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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 15
    More: Interesting, GOP, Plan B, Spakovsky, Richard Cordray, indirect costs, CFPB, credit history, exercises  
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2697 clicks; posted to Politics » on 24 Jul 2013 at 10:06 AM (52 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-07-24 09:43:24 AM
7 votes:
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.
2013-07-24 11:52:34 AM
4 votes:
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 10:19:05 AM
3 votes:
Republican's continuing war on the fight to save the practices of Wall Street. While they push the BS onto the disenfranchised about Gay Marriage and Abortion and immigration. Keep money flowing in from all the moral issues then spend it on protection of Corporate interests, and Oil lobbying. fark them all.
2013-07-24 12:29:35 PM
2 votes:

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 11:33:53 AM
2 votes:

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 10:31:11 AM
2 votes:
Hey, GOP, remember when you wouldn't allow a straight up-or-down vote to Elizabeth Warren to head the Consumer Financial Protection Bureau? Remember what happened? A former senator who drives a truck remembers.
2013-07-24 10:12:54 AM
2 votes:
Impede, obstruct, delay, defund.
2013-07-24 01:02:21 PM
1 votes:
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 12:20:37 PM
1 votes:
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 12:11:18 PM
1 votes:
2013-07-24 11:28:31 AM
1 votes:

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.


Bankster predatory practices are what triggered the crisis, and you know it.  The fact that NINJA loans and balloon payments even exist is evidence of this.  If a con man swindles somebody out of their money and runs off, you don't place all the blame on the victim.  The ridiculous leveraging of bad assets is what made the crisis as bad as it was, which is another issue that Warren is trying to address.

You're being willfully blind in the defense of the criminals who caused the crash and are in the process of setting up the next one.
2013-07-24 11:28:31 AM
1 votes:
2013-07-24 11:18:44 AM
1 votes:

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.


Though those of your ilk still think poor black people caused a multi trillion dollar global financial meltdown, and the banks were the real victims.
2013-07-24 10:13:56 AM
1 votes:
Well there's another plan they could use: craft a political ideology based on sound, moral policy that is capable of winning national popular elections in the face of a changing electorate. That or keep fighting windmills.
2013-07-24 10:08:00 AM
1 votes:

somedude210: They don't understand contraceptives that well, do they?


they never have.  these are the same people who thought you had to take 1 birth control pill every time you wanted to engage in the sex.
 
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