAR YOU

We can send a message to Congress, the President and every candidate running for office that we don’t trust big banks with our money. But it’s up to us to do it.

Let’s get started right now. Thank you for everything you do.

-Charles

Charles Chamberlain, Political Director
Democracy for America

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ThinkProgress.org


UNDER THE RADAR

HEALTH CARE — POLL FINDS INCREASING NUMBER OF AMERICANS OPPOSING REPEAL OF HEALTH CARE LAW: Just days after Republicans released their third “bill” to repeal the health care law, a new 60 Minutes/Vanity Fair poll found that “given the option to name the sections of the healthcare law they would most like to see the GOP repeal, 42 percent [of Americans] said they would leave the bill alone and repeal no parts.” Polling for the new health care law doesn’t show the kind of “bump” Democrats had expected, but the numbers are slowly improving. For instance, according to a May 2010 Wall Street Journal/NBC poll, 55 percent of Americans said health reform should have a chance to work, versus 42 percent who said repeal and start over. Just 17 percent thought the health reform bill “would make things better, 36 percent said health care would get worse and 37 percent said it would stay the same.” “In April 2009, those numbers were 22 percent, 24 percent and 29 percent respectively.” Just as Americans are turning against repeal, business groups are showing reluctance to support the conservative agenda. Last month, the National Federation of Independent Businesses (NFIB) — a conservative group aligned with Republican interests — surprised other business organizations when it joined a state-based lawsuit challenging the constitutionality of health care reform. Immediately after the announcement, business groups of various sizes and ideological persuasions distanced themselves from the lawsuit. “At this time, we have no plans to” join the lawsuit, a representative of the National Association of Manufacturers told The Hill. The Chamber of Commerce also said it would not join the suit and would instead pursue an “aggressive strategy of battling the regulations” of reform. The NFIB is having a hard time persuading smaller, state-based business groups to join their effort. As one article from New Jersey notes, small business groups seem weary of the lawsuit.

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Humpday &some News …


Today, we are all waiting for the next BP procedure to work.  Apparently, the procedure involves a pair of underground scissors that will cut the top, which is bent over; if the procedure does work; a huge opening created though more oil will flow and another attempt to cap it will be made and there are problems with the procedure… stay tuned;  BP has reported that no information will be available for 72 hours and while people are feeling hopeless it is important to have some group vibe of positivity; losing hope is just not acceptable. And as folks like Carville, his wife and others scream the President hasn’t done enough; a lot of us prefer a level headed, calm and methodical man in the driver’s seat; that would be … President Obama.  I admit that a lot of people want him to get pissed and move  BP out-of-the-way and get it done … there are laws some of us clearly do not understand but it makes sense that if the Govt does take over the responsibility of who pays for the Gulf restoration and its people may be misdirected with BP and associates getting out of paying much more than the have currently.

Tuesday was Primary day for Alabama, Mississippi and New Mexico and the final outcomes had some surprises and some common sense endings; what with Davis who helped lead Democrats to a big win in 2008 but has been that representative who voted against health-care and other legislation that some have said are against Democratic Party ideology; RedState has some information about what happened Tuesday below:

Alabama results here.
Mississippi results here.
New Mexico results here

The President will be in Pittsburgh talking about Jobs, the Economy, Spending and getting the information out there being much more transparent than the last guy; on Thursday President Obama will meet with Governor Jan Brewer about the stupid laws that will become official at the end of July.  These new laws will make a  sane, compassionate person cringe and if you’re a minority, Arizona is clearly a place to stay away from.  Yesterday, the governor of Arizona was asked by a News Reporter what she will do if the President feels the laws are unconstitutional or something like that and her response was that she would see them in court, that she has a great record is tough and intends to    It is with great pride that i voted for a President who was willing to take on a mess left by a guy who looked the other way, was willing to let top people engage in drugs sex and lies when they wanted; did he know what was going on and just didn’t care or what is that he didn’t know what to do … and that’s simple … reform, regulate and enforce the policies and rule of law but he didn’t and all of our lives have been affected with the mismanagement by the last guy who was supposed to be in charge and acting in the best interest of We the People.  It’s now election season and people need to keep Big Banks, AIG’s and Wall Street types out of office.

Other News …

**5people were killed in a shooting spree in rural London

**Amy Knox is being charged for slander against Italian police

**Investigators will check out the underground mine where 29people died

**A Tobacco loophole in child health law lost 250mil

**President Obama may recess appoint “a handful of pending nominees” during the Memorial Day congressional recess, an aide told Roll Call. There is a record-breaking backlog of “more than 100 names” awaiting confirmation, and their outlook “appears grim for the rest of the year” as the Senate calendar is packed.TP



C-SPAN …

watch White House Briefing

watch Pres. Obama on Oil Spill

watch Adm. Allen Press Conference

Warren Buffett and Moody’s executives testify about 2008 crisis

Last week, Warren Buffett was subpoenaed to testify before today’s Financial Crisis Inquiry Commission. The hearing focuses on the role of ratings firms in the financial crisis and is titled, “Credibility of Credit Ratings, the Investment Decisions Made Based on those Ratings and the Financial Crisis.” Executives from Moody’s, including its current CEO, are also among the witnesses. Mr. Buffett’s Berkshire Hathaway is Moody’s largest shareholder.  Responding to questioning, Warren Buffett agreed that there are still risks involved in the derivatives market during today’s Financial Crisis Inquiry Commission hearing. The hearing focuses on the role of ratings firms in the financial crisis and is titled, “Credibility of Credit Ratings, the Investment Decisions Made Based on those Ratings and the Financial Crisis.” Executives from Moody’s, including its current CEO, are also among the witnesses. Mr. Buffett’s Berkshire Hathaway is Moody’s largest shareholder.

watch FCIC Hearing: NOW on C-SPAN2

watch FCIC Hearing: Session 1 watch FCIC Hearing: Session 2
read AP: Congress grills Moody’s officials

Federal Probe Underway as Cut and Cap Effort Continues

Yesterday, Attorney General Eric Holder said that authorities have opened criminal and civil investigations into the Deepwater Horizon disaster under power granted by federal clean air and pollution laws. Today on the Washington Journal, Daniel Weiss, Climate Strategy Director at the Center for American Progress Action Fund, discussed the federal government’s efforts to hold BP accountable for the oil spill, and the various attempts BP has used to stop the oil leak. National Incident Commander Coast Guard Admiral Thad Allen said yesterday it could be at least three days before BP is able to install a new pipe for collecting oil from its broken well at the bottom of the Gulf of Mexico. Currently, BP is attempting to shear off the broken pipe a mile under water and place a containment cap that can funnel some of the leaking fuel to ships on the surface. Engineers are also preparing a pair of relief wells to divert oil and gas away from the damaged well and fill it with cement, theoretically stopping the leak for good. Those wells are not expected to be ready for at least two months.
As a result of the spill, nearly one third of the Gulf of Mexico is closed to commercial and recreational fishing. The National Oceanographic and Atmospheric Administration has closed approximately 76,000 square miles because of oil spreading from the Deepwater Horizon disaster.

New PM Cameron Holds First Question Time

Conservative Party Leader David Cameron will field questions from members of Parliament in his first Prime Minister’s Questions since the May 6th general election. He leads the coalition government with the Liberal Democrats. Harriet Harman is the acting Labour Party and opposition leader. Following Question time, British Foreign Minister William Hague will make a statement on the situation in Gaza.

watch Prime Ministers Questions: C-SPAN at 10am ET