Consumer protection is such a bad thing. It might hurt corporations who Republicans insist are "real" people.
You idiots don't have a clue. Consumer protection would have done absolutly nothing to prevent the subprime mortgage disaster. What are they going to protect the poor from? Banks giving a bunch of rich peoples money to poor people who really did not deserve it? The poor had nothing to lose. The savers lost the most.
The savers, investors, pensions & rich were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.
They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, the President & their Wallstreet donor friends benefited from it.
The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The lenders are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.
The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the lenders from the greedy takers.
Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.
