Weekly Audit: Will Obama Save Homeowners From Wall Street’s Latest Fraud Scheme?

Weekly Audit: One Nation with No Jobs

by Annie Shields, Media Consortium blogger

Yesterday, 9th Circuit Judge Susan Bolton struck down many of the most controversial provisions in Arizona’s Senate Bill 1070, including the section requiring police to ask anyone they suspect of being undocumented for proof of citizenship. It’s a small victory. Today, a modified version of the bill goes into effect.

Two critical Wall Street reforms, once declared dead by U.S. megabanks, are suddenly close to Congressional approval. As the House and Senate iron out the differences between their financial overhauls, it now appears that lawmakers are finally willing to ban banks from gambling with taxpayer money by implementing a strong Volcker Rule, and to end taxpayer subsidies for risky derivatives operations.

Last night, Senate Republicans proved beyond any doubt that when it comes to the economy, they stand with Wall Street and against everybody else. Joined by lone Democrat Sen. Ben Nelson (D-NE), Republicans successfully filibustered the procedural technicality of opening debate on Wall Street reform. It’s an unmistakable ploy to kill the bill and collect campaign cash from bigwig bankers. The coming weeks won’t be pretty.

By Erin Rosa, Media Consortium blogger

Sen. Lindsey Graham (R-SC), started a hubbub among comprehensive immigration reform advocates last week when he expressed to members of the Capitol press corps that progressive immigration legislation was “dead” for 2010 due to the contentious passage of health care reform. But the battle isn’t over yet. In an interview with Sandip Roy at New America Media, Frank Sharry, the executive director of DC-based immigration organization America’s Voice, says, “I think we have a good chance of seeing a bipartisan bill being introduced in April.”

By Zach Carter, Media Consortium blogger

While the poor judgment of top-level officials at Treasury and the Office of Management and Budget frequently makes the news, there is another, unrecognized economic crew doing terrific work: Officials at the Department of Labor are restoring workers’ rights after nearly a decade of neglect.

To top it all off, President Barack Obama appears ready to make another set of strong, though less high-profile, economic appointments that will help rein in Wall Street excess.

By Alison Hamm, Media Consortium Blogger

Just when the Democrats need to be tougher than ever on financial reform, Senate Banking Committee Chair Sen. Chris Dodd (D-CT), seems to have given up completely and put the proposed Consumer Financial Protection Agency (CFPA) at risk.

By Zach Carter, Media Consortium Blogger

In a landmark decision last week, the Supreme Court ruled that corporations could spend unlimited funds to influence American elections, overturning a century of legal precedent. The Court’s ruling in Citizens United v. FEC undermines the integrity of the U.S. government, as President Barack Obama emphasized at his State of the Union address. But the decision also deals a damaging blow to the U.S. economy by encouraging lawmakers to write economic rules that benefit specific companies at the expense of everyone else.

In her inimitable style, Laura Flanders takes on the central myth of the Washington Post‘s propaganda regarding Uganda, busting down to size their hubris and reminding this poet of Naomi Klein’s words from over two years ago. It’s all about the deliberate weaponization of myths and rhetoric to jack electorates to hell and stick us with the bill in every way. Even John Oliver is getting in on the act.