Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year — up to 42 billion transactions – through a controversial data-mining program, according to documents obtained by the Washington Examiner. A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program […]
The Public Bank Option – Safer, Local and Half the Cost…
Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow. A UK study published on October 27, 2017 reported that the majority of politicians […]
DOJ Ends Obama’s Operation Chokepoint…
This week the Department of Justice made clear that the Obama Administration’s underhanded attack on the gun industry using the banking system – better known as Operation Chokepoint – is over. In a strongly-worded letter to U.S. House Judiciary Committee Chairman Bob Goodlatte (R-Va.) dated August 16, Assistant Attorney General Stephen E. Boyd assured…
The Subtle Approach Apple Is Using to Become a Bank…
At WWDC a few weeks ago, there was a short segment where apple introduced a new feature for iMessage. In iOS 11, they now allow people send cash to one another. It’s the same thing as Venmo. They don’t charge you a fee. It’s just, “Hey Bobby, here’s $20 that I owe you from dinner […]
FLASHBACK: The Federal Reserve Cartel: The Eight Families – Part 1/4…
According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1] So who then are the stockholders in these money center banks? This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the […]
House Republicans Reveal Dodd-Frank Reform…
Members of the House banking panel revealed a 600-page proposal Wednesday evening to roll back the Dodd-Frank Act. The bill is the most aggressive plan so far by Republican leadership in Congress to loosen financial regulations after the financial crisis of 2007. President Donald Trump has taken the lead thus far for Republicans on banking […]
Until the Banking System Is Reformed, There Will Be No Sustainable Recovery…
The Fed did what was entirely expected today, and did it with a pedestrian view towards the future increases. Slow and steady. And so the markets were ‘surprised’, the dollar dumped hard, stocks rallied, and gold and silver got some legs higher. Today was more a ‘technical event’ than anything else. In other words, it […]
The Reason the Fed is Raising Rates, and Why It Won’t Work by Mike Whitney…
Why is the Fed creating incentives for US corporations to destroy themselves? Why is the Fed pushing insurance companies and retirement funds into bankruptcy? Why is the Fed raising interest rates when inflation is still well below its 2 percent target? Things are not always what they seem. In theory…
Donald Trump Is Inheriting the Best Economy in a Generation(???) Bubbles, Worst Wage Recovery Since 1965, etc.
(Mis)Fortune magazine had a story which I actually mistook for a story from The Onion or National Lampoon. But sadly, it was a real story: “Donald Trump Is Inheriting the Best Economy in a Generation.” Let’s look carefully at the “best economy in a generation”…
New Intelligence Bill Gives FBI More Secret Surveillance Power…
A Senate bill published late Monday night includes a new provision that would give the FBI more power to issue secret demands…