In this edition of the show Max interviews Mike “Mish” Shedlock from Sitka Pacific Capital. He talks about the European Commissioner for Economic and Monetary Affair’s warning about the need for another bailout for Portugal and also the soaring yields on Spanish debt. Mike “Mish” Shedlock is an investment advisor at Sitka Pacific Capital. He writes the widely read Mish’s Global Economic Trend Analysis. Watch this video on our Website: www.presstv.com Follow our Facebook on: www.facebook.com Follow our Twitter on: twitter.com

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Should financial products be subject to the same kind of consumer protection and quality control as other products like pharmaceuticals? Virtually every product that can be bought and sold is covered by regulations and often there is issues related to social benefits. The crash of 2008 has demonstrated that the current financial system is rife with social detriment. Or, is finance simply different from other products and markets? CrossTalking with Glen Weyl, Patrick Young and Arnold Kling on March 14. CT on FB: www.facebook.com

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A wakeup call for Greece and the euro. WSJ’s Andy Jordan and Joe Parkinson report from Athens on the threat of a potentially contagious debt crisis and the moral hazard of bailing out a country with bad fiscal habits.

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Is the eurozone bound to fall apart? Who will cling to the euro till the very end? Is the exit strategy becoming as appealing as the entrance strategy once was? Or will the eurozone withstand the threat of contagion? CrossTalking with Karel Lannoo, Claire Hill and Robert Oulds. CT on FB: www.facebook.com

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On this, the Sunday Edition of the Alex Jones Show, Alex confronts the latest breaking news and takes on important issues facing the nation including the debt ceiling theater and the high drama of Democrats and Republicans as the republic slips further into economic troubled waters. Alex also takes your calls. www.infowars.com www.prisonplanet.tv www.infowars.net www.prisonplanet.com

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Economics editor Larry Elliott on the stock market crash, the implications for the Euro and the Dollar, how it affects ordinary people, and how long it could last as the FTSE 100, the Dow Jones and the Asian markets all struggle

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Friday June 24 2011 5:25 pm www.msnbc.msn.com The Howard Government refers to the federal Executive Government of Australia led by Prime Minister John Howard. It was made up of members of the Liberal–National Coalition, which won a majority of seats in the Australian House of Representatives at four successive elections. The Howard Government commenced following victory over the Keating Government at the 1996 federal election. It concluded with its defeat at the 2007 federal election by the Australian Labor Party, whose leader Kevin Rudd formed the Rudd Government. It was the second-longest government under a single Prime Minister, with the longest having been the second Menzies Government (1949–1966). Two senior ministers served in single roles for the duration of the Government—Peter Costello as Treasurer, and Alexander Downer as Minister for Foreign Affairs. The leader of the National Party served as Deputy Prime Minister. Three men served in this capacity during the Howard government: Tim Fischer until July 1999, followed by John Anderson until July 2005 and then Mark Vaile. Decisions of the Executive were made either by the Cabinet or by the appropriate Minister.

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June 20 (Bloomberg) — Hans Humes, president of Greylock Capital Management, discusses Greece’s debt crisis and the prospects for restructuring its debt.
He speaks on Bloomberg Television’s “InBusiness With Margaret Brennan.” (Source: Bloomberg)

Duration : 0:3:28

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June 20 (Bloomberg) — Neil MacKinnon, an economist at VTB Capital Plc, talks about the outlook for the Greek debt crisis after European governments failed to agree on a payment to spare the country from default.
MacKinnon, speaking with Deirdre Bolton on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)

Duration : 0:5:6

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In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt.

“The almost magical convenience of plastic money is critical to our famously compulsive consumer economy,” Bergman says. “With more than 641 million credit cards in circulation and accounting for an estimated $1.5 trillion of consumer spending, the U.S. economy has clearly gone plastic.”

Millions of American families use their personal, general-purpose credit cards such as Visa, Mastercard, American Express and Discover to make ends meet; credit cards have been a discreet lifeline for families in financial straits.

But other consumers, like actor and author Ben Stein, use plastic purely for convenience. While it would appear that Stein — who says he charges a small fortune every month on his credit cards — is the ideal customer, in reality, he is what some in the industry call a “deadbeat.” That’s because he pays his balance in full every month.

The industry’s most profitable customers, the ones being sought by creative marketing tactics, are the “revolvers:” the estimated 115 million Americans who carry monthly credit card debt.

Ed Yingling, incoming president of the American Bankers Association, tells FRONTLINE that revolvers are “the sweet spot” of the banking industry. This “sweet spot” continues to grow as the average credit card debt among American households has more than doubled over the past decade. Today, the average family owes roughly $8,000 on their credit cards. This debt has helped generate record profits for the credit card industry — last year, more than $30 billion before taxes.

Some experts say the profitability of credit cards really began twenty-five years ago, when the banking industry successfully eliminated a critical restriction: the limit on the interest rate a lender can charge a borrower. Deregulation, coupled with a revolution in technology that enables the almost real-time tracking of personal financial information and the emergence of nationwide banking, has facilitated the widening availability of credit cards across the economic spectrum. But for some, the cost of credit is often far greater than it appears.

According to Harvard Law Professor Elizabeth Warren, the credit card companies are misleading consumers and making up their own rules. “These guys have figured out the best way to compete is to put a smiley face in your commercials, a low introductory rate, and hire a team of MBAs to lay traps in the fine print,” Warren tells FRONTLINE.

Warren and other critics say that a growing share of the industry’s revenues come from what they call deceptive tactics, such as “default” terms spelled out in the fine print of cardholder agreements — the terms and conditions of which can be changed at any time for any reason with 15 days’ notice.

Penalty fees and rates are sometimes triggered by just a single lapse — a payment that arrives a couple of days or even hours late, a charge that exceeds the credit line by a few dollars, or a loan from another creditor which renders the cardholder “overextended” as defined by the nation’s three all-powerful credit bureaus. This flurry of unexpected fees and rate hikes come just when consumers can least afford them.

“[Banks are] raising interest rates, adding new fees, making the due date for your payment a holiday or a Sunday on the hopes that maybe you’ll trip up and get a payment in late,” says Robert McKinley, founder and chairman of Cardweb.com and Ram Research, a payment card research firm. “It’s become a very anti-consumer marketplace.”

Banking Association spokesman Yingling defends industry practices. Because the credit card business is basically unsecured lending, he says, the risks associated with the business must be offset.

But that’s of little consolation to consumers who may be in trouble. According to the Better Business Bureau, credit card and banking companies are the subject of a record numbers of complaints. “It’s not an accident that the banking and credit card business generates more complaints nationally, across the country, than any other industry…Out of one thousand industries that we track, they are number one,” says Pat Wallace, head of the San Francisco Bay Area Better Business Bureau. “There are irritated, unhappy, dissatisfied customers in this industry.”

As Professor Warren sees it, the industry is operating without fear of penalty. “There’s no regulator, and there’s no customer who can bring this industry to heel,” Warren says.

Duration : 0:56:9

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