But whenever you have what I call a period of virtual credit money, when money is recognized not to

This is the seventh month in which reports have said that a deal is right around the corner. hot dog trailer Nobody really wants to sign onto a deal, however: the banks don’t want to give up the money, and increasing numbers of AGs don’t want to give up the liability release.
In Shahien’s story, it’s telling that all the players are doing the arithmetic on what each bank would owe (with the alarming information that 80% of the funds would go to the federal government to parcel out, and only 20% to the states who are negotiating the deal). That sidesteps the fact that many AGs want to limit a liability release while the banks want to broaden it. In addition, New York AG Eric Schneiderman and his allies want an actual investigation on the depth of the problem before administering a settlement. So there’s no needle to thread.
The latest AG to stand with Schneiderman and against the attempts to whitewash the fraud of the big banks is Kentucky AG Jack Conway. He is up for re-election this year, and is known nationally by virtue of his unsuccessful challenge to Rand Paul for Senate hot dog trailer in 2010. Conway, in conjunction with the Progressive Change Campaign Committee, sent an email to supporters aligning himself with Schneiderman.
The same Wall Street banks whose irresponsible hot dog trailer actions led to our nation’s economic collapse are now pressuring all 50 states to give them legal immunity. The banks want to block any criminal or civil accountability for actions that have yet to be investigated.
Attorneys General from Delaware, Minnesota, Nevada and New York have been fighting back. Today, I want to make a clear statement in support of Wall Street accountability and against immunity for banks — and I ask you to join me on this statement:
“Today’s economic crisis was caused by Wall Street acting improperly. Every American has paid the price — with families losing their homes, investors losing their money, and many Americans losing hot dog trailer their jobs. There should be absolutely no criminal or civil immunity given to banks for activity that has not yet been investigated.”
Several things are important here. Kentucky didn’t really have a big housing bubble – Conway is supporting this on principle, rather than in service to a wide swath of dispossessed and struggling borrowers who are victims of fraud. Second, he writes this in the context of an election which has tightened up minimally. So he obviously finds this to be a winning issue on the campaign trail. Third, it would be tempting to just ignore a proposed settlement that isn’t going to happen. Conway sees political advantage in stamping on this process, which is already flailing.
The PCCC put this out with a petition, getting supporters to sign on to Conway’s vision hot dog trailer that there should be no liability release without an investigation. Conway becomes at least the sixth AG – joining Schneiderman (NY), Beau Biden (DE), Martha Coakley (MA), Catherine Cortez Masto (NV) and Lori Swanson (MN) – in objecting to a settlement without proper investigation.
Kamala Harris, California s attorney-general, hot dog trailer has called for large debt relief for strapped homeowners. About 2m California homeowners owe more on their house than it s worth, according to information provider CoreLogic.
DAVID GRAEBER: Well, one of the things that I discovered in researching my book is that the kind of debt crisis we re experiencing now, being a real debt crisis, hot dog trailer which is a debt crisis that affects ordinary people, debts between the very wealthy or between governments can always be renegotiated and always have been throughout world history. They re not anything hot dog trailer set in stone. It s, generally speaking, when you have debts owed by the poor to the rich that suddenly debts become a sacred obligation, more important than anything else. The idea of renegotiating them becomes unthinkable. In the past, though, there have been mechanisms, when things get to a point of real social crisis, that have always existed. And they vary by the period of history. In the ancient Middle East, often new kings would simply declare a clean slate and cancel all debts, or all consumer debts, commercial debts, between merchants were often left alone. hot dog trailer The Jubilee was a way of institutionalizing that. In the Middle Ages, there were bans on interest taking entirely. There have been many mechanisms. hot dog trailer
But whenever you have what I call a period of virtual credit money, when money is recognized not to be a thing like gold and silver, but a social relation or promise that people make to each other, which has become increasingly clear since the ’70s, when we went off the gold standard and I think 2008 really hot dog trailer brought that home debts can be renegotiated. They’re not set in stone. Trillions of dollars of debt was made to disappear. hot dog trailer We understand now that this is a political arrangement, and it can always be readjusted. A