From insideARM, the recommendations include:
Harvard law professor, originator of the Consumer Financial Protection Bureau, and consumer-advocate-in-chief Elizabeth Warren will be a U.S. senator.
According to the City Pages, Senator Amy Klobuchar and Senator Al Franken aren’t quite giving up on the Protect IP Act in the wake of Wednesday’s internet-wide protest. Instead, they say they are interested in a “compromise” that will preserve the bill.
Aaron Rupar from the City Pages calls bullshit, and so do I. Even Michele Bachmann is on the right side of this issue, while Klobuchar and Franken remain anti-internet. Then again, this isn’t Klobuchar’s first piece of anti-internet legislation.
As part of their plans to grind Congress to a halt, the GOP swore to block any nomination of a head to the Consumer Financial Protection Bureau. However, according to the New York Times, the President plans to appoint Cordray while Congress is in recess. The legality of the move is apparently a bit murky, though, so we’ll wait to see how this plays out. (Hat tip to ShortFormBlog!)
Edit: Check out Cordray’s first post on the CFPB blog.
Congress wants to create a totalitarian internet with SOPA and PROTECT IP, two bills wending their way through the House and Senate. These bills are even dumber than Senator Klobuchar’s attempt to turn kids into criminals for uploading videos of themselves singing along with their favorite artists.
But hey, it’s Congress. And senators and representatives are proud Luddites who laugh in the face of “experts” who say these bills will break the internet! Hey, you probably wouldn’t understand the internet, either, if you had to read email like this.
If these bills go through, the internet will look more like cable TV: hundreds of channels, and nothing you want to watch.
Is America sliding into the third world? Okay, probably not, but for the most prosperous country in the world, at least according to our marketing materials, 50% of Americans in or near poverty should have our leaders hanging their heads in shame instead of fighting about lightbulbs and threatening to shut down the government.
Did you know that members of Congress are allowed to trade on insider information? Insider trading may get non-legislators tossed in jail, but according to 60 Minutes, our representatives prove “particularly adept at buying and selling stocks.” Democrats consistently beat the market by as much as 9%, and Republicans do pretty well, too. In fact, the Senate as a whole beats the market by 12%!
The Senate is set to vote on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau at 10:30 a.m. today, after months of stalling tactics (including filibuster threats) by the anti-consumer faction in the Senate. This is a big deal, and if the vote goes forward, the first governmental agency actually on the side of consumers may actually have a head.
If you have a moment, call your senator at 202-224-3121, and urge him or her to vote! (Hat tip to US PIRG.)
Update: As expected, Republicans blocked the vote with a procedural measure.
Financial crises show up every 10–15 years, but they haven’t always. According to Elizabeth Warren (who ought to know), regulations enacted in the wake of the Great Depression effectively smoothed out the markets for 50 years, and prevented the sort of crisis we’re recovering from, and paved the way for healthy economic growth. When we de-regulated the markets in the 80s, we returned to the cycle of financial crises every 10–15 years, ultimately leading to the Great Recession.
In the first minute of this video, Warren explains the cycle, how America stopped it, and how we dove back into the cycle of financial crises: