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

Over the past decade, Fannie Mae and Freddie Mac transformed themselves into some of the worst-run companies in recent history. But contrary to current talking points, the firms’ failings had almost nothing to do with their programs for low-income borrowers. As policymakers debate what should be done with the mortgage giants, a battle is now beginning in which the very availability of affordable housing for the middle class may be at stake.

The same conservatives who spent the past year senselessly screaming about the U.S. budget deficit are now demanding an extension of the Bush tax cuts for the rich. The extension simply doesn’t make sense, and the policies implied are a recipe for massive job loss in the middle of the worst employment crisis in 75 years.

by Zach Carter, Media Consortium blogger

Congress finally authorized an extension of unemployment benefits on Wednesday, providing a critical lifeline to families across the country and an absolutely essential boost to the economy.

by Zach Carter, Media Consortium blogger

In the fall of 2008, decades of finance-first, bankers-know-best economic policies coalesced to create one of the worst economic crises in history, one that the banks themselves could not survive without staggering levels of government support.

by Erin Rosa, Media Consortium blogger

President Barack Obama announced on Tuesday that he would be deploying 1,200 National Guard troops to the Mexican border to beef up security along the Río Bravo. This surprise move has garnered criticism from immigrant rights supporters, who argue that it will dehumanize and endanger immigrant and Latino communities.

Coal consumption has costs — this week’s explosion at a West Virginia mine, which killed 25, made that clear. Those costs aren’t limited to human lives, either. Massey Energy Co., the owner of the West Virginia mine, has racked up not just safety violations but also consistently has disregarded the environmental effects of its work.

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 Zach Carter, Media Consortium Blogger

One year after President Barack Obama secured passage of his critical economic stimulus package, the U.S. Senate is finally taking anther look at how to create jobs and repair the economy. These issues are more important than ever, but absurd Republican obstructionism and timid Democratic negotiation are once again threatening good public policy.

By Sarah Laskow, Media Consortium Blogger

Climate skeptics found plenty of reasons to dig out their dreary critiques this week, between the continuing controversy over erroneous reports from the International Panel for Climate Change (IPCC) and the record-breaking snowfall on the East Coast. Sen. James Inhofe (R-OK) and his family built an igloo which Inhofe then dubbed “Al Gore’s house” in the streets of Washington, D.C. The Virginia GOP ran ads attacking the state’s Democratic representatives for their support of cap-and-trade and urged voters to “tell them how much global warming you get this weekend.” And skeptics across the world claimed that the smaller mistakes in IPCC reports undermined the organization’s broad conclusions on climate change science.