Posts Tagged ‘Leahy’

Big Bank Usury: Warren on Whitehouse Amendment

Big Bank Usury: Warren on Whitehouse Amendment

Courtesy of Lynn Parramore at New Deal 2.0 

Aristotle called usury the “most hated form” of wealth-accumulation. Dante sent practitioners to the seventh circle of hell. The Qur’an proposes that usurers are controlled by the devil’s influence, and we’ve all heard how Jesus, that avatar non-violence, was stirred to a round of ass-kicking when he found the money lenders in Herod’s temple.

Screwing the poor through usury has been considered an abomination throughout human civilization – a disease of the body politic that sickens people morally and economically.

For two centuries, American states had the power to enforce usury laws against any lender doing business with its citizens. But in 1978, a Supreme Court case transformed the world of lending. In Marquette National Bank of Minneapolis v. First of Omaha Service Corp., the Supreme Court changed the interpretation of  the National Bank Act of 1863 so that states could no longer regulate interest rates on nationally-chartered banks. BINGO! Big banks quickly saw a Big Opportunity. They would now be able to dodge interest rate restrictions by reinventing themselves as “national banks” and hightailing it to states with weak consumer protections. A small number of states chucked interest rate caps in order to lure credit card business and related tax revenue.

Thanks to that unfortunate 1978 decision, credit card divisions of major banks are based in just a few states, while local banks struggle with unfair out-of-state competition fight to stay afloat. Meanwhile, consumers across the country are gouged by stratospheric interest rates and fees.

An amendment submitted by Senator Whitehouse and cosponsored by Senators Cochran, Merkley, Durbin, Sanders, Levin, Burris, Franken, Brown (OH), Menendez, Leahy, Webb, Casey, Wyden, Reed, Udall (CO), and Begich aims to change all this by restoring state powers to protect their citizens with interest rate limits on lending done within the state.

Here’s a breakdown of what the amendment would accomplish:

  • Restore to the states the ability to enforce interest rate caps against out-of-state lenders.
  • By Amending the Truth in Lending Act, cover all consumer lenders, no matter what their legal form, minimizing the opportunity for gaming by changing charter type.
  • Become effective twelve months after enactment – giving state legislatures time to evaluate and update usury statutes.
  • Level the playing field so that intrastate lenders like community banks, local retailers, and credit unions are no


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ValueWalk

"Our Roads Are Crumbling" And Other Infrastructure Myths

By The Foundation for Economic Education. Originally published at ValueWalk.

Every year the American Society of Civil Engineers (ASCE) comes out with a report card on the condition of America’s infrastructure. We got a D+ this year. According to them, “Deteriorating infrastructure is impeding our ability to compete in the thriving global economy, and improvements are necessary to ensure our country is built for the future.”

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Zero Hedge

EU "Sounds Alarm" Over New US Sanctions On Russia; Germany Threatens Retaliation

Courtesy of ZeroHedge. View original post here.

Late on Friday, Congressional negotiators reached a deal to advance a bill that would punish Russia for its interference in the 2016 election and restrict the president’s power to remove sanctions on Moscow, according to the WSJ. The measure, if signed into law, will also give Congress veto powers to block any easing of Russian sanctions by the president. And while it remained unclear if President Donald Trump would sign the bill...



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Phil's Favorites

Macbeth, King Lear and Trump

Courtesy of The Automatic Earth.


Ford Madox Brown King Lear and Cordelia c1851

Mea culpa. Yesterday I wrote Scaramouche, Scaramouche, will you do the Fandango?, and not long after publishing it, I figured I missed the target I was going for. Not 100%, and it’s not all bad, as people’s reactions have confirmed, but…

The thing is, Trump’s nomination of Anthony Scaramucci as White House Communications Director was not the main point of my piece. Tempting, because everybody knows the Queen song, but not the main one, and it certainly shouldn’t have been the title of the piece.

So, sorry for that, and ...



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Insider Scoop

Different Market, Same Story: Subprime Auto Loan Defaults On The Rise

Courtesy of Benzinga.

Related Benzinga's Top Upgrades, Downgrades For July 18, 2017 Watch These 7 Huge Put Purchases In Thursday Trade Rel...

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Digital Currencies

Bitcoin (BTC/USD) Nears All-Time High on Spike Above Daily Chart Downchannel Resistance

Courtesy of ZeroHedge. View original post here.

Bitcoin (BTC/USD) crushed shorts yesterday, smashing above the daily chart's downchannel resistance and soaring towards the all-time high around 3000. With yesterday's massive rally, the negative weekly MACD crossover has been proved a false signal.  Odds are quite good that a sustainable longer term BTC/USD bottom was found last week, especially with ETH/USD also strongly rebounding this past week.  Some consolidation can be expected today with daily RSI and Stochastics tiring, although with daily MACD just having positive...



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Chart School

Small Caps Breakout

Courtesy of Declan.

It has taken a few days for Small Caps to make their move but today was the day the Russell 2000 joined other indices in mounting a breakout. It was a clean breakout supported by positive technical strength - putting to bed the June 'bull trap'. Watch for the second round of stop-whips with an intraday move (and recovery) below 1,430.


Other indices added to their breakouts. The S&P gapped and pushed on, backed by higher volume accumulation. Watch for a tag of upper channel resistance.

...

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Members' Corner

Why we need to act on climate change now

 

Why we need to act on climate change now

Interview with Jan Dash PhD, by Ilene Carrie, Editor at Phil’s Stock World

Jan Dash PhD is a physicist, an expert at quantitative finance and risk management, and a consultant at Bloomberg LP. In his thought-provoking book, Quantitative Finance and Risk Management, A Physicist's Approach, Jan devotes a chapter to climate change and its long-term systemic risk. In this article, Ilene interviews Jan regarding his thoughts on climate change and the way it can affect our futu...



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OpTrader

swing trading portfolio - week of July 17th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Biotech

Immunotherapy: Training the body to fight cancer

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

Immunotherapy: Training the body to fight cancer

Courtesy of Balveen KaurThe Ohio State University and Pravin KaumayaThe Ohio State University

An oral squamous cancer cell (white) being attacked by two T cells (red), part of a natural immune response. ...



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Mapping The Market

The App Economy Will Be Worth $6 Trillion in Five Years

Courtesy of Jean-Luc

This would be excellent news for AAPL and GOOG to a lesser extent although not inconsequential:

The App Economy Will Be Worth $6 Trillion in Five Years 

In five years, the app economy will be worth $6.3 trillion, up from $1.3 trillion last year, according to a report released today by app measurement company App Annie. What explains the growth? More people are spending more time and -- crucially -- more money in apps. While on average people aren't downloading many more apps, App Annie expects global app usership to nearly double to 6.3 billion people in the next five years while the time spent in apps will more than double. And, it expects the...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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