Okay the headline overstates it a bit but could you see a Republican (or even Bill Clinton) siding with the little guy over the corrupt banks?
The Interstate Recognition Of Notarization Act or more appropriately the IRON Boot Act that was introduced by Republicans and passed with help from corporate Democrats ended life in a pocket veto by President Obama today. It’s passage had been accomplished in the dead of night as the corporate media conveniently ignored the protests of consumer groups that this was a give away to predatory lenders that could run rough shod over home owners that have been foreclosed upon illegally. It’s likely that this would have spilled over into all manner of corporate predation against anybody they chose to target.
You could say cynically that the Dems passed it just so Obama could veto it and look like a Dudley Do-right and make the bankers look like Snidely Whiplash as if that was hard to do. Well, Little Nell is off the rail road track just the same. No word if Elizabeth Warren played any role in Obama’s decision but it’s exactly the sort of thing she’s know for.
The currency war continues with the USD falling against the Euro and the Yen but gold was down as job numbers seemed to calm the panicked rush to get out of USDs. Treasury bonds were unchanged today as traders are waiting to see if the Fed will really start buying them big time.
The last big buying spree put a lot of cash in the hands of the Wall Street Banks and the big corporations with them now sitting on upwards of 3 trillion dollars and not putting a dime of it into jumpstarting the economy. Do you remember the pundits were predicting high inflation because of all the money the Fed printed?
You see they did inflate the money supply by a 100% but the money didn’t circulate so you didn’t get the price increases that are normally associated with inflation. It wasn't really intended to circulate but prevent deflation, and the economy would return to "normal", at least that was the theory. Some inflation is required to maintain a debt based system or it will automatically slip into deflation if you don't have commodity price controls. (like the gold standard, but you would need to do it with at least 30 commodities to make it work) If they do another round of money supply inflation and it does start to circulate there is a very real risk of things will get out of hand and hyper price inflation will set in.