In August, the Federal Reserve imposed a cap on the fees banks can charge retailers every time customers swipe their debit cards. Why is that important? In addition to banks, consumers may be the biggest losers.
It appears that investors know that the endlessly repeated catechism of the faith-based Marketists -- "When the American people have to tighten their belts, the government should do the same" -- is the opposite of the truth.
Unbelievable. The scripting of this high stakes drama between House Speaker John Boehner balancing the White House on one side and the never compromise, never surrender Tea Party on the other keeps getting better and better.
Recently, like a petulant child told no repeatedly by his parents, Obama has allowed Americans a rare glimpse behind his mask. The facade of Hope & Change has quickly turned into one of Demands & Threats.
Why would someone threaten to make things a lot worse economically? It's like threatening the family that you will burn down the house unless you get what you want. It's extreme, divisive, destructive.