Elizabeth Warren on why we need a consumer agency to protect borrowers

Federal TARP watchdog Elizabeth Warren is warning that the Republican proposal for a "consumer protection agency" is anti-family.

"I'm tired of hearing politicians claim to support families and, at the same time, vote with the big banks on the most important financial reform package in generations. I'm deep-down tired of it."
The current Senate bill, sponsored by Democrat Christopher Dodd, which would house the new consumer agency within the Federal Reserve,
adheres to Warren's four tests: a chief appointed by the president, an independent source of funding, the authority to write consumer rules and the ability to enforce them against unscrupulous lenders. The unit, thus, focuses squarely on consumers. Ensuring banks' profitability is left to banking regulators. The Republicans' counter-proposal, released this week, fails all four of Warren's tests.
Warren describes the Republican proposal as follows: ""The whole idea of the substitute is to take a bunch of regulators that already failed and throw them in a committee together."

Continue ReadingElizabeth Warren on why we need a consumer agency to protect borrowers

Three political axis

At the Daily Dish, Andrew Sullivan presents Noah Millman's 3-axis political taxonomy system:

liberal vs. conservative (attitudes toward the individual and authority) left vs. right (attitudes toward social/economic winners and losers) progressive vs. reactionary (attitude toward past and future)
My reaction? We need something like this. We need better labels (than "right" versus "left"), to enable better dialogue.

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Stifling our teenagers?

Are we wrecking our teenagers by over-protecting them? That is the conclusion of Dr. Joe Allen. Newsweek sums up his book as follows:

Allen has concluded that our urge to protect teenagers from real life – because we don’t think they’re ready yet – has tragically backfired. By insulating them from adult-like work, adult social relationships, and adult consequences, we have only delayed their development. We have made it harder for them to grow up. Maybe even made it impossible to grow up on time.

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William Black shoots straight about Lehman Fraud

William Black speaks bluntly about what should be criminal acts of the government and Lehman. He talks about the pathetic staffing of federal regulators, that don't constitute excuses (as some are now claiming), but admissions. These plain and undeniable facts should be on the front page of every newspaper. Our government caved to the pressure of the entities being regulated and crippled its own investigative team. We need to hear a lot more rhetoric of this clarity and tone.

Continue ReadingWilliam Black shoots straight about Lehman Fraud

Federal Court rules that the “National Day of Prayer” violates the First Amendment Establishment Clause

Yesterday, I received an email from the Center For Inquiry indicating that, in 2008, Freedom From Religion Foundation had filed a lawsuit (Freedom from Religion Foundation, Inc v. Obama) to prevent the federal government from declaring a “National Day of Prayer.” The U.S. District Court, Judge Barbara B. Crabb of the Western District of Wisconsin, struck down 36 U.S.C. §119, which establishes a yearly National Day of Prayer. Here’s the text of the statute:

The President shall issue each year a proclamation designating the first Thursday in May as National Day of Prayer on which the people of the United States may turn to God in prayer and meditation at churches, in groups, and as individuals.

As discussed in the Court’s Opinion, the National Day of Prayer was established in part, due to the efforts of Reverend Billy Graham in 1952. One of Graham’s speeches included the following:

We have dropped our pilot, the Lord Jesus Christ, and are sailing blindly on without divine chart or compass, hoping somehow to find our desired haven. We have certain leaders who are rank materialists; they do not recognize God nor care for Him; they spend their time in one round of parties after another. The Capital City of our Nation can have a great spiritual awakening, thousands coming to Jesus Christ, but certain leaders have not lifted an eyebrow, nor raised a finger, nor showed the slightest bit of concern. Ladies and gentlemen, I warn you, if this state of affairs continues, the end of the course is national shipwreck and ruin.

Congress then took the reins, lead by [appropriately named] Representative Percy Priest, who introduced a bill to establish a National Day of Prayer. Here is the Court’s description:

In addressing the House of Representatives, he noted that the country had been “challenged yesterday by the suggestion made on the east steps of the Capitol by Billy Graham that the Congress call on the President for the proclamation of a day of prayer.” In support of the bill, Representative Brooks stated that “the national interest would be much better served if we turn aside for a full day of prayer for spiritual help and guidance from the Almighty during these troublous times. I hope that all denominations, Catholics, Jewish and Protestants, will join us in this day of prayer.” Representative Peter W. Rodino, Jr., stated that “it is fitting and timely that the people of America, in approaching the Easter season, as God-fearing men and women, devote themselves to a day of prayer in the interest of peace.”

[The Court added a footnote: "This part of the report is not accurate. 1 Marsh v. Chambers, 463 U.S. 783, 787(1983) (“[P]rayers were not offered during the Constitutional Convention.”] I downloaded the entire ruling from the federal district court in pdf format and I’m making it available here. The Plaintiff argued that Plaintiff the statute is unconstitutional “because it endorses prayer and encourages citizens to engage in that particular religious exercise.” [More . . . ]

Continue ReadingFederal Court rules that the “National Day of Prayer” violates the First Amendment Establishment Clause