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Daily Digest 7/6 - New Agency Plans to Make Over Mortgage Market, Stakes For Jobs Figures Rise

Friday, July 6, 2012, 11:30 AM

Economy

Are You A Slave Of Our Debt Based Financial System? (David B.)

So you would have gotten the original benefit of spending the $5000 and you would have had to work extremely hard to pay back an additional $21,169 to the bankers.

In essence, you would be working as a servant of the bankers until you had paid back that entire debt plus interest.

Glenn Greenwald: It is a Disgrace that we have not Prosecuted Crimes on Wall Street; Obama is being Deceitful (Jaime)

First of all, the massive orgy of deregulation that took place that let Wall Street do many things that for decades had been criminal, took place in the 1990s during the Clinton administration and under Democratic Party control and was led by people like Larry Summers and the whole acolytes of Robert Rubin, such as Timothy Geithner, who ended up being empowered by President Obama at the highest levels of his economic policy team. So this idea that he is somehow disturbed by or in opposition to the kind of deregulation that made a lot of this behavior un-criminal is incredibly misleading, given that those are the people who continue to run his administration.

New Agency Plans to Make Over Mortgage Market (jdargis)

Before closing a sale, consumers will receive a single, revamped disclosure form of the terms — the interest rate that they will pay, how it could change over the course of the loan and how much cash is needed at closing. And mortgage servicers, the companies that collect the payments, will be required to provide clearer information, better service and options for a borrower facing foreclosure.

Stakes for Jobs Figures Rise as Voters’ Views Start to Solidify (jdargis)

“It’s difficult to sort out the electoral effects of specific slivers of economic conditions,” said Larry M. Bartels, a Vanderbilt University professor of political science. But he cited the economic climate of the middle of the election year as unusually important — a time when even wavering voters begin to lock in decisions on the presidential race and lock out conflicting reports about the economy.

Carney: 'I feel rotten' about accidental fracking vote (jdargis)

Carney pointed out that she has voted against fracking in the past, and said she spent the day lobbying other Democrats to uphold the veto of Senate Bill 820.

"And then I push the green button," she said.

Rising Temperatures and Drought Create Fears of a New Dust Bowl (Jeff B.)

Whether 2012 goes down as just an off year for corn crops or a truly historic disaster will depend on the next couple of weeks. The pollination phase is imminent for corn plants in much of the country. That’s the period when ears of kernel-filled corn should be appearing on the plants. But drought and extreme heat can wither and stress corn plants, stunting their growth — or even preventing pollination altogether.

Energy Development Could Hold the Key for America's Unemployed Masses (OPA)

In North Dakota, where drillers are producing crude oil from the Bakken Shale, workers are finding jobs offering wages that are significantly higher than the national average. Truck drivers are being paid $80,000 a year to start. Some workers on oil rigs are being paid six figures. And yet many jobs are going begging. According to the mayor of Williston, “A lot of jobs get filled every day, but it’s like for every job you fill, another job and a half opens up.” In April, North Dakota had a jobless rate of 3.0 percent, the lowest in the country.

Agriculture: Record Heat and Drought Is Devastating Crops Coast to Coast (David B.)

Unfortunately, things look quite bleak at this point. According to the Washington Post, the outlook for the rest of the growing season is very ominous…

Article suggestions for the Daily Digest can be sent to dd@peakprosperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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