House Republicans are planning to gut consumer protections for millions of Americans

7 posts / 0 new

Last week – the House Financial Services Committee – which is chaired by Representative Spencer Bachus who is under investigation for insider trading – released their plans to cut into consumer protections. First – House Republicans want to get rid of the government’s power to wind down big financial firms without having to bail them out.

This was a new power given to the federal government in the Dodd-Frank Wall Street reform law passed after the financial meltdown of 2008. Republicans also want to end the White House’s foreclosure prevention program aimed at keeping struggling homeowners in their homes – and cut the Consumer Protection Bureau’s budget by two-thirds.

What does all of this mean? More profits for giants banks and more fees, fine print, and predatory lending for consumers.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Joined:
Dec. 29, 2009 10:59 am

Comments

We HAVE TO GET THE REPUBLICANS OUT OF THE HOUSE! How else can we stop all of the horrible things they are doing to our economy and environment?

EVERYONE NEEDS TO GET OUT AND VOTE OUT REPUBLICANS!!!

MrsBJLee's picture
MrsBJLee
Joined:
Feb. 17, 2012 9:45 am

I dont think it is a republican democrat thing I think it is a big government verse small government thing. the government should be small almost powerless and kept under a strangle hold of the people. the government should not put one group of people at odds with another group of people.

workingman's picture
workingman
Joined:
Mar. 20, 2012 8:13 am
Quote workingman:

I dont think it is a republican democrat thing I think it is a big government verse small government thing. the government should be small almost powerless and kept under a strangle hold of the people. the government should not put one group of people at odds with another group of people.

So you are ok with not having any recourse when you are defrauded from some rip off company? People who get ripped off by the Madhoff's and Enron's of the world should just chalk it up to experience? Government does not have to be kept powerless and under the strangle hold of the people, it needs to be kept OUT of the stranglehold of the rich and the powerful. You are playing right into the hands of those who want a dictatorship under the guise of a Democracy. What you said there is exactly what they want.

Bush_Wacker's picture
Bush_Wacker
Joined:
Jun. 25, 2011 7:53 am
Quote Bush_Wacker:
Quote workingman:

I dont think it is a republican democrat thing I think it is a big government verse small government thing. the government should be small almost powerless and kept under a strangle hold of the people. the government should not put one group of people at odds with another group of people.

So you are ok with not having any recourse when you are defrauded from some rip off company? People who get ripped off by the Madhoff's and Enron's of the world should just chalk it up to experience? Government does not have to be kept powerless and under the strangle hold of the people, it needs to be kept OUT of the stranglehold of the rich and the powerful. You are playing right into the hands of those who want a dictatorship under the guise of a Democracy. What you said there is exactly what they want.

no I am not ok with ponzi schemes they are against the law unless you are the government (SSI). I also reject your premise that the government is in a strangle hold of the rich. the rich as well as the poor just want to be able to live their lives free from government control.

workingman's picture
workingman
Joined:
Mar. 20, 2012 8:13 am

Prosecuting and jailing those that defraud is not government control, it is citizen control, They happen to be rich, from defrauding. The banks lie, cheat, and steal, once they got free from gov't regulation. I want them to go to jail, same as the savings and loan thieves went to jail in the first deregulation debacle. The three phases of US free market dereg 1) S & L fiasco, 2) Enron, Worldcom, 3)2008 bank meltdown from fraudulent mortgages, and fraudulent ratings from crooked ratings agencies. It all started with Reagan.

The Dodd/Frank portion Thom is refering to is the requirement of a living will to administer the breakup of the too big to fail banks when they fail again [and they will]. The fed has been granted the authority similar to the Resolution Trust Corp that handled the S&L liquidation. Whether the fed ever exercises that authority is questionable, since the fed board has mebers that sit on the board of the banks they are supposed to liquidate.

douglaslee's picture
douglaslee
Joined:
Jul. 31, 2007 4:01 pm

What it means is that the gang that rules wants to keep squeezing until a shooting revolution breaks out so they can get rid of the good people in society who are fed up with the criminals ruining everybody's lives. They want such a fighting revolution to start while their criminal gang still has enough influence among their troops to ensure their victory, because they fear that the more information that gets out about their true nature the less support they will have from the dupes who will actually have to do the shooting and fighting to protect the criminal's interests. Because they know full well that whatever good element exists among the military and secret services and police, not that it can be so much, will throw their lot in with the revolutionaries if the tide of public opinion radically changes before the eruption of hostilities, and they fear that in that case many of their criminal gang will be shot in the head by those who they pay to protect them, as is so eloquently seen in other theatres.

From now on, until morality is restored or newly instituted as societal policy, the increasingly frenetic pace of their desperate, delusional behavior will increasingly expose those cretins for the lowlife scum that they really are. So now is the time to diverge from their false electioneering dichotomy and abandon their fake elections, which only serve to distract people from the reality of their subjective powerlessness to affect the criminal capitalist system in any meaningful way. Wasn't it Einstein, arguably the smartest person humanity has yet produced, who warned about doing the same thing over and over and expecting a different result? In all likelihood this coming presidential election is going to have the lowest turnout ever recorded anyway, because people aren't as stupid as the criminal gang which runs society thinks they are.

jmacneil's picture
jmacneil
Joined:
Mar. 6, 2012 7:24 pm

Currently Chatting

Why the Web of Life is Dying...

Could you survive with just half of your organs? Think about it. What if you had just half your brain, one kidney, half of your heart, one lung, half a liver and only half of your skin? It would be pretty hard to survive right? Sure, you could survive losing just one kidney or half of your liver, but at some point, losing pieces from all of your organs would be too much and you would die.

Powered by Pressflow, an open source content management system