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Wall Street banks, largely spared from the economic ruin felt by millions of Americans since the financial crisis of 2008, have returned to profitability, generating higher profits in the two-and-a-half years since the crisis than they did in nearly eight years preceding it. But that hasn’t stopped them from seeking new ways to generate revenue — like Bank of America’s proposed $5-a-month debit card fee or the millions banks have made from charging consumers to receive unemployment benefits or food stamps.

If all this makes Americans feel like Wall Street banks only view them as money-making tools, well, that’s because the banks apparently do. According to David Mooney, a former JPMorgan Chase employee, Wall Street banks see consumers as an “income stream” to exploit for profit-making purposes, Reuters reports:

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Congressional Republicans are still trying to persuade Americans that they are focused on job creation, but each time they propose another piece of legislation, it is exposed as a gimmick that will do little, if anything, to create jobs. Such was the case with their anti-regulatory policies, their attempts to repeal health care reform, and virtually every other policy proposal they have brought forth.

Next up in that line, unfortunately, is a rehashed form of a radical Balanced Budget Amendment, a plan that according to recent analyses would actually cost America 15 million jobs. But thanks to the conservative wing of the Democratic Party, the Republicans won’t be alone in their chase for a radical budget amendment that could help push the country back into the throes of recession.

Despite the fact that House Minority Whip Steny Hoyer (D-MD) said yesterday he would encourage his party to vote against the radical plan, Blue Dog Democrats endorsed the amendment on a press call today, Politico’s Marin Cogan reported on Twitter. ThinkProgress confirmed that endorsement with a spokesperson for Rep. Mike Ross (D-AR), the Blue Dog Coalition’s co-chair for communications. According to the Hill, Ross said on the call that Blue Dogs favored such an amendment “before balanced budget amendments were cool”:

“We were advancing a balanced budget amendment when balanced budget amendments weren’t cool,” a co-chairman of the coalition, Rep. Mike Ross (D-Ark.), told reporters on a conference call. [...]

“If any Blue Dog does not vote for it, I’d have to question how much they’re a Blue Dog,” [Blue Dog Rep. Jim] Matheson [D-UT] said.

It’s hard to overestimate the negative effects such an amendment would have on the country’s economy. In addition to destroying millions of jobs, it would force such massive spending cuts that House Republicans’ own budget would be unconstitutional. According to a recent study by Macroeconomic Advisers, enacting a BBA now would double the nation’s unemployment rate and cause the economy to shrink by 17 percent — a far cry from the 2 percent projected growth that would occur with no such amendment.

Unfortunately, according to another analysis by the Center on Budget and Policy Priorities, the consequences get worse. The draconian budget cuts caused by a Balanced Budget Amendment would forice lawmakers to gut Medicare, Medicaid, Social Security, and the Children’s Health Insurance Program (CHIP), among other programs, the analysis found:

“The constitutional balanced budget amendment that the House is expected to consider this week could force Congress to cut all programs by an average of 17.3 percent by 2018.

“If revenues are not raised (the House-passed budget resolution assumes no increase above current-policy levels) and all programs are cut by the same percentage, Social Security would be cut $184 billion in 2018 alone and almost $1.2 trillion through 2021; Medicare would be cut $117 billion in 2018 and about $750 billion through 2021; and Medicaid and the Children’s Health Insurance Program (CHIP) would be cut $80 billion in 2018 and about $500 billion through 2021.”

In order to preserve those programs, Congress would have to cut ridiculously deep into every other program. Yesterday, economists around the country warned Congress that enacting widespread budget cuts and other austerity measures now would have perilous consequences for the American economy, pushing the country to the brink of a second deep recession. Today, unfortunately, Blue Dog Democrats decided not only to ignore those warnings, but to endorse an even bigger, deeper austerity plan.

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This material [article] was created by the Center for American Progress Action Fund. This entry originally appeared at thinkprogress.org.

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Travis Waldron is a reporter/blogger for ThinkProgress.org at the Center for American Progress Action Fund. Travis grew up in Louisville, Kentucky, and holds a BA in journalism and political science from the University of Kentucky. Before joining ThinkProgress, he worked as a press aide at the Health Information Center and as a staffer on Kentucky Attorney General Jack Conway’s 2010 Senate campaign.

In a week, the GOP will again vote on a Balanced Budget Amendment, the cockamamie economic proposal they have toyed with several times over the last several months, including during the debate over raising the debt ceiling. The vote is part of the final compromise to raise the debt limit, in which President Obama and Senate Democrats promised to hold a vote on such an amendment, despite the fact that such votes have failed numerous times in the past.

Republicans have taken to ignoring the obvious perilous consequences of the amendment even as voices on both sides of the aisle denounce it as the “worst idea in Washington.” The current amendment, former Reagan adviser Bruce Bartlett said, “looks like it was drafted by a couple of interns on the back of a napkin.” Today, the Center on Budget and Policy Priorities (CBPP) added to that criticism, releasing a study noting that such an amendment would make future recessions “deeper and longer” and saying that if a BBA had been enacted prior to the 2008 recession, the “effect on the economy” would have been “catastrophic.”

And according to CBPP, passing a Balanced Budget Amendment now, with the country trying to climb out of the hole of joblessness caused by the recession, would have the exact opposite affect one would expect policy makers to try and achieve.

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On Nov. 8, Ohioans will vote on Issue 2, a referendum on Gov. John Kasich’s (R-OH) wildly unpopular anti-worker measure Senate Bill 5. Most of the rancor against the law stems from it’s unfair elimination of public employees’ rights to collective bargain over health coverage and working conditions.

But the bill is more than an attack on teachers, police officers, and firefighters. It’s an attack on veterans, too. As the American Independent reports, Ohio law before SB5 ensured veterans who become teachers had a level playing field by allowing them to count their active duty service towards tenure. SB 5 eliminated that provision:

Currently, veterans hired as public school teachers in Ohio can count every eight consecutive months of active duty military service towards one year of tenure in the classroom, for up to a maximum of five years. Doing so provides a minor bump in salary for veterans that go into the education field.

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On Tuesday, the GOP presidential contenders squared off for a debate in Nevada, the state with both the highest unemployment and highest foreclosure rates in the country. More than 80 percent of Nevada homeowners are underwater, owing more on their mortgage than their home is worth.

But before the debate, Mitt Romney told the Las Vegas Review Journal that he doesn’t have a plan to help homeowners struggling to keep their homes. Government, he said, should not “try and stop the foreclosure process. Let it run its course and hit the bottom.” (more…)

The Occupy Wall Street protests that began in New York City more than three weeks ago have now spread across the country. The choice of Wall Street as the focal point for the protests — as even Federal Reserve Chairman Ben Bernanke said — makes sense due to the big bank malfeasance that led to the Great Recession.

While the Dodd-Frank financial reform law did a lot to ensure that a repeat of the 2008 financial crisis won’t occur — through regulation of derivatives, a new consumer protection agency, and new powers for the government to dismantle failing banks — the biggest banks still have a firm grip on the financial system, even more so than before the 2008 financial crisis. Here are eleven facts that you need to know about the nation’s biggest banks:

– Bank profits are highest since before the recession…: According to the Federal Deposit Insurance Corp., bank profits in the first quarter of this year were “the best for the industry since the $36.8 billion earned in the second quarter of 2007.” JP Morgan Chase is currently pulling in record profits.

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Swept up in the craze of preventing widespread voter fraud that doesn’t actually exist, Tennessee Republicans passed a voter identification law this year that they claimed would put an end to fraud and ensure fair elections. Like similar laws in other states, Tennessee’s version has come under scrutiny from voting rights advocates, civil rights groups like the NAACP and ACLU, and even Democratic senators, who oppose the laws because they will disenfranchise poor, elderly, and minority voters who are less likely to have photo IDs.

The state now has evidence that that will be the case. Dorothy Cooper, a 96-year-old Chattanooga resident who says she has voted in every election but one since she became eligible to vote, wanted to ensure she’d have the necessary ID to vote in next year’s elections, when Tennessee’s law goes into effect. But when she went to apply for the ID, she was denied, the Chattanooga Times Free Press reports:

That morning, Cooper slipped a rent receipt, a copy of her lease, her voter registration card and her birth certificate into a Manila envelope. Typewritten on the birth certificate was her maiden name, Dorothy Alexander.

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As ThinkProgress reported yesterday, despite yet another outbreak of food-borne illness — this time stemming from listeria infected cantaloupes — congressional Republicans are still trying to cut back on the nation’s food safety regulations. The tainted melons have caused 16 deaths so far, making this the deadliest outbreak in more than a decade, and it comes just a month after salmonella-tainted turkey forced food-giant Cargill into the third-largest food recall on record.

Lost in the well-deserved focus on the listeria outbreak is the fact that another giant food-producer, Tyson Fresh Meats, was forced this week to recall more than 130,000 pounds of ground beef due to E. Coli contamination. And this particular breakdown in food safety should earn the attention of the man leading the GOP in its slash-and-burn approach to the budget, Speaker John Boehner (R-OH), as four children in his district were sickened by the meat:

The recall of 65 tons of ground beef that might be contaminated with E. coli has hit close to home for House Speaker John Boehner of Ohio.

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Rep. Paul Ryan (R-WI) resumed his attacks on President Obama’s economic policy Sunday morning, suggesting that the President’s plan to tax millionaires’ profits from capital gains in order to fund job creation efforts constitutes “class warfare”:

RYAN: It adds further instability to our system — more uncertainty — and it punishes job creation and those people who create jobs. Class warfare, Chris, may make for really good politics but it makes for rotten economics. We don’t need to divide people and prey on people’s fear and envy and anxiety. We need to remove the barriers so entrepreneurs can hire people. These tax increases don’t work. [...]

This is a double tax. If we tax investment and tax more you will get less of it. It looks like to me not a very good sign. It looks like the President wants to move down the class warfare path. Class warfare will simply divide this country more, will attack job creators,  divide people, and it doesn’t grow the economy.

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Today, over a thousand demonstrators began protests as a part of a campaign they are calling “Occupy Wall Street.” The protesters intend to engage in long-term civil disobedience to draw attention to Wall Street’s misdeeds and call for structural economic reforms. RT America covered the start of the campaign. Watch it: (more…)