Lindsey Graham: Consumer Protection Bureau 'Is Something Out Of The Stalinist Era'

[The Rabbi]

Who would be the prosecuting authority on consumer credit fraud? Right now it is the FBI and they do not have a firm legal framework to prosecute banks for liars loans. It's time we had at least a mechanism to charge institutions for wrongdoing, right now we have almost nothing.

No, there are many federal and state agencies that all prosecute. Plus private legal action in civil court, including class action suits.
Name any class action suits that resulted from credit card agreements?

Smoke screen, name a downside to forcing banks to finally simplify their contracts.

None, if you're a trial lawyer.
Why do you think they're written like that to begin with?

 

[Haplo]

I find it odd that this new, awesome and totally necessary "protection" agency has been put under the supervision of the Federal Reserve. And then that Graham wants a bunch of banking regulators to oversee it.

I mean, the Fed is the primary reason that the financial crisis happened. The whole too-big-to-fail thing was their idea. The logic went like this: "We can't ever let a bank fail, ever, so let's put together an institution that will help banks out if they run into problems." This shifted the financial risk of the ENTIRE INDUSTRY onto the government (i.e. the taxpayers) and now we're all sitting around wondering how it all happened.

If you can show me that there ever was a branch of government more in the pocket of the big financial institutions, I'll eat my hat. And so I'm left wondering why someone thought that they would be a good candidate for overseeing this agency.

 

[R.C. Christian]

I hate Lindsey from the bottom of my black heart, but sometimes even a scumbag is right.

 

[whitehall]

The EPA did some good things when it was established but everyone needs to be reminded of the primary goal of any government bureaucracy. The primary goal of any taxpayer funded bureaucracy is to get more funding, hire more people and expand it's influence. A regulatory agency will do what it was created to do which is enact regulations until you can't stand it any more. The EPA has become a monster that throws it's weight around and hurts the economy with trivial and often contradictory regulations.

 

[Listening]

If Banks cannot make a living without cheating people then they have a bigger problem then regulation and increased oversight. Republicans need to restrain their kneejerk reaction to regulation because they are basically saying that a dishonest consumer credit industry built on Caveat Emptor is somehow better than one that people know they can trust as honest and accountable, it makes no sense.

Never allow for the fact that consumers might have gotten lazy...and then screwed.

The oversight committees failed on FM/FM.....but our answer is to make up more of them.

So, yes, I am saying it is better to let the market correct itself.

A corallary to that would be that if you break the law and abuse consumer trust, you will rot in jail....or hang.

Who would be the prosecuting authority on consumer credit fraud? Right now it is the FBI and they do not have a firm legal framework to prosecute banks for liars loans. It's time we had at least a mechanism to charge institutions for wrongdoing, right now we have almost nothing.

I would agree.

But I would also state that consumers should band, not only to figure out who are the crooks but also to figure out who sucks. I know companies will join user forums and spam them with bad data that is favorable to companies.....but, if done right, there is no way for a company to hide it's errors or shortcomings.

 

[Lakhota]

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

 

[CrusaderFrank]

Sen Lindsey Graham seems to think that the new consumer protection bureau is tantamount to a communist takeover. At least that's the excuse he's using for opposing a single director for the agency. He - and presumably the entire GOP - would prefer that a board of bank regulators have veto power over the agency's decisions (really). He also wants Congress to be able to restrict the agency's funding. Graham doesn't seem to get (or care) that the entire reason for the agency's existence is to give consumer's an independent voice to fight for their rights and to protect them from predatoty lending and other practices that lead to the financial meltdown. The scenario that Graham envisions would leave the agency open to lobbyists, cronyism and Congressional meddling.

WASHINGTON -- Sen. Lindsey Graham (R-S.C.) said on Sunday that an agency established to protect consumers from financial fraud "is something out of the Stalinist era."

Graham, speaking on NBC's "Meet The Press," was asked why Senate Republicans had filibustered President Obama's nominee to head the Consumer Financial Protection Bureau, which was created as part of 2010's Wall Street reform.

Graham spoke as if the bureau had yet to be created and debate was over how to shape it, rather than discussing the nominee, Richard Cordray, the former attorney general in Ohio.

"This consumer bureau that they want to propose is under the Federal Reserve, no appropriation oversight, no board. It is something out of the Stalinist era," Graham said.

The CFPB moved through both chambers of Congress and passed the Senate in a landslide, winning 60 votes, including three Republicans.

"The reason Republicans don't want to vote for it is we want a board, not one person making all the regulatory decisions," said Graham, continuing to talk as if the bureau doesn't yet exist.

Republicans have insisted that they will oppose any nominee unless a board of bank regulators is empowered to veto decisions the consumer bureau makes. The GOP also wants Congress to be able to restrict the bureau's funding, as it regularly attempts to do with the Environmental Protection Agency, the Commodity Futures Trading Commission and other agencies whose missions are opposed by big business.

Lindsey Graham: Consumer Protection Bureau 'Is Something Out Of The Stalinist Era'

cut and paste? what you don't have a brain?

Why do you think he needs the Consumer Protection Agency? It's to protect him from his stupidity

 

[francoHFW]

Pubs caused the depression. Greed and cronyism. 80%+ of toxic loans had nothing to do with FM/FM. Give up the big Pub lie.

Pubs are obstructing EVERYTHING. Now they're going to pay.

 

[konradv]

Ever tried to read a credit card contract? How about mortgage paperwork? No reason for them to be that complex other than to hide the gotchas.

The internet seems to be a good way to check on things.

If someone is hurt by a company....it is pretty easy to let others know.

If their contracts are crooked....it won't take long to figure it out.

Yes, I read my mortgage paperwork.....you don't ?

Hardly the point. Most people don't have the knowledge to know exactly what they're reading, so there's a large element of taking advantage of ignorance. Plus, your remedy for true fraud is after-the-fact, when damage has already been done.

 

[The Rabbi]

The EPA did some good things when it was established but everyone needs to be reminded of the primary goal of any government bureaucracy. The primary goal of any taxpayer funded bureaucracy is to get more funding, hire more people and expand it's influence. A regulatory agency will do what it was created to do which is enact regulations until you can't stand it any more. The EPA has become a monster that throws it's weight around and hurts the economy with trivial and often contradictory regulations.

Winner winner chicken dinner.

 

[Lakhota]

Wall St's Latest Shameless Ploy to Fleece You | World | AlterNet

 

[Political Junky]

Lindsay Graham sinks lower and lower.

 

[bripat9643]

He's right. The agency is unaccountable and probably unconstitutional. It's budget is not voted on by Congress.

Here we go - "It's probably unconstituional". Can't you guys come up with a better excuse?

Only a left-wing turd wouldn't find that sufficient cause to terminate it.

 

[bripat9643]

Lindsay Graham sinks lower and lower.

Yeah, expecting the government to follow the Constitution.

How low can you get?

 

[bripat9643]

It' unaccountable and its budget is not voted on by Congress.
Or did you miss that part?

Where does the money come from?

 

[bripat9643]

Did you miss the part where Congress voted for and passed the law that created the agency? Is there a law suit out there challenging the agency's constituionality or are just throwing out the usual GOP talking points and accusations?

Congress can vote to repeal the Bill of Rights. Does that make it Constitutional?

 

[Toro]

If Banks cannot make a living without cheating people then they have a bigger problem then regulation and increased oversight. Republicans need to restrain their kneejerk reaction to regulation because they are basically saying that a dishonest consumer credit industry built on Caveat Emptor is somehow better than one that people know they can trust as honest and accountable, it makes no sense.

We survived over 200 years without a Consumer Credit agency. Do you think banks were cheating people all that time and we've just figured it out now?

Ever tried to read a credit card contract? How about mortgage paperwork? No reason for them to be that complex other than to hide the gotchas.

I read the mortgage paperwork and skim the CC contract.

It amuses me to sit at a closing and take 45 minutes to go through the contract, asking the broker about each term. I've had a few dirty stares, as if I'm supposed to sign a contract I haven't read? That's idiotic.

 

[bripat9643]

Smoke screen, name a downside to forcing banks to finally simplify their contracts.

Almost every Orwellian piece of legislation can be cast as something innocuous, and nearly all of them have. Hitler's "enabling" legislation was portrayed as necessary to protect the public.

Whenever I see libs telling us not to worry about some piece of legislation, that's when I know I should be worried.

 

[J.E.D]

cut and paste? what you don't have a brain?

What? Other than the article that I quoted and CITED, the rest of the OP is my words and my words alone. Prove othewise or shut the fuck up you stupid little troll.

ewe cannot make me stfu.. can ewe? I know that chaps yer creamed corn ass.

So, you can't back up your claim? In other words, you were just talking out of your candied yam ass.

 

[J.E.D]

Sen Lindsey Graham seems to think that the new consumer protection bureau is tantamount to a communist takeover. At least that's the excuse he's using for opposing a single director for the agency. He - and presumably the entire GOP - would prefer that a board of bank regulators have veto power over the agency's decisions (really). He also wants Congress to be able to restrict the agency's funding. Graham doesn't seem to get (or care) that the entire reason for the agency's existence is to give consumer's an independent voice to fight for their rights and to protect them from predatoty lending and other practices that lead to the financial meltdown. The scenario that Graham envisions would leave the agency open to lobbyists, cronyism and Congressional meddling.

cut and paste? what you don't have a brain?

Why do you think he needs the Consumer Protection Agency? It's to protect him from his stupidity

Boy, you and WillowTwat are two really stupid motherfuckers. What did I copy and paste other than the article that I quoted and cited? Go on, show me.