The Political Bridge

The National Retail Federation Data Provide Mix Hits on Black Friday Weekend 2009

(Media outlets and blogs are mostly putting a positive spin on this news. I disagree with that spin, but I don't see this news as overly negative.  Looks like the economy and consumer spending are in holding patterns...)

From Investment Advisor.com

According to a survey conducted by the National Retail Federation over the weekend, 195 million shoppers hit the malls and other retail outlets over the Black Friday weekend, an increase of 23 million over last year’s shoppers.

The increased number of bargain hunters did not translate into bigger sales, however, although the average shopper did spend $343.31 and the overall total was estimated at $41.2 billion. Those figures represent a significant drop from the $372.57 average and $64 billion total seen over the same weekend in 2008

Twenty-Four State Attorneys General Signed a Letter in Support of a Consumer Financial Protection Agency (“CFPA”): Kentucky’s Jack Conway and Indiana’s Greg Zoeller Are Not Signees

STATE ATTORNEYS GENERAL

A Communication From the Chief Legal Officers

Of the Following States and Territories:

 

Arizona * California * Connecticut * Guam * Hawaii * Illinois * Iowa

Louisiana * Maine * Massachusetts * Minnesota * Mississippi * Missouri

Montana * Nevada * New Jersey * New Mexico * North Carolina * Ohio

Oklahoma * Oregon * Tennessee * Vermont * West Virginia

 

August 17, 2009

 

Via Facsimile

 

The Honorable Christopher J. Dodd

Chairman

Committee on Banking, Housing and Urban Affairs Committee on Banking, Housing, and Urban Affairs

United States Senate United States Senate

 

The Honorable Richard C. Shelby

Ranking Member

Committee on Banking, Housing and Urban Affairs Committee on Banking, Housing, and Urban Affairs

United States Senate United States Senate

 

The Honorable Barney Frank

Chairman

Financial Services Committee Financial Services Committee

United States House of Representatives United States House of

 

The Honorable Spencer Bachus

Ranking Member

Financial Services Committee Financial Services Committee

United States House of Representatives United States House of Representatives

 

Dear Senators Dodd and Shelby and Representatives Frank and Bachus:

 

As the chief law enforcement officers of our states, we strongly support legislation to create a Consumer Financial Protection Agency (“CFPA”).  The current financial crisis, caused in part by irresponsible subprime lending and inadequate oversight, has demonstrated the need for comprehensive and effective consumer protection and enforcement at the federal level. We believe an independent federal agency combined with joint enforcement by state officials is the best option for meaningful consumer protection in this area.

 

We look forward to forging an alliance with a federal regulator that has the protection of consumers and the promotion of sound credit practices as its central agenda. We appreciate the fact that this legislation recognizes the key role that state Attorneys General serve in spotting new frauds and abuses, responding to consumers the tools to make informed choices as well as provide the tools to law enforcement agencies to protect consumers from unfair and deceptive practices.

The state Attorneys General stand ready to collaborate with the new agency to develop rules based on the experiences and needs of our citizens. Partnered with the state Attorneys General, the new agency promises to be an effective check on the recent excesses of the financial industry. We believe that an independent federal consumer agency, with a focus on consumer protection, will help restore citizen concerns, and enforcing state laws. The preservation of our role is critical to fighting fraud in the financial marketplace and a crucial factor in our support of this legislation.

 

1. Support for the creation of a Consumer Financial Protection Agency

The creation of a new agency whose sole mission is to address consumer protection is vital. There is clearly a need for effective regulation of consumer financial products that crosses existing regulatory lines. The most effective way to insure fair dealing in the marketplace is to establish clear, firm rules and to enforce those rules with clear, firm consequences. The new agency will be a needed voice for consumers at the federal level and will encourage innovation and choice…

To read the entire letter Download CFPA_sign_on_letter

The ABC News/Washington Post: Most Americans Do Not Believe that the Recession is Over

 The latest ABC News/Washington Post poll: “Many economists say that using the standards they apply, the recession probably is over. Thinking about your own experience of economic conditions, would you say that from your point of view the recession is over, or not over?” Result: Not over, 82 percent.

Seventy-four percent in this poll are worried about the direction of the nation’s economy over the next few years.  Sixty percent remain worried about their own family’s financial prospects.  

 

To Read More Download 1095a5Recession

ABC News Consumer Index for October 13, 2009: Confidence is Mired; Expectations, Less Glum

ABC News, October 13, 2009

 

42 percent of Americans now rate their own finances positively, 15 points below the long-term average and just 3 points shy of the record low in late  Far fewer, 25 percent, say it’s a good time to buy things, 12 points below average and below 30 percent for a record 83 weeks. And positive ratings of the national economy are a whopping 27 points below average.

 

32 percent say the economy’s still getting worse.  An additional 28 percent think the economy’s improving, the most since spring.