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Green Light for City-owned San Francisco Bank

Sadly even though it is almost 5 years since this article, neither San Francisco nor any other city in California, nor the State of California itself appear to be any closer to establishing a public bank. That is a testament to the power and political influence of the big banks which can afford to donate to both politicians in both parties to make sure that their nests are always well feathered.

WEB OF DEBT BLOG

When the Occupiers took an interest in moving San Francisco’s money into a city-owned bank in 2011, it was chiefly on principle, in sympathy with the nationwide Move Your Money campaign.  But recent scandals have transformed the move from a political statement into a matter of protecting the city’s deposits and reducing its debt burden.  The chief roadblock to forming a municipal bank has been the concern that it was not allowed under state law, but a legal opinion  issued by Deputy City Attorney Thomas J. Owen has now overcome that obstacle.

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The Global Banking Game Is Rigged, and the FDIC Is Suing

WEB OF DEBT BLOG

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:

Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.

It is not…

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Fox in the Hen House: Why Interest Rates Are Rising

WEB OF DEBT BLOG

The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?

On March 31st the Federal Reserve raised its benchmark interest rate for the sixth time in 3 years and signaled its intention to raise rates twice more in 2018, aiming for a fed funds target of 3.5% by 2020. LIBOR (the London Interbank Offered Rate) has risen even faster than the fed funds rate, up to 2.3% from just 0.3% 2-1/2 years ago. LIBOR is set in London by private agreement of the biggest banks, and the interest on $3.5 trillion globally is linked to it, including $1.2 trillion in consumer mortgages.

Alarmed commentators warn that global debt levels have reached $233 trillion, more than three times global GDP; and that…

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BILLIONS MADE AS HOUSING GOES DOWN UNDER SWEETHEART FDIC LOSS SHARING DEAL — Livinglies’s Weblog

MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S COMMENT: On the IndyMac portfolio alone, they made billions while the investors and homeowners got crammed down with double-talk about where the money went. I have been saying for years that there is far more money to be made by banks, servicers, […]

via BILLIONS MADE AS HOUSING GOES DOWN UNDER SWEETHEART FDIC LOSS SHARING DEAL — Livinglies’s Weblog

This article is an excellent explanation of why OneWest and others are more interested in foreclosing than exploring other solutions. They make more money when they foreclose because of the sweetheart deals that they finagle from the FDIC and other government agencies.

Astonishing California bill would shut down free speech, require fact-checkers

Jon Rappoport's Blog

Astonishing California bill would shut down free speech, require fact-checkers

by Jon Rappoport

April 9, 2018

California used to be trumpeted as the cutting edge of American culture.

It still is, except the culture is now all about censoring free speech.

California Senator Richard Pan, who was behind the infamous 2015 law mandating vaccinations for schoolchildren (SB277), has stepped up to the plate and introduced another bill.

This one would clamp down on criticism of ANY Official Story.

The bill is titled “SB1424 Internet: social media: false information: strategic plan.”

It targets social media based in California. But as you read the bill, you see it appears to define social media as any Internet blog, website, or communication.

SB1424 is brief. Read it:

This bill would require any person who operates a social media, as defined, Internet Web site with a physical presence in California to develop a strategic…

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The Former Khmer Rouge Slave Who Blew the Whistle on Wells Fargo

An inspiring story of one man who escaped actual slavery only to face another form of slavery, the corporate slavery of Wells Fargo. The world needs more people like Duke Tran.

Justice League

After Duke Tran escaped from slavery, but before he became a millionaire, he was a Wells Fargo employee.

He worked at the bank’s debt-collections center near Portland, Ore., talking on the phone to customers who owed Wells Fargo money. It wasn’t glamorous, but the job enabled him to afford a two-story suburban house with mustard-colored aluminum siding. After more than three decades in the United States, Mr. Tran felt that he was the living embodiment of the American dream.

And then it all started to crumble.

In 2014, according to Mr. Tran, his boss ordered him to lie to customers who were facing foreclosure. When Mr. Tran refused, he said, he was fired. He worried that he wouldn’t be able to make his monthly mortgage payments and that he was about to become homeless.

Joining a cadre of former employees claiming they were mistreated for speaking out about problems at…

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Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services

WEB OF DEBT BLOG

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their National Convention in Minneapolis to investigate establishing a postal banking system.  The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.”

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