Republicans try to kill Consumer Financial Protection agency before it even starts

[Mustang]

People can't make financial decision for themselves.

They need the all-knowing hand of the government to protect them.

The Government is my shepherd,
I shall not want;
He makes me lie down in green technology...

You're amusing...in a wholly irrelevant way.

What do you think happens when average ordinary Americans find themselves up against businesses which do not act in good faith?

Have you heard of how credit card companies get young kids and adults on credit with contracts that are pages long (that nobody reads, by the way) and interest rates that can jump up to well over 30% (or higher) just because of late payments?

Or how about the banks who haven't been following proper legal procedure when it comes to mortgage forclosures on 100s of thousands of homes?

They there's the whole pay day loan debacle that's going on nationwide.

That's just for startes.

What hope to you think that individuals stand when trying to deal with companies like this when they might not even be based in ther own state?

And that's not even taking into account the fly-by-night companies which close up shop when the heat is on, move to another location or state and start all over again with changed business names.

Consumers can make good financial decisions, but when it comes to dishonest or fraudulent companies and their owners, consumers don't really stand a chance. And as long as the chances of getting caught or prosecuted is slim, nothing will change.

What do you think happens when average ordinary Americans find themselves up against businesses which do not act in good faith?

That's Government and Regulated Businesses under Government Protection. What does it take for you to get it. How much more do you need to enable a Government to charge you for services it has no intention to perform???
How's Immigration and Border Control doing you Spanky??? How about Toxins in Imported Products??? How about Cell Phone Company or Cable Company, or Energy Company Abuse. The Feds are turning off the alarms, holding the door open for the thieves, and topping off the tanks of the get away vehicles. You think they are going to protect you??? Who is going to protect you from them, when the soft Tyranny turns Hard???

It's hard to get your point. On the one hand you seem to be saying that there are problems that aren't being solved. That would indicate that something should be done. But you also seem to be suggesting that since certain violations aren't being 100% caught that maybe we shouldn't buy into the idea that gov't can do anything about those problems (or any problems). Then, maybe NOTHING should be done?

And finally, you're suggesting that since there is a hypothetical possiblity that the gov't might turn tyrannical at some uncertain future date, I should maybe accept current abuses by shady businesses because it's the lesser of two evils.

A shady businessman might just want to hire you to go out and sell some kind of insurance policy that protects them against future gov't abuses.

 

[Bfgrn]

what the right wants is the average citizen to have to go up against the entire team of every corporations lawyers every time they buy any item.

Ordinary citizens have sued corporations for hundreds of billions of dollars.

They want the corporations to be able to do ANYTHING they want to do.

How are you going to even eat when it is proven they will put poison in food to make more money?

There is obviously no limit to the lies you will tell to promote your fascist agenda of the omnipotent state. When has any corporation deliberately put poison in food? How does a corporation make money by killing its customers?

However, we do know that the government deliberately gave people LSD without their knowledge, and denied them treatment for syphilis when it knew they were infected.

Yeah, government is a great way to protect the public!

Food additive - Wikipedia, the free encyclopedia


With the increasing use of processed foods since the 19th century, there has been a great increase in the use of food additives of varying levels of safety. This has led to legislation in many countries regulating their use. For example, boric acid was widely used as a food preservative from the 1870s to the 1920s,[2][3] but was banned after World War I due to its toxicity, as demonstrated in animal and human studies. During World War II the urgent need for cheap, available food preservatives led to it being used again, but it was finally banned in the 1950s.[2] Such cases led to a general mistrust of food additives, and an application of the precautionary principle led to the conclusion that only additives that are known to be safe should be used in foods. In the USA, this led to the adoption of the Delaney clause, an amendment to the Federal Food, Drug, and Cosmetic Act of 1938, stating that no carcinogenic substances may be used as food additives. However, after the banning of cyclamates in the USA and Britain in 1969, saccharin, the only remaining legal artificial sweetener at the time, was found to cause cancer in rats. Widespread public outcry in the USA, partly communicated to Congress by postage-paid postcards supplied in the packaging of sweetened soft drinks, led to the retention of saccharin despite its violation of the Delaney clause.[4]

In September 2007, research financed by Britain’s Food Standards Agency and published online by the British medical journal The Lancet, presented evidence that a mix of additives commonly found in children’s foods increases the mean level of hyperactivity.[5] The team of researchers concluded that “the finding lends strong support for the case that food additives exacerbate hyperactive behaviors (inattention, impulsivity and overactivity) at least into middle childhood.” That study examined the effect of artificial colors and a sodium benzoate preservative, and found both to be problematic for some children. Further studies are needed to find out whether there are other additives that could have a similar effect, and it is unclear whether some disturbances can also occur in mood and concentration in some adults. In the February 2008 issue of its publication, AAP Grand Rounds, the American Academy of Pediatrics concluded that a low-additive diet is a valid intervention for children with ADHD:

Here is a much more recent and specific example of the malfeasance of corporate farming...

Nationwide study finds U.S. meat and poultry is widely contaminated
Multi-drug-resistant Staph found in nearly 1 in 4 samples, review shows

FLAGSTAFF, Ariz. — April 15, 2011 — Drug-resistant strains of Staphylococcus aureus, a bacteria linked to a wide range of human diseases, are present in meat and poultry from U.S. grocery stores at unexpectedly high rates, according to a nationwide study by the Translational Genomics Research Institute (TGen).

Nearly half of the meat and poultry samples — 47 percent — were contaminated with S. aureus, and more than half of those bacteria — 52 percent — were resistant to at least three classes of antibiotics, according to the study published today in the journal Clinical Infectious Diseases.

This is the first national assessment of antibiotic resistant S. aureus in the U.S. food supply. And, DNA testing suggests that the food animals themselves were the major source of contamination.

Researchers collected and analyzed 136 samples — covering 80 brands — of beef, chicken, pork and turkey from 26 retail grocery stores in five U.S. cities: Los Angeles, Chicago, Fort Lauderdale, Flagstaff and Washington, D.C.

“For the first time, we know how much of our meat and poultry is contaminated with antibiotic-resistant Staph, and it is substantial,” said Lance B. Price, Ph.D., senior author of the study and Director of TGen’s Center for Food Microbiology and Environmental Health.

“The fact that drug-resistant S. aureus was so prevalent, and likely came from the food animals themselves, is troubling, and demands attention to how antibiotics are used in food-animal production today,” Dr. Price said.

Densely-stocked industrial farms, where food animals are steadily fed low doses of antibiotics, are ideal breeding grounds for drug-resistant bacteria that move from animals to humans, the report says.

More

 

[Truthmatters]

They constantly come up with new additives.

There are many examples of the industry not caring about the long term health of the consumer and using anything that makes them more money in the short term.


I really wish truth mattered to more people in this country.


Some just live in a fantasy world created by propaganda from the very people who screw them whenever it makes them a dollar.

 

[JimH52]

They constantly come up with new additives.

There are many examples of the industry not caring about the long term health of the consumer and using anything that makes them more money in the short term.


I really wish truth mattered to more people in this country.


Some just live in a fantasy world created by propaganda from the very people who screw them whenever it makes them a dollar.

But you must admit, the GOP is doing everything they can to come up with excuses to protect their corporate funders. Now that the Supreme Court has given them free reign to funnel money, without identifying themselves, I am sure the cash is flowing. Rather than create more jobs, they line the pockets of their Republican defenders.

 

[The T]

They constantly come up with new additives.

There are many examples of the industry not caring about the long term health of the consumer and using anything that makes them more money in the short term.


I really wish truth mattered to more people in this country.


Some just live in a fantasy world created by propaganda from the very people who screw them whenever it makes them a dollar.

But you must admit, the GOP is doing everything they can to come up with excuses to protect their corporate funders. Now that the Supreme Court has given them free reign to funnel money, without identifying themselves, I am sure the cash is flowing. Rather than create more jobs, they line the pockets of their Republican defenders.

Just as the Statists are doing everything they can to destroy them and take their campaign money while smiling and inserting the knife in the back as they do it...

 

[Goodoledays]

Why is it the right thinks the business world is populated by saints?

Maybe the same way the Left thinks the Gov't is populated by saints. Many Left now days even believe Obama is their G_D.

 

[The Rabbi]

The collapse wasn't about "home owners".

After an accounting scandal, Freddie/Fannie stopped giving out montages and more than 70% of that business was moved to Wall Street. Wall Street handed out mortgages to anyone that wanted one (at least with Freddie/Fannie, you had to have a job and prove you could pay). They bundled those bogus mortgages and sold them overseas as "securities". They insured those "securities" and were able to do all of that because Republicans had "deregulated" Wall Street.
Once the "securities" tanked, Insurance Companies had to "pay up", hence the term "derivatives". That's why insurance companies went out of business.

That's the entire financial collapse in a "nutshell". Not sure how it could be "explained" in a more "simple" manner. What you write doesn't explain the collapse of insurance companies.

No, it was about assholes that couldn't pay their mortgages and their bills in general.

Yes the shits that lived beyond their means are the prick fucks to blame - or one of them.

Its funny how those assholes assets are being repossessed and rightly so.

Fuck them and fuck everything they believe they're entitled to.

The only thing that matters is CAN YOU PAY FOR IT???

Not in 2099 but within the next few years...

Human beings are a stupid species...

Many of those "assholes" were victims of predatory lending practices and fraud by the banks. Maybe you haven't kept up on all lawsuits and investigations of fraud by the banks & other financial institutions. Quite of a few of the Big Banks have paid fines to stop further investigations, fraud charges and lawsuits.
Secondly, yes people did abuse their credit. Some of those people bought toys and tried to "keep up with the Jones". Others used the credit just to survive a decade of flat wages.
The point is as I have pointed out before, you far righties blame working Americans and don't point a finger at the financial institutions that practiced predatory practices, you defend that group.
The far right cries and moans about regulations yet those entities have consistently showed that they refuse to regulate themselves. The results have been disastrous for millions and millions of working Americans and the US economy. Yet, there are those who don't care about all the damage caused by their holy hero's, the financial sector.
It's always the little guys fault.
I have yet to see anything the far right has pushed that equates any benefit for the working class. But they are hell bent on doing anything that benefits Corporate America.
For the far right, Corporate Welfare is good, something for the welfare of the lower 80% is a big no, no,,,it's socialism!
The far right are nothing but tools in the quest for a plutocratic America, their actions and words prove it.

There is no such thing as "predator lending". You are misinformed. Again.

 

[Bfgrn]

No, it was about assholes that couldn't pay their mortgages and their bills in general.

Yes the shits that lived beyond their means are the prick fucks to blame - or one of them.

Its funny how those assholes assets are being repossessed and rightly so.

Fuck them and fuck everything they believe they're entitled to.

The only thing that matters is CAN YOU PAY FOR IT???

Not in 2099 but within the next few years...

Human beings are a stupid species...

Many of those "assholes" were victims of predatory lending practices and fraud by the banks. Maybe you haven't kept up on all lawsuits and investigations of fraud by the banks & other financial institutions. Quite of a few of the Big Banks have paid fines to stop further investigations, fraud charges and lawsuits.
Secondly, yes people did abuse their credit. Some of those people bought toys and tried to "keep up with the Jones". Others used the credit just to survive a decade of flat wages.
The point is as I have pointed out before, you far righties blame working Americans and don't point a finger at the financial institutions that practiced predatory practices, you defend that group.
The far right cries and moans about regulations yet those entities have consistently showed that they refuse to regulate themselves. The results have been disastrous for millions and millions of working Americans and the US economy. Yet, there are those who don't care about all the damage caused by their holy hero's, the financial sector.
It's always the little guys fault.
I have yet to see anything the far right has pushed that equates any benefit for the working class. But they are hell bent on doing anything that benefits Corporate America.
For the far right, Corporate Welfare is good, something for the welfare of the lower 80% is a big no, no,,,it's socialism!
The far right are nothing but tools in the quest for a plutocratic America, their actions and words prove it.

There is no such thing as "predator lending". You are misinformed. Again.

And Monica Rabbi Lewinsky never met a CEO's dick he didn't want to suck.

 

[Quantum Windbag]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

Good for them. The CFPA is not about protecting consumers.

 

[Quantum Windbag]

You're amusing...in a wholly irrelevant way.

What do you think happens when average ordinary Americans find themselves up against businesses which do not act in good faith?

They sue them, and win.

What do you think happens?

Have you heard of how credit card companies get young kids and adults on credit with contracts that are pages long (that nobody reads, by the way) and interest rates that can jump up to well over 30% (or higher) just because of late payments?

You want to protect people that are too stupid to read contracts from the contracts they sign? Why shouldn't they learn the lesson that they should read before they sign?

Or how about the banks who haven't been following proper legal procedure when it comes to mortgage forclosures on 100s of thousands of homes?

That is already covered by existing laws.

They there's the whole pay day loan debacle that's going on nationwide.

Why is it a debacle for someone to be able to go to a legal business and get a loan for an emergency? Would you prefer they go to loan sharks who operate illegally?

That's just for startes.

What hope to you think that individuals stand when trying to deal with companies like this when they might not even be based in ther own state?

What do you think happens.

If they do business in a state they are subject to the laws of that state, even if their headquarters are in another state. That means that those people you are worried about can sue in the state courts in their home state, or take it to federal courts, which tend to be more friendly to suits against businesses.

Again, what do you think happens?

And that's not even taking into account the fly-by-night companies which close up shop when the heat is on, move to another location or state and start all over again with changed business names.

How will the CFPA help with that? Will they wave a magic wand that prevents companies from doing that by chaining them to a post or something?

Consumers can make good financial decisions, but when it comes to dishonest or fraudulent companies and their owners, consumers don't really stand a chance. And as long as the chances of getting caught or prosecuted is slim, nothing will change.

The chance of getting caught does not change simply because the Fed is suddenly granted power to make up new rules.

Just saying.

 

[Quantum Windbag]

How can we afford this new agency?
As if we didn't have enough in this area already.
More and more government is not the answer.

If allowed to do it's job, the reduction in interest on credit cards will be enough to fund the agency.

If you had a brain that worked you would understand that the only way the government can fund an agency is through taxes or fees. Will the government add a tax on credit cards that makes up for your imaginary reduction in interest rates? If so, how will those lower interest rates even be noticed by anyone?

Have you noticed that, since these new rules have been put in place, that your personal interest rates have actually gone up?

 

[The Rabbi]

Many of those "assholes" were victims of predatory lending practices and fraud by the banks. Maybe you haven't kept up on all lawsuits and investigations of fraud by the banks & other financial institutions. Quite of a few of the Big Banks have paid fines to stop further investigations, fraud charges and lawsuits.
Secondly, yes people did abuse their credit. Some of those people bought toys and tried to "keep up with the Jones". Others used the credit just to survive a decade of flat wages.
The point is as I have pointed out before, you far righties blame working Americans and don't point a finger at the financial institutions that practiced predatory practices, you defend that group.
The far right cries and moans about regulations yet those entities have consistently showed that they refuse to regulate themselves. The results have been disastrous for millions and millions of working Americans and the US economy. Yet, there are those who don't care about all the damage caused by their holy hero's, the financial sector.
It's always the little guys fault.
I have yet to see anything the far right has pushed that equates any benefit for the working class. But they are hell bent on doing anything that benefits Corporate America.
For the far right, Corporate Welfare is good, something for the welfare of the lower 80% is a big no, no,,,it's socialism!
The far right are nothing but tools in the quest for a plutocratic America, their actions and words prove it.

There is no such thing as "predator lending". You are misinformed. Again.

And Monica Rabbi Lewinsky never met a CEO's dick he didn't want to suck.

Are you drunk? Again?

 

[smokin_kat]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

The article by this writer is typical of one from a person who has a reasonable grasp on the generalities of a problem but then leaps to a completely asinine solution. Before I got even to the point where the writer admits that she knows Ms. Warren, it was apparent that this was just a hit piece against anyone who opposed Ms. Warren. To hear the author speak, it is a wonder that Ms. Warren hasn't already been granted sainthood with churches worldwide renamed in her honor. One thing this article isn't is unbiased.

The author is somewhat correct in the nature of the problems leading up to our current situation, but is apparently completely ignorant of their source and the solution needed. Firstly, the crisis was indeed partially created by greed on the part of the banks (what's new here?), but the author misses the fact that it was the government's typically bungled attempts at social engineering that created the situation where by this particular form of greed could run rampant. Honestly, it is hard to really blame the banks. After all, they are just being banks.

The author also runs off half-cocked in thinking that it was a lack of consumer protections that played any significant role in this. She may as well blame the problem on NASA if that is where her head is.

You want to stop this sort of thing from happening? It is not simple, but here is what you do: You stop funneling trillions of dollars through taxation to a federal government that serves itself over the people. Second, get the federal government out of our daily lives and end the social engineering at taxpayer expense. That is what local and state governments are for. Your local government will be more responsive, if only barely, than a bunch of self-serving leeches a thousand miles off. Third, refuse to allow the government to backstop banks. If the banks screw up, then let them fail. The days of privatizing profits and socializing the losses must stop. Make the irresponsible banks pay for their folly. And to be clear, both political parties share the blame. So don't start the Democrat-Republican stuff. I'll leave you with a question to ponder: is it coincidence that the Federal Reserve Act and the amendment instituting the income tax were passed only a few months apart under the same president?

 

[KissMy]

This thread is a huge scam anyhow. The borrower was not harmed, scammed or conned, they were the ones who benefited by playing along with & partnering with the cons & schemers to harm the investors. People working at Burger King knew they could not afford a $325,000 house, but that did not stop them from taking full advantage of the offer & live in a plush home for a few years until they get the boot.

This is why loan originators have never been required to act in the fiduciary benefit to the borrower. That is because the borrower is the one who benefits the most from the loan. Now they are trying to act stupid & say they did not want all that money they took from the investors. Now they want to sue & get the house that they never paid for, for free. What a crock of shit these borrowers are peddling.

The bottom line is that the investor is the only one who got screwed in this deal. That is why banks & broker dealers were required to only act in a fiduciary manor with the investors money. There was never any need to protect the greedy borrower by having loan originators serve them in a fiduciary manor. The banks, broker dealer, loan originators & borrowers all made out like fat rats while the investors got screwed.

The loan originators told the borrowers hey I can get you a ton of money if you sign these papers so I can make some on the sale. The greedy borrowers are just as much at fault as the loan originators & brokers. The greedy borrowers need to be cast out into the streets.

 

[Czarcasm]

The sooner this heaping pile of trash is dismantled the better. Not only is it an insult by insisting that the government knows what's best for me and my finances, it also is another potentially job killing monstrosity.

 

[Chris]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

That's because the Republicans are the Corporate Lobbyists Protection Agency.

 

[Chris]

The sooner this heaping pile of trash is dismantled the better. Not only is it an insult by insisting that the government knows what's best for me and my finances, it also is another potentially job killing monstrosity.

What killed the jobs was the lack of government regulation on Wall Street that allowed them to run a $516 TRILLION DOLLAR derivative Ponzi scheme under the Bush administration.

 

[The Rabbi]

The sooner this heaping pile of trash is dismantled the better. Not only is it an insult by insisting that the government knows what's best for me and my finances, it also is another potentially job killing monstrosity.

What killed the jobs was the lack of government regulation on Wall Street that allowed them to run a $516 TRILLION DOLLAR derivative Ponzi scheme under the Bush administration.

Do you nderstands derivatives?

Silly question. You don't understand jack shit.

 

[Bfgrn]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

Good for them. The CFPA is not about protecting consumers.

REALLY? Then what is the CFPA about???

 

[The Rabbi]

Red Tape - Efforts to undermine new consumer agency amateurish, dangerous

Typical

Good for them. The CFPA is not about protecting consumers.

REALLY? Then what is the CFPA about???

More gov't control. Don't you read the papers?