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Wall St. Computers Run Amok and More Friday Financial Follies

By | Ed Mierzwinski
Consumer Program Director

Will the blowback from Wednesday's Wall Street high-speed trading crash caused by computers running amok revitalize efforts to enact a small tax on stock transactions? Meanwhile, here are the rest of the week's financial follies, finishing with a Funk #49.

Finally Buckyballs Magnets Get Their Just Desserts

By | Nasima Hossain
Public Health Advocate

The Consumer Product Safety Commission filed suit last Wednesday to stop the company that distributes the popular Buckyballs magnets from selling the product. This is a product that consumer advocates have been concerned about for years.

Friday's Financial and other Congressional Follies

By | Ed Mierzwinski
Consumer Program Director

Yesterday the U.S. House passed a bill stopping all regulations designed to promote the economy, preserve the environment or protect health, safety and pocketbooks. Meanwhile,  Citibank's Sandy Weill, the man who in 1999 convinced Congress to destroy the 1932 Glass-Steagall financial protections, has changed his mind.

HR 4078 yesterday passed a floor vote in the House. If passed by Congress this bill will shut down the U.S. regulatory system as we know it. Two other equally hazardous bills are rolled into it, H.R. 4607 and H.R. 3862. Combined, these bills will halt or delay virtually ALL rulemaking and public health protections and do absolutely nothing to stimulate the economy or new job opportunities. They would shut down safeguards that Americans take for granted.

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