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Information is power. Our mission at Portside is to seek out and to provide information that empowers you -- that empowers the left. Every day we search hundreds of sources to connect you with the most interesting, striking and useful material. Just once a year we appeal to you to contribute to make it possible to continue this work. Please help.

 

The Fed Protects Gamblers at the Expense of the Economy

Ellen Brown Truthdig
from of Federal Reserve building The repo market is a fragile house of cards waiting for a strong wind to blow it down, propped up by misguided monetary policies that have forced central banks to underwrite its highly risky ventures.

California Opens the Public Banking Floodgates

Aaron Fernando The Progressive
The question at the heart of public banking may seem technical but is actually about political power. Public banking shifts power away from profit-motivated board members of corporate banks and into the hands of the people.

Friday Nite Videos | March 1, 2019

Portside
Student Loans | Patriot Act with Hasan Minhaj. 39TH Razzie Awards Announcement! Racism in the Michael Cohen Hearing? A New Algorithm Decodes Rat Squeaks. Native Son | Movie.

Student Loans | Patriot Act with Hasan Minhaj

With Americans' student debt now over $1.5 trillion, private financial companies have benefited from Secretary of Education Betsy DeVos' hands-off regulation that has made it easy for students to become trapped in debt

Puerto Rico's New Fiscal Plan: Certain Pain, Uncertain Gain

Lara Merling Philadelphia Inquirer; CEPR
Puerto Rico was already in trouble after suffering a “lost decade” without economic growth after 2005, leading to a default on its public debt and mass migration from the island. That was before Hurricane Maria.

22 Million Reasons Black America Doesn’t Trust Banks

Marcus Anthony Hunter The Conversation
By 1871, Congress had authorized the bank to provide mortgages and business loans. Such mortgages and loans, however, were usually given to whites, creating a financial paradox -— a bank using the savings and income of black depositors to advance the economic fortunes of whites who had at their disposal mainstream banks that excluded blacks.

Equifax’s Maddening Unaccountability

Zeynep Tufekci New York Times
Last week, Americans woke up to news of yet another mass breach of their personal data. The consumer credit reporting agency Equifax revealed that as many as 143 million Americans’ Social Security numbers, dates of birth, names and addresses may have been stolen from its files — just the kind of information that allows for identity theft and other cybercrimes.

Foreclosures Lead to Flippers’ Profits

Margie Burns Progressive Populist
The foreclosure crisis is alive and well, aided and abetted by house flipping. A legal loophole allows flippers in areas where the house market has rebounded to push troubled homeowners out of their houses.
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