The Day Social Media Schooled Wall Street - E*Trade - The Atlantic Sponsor Content. EconomUS. WORLD VIEWS. Tell it like it is, Sister. Your Bank Has Failed: What Happens Next? - 60 Minutes. This story was first published on March 8, 2009.
It was updated on May 27, 2009. A lot of people are worried about their banks these days. Devastated giants like Citigroup get bailed out again and again and again. Recent stress tests show some banks need billions more, and many smaller banks are failing. The federal agency that takes over unsound banks is the Federal Deposit Insurance Corporation - the same people who guarantee depositors won't lose their money. Most every Friday night now the FDIC is seizing several banks. But earlier this year, when this story was first broadcast, 60 Minutes and correspondent Scott Pelley were given extraordinary access to one of these operations because the FDIC wants you to know what happens to your money when your bank has failed.
A team of FDIC agents prepared to seize a bank outside Chicago. Richmond’s rules: Why one California town is keeping Wall Street up at night. Very early on a Wednesday morning in September, the city council of Richmond, Calif., did something that no American city had yet managed: It voted for a plan to wrest underwater mortgages from the hands of Wall Street, depriving investors of tens of millions of dollars in order to save borrowers from foreclosure.
For communities across the land -- North Las Vegas, San Bernardino County, Calif., Chicago -- where too many are stuck with house payments beyond what they can afford, this was the nuclear option. While those cities backed away, Richmond hit the button. The mechanism? Eminent domain, the power of the government to seize private property for public use, which has not typically been used to help poor neighborhoods. After five years of the federal government gently nudging banks to forgive homeowners debt they took on in better days, cities have found a legal weapon the financial industry truly fears.
Be Prepared Not Scared - Financial Preparedness. Created by the Health Ranger and Robert Scott Bell You've seen it happening all across the world: Protests, riots and even revolts due to economic upheaval.
In Wisconsin, near-riots broke out over cuts that threatened worker incomes. In Egypt, the people overthrew their corrupt government that was stealing their economic productivity and suppressing their freedoms. In Libya, Iran, China and even in North America, popular uprisings are becoming increasingly common for one simple reason: The global economic crisis is now upon us.
Everywhere around the world, food prices are skyrocketing beyond the reach of ordinary families. "The U.S. has allowed the total federal debt (including debt held by government agencies, like the Social Security fund) to balloon by 50% since 2006 to $12.3 trillion. . - Forbes Magazine. Finally, A Rich American Destroys The Fiction That Rich People Create The Jobs. 60 Minutes America's real job-creators...who can't afford to create any jobs.
In the war of rhetoric that has developed in Washington as both sides blame each other for our economic mess, one argument has been repeated so often that many people now regard it as fact: Rich people create the jobs. Specifically, entrepreneurs and investors, when incented by low taxes, build companies and create millions of jobs. And these entrepreneurs and investors, therefore, the argument goes, can solve our nation's huge unemployment problem — if only we cut taxes and regulations so they can be incented to build more companies and create more jobs.
In other words, by even considering raising taxes on "the 1%," we are considering destroying the very mechanism that makes our economy the strongest and biggest in the world: The incentive for entrepreneurs nd investors to build companies in the hope of getting rich and, in the process, creating millions of jobs. 15 Mind-Blowing Facts About Wealth And Inequality In America. The oppressed. Don’t forget what the shutdown is really about. Nice job, Congress.
By which I mean, not a nice job. (Andrew Harrer/Bloomberg) 1) This is all about stopping a law that increases taxes on rich people and reduces subsidies to private insurers in Medicare in order to help low-income Americans buy health insurance. That's it. That's why the Republican Party might shut down the government and default on the debt. 2) The "continuing resolution" only funds the government for six weeks. 3) Republicans are now discussing a "one-week CR," which would mean we'd be doing this again in seven days -- and we'd be that much closer to the debt ceiling. 4) The leadership of the Republican Party agrees that the debt ceiling absolutely must be lifted. 5) A few months ago, the conventional wisdom was that the negotiations over funding the government would hinge on how to replace sequestration, as the cuts are proving too deep for either Democratic or Republican appropriators. 7) Democrats won more votes than Republicans in the last election.
Who Rules America? Power, Politics, & Social Change. By G.
William Domhoff Welcome to WhoRulesAmerica.net, a site about how power is distributed and wielded in the United States.