Since the late 2008/early 2009 crash, the nation's largest banks have experienced tremendous growth, reported substantial profits, and been able to pay back billions in TARP loans. On Main St, however, a far more sobering reality exists.
The gubernatorial race in California has escalated, and now Jerry Brown and Meg Whitman are locked in one of the more memorable duels California has recently seen. However, unlike in other races, where cultural or social issues often provided most of the ammunition, in this case the battle is one of raw economics.
The Supreme Court recently upheld a ban on Monsanto's genetically modified alfalfa. The U.S. Department of Agriculture was ordered to perform an adequate environmental impact study before planting could continue, something it failed to do when it allowed Monsanto to commercialize the crop in 2007.
On Monday evening, Californians learned that U.S. Senator Dianne Feinstein opposes the legalization of marijuana in California, and will be participating in a campaign to oppose Proposition 19, The Tax Cannabis Act.
At least 75 cities, counties, and public entities in California are considering cutting public pension benefits as well as raising the amount employees must contribute. Four localities, including San Francisco, will probably have pension-related ballot initiatives in November.
