Friday, September 17, 2010

Elizabeth Warren In Her Own Words On The Appointment To Newly Created Consumer Protection Agency

The Wall Street pig men are already out in force squealing about Warren's appointment. Lobbyists failed to defeat Warren because of a populist backing of her appointment. Most assuredly, if Timmy and team could have, they would have put some banking crony in this position.

The pig men are already stating that consumer protections will restrict access to consumer credit. The reasons for the Chamber of Commerce and Wall Street howling are obvious. Warren is a tough, independent-minded advocate for Americans and knows the con game of the pig men.

That said, I have a problem with this agency for many reasons. One which comes to the forefront is that we have a for-profit banking system. Banking is a consumer of capital not a creator. The greater the exertion of control banking has on the economy, the greater it restricts its vibrancy. A not-for-profit or public banking system would remove any need for consumer oversight and the creation of this agency. It's only the predation of specifically large, criminal Wall Street firms that really requires this protection. So, in some sense this agency is something only a bureaucracy could imagine in an effort to sustain itself rather than addressing the root cause of the issue. So, instead of addressing the issue of breaking up these cabals of crookedness or introducing a new monetary system, we pay greater taxes to fund this agency because political stooges are beholden to a system that denies access to capital to millions of Americans and perpetuates poverty.....because it enriches their political power.

This is akin to a heart attack patient ordering a diet soft drink with a 1500 calorie hamburger laden with grease.

Link to her remarks here.
posted by TimingLogic at 6:09 PM

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