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20 Jul 2011 23:20

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U.S.: Federal Reserve slaps Wells Fargo with puny $85 million penalty

  • $85 millionpaid by Wells Fargo for its role in the subprime mortgage fiasco; the penalty was issued by the Federal Reserve
  • $25 billion received by Wells Fargo from the Troubled Assets Relief Program, colloquially known as the bailout source
  • » This is both the largest consumer protection fine ever levied by the Fed and the first time the institution has punished a bank for nudging customers into subprime loans. There’s more to come, too; in addition to the fine, the order also “requires that Wells Fargo compensate affected borrowers,” although it’s unclear how this will work. It’s better than nothing, but $85 million just seems a bit low; as a point of comparison, the bank made $2.5 billion in the first three months of 2010 alone.
Posted by Seth Millstein • 0 Comments • Permalink

20 Jul 2011 22:33

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Tech: App lets iPhone users see all of your drunken mistakes

  • A new iPhone app allows you to view real-time video feeds from inside local bars, so you can, in the words of the creators, “see what a venue looks like, to get a head count.” Cool idea, but that means that if you’re in one of said bars, everything you do is being streamed online—whether you know it or not. Bars that opt-in to this aren’t required to tell patrons that they’re being filmed, and the footage is accessible from the company’s website, so it’s not just limited to iPhone users. The creators defend the app’s integrity, saying that “the point of the product is not to make a stalker utility.” Which is a vapid defense, of course, because the intent behind a product has no bearing on the manner in which it’s capable of being used. We suspect Apple might pull this one before too long. source
Posted by Seth Millstein • 0 Comments • Permalink

19 Jul 2011 01:50

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Politics: The Best Two Sentences of the Night

  • Responsibility without conviction is weak, but it is sane. Conviction without responsibility, in the current incarnation of the Republican Party, is raving mad.
  • George Packer • On how each party is handling the (possible) debt ceiling increase. source
Posted by Seth Millstein • 0 Comments • Permalink

18 Jul 2011 23:38

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Politics: Cantankerous Corker Criticizes Colleagues

  • Basically, most Senators in this body are nothing but two-bit pawns…to lay out the groundwork, if you will, for 2012 election.
  • GOP Senator Bob Corker • Saying what everyone knows but rarely acknowledges: If a presidential election wasn’t lurking around the corner, this whole debt ceiling debate would be playing out much differently. This is really harsh language for a senator, especially when used in reference to his colleagues. Last week, Corker accepted blame, on behalf of the Republican party, for bringing our country to the brink of another economic collapse. source
Posted by Seth Millstein • 0 Comments • Permalink

18 Jul 2011 23:23

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World: The US Treasury is running low on cash

  • 29 companies have more money than the United States Treasury
  • 7 of those companies are based in America source
  • » The American companies include: Bank of America, JPMorgan Chase, Morgan Stanley, Goldman Sachs, and Freddie Mac. Two of the top three companies on the list are Chinese. On the upside, the Treasury has as much money as Google, so that’s kind of a nice consolation prize.
Posted by Seth Millstein • 0 Comments • Permalink

18 Jul 2011 23:02

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Politics: A quick-ish update on the Wisconsin situation

  • plan Democrats in Wisconsin are pushing hard to recall Governor Scott Walker for the draconian anti-union bill he pushed through the legislature this past Spring.
  • problem The recall election could fall on the same day as the GOP presidential primary, ensuring a large Republican turnout and possibly carrying Walker to safety. source
  • The Details: Stick with us here. In order to recall Walker, Democrats need to gather around 540,000 signatures (that number being 25% of the total votes cast for Governor last year); once this process starts, they’ll have sixty days to hit that target. If and when they do, state election officials will likely schedule the recall on the same day as the next major statewide election. The question is: When should Democratic operatives start gathering signatures?
  • on the one hand…This fall, recall elections against several state senators (of both parties) will have wrapped up. Some Democrats want to ride that momentum directly into the signature-gathering process, ensuring that they’re able to collect enough. The thing is, if they do it within that timeframe, the recall will most likely fall on the same day as the GOP presidential primary.
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  • on the other hand…Democrats could also wait longer to gather signatures, timing it so that the recall falls the same day Obama faces re-election. This would result in a much higher voter turnout for Democrats. However, Walker’s anti-union antics may have faded from the public consciousness by then, jeopardizing the Democrats’ ability to get enough signatures.
  • » The kicker: State Republicans, who would prefer the first scenario, are said to be considering launching a fake “Recall Walker” signature-gathering campaign in the fall, in order to force an early recall. Seriously, guys—who ever said politics was boring?
Posted by Seth Millstein • 0 Comments • Permalink

15 Jul 2011 21:53

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Politics: Republicans Senator: “We’ve got nobody to blame but ourselves”

  • Maybe the debt ceiling was the wrong place to pick a fight, as it related to trying to get our country’s house in order…maybe that was the wrong place to do it.
  • GOP Senator Bob Corker • In a shockingly frank admission that the Republicans overplayed their obstructionist hand. The phrase “pick a fight” implies antagonism for antagonism’s sake which, if one reflects on the Republican party’s behavior over the last three years, would seem an appropriate implication. Another Senate Republican, Lindsey Graham, had a similar confession: “Our problem is we made a big deal about this for three months…we’ve got nobody to blame but ourselves.” Yes, indeed. These confessions bode well for the prospects of a deal passing the Senate, but the House remains another question entirely. source
Posted by Seth Millstein • 0 Comments • Permalink
 

13 Jul 2011 23:20

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Politics: GOP Senator sounds suspiciously socialistic

  • We give money away to a few people at the expense of the many.
  • GOP Senator Lindsay Graham • Pushing to close tax loopholes that benefit upper-income earners. While it seems obvious (to most) that we ought to close tax loopholes, Republicans in Congress have, for the most part, resolutely opposed any modification of the tax code that brings in additional revenue. To hear a prominent Republican say something like this is a faint glimmer of hope that maybe–and that’s a big maybe– Republicans will bend a bit on revenues; this could, in turn, translate into a deal to raise the debt-ceiling. Which would be nice. source
Posted by Seth Millstein • 0 Comments • Permalink

13 Jul 2011 23:04

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Tech: New AIDS prevention drug shows promising results

  • Headway in the fight against HIV: A drug called Truvada is effective in preventing AIDS contraction up to 73% of the time, according to two new studies carried out in Africa. The drug has been tested before with less stellar results, but researchers now suspect the earlier study may have been flawed. The catch with preventative drugs, of course, is that you have to remember to take them before the risk presents itself, but still, this is great news. source
Posted by Seth Millstein • 0 Comments • Permalink

13 Jul 2011 22:34

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Politics: Talk about drawing a line in the sand

  • I’ve reached my limit. This may bring my presidency down, but I will not yield on this.
  • President Obama • Toward the end of a budget meeting with Republicans. It’s not clear what policy he won’t yield on, but from the texture of the debate thus far, we’re guessing it’s the inclusion of revenue increases in the deal to raise the debt-ceiling.source
Posted by Seth Millstein • 0 Comments • Permalink
 
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