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Old 07-18-2011, 07:18 PM
 
27,631 posts, read 18,669,039 times
Reputation: 11074

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This week is the culmination of two years of hard battles. The President put the consumer agency in his first outline of financial regulatory reform, and he never wavered in his support for it. The agency was declared dead several times, and weak versions and lousy bargains were offered again and again, but he stood fast. When he signed Dodd-Frank into law, creating the new agency, he offered me the chance to stand it up — something for which I will always be grateful. The fights continued, and again, the President never wavered in his support. In fact, just last week he issued a veto threat if the Republicans try to move the agency’s funding to the political process, and I know that in the future he won’t allow opponents of reform to succeed in weakening the CFPB.

The agency has stepped out in the right direction. The work is good. But this agency needs to have its full powers right now, and that means we need Rich in place as Director. Today, I’m celebrating — but I’m not taking my eye off those who want to cripple this agency. We got this agency by fighting, we stood it up by fighting, and, if takes more fighting to keep it strong and independent, then we can do it.

Elizabeth Warren: A Big Week for the New Consumer Agency | MainstreamNemesis.com (http://mainstreamnemesis.com/2011/07/elizabeth-warren-a-big-week-for-the-new-consumer-agency/?utm_source=rss&utm_medium=rss&utm_campaign=elizab eth-warren-a-big-week-for-the-new-consumer-agency - broken link)
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Old 07-18-2011, 10:20 PM
 
29,986 posts, read 39,033,352 times
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More government control and less liberty is the Progressive's way of centralizing power and disempowering the people. Warren is hinting about running against Brown in the next election.
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Old 07-18-2011, 10:29 PM
 
Location: it depends
6,073 posts, read 5,620,417 times
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Ironic to the extreme that the two individuals who did more than any others to precipitate the financial crisis, Chris Dodd and Barney Frank, succeeded in passing their monstrous legislation to pin the blame on the banks. Even if you wrongly blame the half-dozen big banks and mortgage companies, why in the world would you inflict the massive compliance costs of Chris-Dodd and the new bureaucracy on EVERY bank in the land?

Ask your locally-owned community bank how much this will cost them--and then figure it out: WE all will bear the costs.

When will Obama figure out the link between employment and employers, the link between credit and creditors, the link between needless regulation and a struggling economy? And why do some people think adding to the dead weight of government is a good thing?
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Old 07-18-2011, 10:31 PM
 
25,058 posts, read 24,589,291 times
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I wonder if this new agency is going to be like the FDA or USDA. You know, siding with big business over the consumers that they are supposed to inform and protect?
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Old 07-18-2011, 10:43 PM
 
5,765 posts, read 10,682,145 times
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"Wrongly" blame the big banks? Trust me; they deserve quite a lot of blame for their roles in this whole mess.
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Old 07-18-2011, 10:53 PM
 
Location: Pa
20,301 posts, read 20,236,320 times
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Quote:
Originally Posted by tablemtn View Post
"Wrongly" blame the big banks? Trust me; they deserve quite a lot of blame for their roles in this whole mess.
They deserve a measure of blame. But the real villians got a pass....
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Old 07-18-2011, 11:18 PM
 
Location: NH Lakes Region
406 posts, read 1,464,288 times
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I can only hope that this organization remains true to what it is supposed to do - make sure that financial institutions can't sucker-punch the consumers. The fact that so many banks and congressional leaders are against this organization gives me hope that this is good for "Main Street". Judging by their track record, anything that so many politicians and lobbyists are AGAINST has to be a good thing for the consumer...
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Old 07-18-2011, 11:25 PM
 
Location: Midwest
5,004 posts, read 7,779,385 times
Reputation: 9254
Unaccountable, unsupervised, yet another agency which will do no good and much harm.

This is criminal abuse of power, criminal stupidity, and utter insanity.

Dodd and Frank should be sitting in a cell, not writing and passing this sort of predictably-disastrous legislation.
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Old 07-19-2011, 09:30 AM
 
27,631 posts, read 18,669,039 times
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Since when is being too good at your job--too qualified, too committed--a bad thing? Well if you are a conservative, bankrolled by Wall Street and beholden to their interests, these are all bad qualities because what you really want is to destroy all financial regulation.
Why Elizabeth Warren Scares Republicans | OurFuture.org
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Old 07-19-2011, 09:35 AM
 
Location: Jewel Lake (Sagle) Idaho
33,217 posts, read 20,237,012 times
Reputation: 19957
Hopefully this agency has the power to regulate Fanny, Freddie and Congress. Forcing banks to loan to people that don't have the means to pay the loans back, and the federal goverment backing those loans on the backs of taxpayers, is disasterous. Does this agency have the power to arrest Barney Frank and Co?
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