This agency is responsible for protecting Americans from predatory banking, payday lenders, and for-profit colleges --y'know, like Trump University!
The housing finance bubble and Great Recession were fueled by reckless practices in the mortgage industry, which trapped millions of homeowners in mortgages they could not afford, and Congress created the CFPB to ensure that never happened again.
The CFPB officially opened its doors as an independent agency on July 21, 2011, with a simple message to American families and consumers: We’ve got your back.
The CFPB was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The purpose of the CFPB is to promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services. And to protect Americans from con artists like Donald Trump."
Can we guess why billionaires like Vivek Ramaswamy and Elon Musk would want to get rid of this agency that protects Americans against greedy billionairs, con artists, and crooks?
Anyone?
Billionaires are being put in charge of removing safety nets and protections for the average American against unscrupulous billionaires, corporations, and financial speculators.
Bank failures won't hurt billionaires at all.
But the rest of us would be ruined.
This is what half of the American voting public wished upon themselves.
But if Trump and his elite billionaire pals have their way, we'll all suffer.
But not them.
They'll get more billions by deregulating, speculating, and filling their already overflowing pockets!
10 comments:
America, as we've known and loved, will cease to exist when these self serving filthy rich multi billionaire oligarchs are through raping the country and it's common folk. Folks without recourse when these SOB's are through.
But apparently this is what America wanted. Voting AGAINST its own self interests. It got what t it voted for and everybody will be stuck with the flying pigs in the trumpublican cult now.
Te billionaires and oligarchs have won. They will control the country to serve their personal portfolio and screw the rest of. America.
I wonder how it will take the administration that will be elected on 2029 to put America back together again.
Off topic: Time for thoughts and prayers again. And then, back to business as usual as history continues to repeat itself ad infinitum.
It's way past time to toss out the broken record of thoughts and prayers and actually do something positive.
I read where they are considering merging agencies to get rid of the bloated government payroll. I guess you are against that because you like the government to waste taxpayer money and become less efficient.
Shrinking the federal government is not a bad thing. They are highly inefficient and are used for political payoffs so the ones who will suffer are the politicians who don't have those jobs to give out.
Maybe if people demand it the government will become more efficient not less but that would take people taking responsibility for their own lives, I know there are a lot who cannot do that.
Les, "America, as we've known and loved, will cease to exist" and some people are not unhappy about that. What will our political elite do if we shave some of their pork off.
skud: " I guess you are against that because you like the government to waste taxpayer money and become less efficient."
You guess wrong. You've used another strawman argument.
Tell us how streamlining government works when the incoming administration is setting up a new department headed by Ramaswamy and Musk -- it will have to be large -- in order to cut out unnecessary departments.
That's like setting up a "Department of Redundancy Department."
But hey! The elite billionaires will figure how to cut out the fat by setting up a new government agency! Which will have to employ more government workers!
In fairness, they have proposed moving the "Function" of the FDIC under the purview of another existing department. But theoretically, the function of the FDIC would not be eliminated.
In theory...
Skud... we've been over this multiple times in the past. Unless and until you even try to acknowledge the fallacies of the DOGE group and the problems of the federal deficit. your words have no meaning.
Because you have no idea what you are talking about.
How much do you think it costs us, US taxpayers to fund the FDIC? And since we've had that, how many citizens have lost their money to bank failures since the FDIC was created?
I'll save you the time. The answer is none. Not a one. Of millions and millions of depositors, not a one has ever lost an FDIC covered deposit.
I think 100% perfect is a pretty good record. Why fix what ain't broke?
As they eliminate as many social programs and safety nets that now support the disadvantaged as they possibly can.
They want a free for all billionaires and oligarchs economy with little to zero government oversight.
The 21'st version of The Robber Barons of old will be in firm control of the federal government.
Look to history. What could possibly go wrong? Eh skud ?
Because to any con that chooses to believe the YKW narrative and deny truth, keeps their ears closed off and their eyes shut.
The party most responsible for our out of control national debt is none other than the now trumpublican party. And the record bears this out. Beginning with Tricky Dick Nixon, through RWR, and onto You Know Who's 1'st term and it likely continues through his 2'nd one as well.
I'm Hoping for the eventual implosion of the corrupt trumpublican cult.
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