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Thread: Warren to Start Consumer Protection Agency

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  1. #1
    Havakasha is offline
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    Warren to Start Consumer Protection Agency

    S&L if you dont understand how this is a good use of government then i am afraid you are a lost cause. Her appointment should be applauded by all true Conservatives not just liberal activists.

    Elizabeth Warren to Start Consumer Protection Agency
    Published: Friday, 17 Sep 2010 | 6:14 AM ET Text Size


    Wall Street critic Elizabeth Warren said Friday she accepted the job of setting up a consumer financial protection agency for U.S. President Barack Obama and declared that the time for financial "tricks and traps" was over.
    Obama was expected to announce his appointment of Warren, a Harvard University professor and hero to liberal activists, at 1:30 pm EDT, taking a step forward in enacting the financial reform that is a signature achievement of his presidency.

    The Consumer Financial Protection Bureau, which is Warren's brainchild, will have broad powers to write and enforce regulations covering mortgages, credit cards and other financial products.

    Warren is reviled by many on Wall Street for her calls to crack down on abusive lending practices by financial firms.

    Warren will not be in charge of directing the agency once it is formally set up.

    By selecting her as an adviser rather than as the agency head, Obama sidestepped the congressional confirmation process, which Republicans could have used to thwart Warren's nomination.

    Warren said in a blog post on the White House website that she had "enthusiastically agreed" to take on the role.

    "The president and I are committed to the same vision on CFPB and I am confident that I will have the tools I need to get the job done," she said.

    "The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market. The time for hiding tricks and traps in the fine print is over.

    She will become assistant to the president and special advisor to Treasury Secretary Timothy Geithner.

    "Warren will play the lead role in setting up the bureau and ensuring it is as effective as possible," a White House official said.

    "(She) will also advise the president on policies and programs that are designed to protect the financial interests of middle-class families."

    Enlarging the Fine Print

    Obama, a Democrat, will use the announcement to draw attention to financial regulation reform — legislation that Republicans largely opposed and voters largely ignored as they fret over a rough economy and near double-digit unemployment.

    "Never again will folks be confused or misled by the pages of barely understandable fine print that you find in agreements for credit cards, mortgages, and student loans," Obama was to say, according to excerpts of his remarks released in advance.

    "Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history."

    Obama has made improving the lives of the middle class a central theme of his efforts to support Democratic candidates and lawmakers ahead of the November elections, drawing contrasts with Republicans, who he says favor the rich when it comes to financial and tax policies.

    Enacting the broad financial reform law — including the establishment of the consumer agency — is part of that strategy he hopes will resonate with Americans.

    "If the CFPB can succeed at leveling the playing field, we can go a long way toward repairing a gaping hole in the budgets of millions of families," Warren said in the blog.

    "But nobody has ever thought or argued that the consumer bureau can fix everything. Lost jobs, stagnant incomes, rising costs for college, dwindling retirement savings — there's a lot of work to be done."

    It is unclear how long Warren will stay in her job establishing the agency. Treasury, which is mandated to set it up, must lay out a timetable soon for how long that will take.
    Last edited by Havakasha; 09-17-2010 at 08:36 AM.

  2. #2
    SiriuslyLong is offline
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    That's all good and well, but once again, government just got bigger, and each tax dollar you and I contribute becomes less effective (you have to pay for overhead, right?).

    Why couldn't an existing agency be redesigned? Streamlined? Nope - add, add, add....... What's the definition of insanity? Does Obama care, or is he blinded by his ideology? Don't worry, we can borrow the money from China.

    "Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history." - It's a shame the sheeple cannot protect themselves. .

  3. #3
    Havakasha is offline
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    Lets quit while we were ahead with "all good and well" ...

    Sometimes new agencies are useful. Not always possible to redesign an old agency. Takes more time and....

    i seriously believe Obama is a very pragmatic individual. There are unfortunately a lot of words floating around to describe him which are quite false.

    There is a deficit commission which will be weighing in quite seriously after the midterms. You talk about bipartisanship all the time in relation to Obama but ignore that Republicans who backed the commission but then pulled out for political reasons. Not to mention the recent small business bill which just passed with only 2 Republcans voting for it. Its a bill which obviously would normally get an overwhelming amount of Republican support.
    I wonder why you never call them out.

  4. #4
    SiriuslyLong is offline
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    Quote Originally Posted by Havakasha View Post
    Lets quit while we were ahead with "all good and well" ...

    Sometimes new agencies are useful. Not always possible to redesign an old agency. Takes more time and....

    i seriously believe Obama is a very pragmatic individual. There are unfortunately a lot of words floating around to describe him which are quite false.

    There is a deficit commission which will be weighing in quite seriously after the midterms. You talk about bipartisanship all the time in relation to Obama but ignore that Republicans who backed the commission but then pulled out for political reasons. Not to mention the recent small business bill which just passed with only 2 Republcans voting for it. Its a bill which obviously would normally get an overwhelming amount of Republican support.
    I wonder why you never call them out.
    Here, the republicans suck too. Feel better.

    Now as for your observation that I never call them out, hello, hello, hello, who is in office?? Turn the tide, and you'd be me. But, I digress. Phuck the repubicans, Phuck the democrats. OK? The progress that needs to be made is an efficient government.

    Stuart Varney was just on with this liberal gal whose name I've forgotten. They were talking about the unions and funded pensions in NY. Of course Varney goes on the conservative attack, and this lady doesn't yield one bit. Varney asks, well then, who is to blame for NY's budget deficit. The liberal answers "the government". Varney ends the piece by asking if they could agree that government is never effiicient. The liberal agreed (as have you!!).

    More, with less, better............... Corporations have to do it all the time.

  5. #5
    SiriuslyLong is offline
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    "Sometimes new agencies are useful. Not always possible to redesign an old agency. Takes more time and...."

    I love the way you complacently accept whatever your party churns out. It's good, here, have a sip...................

  6. #6
    Havakasha is offline
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    I dont "complacently accept" anything. Thats a good sound bite but its seriously pure BS. I happen to think that this an excellent move. Hard i quess for you to understand that, and that tells me a lot about your thinking.
    The average person is at an unfair advantage when dealing with
    credit card companies and banks and if you dont see that then i really wonder what planet you live on.

    I love how you claim to be an independent but i seem to have to pull teeth to get you to acknowledge the Republican lack of bipartisanship.

    P.S. i wrote this before reading the post before the last. It still doesnt matter who is in office.
    If Republicans can stop any bill that doesnt get 60 votes they have enormous power.
    Read the David Brooks piece again. Yes to efficient govt but effective govt as well and govt which fights for its citizens and not just the people (lobbyists) who control the real levers of power.
    Last edited by Havakasha; 09-17-2010 at 11:03 AM.

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