Consumer Financial Protection Agency: Big Brother Protecting You to Death
by Anthony RandazzoWhen I first learned to drive as a teenager, my mother let me take the wheel on trips to the local grocery store. She was there in the passenger seat, arms flailing every time a squirrel or a piece of sagebrush came across the road, her left forearm pressing my chest back against the seat. It was instinct. She wanted to brace me for the impact of a crash. The only problem was that I needed both arms free to keep the van from crashing in the first place. While I appreciated my mother’s concern, I hated the thought that she might protect me to death.
Which is the same attitude every American should have when it comes to the new consumer financial protection laws President Barack Obama and Rep. Barney Frank (D-Mass.) want to impose on businesses.
Obama first proposed the idea of a Consumer Financial Protection Agency (CFPA) in June as a part of his grand plan to overhaul Wall Street regulations. But it has come under considerable attack recently for fear it would smother businesses and end up hurting consumers. As I write for Reason Online, in its current form, the CFPA will pile on burdensome new rules, restrict innovation, hurt small businesses, increase the cost of doing business, spawn a massive bureaucracy, and create severe conflicts between state and federal law. Frank’s proposed version would even allow the new agency to write and enforce laws beyond the scope of existing legislative authority.
Read the whole piece at reason.com here.
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[...] This post was mentioned on Twitter by AZ grassroots. AZ grassroots said: Consumer Financial Protection Agency: Big Brother Protecting You to Death http://bit.ly/10uIAB #dripusa #ocra #tcot [...]
[...] Obama’s White House speech on Friday reiterated his support for the creation of a Consumer Financial Protection Agency (CFPA) (with Barney Frank of all people). This idea was first proposed in June as his “transformational” plan to overhaul Wall Street regulations. According to Reason.com, if created the CFPA would: [...]
Government is not the solution, government is the problem.
Barney Frank and Barrack Obama, together as a team, proposing anything, and writing rules to govern anyone, should be an insult to good, God fearing people anywhere.
Obama’s and the Democrat’s motto…….”Have no fear, your government is here!!”
“We will support the lazies of the country on the backs of folks who work hard……..so work hard folks! Your fellow citizens are depending on you!….Literally!”
*smiles, sparkle on teeth*
Government should protect us from each other, not ourselves and what ever happened to "buyer beware" I would be much better off if other people were not so interested in my happiness.
Government should protect us from each other, not ourselves and what ever happened to "buyer beware" I would be much better off if other people were not so interested in my happiness, especially the Government.
Do we really needed a Big Mommy-Daddy Government in our lives?
File this under: For The Love Of God, Please Save Me From Myself!
Un-frelling-believeable that adults don't bother to understand the terms of loans and other financial/legal documents they sign.
Please sign our petition http://myfreepress.net/petitions/dont-tread-on-me
Because some people are gullible, and because some people are crooked, we all have to suffer. Is that what they mean by a level playing field?
Syndicated morning talk show host Jim Quinn has a favorite saying: "Liberalism always generates the exact opposite of its stated intent".
That saying could not be more true after reading this article. The intent: To protect the consumer. The result: Consumers will be hurt.
This is just another typical Liberal knee-jerk reaction to a problem which could be solved simply by enforcing the existing laws which are already in place as well as not ignoring warnings of problems (like the Liberal Democrats did). The big problem the Liberals have with enforcing existing laws is that they can't expand government and further infiltrate themselves into the lives of Americans. They have to create more laws to do that.
The liberals are destroying this country.
We need to take it back
[...] Big Government » Blog Archive » Consumer Financial Protection … [...]
Would someone tell that idiot that Americans aren't all as stupid as he is. We just need the Liar-in-Chief to crawl in a hole and let real Americans get back to work.
Dear President Obama and Mr. Frank,
I would hereby like to inform you that I do not need your protection from anyone. I am smart enough to figure this stuff out on my own (really), and if I'm in need of real protection, my hubby has a real nice safe full of guns and ammo. We can protect ourselves from all the big bad wolves.
Sincerely, Mrs. Smarter-than-you-think
Oversight run amok.
It’s interesting that some people defend the government’s actions to “look after us”………and yet, the government ITSELF doesnt even have its own house in order.
Like people who defend “the government option”……one only need to look at Medicaid and Medicare to see how “effecient” the government is at running things……..both are about to go bankrupt.
Do I trust the government in its present form? Nope. And its amazing there are people who do.
oh yeah its gonna do real good just like barney frank's credit card overhaul i really appreciated all my credit cards going from 8.99-10.99 foxed rates to 16-29% variable rates it was a big help that alot barney plaugue spitting speechgiving frank! funny thing is all the variable rates are like prime +15.99 or higher and considering prime rate is ridiculousy and historically low now they can only skyrocket in the futre as certainly they don't have room to drop as a negative percentage primerate does not exist!
thanks barney for going in and trying to make things better for me andf all of us we all love paying triple interest rates and triple minimum payments only to pay down our balances even slower! way to protect us from those evil money grubbing credit card companies by making us working people paymore while letting the credit card companies have windfall profits!
i love that how i used to pay almost triple the minimum payment to pay down my debt faster now i make the same exact payment and it doesnt even bring my debt down god bless stupid politicians gotta love them!
ONLY IN AMERICA CAN THESE MENTALLY INCOMPETANTS HOLD A PUBLIC OFFICE!
AND WILSON WAS WRONG! OBAMA DIDN'T LIE AT ALL ILLEGALS WONT BE COVERED UNDER THE NEW HEALTH PLAN ….. WHY???? BECAUSE HE IS GONNA REWARD THEMALL FOR BREAKING OUR LAWS AND EVADING TAXES ALL THESE YEARS BY MAKING THEM LEGAL SO THEN THEY WILL ALL BE COVERED!!!
The Obama/Warren plan would have required financial institutions to offer certain products, including "plain vanilla" versions of checking accounts, mortgages, or IRAs. The Obama/Warren CFPA would also have received the power to create simplified products and force firms to sell those in addition to—or in place of—their own financial products.
That is how the process goes. Get everyone to offer the same exact thing, watch the companies kill themselves cutting profits to offer the biggest returns and the smallest fees. Then once it has settled in that they cannot survive and they give up trying, the field is cleared for a single provider of such "necessary" products. If that is somehow not the government, once the field has shrunk to just a few players with no noticeable financial differences, in the name of "consumer protection" they will be so tightly regulated, including protections against "excessive profiteering," they will be government run in any way that matters.
Thus cometh backdoor socialism, on the way to communism.
Notice how they were, and likely still are, trying to slip the same thing into "health care reform"?
Speaking of Big Brother, Barrack Obama and Barney Franks, people ought not forget that Jessee Jackson probably did more single handedly to break the bank at Fannie and Freddie than any other individual.
http://www.cnsnews.com/public/content/article.asp...
I'm going to be 40 next month and I think the last time my mother did that arm thing was within the last five years.
If you DO get the FLU shot and something DOES happen, YOU CANT SUE
http://myfreepress.net/2009/us-government-gives-b...
The dollar slumped against rivals last week in the wake of the British daily's controversial report.
"The US dollar is being hurt by the continued talk of a shift away from a dollar-centric world," said Kit Juckes, an analyst at currency traders ECU Group.
"Three conclusions stand out very clearly. Firstly, the shift in economic power away from the G7 economies is continuing. "Secondly, there is a growing acceptance amongst those winners that one consequence of this power shift will be to strengthen their currencies.
"And finally, as long as the US economy is not strong enough for any rise in interest rates to be conceivable for a long time, the dollar's underlying downtrend will remain in place," added Juckes.
The Independent, under the front-page headline "The Demise of the Dollar", reported last Tuesday that Gulf states, together with China, Russia, Japan and France, were considering replacing the dollar as the currency for oil deals.
"In the most profound financial change in recent Middle East history, Gulf Arabs are planning — along with China, Russia, Japan and France — to end dollar dealings for oil," wrote The Independent's Middle East correspondent Robert Fisk.
They would switch "to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar," added Fisk, citing Gulf Arab and Chinese banking sources.
The report was denied by a host of countries, including Kuwait, Qatar and Russia, while France dismissed it as "pure speculation."
Even so, the United Nations itself last week called for a new global reserve currency to end dollar supremacy, which had allowed the United States the "privilege" of building up a huge trade deficit.
UN undersecretary-general for economic and social affairs, Sha Zukang, said "important progress in managing imbalances can be made by reducing the (dollar) reserve currency country's 'privilege' to run external deficits in order to provide international liquidity."
Zukang was speaking at the annual meetings of the International Monetary Fund and World Bank, whose President Robert Zoellick recently warned that the United States should not "take for granted" the dollar's role as preeminent global reserve currency.
Meanwhile at a G20 summit in Pittsburgh last month, world leaders unveiled a new vision for economic governance, with bold plans to fix global imbalances and give more clout to emerging giants such as China and India.
Following the summit, US Treasury Secretary Timothy Geithner repeated Washington's commitment to a strong dollar.
But last week the finance chief was left to watch as traders used The Independent's report as an opportunity to push lower the troubled US unit.
The report "has helped concentrate the minds of traders and investors alike, and has given them another excuse to take the dollar lower," GFT Global Markets analyst David Morrison told AFP.
"Despite what the Fed and other central bankers say, a weaker dollar is desirable because it is necessary to rebalance the global economy.
"As long as the decline is gentle and orderly, then they're happy. But aggressive selling would spook the markets," he added.
Commerzbank currency analyst Antje Praefcke agreed that the market's reaction was significant because it showed that the dollar was on a downward trajectory.
"The questionable article in the Independent was of course disclaimed," Praefcke said.
"It is nonetheless an interesting study of the pscychological factors which are currently putting pressure on the dollar. Even if conspiracy theories turn out to be nonsense, the dollar is subsequently able to retrace only some of its losses."
" . . . would even allow the new agency to write and enforce laws beyond the scope of existing legislative authority."
Welcome to The Banana Republic of America.
Barney Frank gets a personal law enforcement agency.
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
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