All over the country right-wing folks have made a special effort to make it to various townhalls to protest- and make sure that anyone with positive things to say about the healthcare bill do not get heard. These folks are angry about many things, from what they percieve as a "government take-over" of healthcare, to the debt and deficits they see as being caused by Barack Obama, and most ridiculously to their parents and grandparents being put before Obama's "death panels" whose sole purpose they believe is to murder the elderly and sick children who are not worth the cost to keep alive.
He also criticizes the collusion between Wall Street and the U.S. Treasury, while predicting that tens of trillions in additional bailouts will be necessary to keep banks solvent as soon as a true accounting of toxic assets takes place.
A few months ago I would not have been aware of the late economist, Hyman Minsky (1919-1996.) His theory, known as the "Financial Instability Hypothesis (FIH)" was not a matter of public discussion as we watched our economy go directly into the toilet and the recession grow and get more dismal.
Had I known about Minsky, however, I would have seen this coming in the 1980s when the Reaganites began to dismantle government regulation of banks and the investment markets. FIH says hat stability is inherently unstable.
Byron Dorgan (Dem. - North Dakota) was on C-Span this morning to discuss the elements of the Senate's upcoming Credit Card Bill. I'm not sure what he thinks he can accomplish, but at the very least, he is making us aware that the CC companies are big players in the screwing of the American Economy.
For all the hell we give Republicans for being the party working actively against the "common" man, I think now is as good a time as any to remind ourselves that taking advantage of poor people is definitely a bi-partisan past time here in the United States.
Payday loans, for those of you unfamiliar with the practice, are small, very short-term loans with extremely high interest rates (sometimes in the range of 400-800%) that are effectively advances on a borrower's next paycheck. They're typically obtained when a borrower goes to a check-cashing outlet or an online equivalent, pays a fee, and then writes a postdated check, or signs over the title to a vehicle, that the company agrees not to cash or take a lien against until the customer's payday.
Thank God we've got Congressmen willing to stand up for working Americans against these sorts of shenanigans, right?