Barney Frank, author of law that created CFPB, said the law is "clearly" not on Trump's side
As I just commented on the New York Times article about Emperor Trump’s attack on the Consumer Financial Protection Board:
Wells, Maine 2 hours ago:
"While this matter may seem obscure and perhaps insignificant to the vast powers leading this attack, it, IMHO, represents a ‘signal’ exposure of the collapse of our 242 year old American ‘experiment in democracy’, to the deceitful and disguised installation of this “Final Phase of Empire” [Morris Berman’s “Dark Ages America”]
Under Mulvaney: CFPB…Consumers Fxxxed Profiting Billionaires with the blessings of DJT and M-Eunuch-in (secretary of treachery).
Apropos of nothing, just wanted to comment on that sign on the right side of the picture. If you ever anted to visually sum up the state of ignorance of even active persons, this sign does it for me:
“Made Wells Fargo Pay 100 Million in Fines!” the sign screams, as if bragging on an accomplishment by this vaunted agency.
The fine was a joke. Barely a wrist slap. The profit Wells made from the crash of the real estate bubble and the derivatives market was massive. In the Billions! The fine was so small relative to the illegal gain, that it’s largely a tax deductible business expense.
The CFPB was a political bandaid introduced by the Great BandAid herself, Warren, as a chunk of red meat for an election cycle. It’s better than nothing–I think–but it’s not like any of these paltry fines change the conduct of Wall Street and its certainly not the case that any of the fine money recovered–if it ever is–will wind up going to serve the public interest. Most likely it just bought another fighter aircraft or something.
So much energy expended over yet one more illusion.
And Wells Fargo (Florida) simply paid a fine when caught money-laundering cartel funds on a scale unmatched by any other bank in the US. Pay the fines and BAU…no sweat.
Yep. That’s what happens when people hear amounts without the context behind them. It’s like all those whiny bleats about “hot coffee 10 million bucks!” complaints without knowing that most of that was a punitive award, the point being to discourage future behavior. And if that’s the standard of judging fine effectiveness, than the CFPB’s record is pretty much zero.
Old slippery Sarah is on right now mouthing more crap than the D.C. sewage system can handle. Her face changes right before my eyes. She actually looks the part of one of Trump’s favorite expression of women.
Our ministry of truth, peace, and justice just keeps getting better everyday. Trump’s claim to be for the working class holds so true; that is the class working to place the majority into of Americans third world status and fleece them of what little remains of their existence. The unempowered Americans are left with nowhere to turn for any relief from this constant onslaught to destroy the needed elements of good governance just to fund the stupid wars, predatory lenders, financial barons, the filthy rich, on and on… The CFPB weak as it is is now headed to the memory hole to join its many friends tossed aside in a race for the state(US) to the bottom.There’s no credibility left, none, yet we still go ever further down the dark hole to oblivion. For every decent thing in place to supposedly help citizen we lose two or three a week in a grand purge to screw most of the people. We have nowhere to turn anymore as we watch America become more controlling more strict and much less fun to live in.
Money laundering for a drug cartel would not be in the perview of the CFPB. Nor would the collapse of the mortgage securities market. Different laws, different enforcement, or non enforcement, agencies. The CFPB is reasonably effective within its scope, which is why it is hated.
I was referring to WF’s ongoing bad practices…not that the money-laundering fell under the CPFB. Clarification is appreciated, though. Warren and Cofray were beyond reproach in their efforts to protect consumers!
Here we go, Common Dreams as a subsidiary of Nationl Review. Not so strange. It’s been a funnel for Breitbart, RT, Infowars.
The CFPB was designed to read the fine print that none of us have time to read or the information to understand it anyway. Trump and company don’t want that understood by us.so? Yup put in a demolition expert to run it. Genius sheer genius.