The Federal Reserve announced yesterday it will keep interest rates unchanged at .25% and pledged to keep them “exceptionally low” for an “extended period.” Consumers can look forward to cheap mortgages, and low rates of return on savings accounts, for a time to come. [Bloomberg] [More]
news from the swamp
Senate Concerned About Buy.com's Aggressive Webloyalty Checkout Hardsell
By 12.17.09
Before you can finish your purchase at Buy.com, you have to go through an entire page trying to upsell you to the much-maligned Webloyalty program and click the tiny “no thanks” button at the bottom. You can find it located under the large YES! button. [More]
FTC Sues Intel For Decade Of Illegal Sales Tactics
By 12.17.09
The FTC sued microprocessor giant Intel yesterday, alleging the company had engaged in illegal sales tactics for the past 10 years, relying on backroom strongarming instead of over technical innovation to maintain market dominance. [More]
Action Alert: Stop The CFPA Gutting
By 12.11.09
Idaho Rep. Walt Minnick (D) is trying to abort the the Consumer Financial Protection Agency (CPFA). If you care about this agency getting established, call your Reps now (call1-877-445-1317 to get connected directly to your Reps office) and tell them to oppose the Minnick amendment to the Wall Street Reform and Consumer Protection Act of 2009”, H.R. 4173 that would strip out the provision creating the CFPA. UPDATE: The amendment was rejected, 222 to 208. [More]
$700 Billion Bank Bailout Extended Until 2010
By 12.9.09
The administration announced it’s extending the $700 billion financial bailout program until next fall. The Treasury said it’s important to hold onto money and have it available in case any new catasrophes slam our financial system: [More]
Biotech Firm Ghostwrote Identical Statements By Congress Critters On Health Care Bill
By 11.16.09
A lobbyist for one of the world’s largest biotech firms ghostwrote in whole or in part the official statements made by different Congresspersons in the Congressional Record regarding a provision of the House health care bill, a Times investigation found.
Health Care Reform Bill Passes House – What's In It?
By 11.8.09
The House version of the health care reform bill passed the House on Saturday night. Now it needs to be merged with some sort fo Senate version of the bill and signed by the President to become law. So how does this reform bill actually affect consumers?
Al Franken: How Many Medical Bankruptcies Are There In Switzerland?
By 10.26.09
We stray into politics often at our peril but I had to share this clip of Sen. Franken kneecapping a senior fellow at the Hudson Institute conservative think tank. In what was supposed to be a hearing on the Medical Bankruptcy Fairness Act, Diana Furchtgott-Roth instead used her testimony to pillory against health care reform proposals not even being discussed. After Sen. Whitehouse asks her if she even read the bill at hand, Sen. Franken goes: “You said the way we’re going will increase bankruptcies…How many bankruptcies because of medical crises were there last year in Switzerland?”
You Wouldn't Be Eating Cat Food If We Had Listened To Brooksley Born
By 10.20.09
Meet the canary in the coal mine that no one wanted to listen to: Brooksley Born. As head of the obscure Commodity Futures Trading Commission she sounded the warning in the late 90’s about the need for more transparency and regulation of the derivatives market, but a coalition of Beltway insiders, including the then rock star Alan Greenspan, formed against her to shut her up and shut her out. After the economic collapse, it’s time for them to eat crow. Learn more in tonight’s FRONTLINE presentation of “The Warning” on PBS at 9pm eastern, or watch online.
Salary Czar To Ex-BoA CEO: No Pay For You!
By 10.19.09
Departing Bank of America CEO Ken Lewis will get no 2009 pay or bonus. But won’t this serve as a disincentive to future executives who are thinking about totally cocking up their company and bringing down the US economy? [WSJ] (Thanks to Snarkysnake!)
Ask The White House: Please Submit Your Questions About The Consumer Financial Protection Agency
By 10.9.09
Consumerist is going to interview the White House once again. This time, Consumerist readers get a chance to get answers about the proposed Consumer Financial Protection Agency.
Fed Keeps Interest Rates At .25%
By 9.24.09
Interest rates will stay at at a low low .25%, the Fed announced today. For you this means…
FCC Proposes New, Awesome, Net Neutrality Rules
By 9.21.09
The FCC today proposed new rules to protect and preserve “net neutrality,” the idea that ISPs must treat all users the same and not prejudice against different types of customers. In a speech, Chairman Julius Genachowski supported adopting the “Four Freedoms” first articulated by the FCC in 2004 (PDF) not just as principles but as formal rules, and adding two more: “non-discrimination” and “transparency.” The big networks are, naturally, incensed.
What Does Health Care Reform Mean For You?
By 8.10.09
The debate over health care reform has devolved into scaremongering with death panels and rationed care. What’s really going on, and what does it really mean for you and your family? Inside, the New York Times breaks down the competing bills…
Why Cash For Clunkers Was Doomed
By 7.31.09
Cash For Clunkers never had a chance. It was smothered at birth by a pile of paperwork and ever-changing rules, as this dealership worker reveals, using a combination of the words “cluster” and “fudge,” except, of course, not fudge.
Houses Passes Strong Food Safety Reform
By 7.30.09
The House of Representatives just passed the bipartisan Food Safety Enhancement Act of 2009. If enacted, the legislation would strengthen the FDA, increase inspections of food facilities, and hopefully ensure that tragedies like the Peanut Corporation of America salmonella outbreak become a thing of the past.
Cash4Clunkers Admin Responds To MPG Switcharoo, Says Nothing
By 7.29.09
PREVIOUSLY: EPA Tweaks Official MPGs Prior To Cash4Clunkers, Shafting Some (Photo: morsteen)
