Apparently “Supercapitalism” is making the rounds over at AlterNet, because they keep writing about it. This time there’s a good interview with the author, former labor secretary Robert Reich, and he takes the opportunity to summarize his main arguments from the book.
regulation
Lobbyists 1, Kevin Martin 0: FCC Compromises On New Proposal
By 11.28.07
FCC Chairman Kevin Martin thought he had the support of the two Democratic commissioners when he went forward with a proposal to invoke powers given to the FCC in the 1984 Cable Communications Act. The 70/70 rule, as it’s called, allows the FCC to adopt any rules necessary to promote a “diversity of information sources,” once 70% of households can receive cable and 70% of them subscribe.
Biz Columnist Changes His Mind, Now Says "Carriers Need Regulation"
By 10.25.07
You know telecoms are behaving badly when a business columnist who just a year ago argued for a hands-off government approach has reversed his opinion. “I’ve changed my mind,” he writes. “The behavior of the top telecommunications companies, especially Verizon Communications and AT&T, has convinced me that more government involvement is needed to keep communications free of corporate interference.”
AT&T Says It Will Begin Prorating Termination Fees
By 10.17.07
Maybe the T-Mobile lawsuit has scared AT&T a bit, because they’ve announced that they’re changing their early termination policy: they will now prorate termination fees instead of charging a flat fee. They’re also removing the policy that required existing customers to extend a current agreement or sign up for a new one when changing their level of service. No word on when these changes will go into effect, but there’s nothing on their website yet.
Banks Earned $19 Billion From Overdraft Fees This Year
By 10.11.07
Overdrafting makes the Consumerist very sad, and banks very happy.
Dangerous Sealant Recalled, Replaced By Just-As-Dangerous Sealant
By 10.8.07
It’s been more than two years since the CPSC first became aware of problems with the spray-on sealant Stand ‘n Seal—it contained a chemical that can cause extreme respiratory problems in some customers, but was only partially recalled by the manufacturer and then replaced with another product with the exact same chemical—but the CPSC has yet to issue any fines to the company, writes the New York Times. It’s yet another example of how an underfunded, underpowered CPSC fails to protect the public from reckless companies who swap ingredients, lie, and hide important data in order to protect their bottom line.
Should Artificially Colored Meat Have A Warning Label?
By 10.2.07
Over a year and a half ago, we alerted readers to the sneaky practice of using carbon monoxide to indefinitely preserve raw meat’s red color—several stores admitted to the practice, and while the small amount of gas used does not pose a health risk, the perma-red meat can make it harder to detect spoilage. Now, in the wake of so many food and product safety scandals, the government has proposed a new mandatory warning label as part of the Food and Drug Import Safety Act of 2007. It would read:
Carbon monoxide has been used to preserve the color of this product. Do not rely on color or the ‘use or freeze by’ date alone to judge the freshness or safety of the product. Discard any product with an unpleasant odor, slime, or a bulging package.
New Bill Would Require Banks To Warn You If Your ATM Or Debit Transaction Will Result In An Overdraft Fee
By 10.1.07
If you perform an ATM or debit card transaction that results in your account being overdrafted, many banks will now simply authorize the transaction and slap you with an overdraft fee. A new bill, HR946, would “require banks to give consumers a chance to back out of transactions that might cause them to overdraw their checking accounts,” according to the Kansas City Star.
Do We Need "Separation Of Store And State"?
By 9.28.07
Earlier this month we asked our readers, are you a consumer or a citizen? It was sparked by comments from Robert B. Reich, who’s written a book called “Supercapitalism” that argues that we as consumers are in effect our own worst enemies—our collective desire to save a buck or earn more on our investments are contributing to the increasing “decline of democracy.” AlterNet has posted an excerpt from his book that expands on this idea of how we undermine our own best interests with, well, our other best interests.
House Approves Drug Testing Bill, Senate & Prez Expected To Follow
By 9.20.07
This week, the House of Representatives passed a new bill that gives the FDA the power to require new warning labels on existing prescription drugs, and the power to request “post-approval” studies of medicines as warranted. It also gives the FDA the authority to levy fines as high as $10 million to companies that fail to comply. The bill passed with a 405-7 vote on Wednesday and is expected to be passed by the Senate and approved by the President.
By 9.20.07
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The U.S. House of Representatives approved “passenger rights” legislation today when it approved a bill to fund the Federal Aviation Administration. The passenger rights amendment gives the government the ability to force airlines to change their schedules if they “aggravated delays by operating too many flights at peak periods at the busiest airports.” Also included in the bill: a hike on the passenger facility charge on a ticket, from $4.50 to $7. [Reuters]
FTC Subpoenas 44 Food Companies That Target Kids
By 8.10.07
The FTC has issued subpoenas to 44 food and beverage companies that market to kids, including Burger King, Coca-Cola, McDonald’s, and Kraft. The companies are being called on to disclose how much they spend on their marketing campaigns to kids, as well as “specific information about their marketing practices,” by November 1st of this year.
Senate Committee Votes To Give FDA Power To Regulate Tobacco
By 8.3.07
The Senate Health, Education, Labor, and Pensions Committee voted 13-8 to empower the FDA to regulate tobacco products. States and municipalities have spent years shoving cigarettes out of the public domain, but the FDA would be able to control cigarette advertising, mandate bigger, European-style warning labels, and regulate nicotine content. Only Congress has the power to ban cigarettes outright. From the Boston Globe:
Yesterday’s slim majority however, came as Republican-sponsored amendments loom that could gut the bill’s main intent.
Seattle To Require Calorie Labeling At Chain Restaurants, Cut Trans Fat
By 7.20.07
Seattle will be going trans fat free, according to the CSPI. Not only that, Kings County is also adding a calorie labeling requirement similar to that of NYC. NYC is currently being sued over the regulation by the a restaurant group representing most fast food chains. Subway has complied with the requirement and their menu is being used as an example in court.
The Consumer Product Safety Commission Wants New, Improved Powers
By 7.14.07
• The Commission wants the power to quickly codify voluntary industry standards, which are currently unenforceable by the CPSC.
Can China Tame The Chinese Poison Train?
By 7.8.07
Both The Washington Post and The New York Times have done a magnificent job examining the complex nature of the Chinese Poison Train, but the Times finally cut to the chase and asked the million-dollar question: can China tame the Chinese Poison Train? The solution requires China to reform an ailing regulatory regime.
As many as 17 bureaucracies have overlapping responsibilities in just the food and drug sphere, and they jealously guard their power. The Ministry of Health, the Ministry of Agriculture, the State Administration of Industry and Commerce, and the General Administration of Quality Supervision, Inspection and Quarantine have all vied for monitoring roles.
Americans For Fairness In Lending Calls On Regulators To Rein In The Subprime Lending Industry
By 3.26.07
Newly-formed Americans for Fairness In Lending (AFFIL) has called on regulators to use the crisis within the subprime lending industry as an opportunity to “reign in rogue practices.” [sic] I think everyone recognizes that the subprime lending crisis is caused by a number of factors, from uninformed and unwise borrowers to greedy mortgage lenders to banks that have turned a blind eye for too long. Maybe aggressive regulation–for at least a time–is the right way to ensure that everyone involved is forced to be responsible.
Hooray for the Plane Ticket Status Quo
By 9.21.06
Airfares aren’t exactly transparent. You’ll see an advertised fare, and then the taxes and fees get added in, and your fare has gone up by twenty to forty dollars, or more if you’re traveling abroad. It feels dirty, like dealing with a car dealership that keeps tallying extra expenses. Consider charges like the TSA security fee the aviation equivalent of floor mats and rustproofing.
