Intro: "Today, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. I am honored by this opportunity to continue my work on behalf of consumers. And I am energized by the responsibilities and challenges facing the Bureau. The importance of this day has less to do with me personally and much more to do with you."
Richard Cordray, President Barack Obama's choice to run the U.S. Consumer Financial Protection Bureau, is sworn in during his nomination hearing before the Senate Banking Committee in Washington, D.C. (photo: Joshua Roberts/Bloomberg)
Standing Up for Consumers
05 January 12
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oday, I was appointed by President Obama to serve as the first Director of the Consumer Financial Protection Bureau. I am honored by this opportunity to continue my work on behalf of consumers. And I am energized by the responsibilities and challenges facing the Bureau.
The importance of this day has less to do with me personally and much more to do with you - and the millions of individuals and families across the country who access consumer financial markets every day to participate in our economy and to pursue their dreams and aspirations. That's because now, with a Director, the CFPB can exercise its full authorities - with respect to both banks and nonbanks - to help those markets operate fairly, transparently, and competitively.
Consumer finance is a big part of our economy - and it plays a large role in the daily life of almost every American. Few people spend their entire lives with so much wealth available to them that they never need to borrow money. Whether it is to pay the bills and meet their everyday needs, or to finance larger investments in their futures like an education or a home, most people find it necessary to use financial products to access credit.
Financial products can help make life better, but they can also make life harder. Most of us know at least someone - a parent or sibling or friend - who has money troubles. Sometimes, those troubles are caused by a tough break or just not having enough money to go around; other times, by a poor decision. But sometimes, those consumer money troubles arise out of problems in the consumer financial markets. I have seen senior citizens lose their life savings to scams and fraud. I have seen young adults start their lives with crushing student loan debt burdens that they cannot afford. I have seen families bankrupted, and thrown out of their homes, by complex mortgages with spiraling interest costs and monthly payments that were never clearly explained.
In its first six months, the CFPB has taken significant steps to make consumer financial markets more transparent so they work better for consumers and for responsible businesses. Our Know Before You Owe campaign has worked to improve disclosures and make the costs, risks, and benefits of financial transactions easier for consumers to understand. We have also launched our bank supervision program. CFPB examiners are now on the ground at the nation's largest financial institutions, reviewing documents and asking tough questions about how these banks are complying with consumer financial protection laws.
One difficulty we faced until now was that, without a director, we were unable to address all the problems we were created to tackle. In particular, we lacked the ability to supervise financial institutions other than big banks - like nonbank mortgage lenders and servicers, and payday lenders. Many of these institutions had no regular federal oversight in the run up to the financial crisis. They led a race to the bottom that pushed aside responsible businesses, including community banks and credit unions, and greatly harmed consumers.
I am pleased to say that we will now be able to exercise the full authorities granted to us under the law and begin to supervise these nonbanks. Standing up this program is a top priority for the CFPB. Over the coming weeks we'll be announcing more information about this program and how it will help to improve the consumer financial markets.
As we move forward, please let us know what you think. My colleagues and I are determined to deliver positive results for American consumers in all of our efforts. We want people to know what we are doing and we want to hear their reactions. We are confident that, with help and input from consumers and honest businesses, we can play an important role in safeguarding consumers, consumer financial markets, and the American economy.
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No, anyone fitting that description is an utter MORON who should lose his voting right.
Yeah, I wish I could pick out who could vote as well, ... you know, it's kind of like George W. Bush said, like you, the best system of government is a dictatorship, as long as he was the dictator.
Come on, comments like this have no place in a real discussion, and I am seeing so many of them here it is like the Huffington Post these days. And if you say the wrong thing everyone descends on your with a -1 ... gee-sus, sadly, this sort of proves that democracy is problematic.
By the time the 'PRIMARIES' have ended, the reality is you have already won or lost the elections because every available seat has been filled by corporate stooges or representatives of the people.
If you haven't noticed, the corporate stooges have completely taken over the primaries, only about 10% of those eligible vote so it's an easy win for the corporations and mass media.
Want your vote to count, then start voting in the primaries.
A big percentage of the Regressive vote is out of pure hatred for the Black Man in the White House. They know the Ryan budget is going to attack women and kill Medicare, and many of the social and infrastructure programs that benefit them, but BLIND HATRED has triumphed over common sense.
Then there's the BIG LIE about what Barack Obama hasn't done. They blast the Stimulus, but you've seen Regressives cutting ribbons at Stimulus projects, and many applied for Stimulus funds - INCLUDING PAUL RYAN. Economists agree that 2.5 to 3.5 Million jobs were created after Bush tanked the economy, losing 800 MILLION jobs/month.
And regarding "You Didn't Build It", I'm originally from Cincinnati, (in the most Conservative county in OH, Hamilton County - Boehner territory). In the late 1990's, the GOP-controlled county commissioners bought the Riverfront Stadium property from the city for $1 Million. They then launched a campaign to build a stadium for the Bengals, who were threateninng to leave. Reds owner, Marge Schott, said "What abut us?". So they pushed thru a bond issue during a spring primary to build TWO STADIUMS - ALMOST $1 BILLION! This is happening all across the country, and the TEAM OWNERS GET ALL PROCEEDS FROM THE PRIVATE BOXES, AND ALL OR A BIG % OF THE CONCESSIONS!
They didn't build it - they BILKED it!
Local, state, and federal government entities everywhere should get forensic accountants to see how much has been BILKED from contracts, loans, bond issues, pension funds, fee for service health care providers, Medicare Advantage providers (Advantage for who), and SGLI payments to the intended insurance beneficiaries. Seems they skim far and wide, and I don't think we can afford their "stewardship" anymore.
I notice the US Chamber of Commerce champions small business but supports those who take them to the cleaners.
Just for laughs, why don't we compare small business history in recovering from the Great Depression to see why they keep abusing those they use as an excuse, while turning a blind eye to staggering multi-trillion dollar bailouts to the very guys who got us into this mess (and still claim we owe them on falsely appraised "assets," and their derivatives bets they made with our deposits).
They have it all figured out how to keep the profits and make the taxpayers pay for the losses. What can we expect if R&R get in the white house? I don't see anything good.
The BIG THEFT is in the works!
3 new churches were built by the city to help ease out residents, despite clear first amendment prohibition on establishment of religion.
The city made promises to replace homes and broke those promises. Affordable homes were built in a corner of the neighborhood in an earlier project. Hundreds of frail elderly residents were displaced to turn this into a luxury high rise called Urban Style Flats.
The city is currently adopting a new flat tax with an exemption for property worth over $10 million. This was written for billionaire Ed DeBartolo.
Tom - can you give me a link to the data you supplied, please?
http://www.pennyforpinellas.net/2007/11/post-election-surprise-450m-taxpayer.html
Most of this data comes from my memory, I am a resident of the part of this neighborhood not yet demolished. I served on a city planning commission that was ignored.
The news about the city using federal money to build churches has never been reported. Three churches in very old small buildings were to be relocated using federal funds. To sweeten the deal the city gave them funding to build brand new structures instead of letting them move into comparable buildings.
http://www.pennyforpinellas.net/2012/08/stop-unfair-st.html
The news about Eddie DeBartolo has only been indirectly reported. His Tyrone Mall property has the highest value in the city ($115 million)and will receive a 91% exemption. I attended the public hearing where Mayor Bill Foster mentioned him by name. http://forums.leoaffairs.com/viewtopic.php?f=88&t=136635
http://www.sptimes.com/2006/12/21/Southpinellas/Did_price_seal_fate_o.shtml
"The Housing Authority said it would cost $22.3 million to fix the building in 2007, but a St. Petersburg Times analysis found the estimate may be inflated. A 2003 Housing Authority report said it would take $6.3 million to modernize the property." http://www.tampabay.com/news/growth/article1025672.ece
http://m.cltampa.com/tampa/st-pete-to-elderly-get-out/Content?oid=2031088&show=comments
http://www.sptimes.com/2007/02/07/Southpinellas/Graham_Rogall_sale_pu.shtml
They built a 30 foot stage for Bain (buyers not builders) to walk across and announce the plant was closing and they were all fired.
Mr. Romney, you didn't build that company or stage you are ironically standing on. The people 'before' you did!
Trouble is there are slimy Rovean people discussing the RR (Railroaders) strategy. They're sequestered in "quiet rooms" plotting, pitting, pulling and twisting their handlebar Mustaches.
I don't know how Romney will make it through debate 1 against Obama. To be safe, however, we should welcome Romney to our Homeland Security world with a pat-down for transmitter plants.
Brings back memories of the Bush/Kerry debate where Bush had the big bulge behind his neck and under his shirt. Strange thing, nobody ever questoned that. Of course technology is so much better today, you can only imagine where Rmoney's receiver will be.
And now that the Regressives have destroyed most unions, BlueReview, they can just fire the "uppity" worker without cause.
I say let the Republicans put their money where their mouths are. If you are a registered Republican, you get an infrastructure bill. Subscription / pay per use, whatever. A monthly bill to use the roads, bridges, sewer, military and everything previously subsidized by the government, you get an nauseatingly itemised bill.
The Left and the independents would carry on as usual since they would inherit the infrastructure.
Then the Republicans can build whatever they like and brag to each other about how self sufficient they are.
Yes, this does apply to democrats, too.
I often refer people to www.politifact.com and recommend they examine the "truthometer" where both parties and individuals are checked on exactly what they are saying versus the facts.
I recommend it to you as I do everyone.
Check out www.politfact.com it it's very good.
DON'T Vote Republican at any level, clean out the states too.
DO VOTE, don't ever set out another election and let this happen to us. Our livelihoods depend on it. Vote straight Democratic, don't get any know-nothing Tbaggers in any office.
Great country huh?
Yeah. Good luck finding a judge that doesn't have a stock portfolio.
Anybody remember the firing of US attorneys back in December 2007?
http://www.nytimes.com/2007/02/26/opinion/26mon4.html
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/02/AR2008100203681.html
By the way, Shillary is FAR to the right of President Obama. If you think she'd be "jailing Wall Street" you haven't paid ANY attention to her history.
Whoever really said it nailed it. Without highways, business would not be built or able to be supplied with goods. Since they did not build the roads, how can they say they built their businesses alone. The GOP is alone out there in this egocentric belief that those who succeed, do it alone.
I saw Jack Gilchrist in an MSNBC interview, Blue Review, admitting that gov't money helped build his business. Don't remember when or which show, but it was right after the debut of the Rmoney ad.
How many businesses have been built off those of us educated to build that? Somewhat like a high tech version of the New Deal, many have gone on from the opportunities and educations made possible by a more far sighted government.
I will not be content to sit back and watch other nations grab the initiative, and build the ground support we once did. If they pass us as we sit on the side of the road, we will have no one to blame but ourselves.
Where would any of our great infrastructure projects be without the support only our government has historically provided?
In cases like Wendell Wilke's court battle, TEPCO was bought out by the TVA project so the power infrastructure could expand much faster and broader than private industry could keep up with. Lincoln got the railroads going in admittedly imperfect public private partnerships, much as the Interstate highway system was built. How much profiteering goes on is debateable, I think it had been decreasing, but government did get the ball rolling in so many too-big-for-pri vate-investor/r ent-seekers to start infrastructure projects.
Hoover believed in doing the big research and getting big projects started before letting private investors try to improve and sustain them.
But what really boggles my mind is the gullibility of those who drink the Republican Kool-Aid. It's almost reminiscint of the disciples of Jim Jones. How can anyone be so devout that they will believe anything even when it leads to their own destruction?
Forget the stadium, it's but a shell! How about the microphones, podiums, tables, chairs, kitchen appliances & all the dishes to serve their gluttonous appetites? Betcha they all have a sticker on them saying, "Made in China."
What's the median income for most of the service industry waiting on Rmoney's party? Minimum wage. (Especially in a state like Florida, which is as anti-union as it gets.)
Then, of course, like a poster said, Ryan's family made their wealth via government hand-outs to "build" their highway infrastructure empire. Yeah... these Nefarious Napoleon Nincompoops are about as "Made in America" as a 2012 Olympian uniform.
"Dishonest", "Greed-Driven", "Murderous" and "Amoral" all apply to the Repub elite, and "Moronic" and "Bigoted" to the people who put them in office.
As for Repub voters, one can not reason with them, because facts, reason and logic play no part in their thought processes, if one were to apply such a generous term to the slithering of the worms in their heads while they absorb the lies and hatred fomented (and validated) by the Limbaughs and Fundie Preachers in our midst.
This is the reality, it's not "Silly" and these are the people we live with in this country, and they are seeking dominion over all. If we do not take the threat that they are seriously, stop calling them "silly" and crush them at the ballot box, our future is gonna be bleak..
My advice to non-Repubs: arm yourselves, reduce your dependence on a societal infrastructure that may well fall apart if these amoral scumbags and their zombie acolytes win the day. Also consider shoring up connections/coo peration with decent humans instead of just watching your nation fall apart under the stewardship of a coalition of sociopaths and mindless zombies.
They're in hiding, MainStreet - in their sumptuous dwelling places. Only the worst of the scum, Cheney, dares to show his face when he thinks it necessary. In this case the SCUM rises to the top!
Never a more chilling scenario under the sunny skies of Florida.
Becuse business is BY DEFINITION anti-citizen, anti-government , and anti-human.
Whole it's not realistic to say do away with it, it's also intolerable to allow it ANY input -at all- of ANY kind, into the government we formed to protect the individual from its awesome comparative power, resources, and demonstrated inherent greed, devastation of the irreplaceable commons, and abuse of the individual to gain its profits.