Why Do Republicans Hate the Consumer Financial Protection Bureau?

Because it’s WORKING.  The Consumer Financial Protection Bureau (CFPB) is working exactly as planned.  And this is why Wall Street gangsters and their prostitutes in Congress have done everything possible to obstruct, derail and sabotage the CFPB.

The CFPB has been collecting people’s complaints about their banks since last year.  After a bank has responded to a complaint, or after fifteen days — whichever comes first — the complaint is posted in a Consumer Complaint Database.

Between March 2012 and July 2013, the CFPB has posted 19,000 complaints.  95% of these complaints have been resolved, for better or worse.  28% of the complaints resulted in some degree of financial compensation by the bank.  Five percent resulted in non-monetary compensation — correcting an error, adjusting the terms of an account, etc.  And about twenty percent of the resolved complaints are still being disputed by the consumer.

It’s a start.

Complaints to the CFPB run the gamut of financial services and problems:  credit cards, mortgages, auto loans, student loans, credit reports, debt collectors, etc.  Scott Pluta, the CFPB’s assistant director of consumer response, said:

“Every complaint we receive is important because it helps us identify and prioritize problems.  We know that if we begin to see a disturbing trend among the complaints we handle, we should consider allocating some of our limited resources to combat that particular problem.  The database may not be popular with the financial services industry, but it’s making a real difference in people’s lives and in the marketplace.”

No wonder Republicans hate it.

Wall Street’s Prostitute of the Quarter: Richard Shelby

Senator Richard Shelby (R—Skank) has come up with yet another sleazy method for derailing the Wall Street Reform Act.

The Dodd-Frank Wall Street Reform Act was designed to prevent the banking industry from crashing the global economy again like they did in 2008.  Most Americans don’t want another financial meltdown; Republicans apparently do.

Congressional Republican prostitutes — acting on orders from their Wall Street owners — have repeated tried to sabotage any and all reform of the banking laws (or lack thereof) which led to the 2008 crash.  They tried frantically to prevent the Consumer Financial Protection Bureau (CFPB) — which was part of the Wall Street Reform Act — from being created.  When that didn’t work, they vowed to filibuster ANY nominee to head this new agency, knowing that the agency couldn’t function fully without somebody in charge.

And now Wall Street’s favorite call girl, Richard Shelby, has introduced legislation to require a cost-benefit analysis of ALL new financial regulations.  If a financial regulation’s costs outweigh its benefits, it can NOT be implemented.

And who exactly would be doing this “analysis?”  According to a Reuters spokesman, “Quantifying costs and benefits objectively is notoriously difficult and the result tends to depend on who is doing the measuring.”

This phony “cost-benefit” analysis has been a favorite Republican gimmick since at least the early 1990s.  For some odd reason, they only worry about costs versus benefits when it’s a law they don’t want.  I don’t recall the War on Drugs ever being submitted to a cost-benefit analysis.  Or the Right’s constant crackdowns on abortion.  Or Dumbya’s invasion of Iraq…

Online Database for Credit Card Customers’ Complaints

The Consumer Financial Protection Bureau (CFPB) has been collecting people’s complaints about credit card companies, and the bureau is planning to set up a website where the public can view these complaints.  An informed consumer is less likely to be gouged and shat on.

Haven’t we had enough yet?  Gazillions of dollars in hidden fees, interest rates that double or triple without notice and for “reasons” that are flimsy to non-existent — most of these sleight-of-hand ripoffs would be eliminated through the transparency of an online complaint database. 

Cockroaches scurry back into the nearest crack when somebody turns on the lights.  And that’s exactly what sleazy bankers will do when their bait-and-switch “Gotcha!” tactics are displayed in front of God and everyone.

Needless to say, banks and credit card companies are trying to block the CFPB from creating this database.  They don’t want anyone lifting up that rock and showing the public what those slippery creatures are doing underneath it.

If you would like the CFPB to create this online database of credit card customers‘ complaints, please sign this petition.

Richard Cordray Hits the Ground Running

After months and months of blocking, squelching and obstructing by Congress, the Consumer Financial Protection Bureau is up and running.  The agency’s new chief — Richard Cordray, appointed by President Obama via recess appointment — is all set to start cracking down on corporate loan sharks.

Under the wording of the Dodd-Frank financial oversight law, the Consumer Financial Protection Bureau (CFPB) has already been able to regulate banks, but unable to regulate other types of lenders until the agency had a director.  And now it does.  Richard Cordray told an audience:

“We are determined to deliver positive results for American consumers.  We must establish clear standards of conduct so that all financial providers play by the rules.  The consumer bureau will make clear that there are real consequences to breaking the law.”

Ouch!  No wonder Wall Street thugs have been fighting this agency tooth and nail.

Since the CFPB is no longer limited to regulating banks only, Cordray’s first target is the shadow banking industry.  This includes those ubiquitous payday lenders — there are over 70,000 of them — mortgage servicers, and the providers of those inflated booby-trapped student loans.  Go get ‘em!

And that’s not all.  Another thing the CFPB is able to do — now that it finally has a director — is go after the corporate-owned fox-guarding-the-henhouse mandatory arbitration system.  This is how the financial industry has been keeping its customers locked out of the legal system and forced into a corporate-rigged kangaroo court which is always stacked in favor of the company.  It must be nice to be able to investigate yourself and conclude that you’ve done nothing wrong.

Hopefully that sleazy tactic will come to an end soon.

Correction: Obama WILL make Recess Appointment

My post yesterday was based on the news that President Obama would not be making any recess appointments during Congress’ year-end adjournment.  But now the story has changed:  The President IS going to use this recess period to appoint Richard Cordray to head the Consumer Financial Protection Bureau.

YES!!!!!!!

Wall Street has been desperate — frantic! — to derail the Consumer Financial Protection Bureau (CFPB).  The CFPB is designed to rein in at least some of the reckless Wall Street gambling that caused the 2008 global meltdown.  Consequently, Wall Street has instructed its Republican prostitutes in Congress to block every candidate the President nominates to head this agency.  And the Republicans have spread their legs as ordered.

Elizabeth Warren — who basically created the Consumer Financial Protection Bureau — was Obama’s first choice to head the agency.  After being repeatedly blocked by Wall Street’s hookers, Elizabeth Warren decided to run for the Senate instead.  And right now she’s favored to defeat incumbent Scott Brown (R—Massachusetts).  Talk about unintended consequences.

Republicans are expected to throw the mother of all tantrums over Obama’s recess appointment of Richard Cordray.  The country will be smothered with rightwing talking points about Obama over-reaching, overusing his executive authority, being a dictator, etc.  The facts — fact is a four-letter word if you’re a Republican — speak otherwise:

President Obama has made far fewer recess appointments than any of his recent predecessors.  G.W. Bush, Bill Clinton, G.H.W. Bush and Ronald Reagan had all made a lot more recess appointments by this point in their presidencies than Obama has.

Please keep that simple fact in mind when Rush O’Hannity and the Foxsuckers start spewing their bilge into the airwaves.

Obama’s Recess “Dilemma”

Should President Obama use this brief end-of-the-year recess period to squeeze in as many recess appointments as humanly possible?  Does the Pope shit in the woods?

This article — Obama’s Recess Dilemma — warns of the political risks involved if Obama takes advantage of this recess period.

Risks?  Oh my God, now that I think about it, Congressional Republicans might not be nice to him any more.  Bitch McConnell and Jim DeMented might come right out and say that their top priority is to make Obama a one-term president.  The U.S. Chamber of Commerce might say mean things about him and start raising money for his opponents.  The Koch Brothers might call him a “hardcore socialist.”

We certainly wouldn’t want this sort of thing to happen now, would we?

The Republicans have done everything they possibly could to derail Obama’s every move.  When there’s a roadblock — or in this case a huge mountain of shit in the middle of the road — you have to go around.  Take a detour.  Make those recess appointments!

The Consumer Financial Protection Bureau has been basically unable to function since the agency was created — much to the joy of Wall Street lobbyists and their Republican prostitutes.  First, Republicans blocked Elizabeth Warren, who basically designed this agency, from heading it.  And they’ve also blocked Richard Cordray — Obama’s second choice — from heading the agency.  The Consumer Financial Protection Bureau was designed to PREVENT another repeat of the 2008 Wall Street meltdown, and there’s been nobody in charge of this agency since its creation.  This is entirely because of Republicans’ continued obstruction.  For God’s sake, use this recess period to appoint Richard Cordray.

The National Labor Relations Board is just about to lose its ability to function; again because of Republicans blocking every appointment.  The Board has five positions, but only three of these positions are filled.  And that third position, which was filled via recess appointment last year, is about to expire.  With only two people and three vacant positions, the Board will not have quorum.  Republicans think this is great; people who work for a living might think otherwise.  Again:  Recess Appointment.

I have no idea how many dozens, scores of high-ranking federal positions remain unfilled after years of Republicans blocking, holding and filibustering every appointment Obama tries to make.

That phrase again:  recess appointment.  Do it!

Wall Street’s Prostitutes Are Very Well Paid

Very VERY well paid.  Forty-five of Wall Street’s most highly-paid call girls (formerly known as Republican senators) staged their 927th filibuster today.  Acting on direct orders from their Wall Street owners, these forty-five prostitutes blocked Richard Cordray — former Attorney General of Ohio — from being appointed to head the Consumer Financial Protection Bureau.

Believe it or not, there were actually two Republicans who DIDN’T march in lockstep: Olympia Snowe — who voted present — and Scott Brown, who actually voted with the Democrats.

And just how highly paid are these Wall Street hookers (hereafter referred to as the Skanky Forty-Five)?

The 45 members of the Skank Brigade have received over $6.5 million from the financial industry during 2011.  Throughout their entire leg-spreading careers, these same whores have received over $125 million.

Who would’ve guessed being a prostitute could be so lucrative.  Sure it’s a humiliating way to make a living.  Do these people talk about their work day when they get home to their families?  Do their kids ask:  “Daddy, who did you spread your legs for today?”  “Daddy, you’re walking so slow, and you’re walking in that funny wide stance again.  What happened?”

These people must have ZERO sense of pride or self-worth.  But the pay is fantastic.

The Attack of the Fifty-Foot Elizabeth Warren

Wall Street barons are getting their inbreds all riled up and scared shitless over that Comminist wealth-redistributor who’s running for the U.S. Senate in Massachusetts.  If you think the GOP is the party of job creation — and you keep getting lost in your one-room apartment — then we’ve got a sca-a-a-a-ary movie for you.  Break out the popcorn and Raisinettes, sit back and get ready to start screaming.  Ready?

Elizabeth Warren Throws Rocks!

OOOOOHHHHH!!!!  When Obama’s fascist goons came for the Wall Street CEOs, I said nothing…then when they came for me…

Wall Street is scared to death of Elizabeth Warren.  They’ve instructed their prostitutes in Congress to do whatever it takes to keep her out of the Consumer Financial Protection Bureau — never mind that she personally designed that agency for the purpose of preventing another 2008-style Wall Street meltdown.  And Wall Street’s hookers followed their pimps’ orders right down to the letter.

Since Obama was planning to appoint Elizabeth Warren to head the Consumer Financial Protection Bureau during a Senate recess, the Senate responded by not taking any more recesses.  Even during their six-week vacation last summer, technically they weren’t in recess.  But YOU try taking a six-week vacation and then telling your boss, "Huh, no, I wasn't on vacation."

Another Wall Street prostitute, Patrick McHenry (R—Skank), was ordered to get up in Warren’s face during a hearing last May and call her a liar.  Skanky did exactly as he was ordered.

Now that Elizabeth Warren is running for the Senate, Corporate America will spend whatever it takes — and stoop as low as they need to stoop — to make sure she’s defeated next year.  Wall Street’s current prostitute, Scott Brown (R—Bimbo), is following his pimp’s orders just fine, thank you very much.

Hopefully Scott Brown’s infamous “Thank God” comment will be aired endlessly on every Massachusetts TV station between now and November 2012.  In case you don’t know the background:  Elizabeth Warren was recently asked how she supported herself during college.  Referring to Scott Brown — handsome dimwitted Playgirl centerfold-cum-politician — she joked that “at least I kept my clothes on.”  When Scott Brown heard about her comment, he replied “Thank God.”

Asshole.

Anyway, the 2012 Elizabeth Warren-Scott Brown campaign will probably be the mudslingingest most expensive campaign of the year, outside of the White House race.  The GOP’s pitiful “Elizabeth Warren Throws Rocks” ad is just the beginning.

Most Voters Blame Bush for Recession

As dismal as Obama’s poll ratings are, a large majority still blames Dumbya for the shitty economy. Damn, the rightwing echo chamber has shat out billions of dollars worth of propaganda, and this is all they have to show for it?

According to a Quinnipiac poll, 54% of the respondents say Bush is responsible for the “current condition” of the economy. 27% blame Obama. Among independent voters, 49% blame Bush and 24% blame Obama.

And, 67% of the public wants any deal on the debt ceiling to include higher taxes for corporations and wealthy individuals, as well as reduced spending.

Aside from blaming either Bush or Obama, some Republicans have a different theory on who’s to blame. Congressman Spencer Bachus (R—Duuuhhh) says our current recession is the fault of presidents Franklin D. Roosevelt and Lyndon Johnson.

And Rep. Patrick McHenry (R—Wall Street Hooker) says it’s all Elizabeth Warren’s fault. After all, she created that Nazi/Communist Jackbooted Consumer Financial Protection Bureau, whose sole purpose is to bully and terrify banking executives. Those poor Wall Street shrinking violets are scared shitless to lend any money or do ANYTHING because that big mean Elizabeth Warren is glaring at them and threatening to steal their lunch money.

And since banks are afraid to lend money (because of Elizabeth Warren), businesses can’t hire any new employees and the economy will continue on its downward spiral forever.

Damn You Elizabeth Warren!

Senator Charles Grassley: “We Don’t Have None of Them Chineese People Here in Iowa”

Senate Republicans are gearing up to do the only thing they’re capable of doing: blocking, obstructing, standing there holding their breath with their arms crossed and their lower lips thrust out.

They’re planning to filibuster Obama’s nomination of Goodwin Liu to the U.S. Court of Appeals for the 9th Circuit. Six years ago Liu wrote in an editorial that conservative interest groups use the terms “free enterprise,” “private ownership of property,” and “limited government” as code words for getting rid of environmental and worker safety regulations. Nooo!!!

That blasphemous statement caused Sen. Charles Grasssley (R—Redneck) to get his panties in a twist:

“Does Liu think we’re the communist-run China? That the government runs everything? That’s how out of place this guy is when he talks about “free enterprise,” “private ownership of property,” and “limited government” being something somehow bad, but if you get government more involved, like they do in China, it’s somehow a better place.” [re-adjusts panties]

In 2005, one of Grassley’s other personalities said it’s unconstitutional to filibuster a judicial nominee. That particular Grassley personality has not been seen since 2008.

Not that it’ll make any difference, but Goodwin Liu — a University of California law professor — can probably think circles and figure eights around the entire gang of corporate prostitutes who are filibustering his appointment.

Oh well, when there’s a giant slab of shit blocking the road, you might have to take a detour around it. For President Obama, this probably means more and more executive orders and recess appointments.

Elizabeth Warren, for example, will probably have to be put in charge of the Consumer Financial Protection Bureau via recess appointment. Wall Street’s Republican prostitutes have been instructed by their johns to filibuster every nominee to the Consumer Financial Protection Bureau.

House Democrats have urged Obama to appoint Warren via recess appointment, saying in a letter: “Regretfully, Republicans in the Senate have now made it clear that they oppose reform.”