‘Public Bank’ Bill Blocked From State Senate Vote After Industry Pushback
Why is a modest public bank plan for New York going nowhere?
Read more...Category Archives: Credit cards
Fog of Financial Sanctions: Visa and Mastercard Shutdown in Russia Whacks Consumers
Russia is scrambling to deal with being shut off Visa and Mastercard.
Read more...An Increase in Interest Rates Would Be An Act of Class Warfare
While increasing interest rates to combat this inflation is bone-headed, the Fed has long wanted to be out of super low rate terrain.
Read more...Halloween Is Over – Are Corporate Zombies Still Out There?
Corporate debt levels are up due to Covid. Some will businesses will not make it. Restructuring sooner is better for everyone than later.
Read more...War on Cash: NYC Enforces its Cashless Business Ban
NYC sides with those who want to use cash and enforces its cashless business ban, hitting ice cream shop Van Leeuwen with $12000 in fines.
Read more...Cash in the Time of Covid: Down But Not Out
Physical cash should still have an important — albeit diminished — role to play in the economy of the future.
Read more...Is It Time for a Debt Jubilee?
Steve Keen and Micheal Hudson provide a deep dive on a debt jubilee, and how it could be implemented in a Covid-afflicted economy.
Read more...Michael Olenick: The Surprisingly Short Road from Abolitionism to Credit Bureaus
Abolitionist Lewis Tappan, the inventor of credit bureaus, would be distressed to see how his creation is being put to use.
Read more...It’s Time for a Debt “Jubilee”
Households and businesses are overloaded with debt. Richard Vague offers a set of proposals for how to restructure it.
Read more...WSJ Says Banks Can’t Determine Who Is Credit-Worthy: More COVID-19 Fallout
WSJ says banks can no longer determine who is credit-worthy using existing models – more COVID-19 fallout, this of uncertain magnitude.
Read more...Modigliani Meets Minsky: Rising Inequality and U.S. Household Debt Since 1950
Yves here. This short piece looks at some of the intuitions about the relationship between rising household debt levels and increasing inequality. And they sure do look to be connected! By Alina Bartscher, University of Bonn, Moritz Kuhn, Professor, Department of Economics, University of Bonn and Moritz Schularick, Professor of Economics, University of Bonn. Originally […]
Read more...Why You Should Stop Using or Cancel Your Citi Mastercard: Systematic Violation of Cardmember Chargeback Rights, Insistence on Using Fraud-Friendly Voiceprints
Citi is doing a number on its own and the Mastercard brand name with cringe-makingly inept and dishonest credit card operations.
Read more...Coronavirus: Bracing for the Economic Shockwave
The coronavirus spread is setting up a nasty real economy-financial system contraction.
Read more...Wolf Richter: Subprime Credit Card Delinquencies Spike to Record High, Past Financial-Crisis Peak, as Other Consumers Relish the Good Times. Why?
The concern is not for banks or investors in subprime-credit-card backed securities. But what does this bifurcation tell us about consumers?
Read more...War on Cash: New York City Businesses Must Accept Cash, City Council Decides
New York City Council passes legislation requiring businesses to accept cash to take effect nine months after signing by mayor Bill DiBlasio.
Read more...