Economy

Wells Fargo Foreclosing on Breast Cancer Victims During Breast Cancer Awareness Month

Last week, Ana Casas Wilson — a wheelchair-bound woman with celebral palsy and terminal stage-four breast cancer, and who has struggled for months to get Wells Fargo and US Bank to accept her money and stop foreclosing on her home of forty years — received a final 5-day notice to vacate from LA County Sheriff Lee Baca’s office. Wilson and her family briefly fell behind on her payments after she had to go into the hospital for a double mastectomy, as I described in an earlier post. She and her friends and supporters have launched a round-the-clock vigil at her home in a blue-collar suburb outside Los Angeles (8968 San Juan Ave., South Gate, CA 90280) to resist eviction, as the Los Angeles Times reported last week.
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The Return of Junk Bonds

Junk bonds, also called high-yield bonds, tend to offer higher yields when they pay off but carry significantly higher risk of default. The problem is not the bonds themselves, but the way they tend to be used -- to financed forced takeovers that strip value from the company taken over, to fund the collateralized-debt obligations at the center of the 2008 crash and, as they are being used now, to pay off investors without thought to what they will do to the long-term health of the company.
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Trans-Pacific Partnership More Likely to Create 'Disaster Scenario' Than Positive Economic Impact

Lost in this election’s never-ending barrage of meme unworthy misquotes and rehashed social issue talking points is the Trans-Pacific Partnership (TPP), a free trade agreement that looks to shape the future of business in burgeoning Asian markets. It has been mentioned exactly zero times by the Presidential candidates as far as we can tell, but if/when it is secretly approved it will become the most significant foreign and domestic policy initiative to come out of the Obama administration.
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Why Freddie Mac Resisted Refis

Freddie Mac, the taxpayer-owned mortgage giant, made it harder for millions of Americans to refinance their high-interest-rate mortgages for fear it would cut into company profits, present and former Freddie Mac officials disclosed in recent interviews.
In closed door meetings, two Republican-leaning board members and at least one executive resisted a mass refi policy for an additional reason, according to the interviews: They regarded it as a backdoor economic stimulus.
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Paul Ryan Speechifies About How He Would Savage the Poor

In a recent diary I asked what kind of person spends his time trying to ruin the lives of old Americans as Paul Ryan and his sponsors in the plutocracy do. Here, I ask, what kind of man kicks people when they are down and has the audacity to claim he is helping them?
Paul Ryan is some "Christian." He showed that once again today. He advocated for the end of poverty programs ...
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Foreclosure Revolt Spreads to East LA

Three occupiers survey the barricade members of Occupy Fights Foreclosures built as part of their efforts to stop the eviction of the Lucero family whose home — commonly referred to now as Fort Lucero — fell into foreclosure after a questionable loan modification.
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Military Commercial Driver’s License Act Encourages Veteran Hire

The Teamsters Union and it’s President Jim Hoffa are applauding the Military Commercial Driver’s License Act of 2012 that was signed into law by President Obama on Friday. The bill will help eliminate obstacles facing military service members who try to obtain commercial driver’s licenses.
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$26,600 in Average Student Loan Debt

Student debt jumped five percent for 2011 graduates compared to the debt load of 2010 graduates. It leaves young adults, typically just 22 years old, carrying an average debt of $26,600 before they even begin their first full-time job.
A rough job market is making things worse for them as 37.8 percent of recent graduates are working in jobs that do not require a college degree. These are low wage jobs and also likely to be part-time employment. The pre...
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Fox & Friends Lose Minds Over Basic Math

Ben Stein, oddly, played the voice of reason on Fox and Friends this morning, explaining that the deficit cannot be lowered without raising taxes on the rich. The Fox and Friends host nearly lose it. This clip from the Majority Report, live M-F at 12 noon EST and via daily podcast at http://Majority.FM
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US Field Oil Production Highest Since 1998

Oil production in the United States, including drilling on federal, state and private land is at it's highest point since 1998 according to EIA.
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