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May 22, 2013
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 No to Consumer Protection AgencyPosted on Feb 28, 2010
Plans to create an independent agency to offer consumer financial protection have probably been scrapped. According to a leaked document, Democratic Sen. Chris Dodd is proposing that the protection office be within the Treasury Department instead of being independent, a clear capitulation to the Republicans. —JCL
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Another Memorial Day in This Endless War
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By MarthaA, March 1, 2010 at 4:21 pm Link to this comment
We need in the utmost, a new Federal Agency—the Department of Referendums, or Referenda, that will take Referendums from the populace and base government on the Referendums.
Report thisBy Aarky, March 1, 2010 at 12:33 pm Link to this comment
(Unregistered commenter)
Dide we really need this new Federal Agency? If the ones already there would have done what they were authorized to do, we wouldn’t have had this financial mess. Until we have enough persons appointed and hired into the agencies such as FDIC,
SEC, and the FED hwo have integrity and won’t be swayed by members of Congress from doing their job, these financial fiascos will continue to happen.
I still remember asking an auditor for the FDIC what the condition of the US banks was like in the early 80’s and he said,“it’s terrible and there will be a big scandal” All of these auditors knew that the top people had ordered everyone to look the other way while Savings and loans and banks had engaged in risky loans for too long. My father was deeply shocked when a bank he had done business with for many years went belly-up. Many of our writers show the cynicism about the willingness on the part of the Federal agencies to willfully and agressively enforce the laws.
iber<S,
Report thisBy Georce Recco, February 28, 2010 at 8:43 pm Link to this comment
(Unregistered commenter)
So this new agency will be housed inside the Treasury building, most likely in its basement. It will of course be run by Goldman Sachs Alumni. It will be funded by the fees it collects from Wall Street banks, but will be required to say “Pretty Please” when collecting said fees. And the head of this new agency will be required to ask Timothy Geithner for permission just to go to the bathroom.
So this new bureau will succumb to regulatory capture just like every other agency that intentionally or negligently let the banks engage in predatory lending, charge $35.00 overdraft fees for a cup of coffee, hide tricks and traps inside 50 pages of 8-point-font legalese, etc., all while destroying our economy.
Then why bother creating it all?? Just give the bank lobbyists what they want and kill this agency in its crib. At least then the American People will know once and for all who really, truly owns our Congress.
I guess Senator Durbin was right:
“[T]he banks—hard to believe in a time when we’re facing a banking crisis that many of the banks created—are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Report thisBy MarthaA, February 28, 2010 at 8:05 pm Link to this comment
I agree, Dodd needs to go. In fact, all DLC Republicans Lite need to be sent home. It is better to have no one than to have Republicans Lite on the Left legislating against your best interest, which is what the DLC, the New Democrats, do to the populace.
Report thisBy MarthaA, February 28, 2010 at 8:00 pm Link to this comment
Schwarzenegger doesn’t appear to be any worse for wear, he just can’t dictate. It would be nice if there was a Department of Referenda and people all over the nation were included in National Referendums, irregardless of how bad Right-Wingers think it is.
Report thisBy rico, suave, February 28, 2010 at 7:18 pm Link to this comment
MarthaA: One of the reasons California is such a mess is because it relies too heavily on referenda. We have a representative, republican, democracy in this country for a reason: People like MarthaA.
Report thisBy G.Anderson, February 28, 2010 at 6:36 pm Link to this comment
I guess it’s time to go Mr. Dodd, you will be remembered only for Selling your country out to slavery.
As long as there is no real finanical reform this country will continue to circle around the drain.
Turning people into debtors, who can never repay their debts is what started this mess. While your banker buddies worked them to death, and sold the peoples children into debt slavery for generations to come.
I’m sure that there are many who are making a “killing” on this present state of affairs and they don’t want it to change.
The longer the polichickens postpone the day of reconing for those debt slavers, the harder that day will be when it finally comes. The more dificult for them to find a place to hide.
There’s a hard day coming, and it’s going to be bitter. But for the people, it will be sweet.
Report thisBy Mg8, February 28, 2010 at 5:04 pm Link to this comment
(Unregistered commenter)
This is no surprise given Congress’ steady march toward fascism, or corporate plutocracy, whichever, and Dodd’s likely replacement, Tim Johnson, would further move Congress in that direction. These are times which require new representatives in Congress. What we have could be worse, but it could be a lot better.
Report thisBy MarthaA, February 28, 2010 at 4:53 pm Link to this comment
To circumvent the Congress being able to block itself and actually get nothing done that is worthwhile for the populace of the country, there needs to be a Department of Referenda set up so that the people will be able to apply their input toward a better government, and our country would never again have to worry about our government’s business being blocked by one party or the other.
Report thisBy MarthaA, February 28, 2010 at 4:44 pm Link to this comment
There really should be National Referendums to set the standards and control of an Independent Consumer Protection Agency under a new Department of Referenda to establish National policies and enforcement, but absolutely not reporting to the Treasury Department. A Department of Referenda would also cure the problem between the Democrats and the Republicans by allowing the people to decide the peoples business instead of Representatives and Senators that are not providing appropriate results.
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