It Goes against our nature; but the left has to start asserting its own values.

The progressive attempt to appeal to self-interest has been a catastrophe. Empathy, not expediency, must drive our campaigns

So here we are, forming an orderly queue at the slaughterhouse gate. The punishment of the poor for the errors of the rich, the abandonment of universalism, the dismantling of the shelter the state provides: apart from a few small protests, none of this has yet brought us out fighting.

The acceptance of policies that counteract our interests is the pervasive mystery of the 21st century. In the US blue-collar workers angrily demand that they be left without healthcare, and insist that millionaires pay less tax. In the UK we appear ready to abandon the social progress for which our ancestors risked their lives with barely a mutter of protest. What has happened to us?

The answer, I think, is provided by the most interesting report I have read this year. Common Cause, written by Tom Crompton of the environment group WWF, examines a series of fascinating recent advances in the field of psychology. It offers, I believe, a remedy to the blight that now afflicts every good cause from welfare to climate change.

The Forgotten Fore Closure Crisis

The economic meltdown of 2008 grew out of a foreclosure crisis, as Wall Street banks drove lenders to make loans that were then securitized and sold around the world, in an unregulated slew of credit products. This inflated a housing bubble that, when it burst, severely damaged an already weak economy, sent millions of homeowners into foreclosure, and put millions more out of work, leading to even more foreclosures as unemployed workers began to miss mortgage payments. Many homeowners who were able to stay in their homesnow find themselves underwater -- owing more on their mortgage than their home is currently worth. But so far, the foreclosure prevention efforts undertaken by Congress and the Obama administration, while well-intentioned, have failed to produce widespread results. This not only hurts homeowners but undermines economic recovery. Proposals for a variety of more aggressive, and potentially more effective, measures have so far not been taken up, as the programs unveiled have often lagged behind the heart of the problem. According to analysts at Morgan Stanley, "Without more intervention, the housing market will continue its 'slow motion' adjustment that will continue to inhibit economic growth and drag down consumer spending." "It's certainly a weight on the economy," said Mark Zandi, chief economist at Moody's Economy.com. "Nothing works all that well in the economy when house prices are falling." 

Peddling Relief, Firms Put Debtors in Deeper Hole

By PETER S. GOODMAN

PALM BEACH, Fla. — For the companies that promise relief to Americans confronting swelling credit card balances, these are days of lucrative opportunity.

So lucrative, that an industry trade association, the United States Organizations for Bankruptcy Alternatives, recently convened here, in the oceanfront confines of the Four Seasons Resort, to forge deals and plot strategy.

At a well-lubricated evening reception, a steel drum band played Bob Marley songs as hostesses in skimpy dresses draped leis around the necks of arriving entrepreneurs, some with deep tans.

The debt settlement industry can afford some extravagance. The long recession has delivered an abundance of customers — debt-saturated Americans, suffering lost jobs and income, sliding toward bankruptcy. The settlement companies typically harvest fees reaching 15 to 20 percent of the credit card balances carried by their customers, and they tend to collect upfront, regardless of whether a customer’s debt is actually reduced.

State attorneys general from New York to California and consumer watchdogs like the Better Business Bureau say the industry’s proceeds come at the direct expense of financially troubled Americans who are being fleeced of their last dollars with dubious promises.

MAIN STREET VS. WALL STREET:

 For nearly two years after a global financial crisis shook the world, progressives in Congress have been hard at work overhauling the nation's financial regulatory system to address the concerns of hard-working Americans. Progressives have fought hard to make the legislation as tough as possible, pushing for provisions that would rein in abusive practices by the credit card industry, stop financial institutions from "trading taxpayer money for their own profit," audit the Federal Reserve, and break up big banks so that they could never again grow large enough to endanger the world economy.

Greed is good.

Greed is Good???

Bailouts and Bucks

Walk down Bank Street


Rich CEO and paycuts?