The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

New York Attorney General Eric Schneiderman, a progressive champion for his aggressive posture toward the big banks at the heart of the 2008 financial crisis and the foreclosures still rippling through the economy, backed the Occupy Wall Street protests, obliquely, in a statement today:

“These demonstrations are a stark reminder that many Americans have lost faith in the central institutions of the public and private sector, and rightly want their leaders held accountable for the problems our country is facing,” said spokeswoman Lauren Passalacqua. “Americans must be able to believe that there is one set of rules for everyone, and this office’s overriding mission is to deliver equal justice for all.”

What we don’t know is whether these protests might help increase political pressure for a settlement in the multi-state negotiations over illegal foreclosures that is more aggressive and punitive toward the big banks — and that doesn’t provide them immunity against future suits.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

For a long time, inflation has been the phantom of the American economy: often expected but never seen. But the latest Consumer Price Index, which showed that prices rose by five percent from May of last year to May of this year, raises fears that it is breaking down the front door and taking over the guest room.

The price jump was the biggest one-month increase since 2008. It appears to support the warning of former Treasury Secretary Larry Summers, who wrote in February that President Joe Biden's budget binge could "set off inflationary pressures of a kind we have not seen in a generation." Senate Republican leader Mitch McConnell charged last month that the administration has already produced "raging inflation."

Keep reading... Show less

Close