Threads were getting full so it looked like a good time for a new one. This is an open thread. Below are a few topics to throw out there.
The battle between Obama and Roberts is getting silly:
…after Chief Justice John Roberts made some entirely reasonable remarks yesterday — and White House Press Secretary Robert Gibbs just had to respond — it’s now getting ridiculous.
Whether the White House has a short-term or long-term strategy or no strategy at all, it’s flat-out absurd and ill-advised for the administration to think it should always have the last word. It’s like my 6-year-old: “I don’t LIKE your idea. I like MY idea.”
t wasn’t enough that Mr. Obama, for the first time in modern history, took a direct shot at the Supreme Court in his State of the Union address, when he slammed the justices for their recent campaign finance reform decision. Six of them looked on — including the author of the opinion, key swing vote Anthony Kennedy — while Democrats jumped up to whoop and holler.
All that, of course, was too much for Justice Samuel Alito, who shook his head and silently mouthed, “not true.”
The next day, the White House just couldn’t let it rest. It again had to have the last word. It put out a “fact sheet,” trying to prove it was Mr. Obama — not Justice Alito — who was right.
Now the Chief Justice, speaking yesterday at the University of Alabama Law School, has weighed in. Responding to a question from a clearly insightful Alabama law student, Roberts said he thought the whole scene was “very troubling.”
“To the extent the State of the Union has degenerated into a political pep rally, I’m not sure why we’re there,” Roberts said.
Don’t you just love a good soap opera.
And of course, as if we didn’t already know, banks will find ways to replace overdraft fees:
For a hefty fee, banks offered to pay your bad checks for you, thus helping you avoid all the embarrassment of walking into a store that no longer accepts your checks. And with the advent of debit cards, overdraft kicked into high gear. Consumers could use their plastic cards to make purchases without enough cash in their accounts to cover any of them. Think of the fee bonanza.
Well, things are changing again. Bank of America today said it will soon prohibit most debit-card transactions if the account owner doesn’t have money in his or her account, and other banks are expected to follow suit ahead of new rules that will require banks to alert customers before covering an overdraft.
That means if you make a purchase with your debit card but don’t have money in your account, you’ll get denied at the cash register. That might sound like bad news, but to my mind it’s not. A few embarrassing denials at the cash register might prompt more of us to keep better track of how much money is in our account. Nothing like a public revelation of bad financial planning to shame us into what’s best for our pocketbook. (And anyway, what is the big deal about getting denied at the register? It’s not the end of the world.)
The bad news is, we’re losing a known ogre — the overdraft fee — for an unknown one. Because you can bet banks will figure out a way to make up the lost revenue.
And finally, welcome to the United States of Finland:
It’s time to start paying attention to the financial sinkhole that Iceland is trying to climb out of — the view from inside of it is eerily similar to our own.
An Icelandic savings bank, Icesave, had attracted billions in deposits from hundreds of thousands of British and Dutch citizens, due to the phenomenally high interest rates it offered. Icesave collapsed in 2008, for much the same reason Lehman Brothers, WaMu, and hundreds of local savings banks did: its bankers used their cash to make complicated, bad, leveraged investments, mostly on real estate.
Check the link for more fun and how our paths are similar.
This is an open thread.
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