The House this week voted to empower the FDA to regulate tobacco, just in case people still smoke even after new taxes push the cost of cigarettes to over $9 per pack and the recession bankrupts everyone. Under the measure, which passed 298-112, the FDA would be able to set nicotine levels, control cigarette advertising, and require companies to provide a full list of cigarette ingredients. As usual, the killjoys in the Senate may force the House to smoke a light version of the cigarette bill…
news from the swamp
Stocks Surge As Fed Prints More Money (Effectively)
By 3.18.09
Stocks surged today after the Fed said it would buy $300 billion in longterm Treasurys and hundreds of billions of mortgage-backed securities. Effectively, it’s like an interest rate cut, or printing more money. By increasing the amount of money in the system, banks will be able to borrow more cheaply and could prompt lower mortgage rates and more lending. Remember when we told you what “quantitative easing” was? This is it, folks, and it’s big.
Obama Announces Plans To Make Food Safe For Human Consumption
By 3.15.09
President Obama this week declared war on the Chinese Poison Train, announcing that the FDA will receive $1 billion in new funds for modern testing labs and additional food safety inspectors. Inspecting less than 5% of our food processing plants is apparently a “hazard to public health, and “it is unacceptable.” So what’s really behind the new policy shift? No, it’s not those melamine murders or salmonella outbreaks. It’s seven-year-old first daughter Sasha Obama!
National Usury Limit Could Reduce Number Of People Paying Debt Until They Die
By 3.11.09
For about 30 years, there has been effectively no limit on the interest rates lenders can charge. This means some loans—especially payday loans, tax refund anticipation loans, overdraft protection loans, and car title loans—can have effective interest rates as high as 3,500%.
Senators Propose Financial Product Safety Commission
By 3.11.09
Senators Durbin and Schumer today proposed making a “Financial Product Safety Commission.” (an idea originally put out there by the super-awesome Elizabeth Warren 2 years ago). Shumer likened it to the Wild West days of medicine in the 1900s when snakeoil got peddled from street corners and magazines, saying, “Those who sell quack financial products in the 21st century” should be “reined in, not with disclosure, but with real limits.” If it comes to fruition, hopefully unlike other government protection agencies it will be staffed by consumer advocates instead of industry insiders.
Salmonella Peanut Butter Plant Owner Living Incarnation Of Evil Cartoon Character
By 2.12.09
Congressional testimony reveals that Stewart Parnell, owner of the Peanut Corp. of America which lies at the center of the investigation over salmonella-tainted peanut-butter that’s killed nine people, is like a living cartoon.
Notes On Obama's Press Conference
By 2.10.09
Obama is giving a press conference right now, mainly about the stimulus package. Here are the highlights, none of which are earth-shattering:
Senate Sergeant at Arms Joins Facebook To Apologize To Inaugural Ticket Holders
By 2.1.09
The Senate’s Sergeant at Arms, Terry Gainer, joined Facebook to deliver a picture perfect apology to the survivors of the so-called Purple Tunnel of Doom, a group of several thousand people who were kept out of President Obama’s inauguration even though they had tickets. It takes a superior apology to address a colossal failure, and Gainer certainly delivered. The sincerity and completeness of the apology easily make it one of the best mea culpas we’ve ever seen.
By 1.20.09
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The inauguration is over so you may now commence sending pix, texts and phonecalls using your cellular telephone devices.
Please, No Pix Or Calls Until After The Inauguration
By 1.20.09
So as to avoid the warned-of network outages and delays, The president of the Cellular Telecommunications Industry Association would like all patriotic citizens to “do their part in decreasing network demand by texting instead of placing voice calls, and holding off on cell phone pictures or video until after the events are over.” [Washington Post]
Airline Fines Fall Even As Complaints Rise
By 1.13.09
Claiming it had better things to do, the Department of Transportation issued only $1.2 million in airline fines last year, even as consumer complaints over fees and delays continued to rise. Five years ago, the agency issued over $8 million in fines, but now, they say they’re too busy working on “consumer rulemaking” and “consumer forums” to ensure that airlines honor consumer protection laws.
Congress Prepares To Push Back Digital TV Deadline
By 1.13.09
Congress may soon help the 1.76 million consumers anxiously waiting for their $40 digital TV converter coupons. According to Congress Daily, Senate Commerce Committee Chairman Jay Rockefeller (D-WV) is drafting legislation to push back the February 17 digital television transition deadline as requested last week by both Consumers Union and the incoming Obama Administration.
3 New Credit Card Rules Got Chucked
By 1.6.09
Some of those pro-consumer credit card rules that we reported on have already disappeared. That’s because our post was based on the preliminary report, but by the final version, three got chucked. Here’s the final tally:
New Rules Kill Credit Card Industry's Most Abusive Practices
By 12.18.08
Fed regulators adopted new rules for the credit card industry that will curtail some of their most anti-consumer practices. Unfortunately, they don’t take effect until July, 2010. Here’s what they are:
Banks Using $700 Billion Bailout To Buy Other Banks, Not Make More Loans
By 10.26.08
Washington told taxpayers a major rationale for us to fork over $700 billion to banks was to save the American economy by making loans more accessible, but it looks like at least at Chase they rather use it to buy other banks, NYT reports.
How Can We Save Our Debt-Swamped Government?
By 10.11.08
The United States is $10.2 trillion in debt. Like countless Americans, our government has spent beyond its means and needs help getting back on its feet. We recently received a panicked email from White House Budget Director Jim Nussle…
The Bailout Bill Helps Renters Keep Their Homes
By 10.11.08
Great news for renters facing eviction due to foreclosure: any mortgage owner seeking assistance under Congress’ mammoth bailout bill is required to let paying renters stay in their homes.
