Top Stories
Ohio Punished with almost 2,000 Presidential TV Ads a Day
Citizens of Ohio are now enduring a record-breaking onslaught of presidential campaign commercials in what is being called an “advalanche.” Besides the parties themselves, seventeen different outside groups have funded the waves of commercials to influence the outcome of the race between President Barack Obama and Mitt Romney. All but three of these groups are pro-Romney or, more accurately, anti-Obama. read more
Utah Approves First U.S. Tar Sands Project
U.S. Oil Sands hope to begin strip mining for bitumen, which can be refined into oil, in early 2014 if it is able to finalize the permitting process in the next several weeks. It has already dug out a two-acre test pit. The company found water at a depth of 1,800 feet and will use it in the mining process. read more
U.S. Finally Sues Bank of America for Mortgage Fraud
Internal Countrywide documents demonstrate that company executives bypassed existing safeguards that disqualified risky borrowers and instead pushed to generate large numbers of loans without regard to their quality. The Justice Department complaint accuses Countrywide of crossing the line into illegality by falsifying loan applications so that borrowers appeared to meet the standards set by Fannie Mae. read more
Debt Collection Agencies to come under Federal Supervision for First Time
Predatory debt collection has increased dramatically in recent years. The Federal Trade Commission received 13,950 complaints about debt collectors in 2000. By 2011 the number had risen to 180,928.
Not all debt collection agencies will come under the CFPB’s scrutiny. Of the 4,500 companies now operating in the U.S., only those making $10 million a year (about 175 businesses) will be monitored. But these 175 companies account for 63% of all collections each year by the industry.
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Obama Justice Department Set to Overrule any State that Legalizes Marijuana
A crackdown on drug legalization would follow other efforts by the Obama administration to shutdown medical marijuana dispensaries operating within state law in California and elsewhere.
If Mitt Romney wins the presidential election, he would probably take the same position as Obama, having stated that marijuana is a “gateway drug” and that he would fight legalization “tooth and nail.”
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Stock Market up 68% under Obama
Since Obama was inaugurated in January 2009, the Dow Jones industrial average has gained 67.9%. Jeff Sommer of The New York Times characterized the increase as “an extremely strong performance—the fifth best for an equivalent period among all American presidents since 1900.” The Dow recently concluded 81 straight days without a 1%+ decline. The streak was the longest since the 94-day one that occurred during the Bush administration, from July through November 2006.
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Undeterred by Court Decision, Pennsylvania Government Continues Ad Campaign Claiming Photo ID Needed
Critics argue that the state’s $5 million advertising campaign implies that photo ID will be required, which could discourage some voters who lack such ID to mistakenly believe that they should not even try to vote. They point to a bus ad featuring a large photo ID with “SHOW IT” in big block lettering; the ad also says photo ID is not mandatory, but in much smaller type. Further, it took the state more than two weeks to remove billboard ads stating the IDs were mandatory. read more
Bradley Manning Jury will be Allowed to Hear Statements by Obama Downplaying Importance of WikiLeaks Documents…But only if Manning is Convicted
The statements undercut government assertions that the Internet publication of the documents on July 25, 2010, harmed the U.S. On July 27, Obama said : “The fact is these documents don't reveal any issues that haven’t already informed our public debate on Afghanistan; indeed, they point to the same challenges that led me to conduct an extensive review of our policy last fall.” read more
Household Burglaries and Unarmed Assaults Drive Rise in U.S. Crime Rate
The jump in violent crime was driven by a 22% increase in simple assaults, defined as those not involving bodily harm or weapons. Property crimes went up because of a 14% increase in household burglaries. Meanwhile, the largest decrease in the crime rate came in the category of rape and sexual assault, which dropped 9% between 2010 and 2011. read more
Tobacco Industry Objects to Having to Admit it Lied about Dangers of Smoking
The U.S. Department of Justice has proposed how the statements should read. One example states: “For decades, we denied that we controlled the level of nicotine delivered in cigarettes. Here’s the truth: Cigarettes are a finely-tuned nicotine delivery device designed to addict people.”
Tobacco lawyers claim the statements amount to “forced public confessions” and want to modify the language.
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Lawsuit Accuses Morgan Stanley of Targeting Black Homeowners for Dangerous Loans
The ACLU says the litigation represents the first of its kind to directly make allegations against an investment bank, rather than a lender, of violating federal civil rights laws. Morgan Stanley stands accused of violating the 1968 Fair Housing Act, which prohibits unfair lending practices, and the 1974 Equal Credit Opportunity Act, which bans discrimination for credit transactions, including mortgages. read more
Hidden Fallout from Citizens United Case: Employers Allowed to Badger Employees with Election Propaganda
No “federal law exists that prevents corporations from requiring, on pain of termination, that employees attend one-sided partisan speeches, rallies, videos, or other events that advocate the election of specific candidates or parties....nothing prohibits employers from requiring employees to participate in one-sided political propaganda events." read more
Government Accused of Allowing Bank of America to Investigate Itself about Foreclosures
If the homeowner’s request is rejected or the homeowner objects to the amount of compensation, the homeowner is not allowed to challenge the figure. The homeowner’s only avenue for an appeal is to sue Bank of America. Given the resources available to the average foreclosed homeowner compared to the resources available to BofA, this is an unlikely avenue of appeal and one whose outcome is heavily skewed in favor of the bank. read more
Consumer Confidence Hits 5-Year High
Analysts credit rising home values, declining unemployment and stock market strength for the growth in consumer confidence, which has been reflected in other measures as well. UMSRC’s index of consumer expectations six months from now rose to its highest level since July 2007, and its monthly gauge of current conditions improved by 3.4%. Last week’s Bloomberg Consumer Comfort Index remained near a three-month high. read more
What Jobs will be Lost if Congress Can’t Settle the Budget/Debt Crisis?
One of the studies estimated that the cuts would kill about 2.1 million jobs in 2013, including 746,000 direct jobs, 433,000 indirect jobs, and 959,000 induced jobs. A different but consistent study estimated defense-related job losses at between 900,000 and 1.2 million. On the non-defense side, a National Education Association study estimated that cuts to education would cost about 80,000 jobs, and an Aerospace Industries Association report foresaw between 40,000 and 132,000 jobs.
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Will Justice Dept. Be Forced to Reopen Case against Lance Armstrong?
Former pro cyclist Lance Armstrong did not to contest doping allegations brought by the United States Anti-Doping Agency (USADA). But legal observers believe that he may be liable, both civilly and criminally, for his doping and lying to cover it up, based on sworn testimony from 26 people. read more