“Absurd on every single level”: How the feds may be crippling the legal pot industry Self-promotion #1, Salon
The Government Guide to Screwing Poor Homeowners Self-promotion #2, The American Prospect
The Quest to Improve America’s Financial Literacy Is Both a Failure and a Sham Helaine Olen, Pacific Standard
House Financial Services Chairman to Seek a Volcker Rule Change NYT. Fully expected. But then there’s this letter from House Democrats basically asking for the same thing. The backstory here is that one regional bank, Zions, lost a boatload of money on trust preferred CDOs that isn’t coming back, and they want to be able to hide that. And because community banks are sainted, everyone in Washington is falling all over themselves to endorse this.
1 in 5 homeowners drowning Housing Wire
Where Will We Live? James Meek, London Review of Books
Christie Stuck in a Jam Over Lane Closings Bergen County Record. This exploded today. However, as bad as it is to engage in petty retribution, causing traffic delays for a city because its Democratic mayor wouldn’t endorse you, didn’t Christie’s scotching of the Hudson River tunnel, for similarly false political reasons, consign the entire STATE to traffic jams?
Italian Unemployment Hits 37-Year High Business Insider
The Invincible JPMorgan Felix Salmon. They chose not to notice the movement of $6.8 BILLION out of one of Madoff’s accounts over the course of one month. For context, in reporting my marijuana banking story, I learned that pot-related businessmen lucky enough to get “wink and a nod” bank accounts are advised to keep their transactions below $3,000 to avoid triggering a red flag.
Big Brother Is Watching You Watch:
“It Was Time to Do More Than Protest”: Activists Admit to 1971 FBI Burglary That Exposed COINTELPRO Democracy Now. Good episode.
Borrowers Hit Social-Media Hurdles WSJ. Your lender is watching you on Facebook.
China spending curbs dent Bentley sales Financial Times
Noam Chomsky: U.S. Politics Are Now ‘Pure Savagery’ Huffington Post
US inflation expectations hit eight-month high Financial Times
Jerry Brown $154.9 billion budget will propose repaying school funds, bolstering reserves Sacramento Bee. This actually represents a continuation of austerity cuts for a state that’s $2.1 billion ahead of revenue projections this year.
Sound Government Finances Will Promote Recovery Robert Rubin. Ugh.