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The Public Banking Revolution Is Upon Us — WEB OF DEBT BLOG

As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation’s second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is close, with state bank bills now passing their first round of hearings in both […]

via The Public Banking Revolution Is Upon Us — WEB OF DEBT BLOG

Hopefully the public banking movement will continue to gain momentum in key states such as California which could definitely use a public bank.

Why Is the Fed Paying So Much Interest to Banks? — WEB OF DEBT BLOG

“If you invest your tuppence wisely in the bank, safe and sound, Soon that tuppence safely invested in the bank will compound, “And you’ll achieve that sense of conquest as your affluence expands In the hands of the directors who invest as propriety demands.” — Mary Poppins, 1964 When Mary Poppins was made into a […]

via Why Is the Fed Paying So Much Interest to Banks? — WEB OF DEBT BLOG

That is outrageous that the Federal Reserve is paying the big banks $36 billion dollars per year in interest. The big banks are paid 2.4% for parking their reserves with the Federal Reserve while the big banks only pay about 0.10% on the average savings account.

What should I pay my attorney?

You only get what you pay for may be an old saying but it is the absolute truth when it comes to hiring an attorney or any other professional.

Livinglies's Weblog

Like all professions the practice of law mostly involves activities that the client never sees. And it is the quantity and quality of work by the attorney that is the largest factor in getting a good result.

The best result is having the foreclosure dismissed or vacated with findings of fact that make it virtually impossible for the foreclosing party to try again. To get that result you need experienced trial counsel who does all the work he/she thinks is necessary to achieve the goal. Those are at the top of winning food chain.

If you must pay less then you must lower your goal or buy a winning lottery ticket.

Let us help you plan your foreclosure defense strategy, discovery requests and defense narrative: 202-838-6345. Ask for a Consult

PLEASE FILL OUT AND SUBMIT OUR FREE REGISTRATION FORMWITHOUT ANY OBLIGATION. OUR PRIVACY POLICY IS THAT WE DON’T USE…

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Woman has her safety deposit box at BofA emptied out. Bank replies: Hey thanks for the update!

Justice League

ORANGEVALE (CBS13) – A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone.

That’s where she kept her family’s jewelry and her dad’s coin collection.

“I was in shock; I was just like what happened to my box,” said Nomi.

She says Bank of America can’t explain where her valuables went.

“They don’t have an answer. They don’t have an answer. They say thanks for letting us know,” she says.

Nomi was infuriated, especially considering she is a retired Bank of America employee of 40 years. And she’s not alone. Others have complained that Bank of America drilled their safe deposit boxes without permission or notice.

Wendy Woo says her belongings were taken out of her safe deposit box and…

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What is in the shadow banking (derivative) marketplace?

When this shadow market in derivatives falls apart the crash will be even larger than the last one.

Livinglies's Weblog

Whether the total “nominal” value is $600 Trillion as reported in the link below or $1 Quadrillion as reported elsewhere, we know only a few things and those things by themselves require intense scrutiny that the government doesn’t want to do. So the burden of the mortgage meltdown is put entirely on the backs of homeowners and the banks who made paper and actual profits far up into the trillions of dollars get to keep their ill gotten gains.

In 1983 there was no shadow banking market. It simply wasn’t allowed. There was a secondary market where actual mortgage loans could be bought and sold but no shadow banking marketplace.

So we went from $0 to $600 Trillion-$1 Quadrillion in largely unreported, unaccountable, offshore and off balance sheet transactions, the proceeds of which are laundered back into the balance sheets and income statements of the banks to guarantee that they…

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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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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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What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime

the infrastructure in the United States is decaying rapidly, I agree that using a postal savings bank to help fund much needed improvements is a good idea.

WEB OF DEBT BLOG

The U.S. Postal Service (USPS) is the nation’s second largest civilian employer after WalMart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email. What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have not yet even been born.

The Carper-Coburn bill (S. 1486) is the subject of congressional hearings this week. It threatens to make the situation worse, by eliminating Saturday mail service and door-to-door delivery and laying off more than 100,000 workers over several years.

The Postal…

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