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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.

labor

Bank Workers Will Protest to Form Their First US Union — And The Whole World Is Watching

Jack Smith IV .mic
On Tuesday, over 15,000 U.S. bank workers with the Spain-based bank Santander will declare their intent to establish this country's first bank workers' union. They'll deliver petitions, take over corporate lobbies and begin the long struggle to bring collective bargaining to an industry with predatory practices and lots of low-wage workers.

Tidbits - August 4, 2016 - Reader Comments: 2016 - Clinton, Democratic Convention, left electoral strategy, climate change, Jill Stein, Leonard Peltier, Hiroshima, Nagasaki, and more...

Portside
Reader Comments: 2016 Election Campaign - After the DNC, Hillary, Jill and the Donald; The Election and After - Strategy for this election AND going forward; Climate Change policy needs to be front and center; Campaign for Leonard Peltier's freedom; Ireland and Iceland set the example - jailing bankers that caused meltdown; Hiroshima and Nagasaki memorials at the UN and in New York; Letters to the Wall - What the Vietnam War was all about; and more . . . .

Look at the Bank of North Dakota - It Soars Despite Oil Bust

Ellen Brown OpEd News
Despite North Dakota's collapsing oil market, its state-owned bank continues to report record profits. Farmers were losing their farms to Wall Street bankers. They organized, won an election and passed legislation to create a public bank. The Nonpartisan League's rise to power was fast and had a lasting impact on North Dakota. This article looks at what California, with fifty times North Dakota's population, could do following that state's lead.

Lessons from the Crisis: Ending Too Big to Fail - Minneapolis Federal Reserve President

Neel Kashkari, Pres. Federal Reserve Bank of Minneapolis Federal Reserve Bank of Minneapolis
The Federal Reserve's newest bank president, a Republican who served as a top Treasury Department official during the financial crisis, called for policy makers to consider breaking up big banks to prevent future government bailouts. His proposals also include: Turning large banks into public utilities; and taxing leverage throughout the financial system. Seven years after the crisis, it is now time to move forward and end TBTF.

Why Chicago Won't Go Bankrupt - And Detroit Didn't Have To

Saqib Bhatti In These Times
Detroit's bankruptcy wasn't inevitable. Neither is Chicago's. But the austerity hawks don't want you to know that...When cities and states borrow money by issuing bonds, the lenders are typically high-wealth individuals, who purchase the bonds to get a tax break. It is a perverse system through which, rather than paying their fair share in taxes, the wealthy are instead able to lend that money to us, charge us interest for it, and then claim a further tax break on it.
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