Statistic of the day

From the "You think you have it tough?" department:

"For every dollar of non-home wealth owned by white families, people of color have only one cent."

Links: http://www.commondreams.org/view/2012/05/14-0; http://arc.org/downloads/2009_race_recession_0909.pdf

Richard Cordray better be a bulldog

Word out from Washington this morning says President Obama didn't pick Elizabeth Warren to be head of the new Consumer Financial Protection Agency. And while that's not a big surprise since the business-toady Republicans were so deadset against her, what can be said is that the President's choice for this job, former attorney general of Ohio Richard Cordray had better be her equal. He'd better be, as I said above, a strong bit of a bulldog so something can really be done by this new agency to protect the American public from the kind of nonsense the business community got away with in the last few years since it brought the nation and the world to near-collapse. Here's hoping. Here's what stinks about this: "Her (Ms. Warren's) candidacy was passionately supported by liberal members of Congress and consumer advocacy groups. But she never won the full support of the president or his senior advisers, particularly the Treasury secretary, Timothy F. Geithner, in part because of her independent streak and her outspokenness, which at times put her at odds with the administration." Timothy-freaking-Geithner? Like we care about HIM? He's from the banking industry. He's exactly the kind of person we DON'T want having input on this. It's precisely because Elizabeth Warren was outspoken that she came to prominence, for one, and why, secondly, she would have made a great candidate for the first Director of this agency. Mr. Cordray had better be good, that's all there is to it. Link: http://www.nytimes.com/2011/07/18/business/former-ohio-attorney-general-picked-to-lead-consumer-agency.html?_r=1&ref=elizabethwarren

100 failed banks next week?

Three more banks failed Friday evening, making the total number of failed banks this year here in the US right at 98.

So, any bets on 2 more going down next Friday evening so it comes to an even 100 (or more?).

I'm thinking it's a pretty sad, unfortunate, expensive, unnecessary inevitability.

I hope not but I'd bet on it.

And I try to only bet on "sure things".

But the real question is, where is the bottom? At what point will the bank failures stop?

And no one can even begin to guess at that answer.

Link: http://www.propublica.org/ion/bailout/item/bank-failures-at-98-ytd

This is WAY overdue

Finally, an SEC that is doing what it was created to do--protect the American public from thieves, charlatans and crooks.

Of course, it's way overdue but hey, we'll take it.

It seems the SEC is finally accusing Angelo Mozilo, the former head of the now-defunct Countrywide Financial, of securities fraud and insider trading.

We all know Countrywide and Mr. Mozilo as the scumbag organization and the scumbag, respectively, who brought so many billions of dollars of bad mortgages to the country. In the meantime, Mr. Mozilo lined his pockets with many billions of dollars.

In referring to Countrywide's products, Mr. Mozilo called the loans "toxic" and "poison". His own words.

It's been common knowledge from coast to coast, that Countrywide and Mr. Mozilo were dirty and had run an illegal, shameful operation but the SEC hadn't done anything yet.

The time has finally come.

Thank goodness.

Great news on an otherwise bad business news day.

In the meantime, there are stories out right now about the banks who have been in so much financial trouble and who brought the country to the current financial crisis and nightmare we're in, still being in control of their friends up in Washington (read: the Senate and House) and that Senator Max Baucus isn't letting single-payer lobbyists in the health care field into his negotiations over our health care system.

We're screwed.

Link to stories:
http://www.nytimes.com/2009/06/05/business/05insider.html?_r=1&th&emc=th#
http://www.propublica.org/ion/bailout/item/another-tale-of-successful-bank-lobbying/#10943
http://www.nytimes.com/2009/06/05/business/economy/05bankrupt.html?em
http://www.truthout.org/060509K