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Victory for "Wall Street's Army of Lawyers and Lobbyists" as Supreme Court Puts CFPB Chief Under Control of President

Originally published at http://www.commondreams.org/news/2020/06/29/victory-wall-streets-army-lawyers-and-lobbyists-supreme-court-puts-cfpb-chief-under

Note to foxes: the henhouse is now open for business.

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The squeeze has been on for quite a while already. The money changers have played it slow and easy until trump. The pace of gleaning dollars from the general public is now an in-our-face operation.
When the SCOTUS sides with the money changers and ignores the public’s financial woes the slippery slope just got slipperier.

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Has been that way for decades. We are not in a henhouse, we are in a slaughterhouse.

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Soooo damn true! And if we do not put a stop to this slaughterhouse we will all be slaughtered next!

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Capitalism is going to destroy us all. It cannot realistically get us through the environmental crisis, is in fact the key driver in the environmental crisis (along with markets). And since those in power refuse to part with capitalism in any substantial way (for class and ideological reasons), they are going to continue to lead us to destruction. I keep on hearing how rotten, empty people like Pelosi or Biden are the pragmatic adults in the room. I would accept that, if someone could argue that leading us to ecological collapse is pragmatic, or if it is pragmatic to offer up policies on every single issue that fail to rise to the scale of the societal issues we are facing. Things continue to get progressively worse in large part because of them. But, since they offer nothing on policy, they are in fact a horrible opposition party.

On the CFPB; it is a decent institution, but it is not at all enough by itself. In fact, in part also because of the environmental crisis, I don’t think anything short of a very robust public banking sector is likely to do tons. Private banks can still create most of the money we use, they still create that money when we go into debt to them, they still make almost all investment decisions and we really don’t regulate those decisions (no matter how societally destructive), they still only use information contained in markets (lots of information is missing in markets) and they still have the state to rescue them. That means that they have next to no risk. Since financial profits are justified more than anything because financial capitalists take on risk when they lend, by removing that risk there is no real justification from a societal perspective for profits in the financial sector. Might as well just have it done by public institutions and treat money creation and lending as a public utility. The Minneapolis Fed has even argued that this should be the case. Like with everything though with Democrats, we are left to fight for things that in the end aren’t real solutions, but are better than nothing. That is what the Democrats are at their best, a little bit better than doing nothing, but far short of what is needed. On most issues, that party is worthless at the national level, has been for a long time.

Capitalists increasingly make profits by externalizing costs onto society, future generations and the environment, and if the people of this country don’t wake the fuck up and take them on, we are doomed. Doomed, over, bye bye, Yugoslavia like collapse.

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Thanks for your posts Joan R.

Do these people in picture holding the protest signs look like they would scare those in power?
LOL
I’m kind of kidding here . . but seriously groups of people holding signs like these are seen as nothing more than pesky gnats (if that) to TPTB.

Judging by how easy it was for Biden to slide into place with Sanders et al easily swatted aside and judging by the number of people who don’t even want to know who the F they are voting for by voting for Biden, I do not see much waking up let alone taking action in this country.

You got me curious as to how a collapse “Yugoslavia style” would look like here in the u.s. . . . I started a search and came upon this article which I found very good.

h-ttps://www.salon.com/2020/06/03/novelist-and-screenwriter-aleksandar-hemon-on-the-magnitude-of-catastrophe-facing-america/

In excerpt below I would add (imo) it’s not just the “global right” that want to make everything murky-----

“The global right and its leaders want to make everything meaningless. They want people to “fish in murky waters,” as the saying goes back in my home of Yugoslavia. One headline by itself would stand out and the public would understand the danger. People either understand the entirety and wholeness of this dangerous situation or they choose not to. If the public cannot see the big picture, they will also not be able to see how the smaller parts fit together as a whole. It all seems like one isolated series of events after another. For those who cannot see the big picture, it is a maelstrom and they lack perspective to make sense of it all.”

"The Democrats really believe they can just vote Trump out of office. They are not properly organizing for all possibilities and in response to what the right wing is doing.

We hope that Biden will get elected and then somehow we’ll return to some status quo from before and pre-Trump democracy will be restored in some way. That’s just wishful thinking. Totally wishful thinking. Meanwhile, Donald Trump and the right wing and the Republicans are preparing for a showdown."

this is a long comment---- sorry ----but I MUST put this excerpt from the article in my comment for it cannot be overstated:

"You have written about the ethnic conflict and civil war in Yugoslavia and your fears of how such a thing is now on the horizon in the United States. How are people — especially young men — seduced and radicalized into committing such acts of violence?"

“It is empowering. It flatters their masculine power. Nationalism and fascism are always masculine political projects. This is why misogyny is always an aspect of any kind of nationalism. Fascism and nationalism also empowers old men. And in the context of white male supremacy, the advances of people of color and women were imagined as somehow disempowering white men.”

SCOTUS is just another institution needing a total purging and revamping due to pervasive corruption and doing the bidding of the ruling class. The entire government has been co opted and it will take a revolution to cleanse ourselves of the parasites infecting the body politic.

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I can appreciate your somewhat tempered description of our Washington democrats.
We can improve their lot with more and more progressive candidates being supported. The other party is a lost cause except for greed and other money issues, including the MIC.

The status quo before Trump was systemic corruption, decades of stagnating wages, crumbing infrastructure, massive inequality, an environmental crisis that is global in scale and a crisis caused by capitalism, and people generally hating the system, the two parties, the media, etc. The system sucked so much that half the country doesn’t even bother voting, and the status quo led to Trump. In no way does going back to the status quo make sense, doubly when you consider that the environmental crisis requires radical changes. These people are functionally stupid and totally cut off from the reality of most of the country. They want to get rid of Trump, but will do nothing about the context that produced him, and the far right elsewhere. They’re idiots and worthless. If they were as strong fighters for working people as they are against the left, or if they were as good at that as they are lying to the public and providing cover for the large donors, the world would be a better place.

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One would think trump would be slouched to one side. Hanging the keys to EVERYTHING must be heavy. Are they handing out bathroom slips yet?

The next financial crash will be bigger than the previous crash. The Obama CFPB did not put an end to mass foreclosures or help discharge student loans.

The CFPB head reports into another Trump appointee, namely the Head of the Federal Reserve. Every President has appointed the Head of the Fed based on recommendations from the heads of Citibank, Goldman Sachs and other titans of finance (not industry). The Fed never put an end to Too-Big-To-Fail banks and instead let them grow even bigger with ever more risky bets.

Now Congress and the Fed are bailing out the banks via the stimulus bailout packages.

Elizabeth Warren voted for those bailouts.

Today’s decision doesn’t make the CFPB any worse than the CFPB of the Obama years.

The entire CFPB is a distraction from highway robbery of taxpayer dollars, rewarding bad actors and leaving the door open to further decimation of the middle class.

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