Who Hijacked Our Country

Friday, September 25, 2009

Financial Product Safety Commission

Those poor Republicans. No matter how hysterical they get, no matter how much they shriek and shout (don’t those spewfucks ever get laryngitis?), there’s always something else to get their panties in a wad. There’s always another threat to The America They Grew Up In.

Republicans already have their hands full battling Socialized Medicine and that treehugging energy legislation that Obama is pushing. And now their latest hissy fit: the proposed Financial Product Safety Commission.

This article was written by Bob Sullivan, author of Gotcha Capitalism.

This will be the first new federal consumer protection agency since the 1930s. The Financial Product Safety Commission will take over some of the jobs that existing agencies have been neglecting. The FDIC, Federal Reserve, Comptroller of the Currency, Office of Thrift Supervision, Federal Trade Commission and National Credit Union Administration will all have some of their responsibility and authority transferred to this new agency.

Gail Hillebrand of Consumers Union said consumer protection has been split among all of those agencies, and each one has passed the buck to somebody else. “It's a reflection of the degree to which those folks haven't done the job. Consumer protection is too important to be the orphan in the regulatory system. It has been everybody's last priority.”

Barney Frank and Christopher Dodd will be introducing legislation in the House and Senate respectively. This agency will have the power to:

Review new contracts (e.g. credit card terms of service agreements) and demand that these contracts be clearly written;

Require banks to store and share information that would help consumers compare terms and conditions;

Issue subpoenas to examine bank records when a complaint is being investigated;

Allow state governments to enact even tougher consumer protection laws; and

Extract fines — anywhere from a thousand to a million dollars per day — against banks who violate these rules.

Works for me.

Needless to say, the banking industry and the U.S. Chamber of Commerce are drawing up their battle plans. They’ve instructed their prostitutes in Congress to bend over and gyrate like they’ve never gyrated before, and they’re preparing a ton of sleazy TV commercials.

Since the health insurance lobby has had so much success with their phony “grassroots” organizations, maybe the banking industry will try the same thing. Get ready for some more of those spontaneous demonstrations. Millions of everyday Americans will suddenly fly into a rage at the thought of “Socialized Banking!” “Keep those bumbling government bureaucrats out of MY bank account!”

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20 Comments:

Blogger Holte Ender said...

If anybody needs protection it's the American consumer, sine 2000 we have never been so ripped off, or as the republicans call it, market forces.

September 25, 2009 at 7:58 PM  
Anonymous Carlos said...

If the 'Tards don't see the sense in something like this, all is lost, and they must be clubbed like baby harp seals. ;-)

September 26, 2009 at 3:51 AM  
Blogger Randal Graves said...

don’t those spewfucks ever get laryngitis?

An IV of liquified Hall's mentholated drops works wonders.

This entire gig is one broken record:

"Real America! Real Americans!"
"These programs will help Real Americans."
"Socialist commie pinko baby raping Muslim Nazi!"

September 26, 2009 at 7:12 AM  
Blogger jadedj said...

I have an idea which will stop all this bickering and strife. We all turn over our paychecks to a central semi-private corporate agency, which will administer and funnel the funds directly to whichever corporate CEO happens to need the money that month. We could even appoint a czar to oversee this agency...maybe an out of work auto industry CEO.

F**k a bunch of consumers!

September 26, 2009 at 7:12 AM  
Anonymous Bee said...

The banks don't like it because then they wouldn't be able to shop their charters anymore. They don't like the agency who regulates them, or they get a regulator they don't like, and presto, they change their charter, and they get to basically choose who regulates them. This. Must. Stop.

September 26, 2009 at 4:18 PM  
Blogger Tom Harper said...

Holte: Dumbya's reign of error was the biggest free-for-all orgy for Big Business since the 1920s. Time to change course.

Carlos: Break out the clubs.

Randal: "An IV of liquified Hall's mentholated drops" -- that would be perfect for them.

jadedj: Sounds like a great idea, except why should this corporate agency be "semi-private"? Let's privatize it completely and get all traces of government ineptitude out of there. A giant unaccountable corporate monopoly administering our paychecks -- ah, a free market paradise.

Bee: I didn't know about that. It must be nice for the banks; it sucks for everybody else. It's definitely time to change that.

September 26, 2009 at 6:11 PM  
Blogger Lew Scannon said...

The more money stolen from the less intelligent means the more money in some right wingers mutual fund retirement account.

September 26, 2009 at 8:53 PM  
Anonymous JollyRoger said...

The President doesn't seem to have absorbed the "too big to fail" lesson, as the remaining banks are getting even BIGGER. If you liked this financial crisis, you are absolutely going to adore what's coming down the pike.

Busting up these banks would spur competition, and serve as a mechanism in and of itself to tamp down abuses. Why don't these "MARKETS!!!" idiots want to give market forces a chance to work?

September 26, 2009 at 10:42 PM  
Blogger Demeur said...

Let's play along with the rethugs and call for an ammendment eliminating the FDIC, step back and hear the yelling by all the teabaggers.

September 27, 2009 at 10:33 AM  
Anonymous S.W. Anderson said...

A Financial Product Safety Commission is badly needed and represents a good start on financial industry reforms. But so much more is necessary to even begin seeing to it we suckers get an even break.

Next to the big-banks and Wall Street bastards, Vegas casino meisters look like altruistic angels of ethical-business mercy.

September 27, 2009 at 12:34 PM  
Blogger Tom Harper said...

Lew: Yup, they've got it down to a science. There's gold in them thar gullible people.

JR: I sure hope he'll absorb that lesson soon. There's been a lot of rhetoric but no action. Any company that's "too big to fail" needs to be broken up into smaller companies. The oligarchs don't want competition; they just like the slogan.

Demeur: I'd love to call their bluff like that. Like when that New York congressman introduced a bill to abolish Medicare. "Come on, you don't want socialized medicine, and Medicare is socialized medicine, so let's abolish it." There weren't many takers.

SW: That's true, this agency will be a good beginning, but it's only a beginning. Everything that got established under FDR, Truman and Eisenhower has gotten chipped away at (if not demolished outright) since 1981. There's a lot of work that needs to be done, and the oligarchs (and their inbred loyalists) need to get out of the way.

September 27, 2009 at 3:09 PM  
Blogger lisa said...

There's a new sugar daddy in the White House now only with different beneficiaries.

September 28, 2009 at 9:23 AM  
Blogger Tom Harper said...

"There's a new sugar daddy in the White House now only with different beneficiaries."

Yes, for once the beneficiaries are real people and not CEOs and lobbyists.

September 28, 2009 at 11:15 AM  
Blogger jadedj said...

Hear, hear, Tom.

September 28, 2009 at 11:17 AM  
Blogger lisa said...

No Tom it's "them" and who they decide it should be. Believe me it isn't you even though they would have you believe it is.
Be careful what you wish for becaue you may just get it. (whatever "it" actually is)

September 28, 2009 at 11:37 AM  
Blogger lisa said...

CEO's and Lobbyists Tom? You mean like the ones in the healthcare industry ad the Green movement?
Which brings me back to my original comment..."only with different beneficiaries."

If you think this is "all about us" I have to say youv'e been duped.
Just like the kids in school lead in song to sing praises to the "one" man who will lead them into the new Eutopia.
If you want to see your future look at history.

September 28, 2009 at 2:52 PM  
Blogger Tom Harper said...

"If you want to see your future look at history." OK, I'm looking at the early 1930s when the economy has collapsed and the country is in the throes of its worst depression in history. And now I'm seeing, oh God, class warfare! And now there's a no-good commie in the White House who wants to redistribute people's wealth and set up some sort of pussy "safety net." NOOO!!!

September 28, 2009 at 3:37 PM  
Blogger lisa said...

Tom you think this all came about last year?
This has been a grand plan for decades. The economy is just an added bonus for them. But instead of trying to fix the economy they prefer to make it worse so they can have more power. And yes Obama does have communist ideals. Sorry you can't admit that to yourself.
But they will decide who can and can't keep their money and if you think it's just going to stop with the wealthy then "boo- hoo" to you.
The day will come when you say "WTF" happened?
oh yes campus radicals have taken over.

September 28, 2009 at 7:07 PM  
Anonymous Anonymous said...

Yeah Lisa

The real grand plan was to dismantle the New Deal all these years and people are finally nowasking WTF happened?

If you want to go back to the days of no 40 hour work week, no safety rules, no right to organize or petition (add more of these if you are a woman), stick with the right wing who went on record at them time saying this was going to ruin our country.

No Capitalist country survives without some socialist ideas mixed in and I bet you take advantage of one of them each and every day.

If so give thanks for once in your life

Erik

September 29, 2009 at 5:49 PM  
Blogger jadedj said...

"...Obama does have communist ideals". Lisa, I come here, I see your inane comments...such as this one, and you never give concrete examples...you simply spout platitudes, and the company rhetoric. What I really would like to hear from you is solid, traceable, examples of the president's "communist ideals". What ideals...what manifesto does he espouse, that indicates he is a communist? Seriously, you are a fucking joke, not to mention indoctrinated beyond belief. You poor child.

September 29, 2009 at 7:37 PM  

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