This country needs to heal. But it does not need another layer of bureaucracy. We do not need a Consumer Finance Protection Agency.
Yes, the consumer does need protection from predatory capitalism; from the banks and the financial services community. But adding another complicated layer of protection is not what this country needs.
We have regulators in place, at one time strong regulators. But over the last 10 years the power of those regulators has been systematically stripped from those agencies by an unwitting Congress and an uncaring administration.
The past administration, either out of incompetence, stupidity, or through a diabolical plan, placed impotent individuals in charge of regulatory agencies charged with protecting the consumer—American taxpayers. Not only did we get little for our money, but got screwed in the process.
At a time when deficits are skyrocketing, leaving untenable debt for our children and grandchildren, this administration wants to add more government employees to the already too large bureaucracy.
But, the problem lies with Congress.
How does Congress legislate industry’s that they rely upon to get reelected? How do Congressmen and women protect their constituents from predatory corporations that are counting on considerations for their largess; huge campaign donations? Read the rest of this entry »