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Articles by Terri Friedline
Resistance at the University of Michigan was supposedly dead — In fact, it’s spreading • Michigan Advance Original
At the University of Michigan, seven more charges were handed down last week against pro-Palestine students and alumni. These latest disciplinary charges represent a decision by University of Michigan (UM) leadership to double-down on its strategy of seeking to repress campus pro-Palestine activism.
Opinion: Public banks offer an opportunity to reclaim local power and build inclusive economies
On July 4, President Donald Trump signed into law a sweeping reconciliation bill designed to gut nearly every provision of the Inflation Reduction Act — eliminating climate investments, slashing social programs and stripping states and localities of the tools they need to govern effectively.
Terri Friedline
The United States Postal Service (USPS) is a front line in the struggle for democracy and justice against corporate power, as a memo released…
Wells Fargo Wants to Privatize USPS. We Should Dismantle the Mega Bank Instead.
The United States Postal Service (USPS) is a front line in the struggle for democracy and justice against corporate power, as a memo released by Wells Fargo unveils. Published February 27, the memo outlines a plan for privatizing the USPS and enabling investors to reap the profits. The plan has been met with criticism and protest, since achieving profitability relies on selling off property, firing workers, limiting or eliminating services, and raising parcel rates by up to 140 percent.
“It's kinda like a sick joke”: Young people, labor market experiences, and the COVID‐19 pandemic
1 INTRODUCTION Young people, including poor and racially marginalized young people, were already struggling to obtain stable employment before the COVID-19 pandemic hit in March 2020. Since the U.S. job market changed over time from manufacturing to professional and consumer services, young people have found it harder to gain stable employment with decent wages, benefits, and security.
Frontline Worker Discretion in the For‐Profit Banking Industry: Lessons From Early Pandemic Relief Programming
1 Introduction Discretion by street-level bureaucrats delivering public services has been well-documented, but in the context of mixed-sector collaboration, it is less clear what might drive discretionary decisions. When private for-profit organisations deliver public services, what kinds of logics inform street-level decision-making?
Tech Firms Prey on Poor Under Guise of Expanding Access to Financial Services
OpenAI founder Sam Altman has been embroiled in a series of controversies about the company’s decision-making. Most recently, he incorporated actress Scarlett Johansson’s voice without her permission into ChatGPT. Yet before that, Altman helped launch a cryptocurrency project in 2021 called Worldcoin that scanned people’s eyeballs and collected biometric data in exchange for digital money.
Minorities Don’t Lack Financial Literacy. They Lack Financial Fairness.
As “Financial Literacy Month” nears the end, we have been treated to another year of pundits offering up familiar admonitions, specifically targeted to Black, brown, and poor communities, to “pay down your credit cards,” “check your credit score,” and “save for a rainy day.” Better than most, however, these are the very groups that already understand the problems of credit card debt and the value of savings and high credit scores.
Blacks Don’t Lack Financial Literacy. They Lack Financial Fairness.
As “Financial Literacy Month” nears the end, we have been treated to another year of pundits offering up familiar admonitions, specifically targeted to Black, brown, and poor communities, to “pay down your credit cards,” “check your credit score,” and “save for a rainy day.” Better than most, however, these are the very groups that already understand the problems of credit card debt and the value of savings and high credit scores.
OECD Secretly Lobbied Against Law Requiring Corporations to Disclose Tax Records
The Financial Times confirmed Friday that the Organization for Economic Cooperation and Development lobbied Australia to weaken a law that would have compelled about 2,500 highly profitable multinational corporations to reveal where they pay taxes, eliciting outrage from tax justice advocates.
Regulation Won’t End Bank Crises. We Must Put Shadow Banks Under Public Control.
Skip to content Skip to footer Regulations designed by banks to shield their interests will never be enough to halt banking crises, an economist warns. Recent bank failures in the U.S. have raised the prospect of yet another financial crisis and brought about renewed calls for stricter bank regulations rules. Yet, key questions remain: Why have banking crises become an essential feature of contemporary capitalism?
Three Banks Have Now Collapsed. A Progressive Economist Explains Why.
Three banks in the U.S. (Silicon Valley Bank, Signature Bank and Silvergate) have collapsed since early March. The collapses of Silicon Valley Bank and Signature Bank are the two biggest bank failures since 2008. Silicon Valley Bank had deep ties to the high-tech industry while Signature Bank and Silvergate were some of the world’s biggest crypto-friendly banks. So, why are banks collapsing now? Is there a banking crisis underway? Moreover, are government bailouts back?
Warren Says Trump-Picked Jerome Powell Has “Failed” as Chair of Federal Reserve
Sen. Elizabeth Warren (D-Massachusetts) is intensifying her scrutiny of federal financial regulators in the wake of the second- and third-largest bank failures in U.S. history, calling for an independent investigation into agencies that she says contributed to the collapses and saying that Federal Reserve Chair Jerome Powell especially deserves blame.
The SVB and Signature Bank Crashes Show Why We Need Public Banking
Skip to content Skip to footer We have a pivotal opportunity to reshape our financial system for the benefit of all. The recent collapse of Silicon Valley Bank (SVB) and Signature Bank — the second and third largest bank failures in U.S. history respectively — has laid bare the vulnerability of the private banking sector. With over 563 federally insured banks toppling between 2001 and 2023, it’s impossible to ignore: The status quo is unsustainable.
Reform Candidate Wins United Auto Workers Presidency in Stunning Upset
This article was originally published at Labor Notes. The machine will churn no more. Nearly 80 years of top-down one-party rule in the United Auto Workers are coming to an end. Reformer Shawn Fain is set to be the winner in the runoff for the UAW presidency. As of Thursday night, Fain had a 505-vote edge, 69,386 to 68,881, over incumbent Ray Curry of the Administration Caucus. Curry was appointed by the union’s executive board in 2021. There are around 600 unresolved challenged ballots.
Kentucky Workers Fight for a Union at Amazon’s Biggest Air Hub
This article was originally published at Labor Notes. I work as a tug driver at Amazon’s global air hub in Northern Kentucky (KCVG). My co-workers and I are taking on one of the largest corporations in the world to get what we deserve. Our main demands are for a $30-an-hour starting wage, 180 hours a year of paid time off, and union representation at disciplinary meetings to end favoritism and retaliation. This $1.5 billion facility is a flagship for Amazon — it’s the company’s biggest air hub.
Warren Introduces Bill to Repeal 2018 Dodd-Frank Rollback in Wake of Bank Crisis
The bill would once again ensure that mid-sized banks like Silicon Valley Bank face stricter oversight. On Tuesday, Sen. Elizabeth Warren (D-Massachusetts) and Rep. Katie Porter (D-California) unveiled legislation with dozens of cosponsors to undo a key part of a Donald Trump-era Dodd-Frank repeal passed years ago that lawmakers say caused the “entirely avoidable” failures of Silicon Valley Bank and crypto and Trump family lender Signature Bank.
Silicon Valley Bank Collapse Offers a Primer on How Elite Power Preserves Wealth
The second largest bank failure in history was like a pipeline rupture interrupting the flow of capital. Silicon Valley Bank (SVB) was shut down by regulators on March 10, 2023, after account holders, wary of the bank’s stability, began quickly withdrawing their money. Its collapse constitutes the second largest bank failure in history.
Student loan forgiveness - experts on banking, public spending and education policy look at the impact of Biden's plan
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Student loan forgiveness – experts on banking, public spending and education policy look at the impact of Biden's plan
President Joe Biden announced a program to provide student debt relief to millions of borrowers of federal loans. The plan would offer up to US$10,000 in forgiveness for people who earn less than $125,000 – $250,000 for couples – and up to $20,000 for Pell Grant recipients. Biden also extended the pause on repaying federal student loan debt through Dec. 31, 2022, and has proposed a cap on income that can be used to calculate how much borrowers repay through income-driven repayment.
The Day Wells Fargo Closed
Originally published in our magazine’s hallowed print edition 2022 May/June Details Welcome to the year 2040, when a bank once deemed “too big to fail” is shut down for the benefit of the public. Wells Fargo closed its doors today for good, ending the megabank’s centuries-long reign of power in the global economy. I had just submitted my final grades for the semester and was finishing my morning tea when the alert popped up on my phone. I swiveled around in my chair and threw my hands into the air.
Aviva Chomsky on why “Science isn’t Enough” to Address Climate Change
Prof. Aviva Chomsky teaches history and Latin American studies at Salem State University and has authored and edited numerous books including Central America’s Forgotten History, A History of the Cuban Revolution, and Undocumented: How Immigration Became Illegal. Her latest book Is Science Enough? Forty Critical Questions About Climate Justicetries to answer, in a clear and accessible way, the questions about what we ought to do to deal with the climate catastrophe. Is Science Enough?
Banks & Tech Cos. Jockey for Economic Control
(Noah Berger/Amazon Web Services via AP Images) As banks close branches, tech giants open physical stores. Read Full Article » Show comments Hide Comments Related Articles
Banks and Tech Companies Jockey for Economic Control Original
After Mark Zuckerberg announced the rebranding of Facebook to Meta, reports indicated that the tech giant planned to open brick-and-mortar retail stores to showcase its new products. Meta needs people to try out virtual reality headsets, gloves, and clothing in order to sell them on Zuckerberg’s vision for the metaverse. This follows Amazon opening kiosks and retail stores a few years ago and recently announcing plans to open department stores.
The recovery will be weak if small businesses can't get the credit they need and deserve
If small businesses do not recover from the coronavirus pandemic, the rest of the economy won't either. Across America, in big cities and small towns, the auto mechanic shops, restaurants, mom-and-pop retailers, and small industrial firms create . Moreover, the money that people spend in these businesses tends to stay local and accounts for 44% of all economic activity. Yet, despite these statistics, most small businesses face a common challenge: access to inexpensive capital.
Postal banking could provide free accounts to 21 million Americans who don’t have access to a credit union or community bank
The Postal Service has over 30,000 retail locations in the U.S, including off the Appalachian Trail in Caratunk, Me. AP Photo/Robert F.
Postal banking could provide free accounts to 21 million Americans who don’t have access to a credit union or community bank
The Postal Service has over 30,000 retail locations in the U.S, including off the Appalachian Trail in Caratunk, Me. AP Photo/Robert F.
The Conversation | Postal banking could be key to providing accounts to millions without them
About a quarter of census tracts with a post office don’t have a community bank or credit-union branch, suggesting postal banking could provide a financial lifeline to the millions of Americans without a bank account, according to our new research. To reach this conclusion, we analyzed nationwide data on post office locations and bank and credit-union branches, as well as other demographic details in those areas.
Postal banking could provide free accounts to 21 million Americans who don't have access to a credit union or community bank Original
The Research Brief is a short take about interesting academic work.
Terri Friedline and Ameya Pawar: Another New Deal key for Biden's vision
To carry out his $3 trillion infrastructure plan and ensure its success, President Biden needs to embrace his inner Franklin D. Roosevelt and forge a 21st-century New Deal. President Biden’s desire to establish a consequential legacy is setting the stage for federal investments in public infrastructure that have not been seen since the 1930s. In a March 2 meeting with academic historians, Biden quipped about comparing himself to Franklin D.
Powerful alternatives to predatory lenders: Postal Service banking and public banks
The payday and auto title loan industry offers predatory loans to people who live in communities that lack access to traditional banks. In Illinois, the interest rate on these loans ranges between 197 and 297%. Nationally, the industry extracts about $90 billion from low and moderate income households annually. To put this into context, the millions of Americans who rely on these usury loans sometimes spend more on interest and fees in one year than on food.
How Banks Are Squeezing Their Staff
Photo Credit: NAR Studio/Shutterstock.com _____ For the last eight years of her 30-year career in banking, Melinda worked in the compliance department of a small community bank in Florida. Yet, when we spoke to her last year, she told us she expected to soon lose her job. Her customers were struggling. Many lost their jobs as the coronavirus pandemic sent the economy into a tailspin, and their bills were quickly piling up.
The Deadly Mix of Individual Responsibility and Racial Capitalism
Poor people of color are dying in droves so that a privileged few can enjoy pretending life is “back to normal.” Something in America is broken. Over the last 10 months, the U.S. has consistently represented over 20 percent of global deaths due to COVID-19, despite having only 4 percent of the world’s population. The need for a radical intervention is clear.
The Deadly Mix of Individual Responsibility and Racial Capitalism
Something in America is broken. Over the last 10 months, the U.S. has consistently represented over 20 percent of global deaths due to COVID-19, despite having only 4 percent of the world’s population. The need for a radical intervention is clear. Much of the lackluster response to the pandemic in this country can be attributed to an intense ideological attachment to the supremacy of individual responsibility, or the belief that each of us is obligated solely to ourselves.
To Stop the Predatory Burden of Student Loan Debt, Biden Must Cancel It All
“We already know Black women are receiving degrees at higher levels, but also they’re bearing the burden of the most educational debt. It does not have to be this way.” Occupy San Francisco in October 2011. (jjinsf94115 / Flickr) “I do not choose the violence of acknowledging my student loans. I just choose to live my life, and make sure I pay my bills.” Maisha was excited to be accepted into her top choice school: a prestigious university she had always dreamed of attending.
When Fintech Makes the Rules, We All Get Hurt - But the STABLE Act can Help
Fintech requires people to relinquish power in exchange for banking and financial services, which is highly consequential in our system of racial capitalism. Distributions of economic and political power are already unequal. And companies frequently exploit their workers in the name of innovation, including Black, Brown, immigrant, and poor white peoples and women. Under the guise of financial inclusion, fintech expands the surveillance state while obscuring the concentration of wealth and power.
A Thorough Debunking of COVID-19 Contrarianism
The COVID-19 pandemic has proven a challenge to governments worldwide, and liberal democracies in particular have struggled to both contain the virus and keep citizens informed of the dangers.
Trump’s CFPB Deploys Predatory Lenders as Pandemic First Responders
On July 30, Chair Maxine Waters opened the House Committee on Financial Services hearing with a frustrated and ominous message: “I would like to welcome Director Kraninger to what I hope will be her last appearance before this committee as CFPB director.” Kathy Kraninger was being called to account for the Consumer Financial Protection Bureau’s failure to protect consumers during the coronavirus pandemic.
How Banks Are Exploiting the Coronavirus Crisis for Profit
The public-health crisis from the coronavirus exposed and worsened an economic crisis that had been smoldering for years below the surface of favorable economic reports. The finance industry and its employees are responding to people who have lost their jobs, can’t pay their bills, and need to feed their families. Many people were accumulating debt to supplement insufficient wages well before the outbreak.
Community Reinvestment Act Proposal Could Worsen Hazards of #BankingWhileBlack
The U.S. House Committee on Financial Services recently held hearings on the Office of the Comptroller of the Currency (OCC) proposal to update the Community Reinvestment Act (CRA). The Community Reinvestment Act of 1977 is one of the few policies that forces banks to provide equal services to black and brown customers and holds banks accountable for discrimination. Congress passed the CRA following the Civil Rights Movement to redress banks’ racist redlining.
Where is the Forward Party Headed?
Andrew Yang’s third party effort, The Forward Party, is off to a lackluster start, but most people have misdiagnosed why. Partisans from both establishment parties have lobbed predictable criticisms: Democrats are worried about Forward Party candidates siphoning off Democratic votes in close elections, crying “spoiler effect.” Other observers may be distrustful of a coalition that seems to be dominated by Republican politicians.
Academics Cannot Evade Their Public Responsibilities
We know that in academia, you have to “publish or perish,” meaning that—before you get tenure—if you’re not consistently cranking out writing, your career will stall. But in an illuminating advice article for the Chronicle of Higher Education, Manya Whitaker reminds us that it’s worse even than that.
Want a Green New Deal? Then Challenge Global Capitalism
Alex Edelman/picture-alliance/dpa/AP Images Representative Alexandria Ocasio-Cortez speaks during a press conference to announce the Green New Deal held at the U.S. Capitol. On Thursday Democratic Representative Alexandria Ocasio-Cortez and Senator Ed Markey unveiled their highly anticipated Green New Deal. Conceived originally by the Sunrise Movement, this ambitious piece of legislation envisions a monumental shift in the U.S. economy to stave off the effects of climate change.
Communities' rates of high-speed internet access, smartphone ownership, and online and mobile banking
An array of financial technologies—referred to by their shorthand “fintech”—is credited with the potential to solve issues of financial access. Fintech leverages online and digital technologies, and is poised to transform where, when, and how households can deposit paychecks, pay bills, send money, or retrieve credit scores—and to expand access to households and communities that have been historically excluded or marginalized.
Struggling to Stay Nourished in a Banking Desert
Ensuring physical bank branches are in low-income communities is critical for their fiscal health. If you live in a neighborhood that is saturated with fast-food restaurants and bodegas but does not have a grocery store, you are probably going to find it very difficult to stick to a healthy diet. It would likely be similarly hard to manage your finances and build wealth without a bank branch in your neighborhood.
The Day Wells Fargo Closed
Wells Fargo closed its doors today for good, ending the megabank’s centuries-long reign of power in the global economy. I had just submitted my final grades for the semester and was finishing my morning tea when the alert popped up on my phone. I swiveled around in my chair and threw my hands into the air. Yes! I had been anticipating this day for months, and it had finally arrived. I heard a few cheers erupt from the bustling sidewalk outside my office window.
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