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(Mother Jones)   The GOP has a plan B to deal with Elizabeth Warren's consumer watchdog agency and to continue to keep the American public from being protected from abusive practices by big banks and other lenders   (motherjones.com) divider line 71
    More: Interesting, GOP, Plan B, Spakovsky, Richard Cordray, indirect costs, CFPB, credit history, exercises  
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2699 clicks; posted to Politics » on 24 Jul 2013 at 10:06 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-07-24 11:33:53 AM  

Philip Francis Queeg: Debeo Summa Credo: Millions of people being defrauded by banksters caused the economic crisis. This is what farklibs actually believe.


The lies of Lehman were multifold. Three times, in late 2007 and the first half of 2008, Lehman used "balance sheet manipulation," according to the examiner's report, to hide debt of $38.6 billion, $49.1 billion and $50.4 billion.

That debt was made to disappear temporarily so that at the end of the quarter Lehman would not appear to investors, counterparties, regulators and rating agencies as a firm about to become insolvent. This lack of disclosure was substantive and "created a misleading portrait of Lehman's true financial health," the report states.


Goldman sold its clients mortgage backed securities while it was shorting them in anticipation of the crisis.
 
2013-07-24 11:52:34 AM  
People Really need to understand the brilliance of what Barney Frank Did when crafting Dodd-Frank (it sure in hell wasn;t the doing of Wall Street lap-dog Chris Dodd) and creating the CFPB

First he set the agency up outside the appropriations process:  There is no congressional Committee that gets any say over the CFPB's budget, so no angry congressman can threaten to slash it if they get angery about what the Bureau does.   Instead they get an automatic draw from the profits of the Federal Reserve System (which are vast BTW), it was pitched to budget concious GOP'ers a a way to create the Agency without adding to the budget deficit, which, after their experience with DHS was very appealing to them.

Second, the Bureau was given status as a "independant regulatory agency"   a status it shares with things like the SEC, the FCC, the NRC, etc- basically agencies that Congress wants to administer a law without having to respond to poltical pressure..  However, Congress set those other agencies up to be more or less useless because they are all run by a group of Commissioners, and by law the Commissioners have to be equally split by party, so those agencies can get very little done.

Unique in the federal government however, the CFPB is an IRA with a single director.  This means it can move very quickly when it needs to and be very effective,   a bit of legal aracana most congressmen didn't bother trying to understand when they voted for the creation of the Bureau.  Add to that, that unlike say the FDIC or the Federal Reserve, the CFPB's mandate is ONLY to protect consumers, not to ensure the health and stability (and therefore profitability) of Banks

So now Congress is facing a nightmare, an effective, zealous protector of consumer's financial interests that has regulatory power over some of their biggest campaign donors, and one which they are powerless to influence or derail.
 
2013-07-24 11:52:53 AM  

imontheinternet: Philip Francis Queeg: Debeo Summa Credo: Millions of people being defrauded by banksters caused the economic crisis. This is what farklibs actually believe.


The lies of Lehman were multifold. Three times, in late 2007 and the first half of 2008, Lehman used "balance sheet manipulation," according to the examiner's report, to hide debt of $38.6 billion, $49.1 billion and $50.4 billion.

That debt was made to disappear temporarily so that at the end of the quarter Lehman would not appear to investors, counterparties, regulators and rating agencies as a firm about to become insolvent. This lack of disclosure was substantive and "created a misleading portrait of Lehman's true financial health," the report states.

Goldman sold its clients mortgage backed securities while it was shorting them in anticipation of the crisis.


it's like selling someone snake oil to cure their cancer while simultaneously buying life insurance on that someone. You win either way. Who cares if the other guy died?
 
2013-07-24 12:07:01 PM  

Mike Chewbacca: imontheinternet: Philip Francis Queeg: Debeo Summa Credo: Millions of people being defrauded by banksters caused the economic crisis. This is what farklibs actually believe.


The lies of Lehman were multifold. Three times, in late 2007 and the first half of 2008, Lehman used "balance sheet manipulation," according to the examiner's report, to hide debt of $38.6 billion, $49.1 billion and $50.4 billion.

That debt was made to disappear temporarily so that at the end of the quarter Lehman would not appear to investors, counterparties, regulators and rating agencies as a firm about to become insolvent. This lack of disclosure was substantive and "created a misleading portrait of Lehman's true financial health," the report states.

Goldman sold its clients mortgage backed securities while it was shorting them in anticipation of the crisis.

it's like selling someone snake oil to cure their cancer while simultaneously buying life insurance on that someone. You win either way. Who cares if the other guy died?


That's how Wall Street operates, and when everyone dies of cancer and their snake oil becomes worthless, the government subsidizes their losses and sends them on their way to do it all over again.
 
2013-07-24 12:11:18 PM  
 
2013-07-24 12:20:37 PM  
And the Boston Globe editorial yesterday about how Elizabeth Warren is a bunch of yap and little action got an instant red light here. That figures. Doesn't fit the tab narrative.

For 28 years we had a showhorse senator, John Kerry, better known for posturing on television (his unflattering nickname was "Liveshot") than getting things done. With her PR savvy and her lawyerly gift of gab, Warren makes for a worthy successor.
 
2013-07-24 12:25:17 PM  

barneyfifesbullet: And the Boston Globe editorial yesterday about how Elizabeth Warren is a bunch of yap and little action got an instant red light here. That figures. Doesn't fit the tab narrative.


If she's truly all yap and no action, you and your banking friends have nothing to worry about.
 
2013-07-24 12:29:35 PM  

Zeb Hesselgresser: Yes, because so far, whoooo boy, she's been a real terror.


She has PERSONALLY already cost the largest banks in the country over $20 Billion, that is not something they forgive, or forget.  How?  Well, when the Robo-signing scandal and it was clear the banks were knowingly and systematically committing massive fraud in the foreclosure courts, the attorneys-general of the states all decided to sue the banks together.   The banks came to them with a settlement offer that was eye-popping at the time:  They would voluntarily pay $5 billion to settle these claims.  The State AG's look poised to accept that offer when Lizzy, then interim director at CFPB decided to order a study from her economists that asked an inconvenient question:  So exactly HOW MUCH had the banks saved themselves by breaking the law and cutting corners?

Her economists  came back with an unimpeacheable study that showed the banks had saved themselves at least $20 billion by committing robo-sgning fraud.   Lizzy shared that witht he State AG's just before settlement negotiations were complete, and suddenly the bank's settlement offer went from $5 billion to $25 Billion overnight.
 
2013-07-24 12:34:07 PM  

Debeo Summa Credo: imontheinternet: Who cares if a few million people get defrauded by banksters?  It's not like that could cause a massive economic collapse or anything.

Millions of people being defrauded by banksters caused the economic crisis. This is what farklibs actually believe.

And idiots like this are exactly the type of people who are duped by grandstanders like Warren.


Keeping in mnd that you know I've read more than a million pages of e-mails from all the principal players including the Secretary of the Treasury and Chairman of the FRB,  and primary source documents and economic analyses of what caused the financial crash of 2008 created by their employees, please once again enlighten me as to how any part of that impression is false
 
2013-07-24 12:51:08 PM  
mjcdn.motherjones.com

Looks like he's trying to retract into his shell, and is profoundly disappointed to discover that he doesn't actually have one...
 
2013-07-24 01:00:15 PM  

Magorn: Debeo Summa Credo: imontheinternet: Who cares if a few million people get defrauded by banksters?  It's not like that could cause a massive economic collapse or anything.

Millions of people being defrauded by banksters caused the economic crisis. This is what farklibs actually believe.

And idiots like this are exactly the type of people who are duped by grandstanders like Warren.

Keeping in mnd that you know I've read more than a million pages of e-mails from all the principal players including the Secretary of the Treasury and Chairman of the FRB,  and primary source documents and economic analyses of what caused the financial crash of 2008 created by their employees, please once again enlighten me as to how any part of that impression is false


Ah well, since someone isn't around....

bleep bloop...oligarch defender bot....defeated
 
2013-07-24 01:02:21 PM  
PLEASE get off your asses and vote next year, folks. We cannot allow these evil pricks to take control of the senate.

VOTE YOU FARKERS
 
2013-07-24 01:24:37 PM  

guestguy: [mjcdn.motherjones.com image 630x470]

Looks like he's trying to retract into his shell, and is profoundly disappointed to discover that he doesn't actually have one...


That collar looks to be incredibly tight.  Maybe it's cutting off the oxygen to his brain.
 
2013-07-24 01:39:30 PM  

palelizard: That collar looks to be incredibly tight.  Maybe it's cutting off the oxygen to his brain.


He has to wear it that tight, otherwise his foreskin would flip up and smother him.
 
2013-07-24 01:42:38 PM  

somedude210: The GOP has a plan B to deal with Elizabeth Warren's

they're gonna abort her? They don't understand contraceptives that well, do they?

joking aside, GOP, come with me to camera 3:

Look, I get it. You don't like this lady because she beat the pants off Scottie2Hottie and is trying everything in her limited power to dismantle the class war you've carefully crafted these last 40 years. I get it, I really do. If I was some cartoonish supervillain, I'd be pissed too if some upstart came out of nowhere and started to kick my ass on things and break the reality I've cultivated for decades. I get it. It's like fighting Batman for all these years and "winning" when suddenly you've got Robin's mother kicking you in the balls and telling you to grow a pair. But I gotta say one thing, suck it up and eat a bag of dicks, you scruffy nerfherders.


Jon, please come back to the Daily Show. I love John Oliver, but he's better in the field.
 
2013-07-24 02:21:08 PM  

imontheinternet: Who cares if a few million people get defrauded by banksters?  It's not like that could cause a massive economic collapse or anything.


Remember though, it's not fraud because everything they were going do was written somewhere in that hundred page contract. You should have read and understood every single blah blah blah *jerking motion*
 
2013-07-24 02:22:43 PM  
Lets just hope its not called "The Michael Hastings Plan"
 
2013-07-24 02:42:49 PM  

wildsnowllama: imontheinternet: Who cares if a few million people get defrauded by banksters?  It's not like that could cause a massive economic collapse or anything.

Remember though, it's not fraud because everything they were going do was written somewhere in that hundred page contract. You should have read and understood every single blah blah blah *jerking motion*


That's why some of the most valuable work the CFPB is doing is getting VERY little attention: they are doing all sorts of cognitive testing on new kinds of model discloure sheets for mortgage loans, credit card argreements etc that will allow the average person to understand what they are agreeing to in plain English after just a couple minutes worth of reading
 
2013-07-24 02:51:57 PM  

DarkSoulNoHope: Jon, please come back to the Daily Show. I love John Oliver, but he's better in the field.


thank you for comparing me to Stewart, but I'm not Jewish or a good comedian. I do make my Jewish girlfriend laugh though, so that's something right?
 
2013-07-24 04:39:02 PM  

somedude210: DarkSoulNoHope: Jon, please come back to the Daily Show. I love John Oliver, but he's better in the field.

thank you for comparing me to Stewart, but I'm not Jewish or a good comedian. I do make my Jewish girlfriend laugh though, so that's something right?


Ooooooh, buddy, I'm sooooo sorry.

calvinayreap.com
 
2013-07-24 05:20:13 PM  

Mike Chewbacca: Ooooooh, buddy, I'm sooooo sorry.


hahaha, I was expecting that.
 
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