Stephanie Mencimer

Stephanie Mencimer

Reporter

Stephanie works in Mother Jones' Washington bureau. A Utah native and graduate of a crappy public university not worth mentioning, she has spent the last year hanging out with angry white people who occasionally don tricorne hats and come to lunch meetings heavily armed.

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Stephanie covers legal affairs and domestic policy in Mother Jones' Washington bureau. She is the author of Blocking the Courthouse Door: How the Republican Party and Its Corporate Allies Are Taking Away Your Right to Sue. A contributing editor of the Washington Monthly, a former investigative reporter at the Washington Post, and a senior writer at the Washington City Paper, she was nominated for a National Magazine Award in 2004 for a Washington Monthly article about myths surrounding the medical malpractice system. In 2000, she won the Harry Chapin Media award for reporting on poverty and hunger, and her 2010 story in Mother Jones of the collapse of the welfare system in Georgia and elsewhere won a Casey Medal for Meritorious Journalism.

Stuff Some Money In Your Mattress, Just In Case

| Wed Mar. 26, 2008 11:03 AM EDT

abandoned-bank.jpgMore troubling news for the economy: The Federal Deposit Insurance Corporation is staffing up in preparation for a rash of projected bank failures:

Gerard Cassidy, managing director of bank equity research at RBC Capital Markets, projects 150 bank failures over the next three years, with the highest concentration coming from states such as California and Florida where an overheated real estate market is in a fast freeze.

According to the AP, that's a whole lot more than the usual six banks that go belly up in a good year, but perhaps not very surprising given how few Americans these days actually have any savings in their passbook accounts. Federal deposit insurance will hopefully prevent panicked depositors from making a run on the banks, but the image of banks closing up shop doesn't inspire a whole lot of confidence in the future of the economy, regardless of how optimistic the president is about it.

Photo by Flickr user teseap used under a Creative Commons license.

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It's Not Just Wall Street That's Happy To See Spitzer Go

| Mon Mar. 24, 2008 2:58 PM EDT

Last fall, former New York governor Eliot Spitzer appointed a task force to address the state's high rates of malpractice by hospitals and doctors. The task force was also charged with making recommendations for lowering doctors' med mal premiums, which soared 14 percent last year. The insurance industry and doctors' groups seized the opportunity to press for new restrictions on medical malpractice lawsuits, which they claim would reduce the premiums. As other states have learned, though, such limits usually only result in windfall profits for insurance companies while leaving injured patients with no recourse should their doctor, say, amputate the wrong leg.

Consumer groups in New York had long suspected Spitzer of siding with the doctors on this issue, largely because his brother is a downstate neurosurgeon. Their suspicions were confirmed when Spitzer stacked his medical liability task force with more than 20 representatives from the hospital, medical and insurance industries, while consumer protection and patient safety groups got just three spots. The consumer reps have largely been shut out of the task force deliberations, and despite repeated demands, they've been denied access to the insurance industry data, which supposedly justified the limits on lawsuits. Recently, the consumer members learned from local newspapers that the task force had drafted a major reform proposal that would be released soon. None of them had ever seen it.

Now that Spitzer has resigned, the groups are hoping his replacement, Governor David Patterson, will open up the process. In a letter today, representatives from NYPIRG, the Center for Justice and Democracy, the Center for Medical Consumers and others wrote Patterson, "We refuse to be mere window dressing, to be used as stage props to create the illusion of inclusion, while proposals that affect the life and safety of every health care consumer in our state are drafted in secret. We hope you will redirect the state's efforts towards reducing the deaths and injuries caused by a tiny fraction of the state's physicians, rather than enabling error, negligence, and malpractice to be subsidized by taxpayers."

Credit Card Industry Kicks Consumers Off Congressional Panel

| Fri Mar. 14, 2008 4:30 PM EDT

Politico-ad.jpgIn 2000, Illinois resident Marvin Weatherspoon (right) got a Bank of America credit card that he used to consolidate $12,000 in home repair bills, thinking the 4.5 percent introductory interest rate would help him get out of debt faster. Instead, though, eight years later, he has paid the bank more than $15,000, yet has reduced his principal balance by only $800. The reason? Even though he's paid his bills on time, Bank of America inexplicably raised his interest rate, first to 19.99 percent and then to 25 percent, where it is today.

Weatherspoon came to Washington yesterday to tell his story at a hearing on the Credit Card Holders Bill of Rights, a bill sponsored by New York Rep. Carolyn Maloney (D-NY) that would restrict the kind of arbitrary interest rate increases Weatherspoon got hit with, among other things. But as it turned out, Weatherspoon never got to testify. The ever-powerful credit-card companies successfully bounced all of the consumers off the panel, leaving only academics and credit card executives to speak publicly.

At the outset of the hearing before a subcommittee of the House Financial Services Committee, Maloney explained that "there have been fairness concerns raised about having consumers testify this morning without a waiver that allowed their credit-card issuers to respond publicly." Translation: The credit card companies wanted the consumer witnesses to make their financial records public so the banks could "rebut" their complaints, i.e., trash them in the press.

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