Home › Washington DC

Washington DC

Blog Post
9/26/2008
Posted by Consumer Watchdog
Yesterday, the Governor vetoed AB 1830 (Lieu), a bill that would have banned the kind of predatory mortgages that are at the heart of today’s financial meltdown. It prohibited the kind of mortgage that allowed homeowners to pay less than the interest on their home loan so the amount they owed grew, instead of fell, every month. The bill was...
Blog Post
9/25/2008
Posted by Consumer Watchdog
Bloomberg is reporting this comment from Washington University in St. Louis economist, David K. Levine: "I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout." Earlier this week, I linked to the Credit Suisse...
Feature
9/24/2008
Posted by Consumer Watchdog
A few hours from now and a few miles away, lobbyists and members of Congress will crowd into a hearing room to listen to Treasury Secretary Paulson and Fed Chairman Bernanke tell us that unless the American people come up with $700 billion right now, our financial system will collapse and we will enter another Great Depression (even though no one...
Feature
9/24/2008
Posted by Consumer Watchdog
The three-page, $700 billion bailout plan presented to Congress by the Bush Administration last Friday is an appallingly superficial response to years of bad decisions and greed of Wall Street firms empowered by a long-standing, bipartisan federal policy of deregulation and deliberate neglect. There are many questions that have yet to be answered...
News Release
9/24/2008
Posted by Consumer Watchdog
Citizen Groups Call for Caps on Interest Rates, Strict Accountability, Bans on Conflict of Interest, Re-Regulation Two nationally recognized citizen groups called on Congress Wednesday to slow down, proceed carefully and incorporate consumer safeguards in any financial bailout plan, including a cap on credit card and mortgage interest rates,...
Blog Post
9/23/2008
Posted by Consumer Watchdog
You have to love Harvey Rosenfield. When he sees a just fight, he rushes headlong into it. That's why Harvey took a plane to Washington DC today to try to stop the $700 billion bank bailout, or at least get something for consumers in the process. The Rosenfield alternative would include a national cap on interest rates for credit card, consumer...
Blog Post
9/23/2008
Posted by Consumer Watchdog
This is a cautionary tale as bailout fever takes hold. On January 18, 2001, as electricity deregulation sunk California into its second consecutive day of rolling blackouts, a team of analysts at Credit Suisse First Boston in New York sent around a startling memo to its clients.  Let's start at the end: the rolling blackouts in California...
Blog Post
9/22/2008
Posted by Consumer Watchdog
Treasury Secretary Henry Paulson balked at modest proposals by Congress over the weekend to protect taxpayers' investment if they approve a $700 billion bailout of the financial services industry. A proposal by Democratic leaders, as reported in the New York Times today, would: help borrowers in danger of losing their homes by giving bankruptcy...
News Story
9/19/2008
Posted by Consumer Watchdog
The House of Representatives is embroiled in a fight over a bill that would give the federal government a new role in developing and upholding insurance laws and regulations now under the jurisdiction of U.S. states, including whether they violate U.S. fair treatment commitments under trade or regulatory agreements. The measure was initially...
Blog Post
9/18/2008
Posted by Consumer Watchdog
Senator John McCain today said SEC Chairman Chris Cox should be fired for falling asleep at the wheel as conditions built towards the current meltdown of the nation's financial markets. Where was Senator McCain (or the rest of the US Senate for that matter) back in 2005 when we launched the "Stop Cox" campaign to oppose the...