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What Should Happen to the “Consumer Financial Protection” Bureau?

Now that Consumer Financial Protection Bureau director Richard Cordray has resigned, it is unclear as to who the new replacement director will be, either the one Cordray himself chose, Leandra English, or Donald Trump’s choice of Mick Mulvaney the current budget director. Both English and Mulvaney have emailed staff, with both of them signing the emails as “acting director,” according to the New York Times.

Why is there a “Consumer Financial Protection Bureau”?

In its hysterical reaction to the 2008 financial crisis and following its extremely dishonest bailout of Wall Street, Congress created the CFPB in 2010 to, according to the law as quoted in Wikipedia, “promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.”

The law is known as the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” named after then-Sen. Chris “Countrywide” Dodd (D-Countrywide) and then-Rep. Barney Frank (D-OneUnited, “Hot Bottom,” Moonbat City), and the law created, among many other intrusions, the Financial Stability Oversight Council, a central planning replacement for something that was long ago much more efficient at stabilizing markets and finances, the free market.

You see, what caused the 2008 financial crisis in the first place, just as with the Great Depression, were government intrusions into the market, government programs such as Fannie Mae and Freddie Mac, and so on. Bureaucracies that should never have existed in the first place.

But it really should be called the Elizabeth Warren Wall Street Reform and Consumer Protection Act, or the Elizabeth Warren Consumer Financial Protection Bureau. Warren is the one who met with Obama in 2009 and 2010 many times in the first year of the Obama administration to organize the central planning atrocity, because she, like other wiser do-gooders, was concerned about people getting suckered into mortgages or credit cards without reading the fine print.

Warren was not concerned with getting at the underlying causes of the 2008 financial crisis, such as those government intrusions (e.g. “Community Reinvestment” Act) into the home-loan business and other financial matters, intrusions that already shouldn’t have existed.

In order to attempt to prevent further “instability” following the 2008 financial crisis, professional meddlers and moonbats formed this huge unaccountable bureaucracy, the CFPB, in which instead of concentrating on serving the consumers the regulated firms must please the regulators, the bureaucrats.

The truth is, none of these bureaucracies should exist, whether it’s these new ones from Elizabeth Warren and Barack Obama, or the old ones from FDR, Wilson and LBJ. All these governmental intrusions need to be repealed, dismantled and thrown into the dustbin of history.

In 2015 then-Congressman Mulvaney had co-sponsored a bill to completely abolish the Consumer Financial Protection Bureau. Yay. Maybe he can try to do that again.

But, as long as the Bureau still exists, I’d like to see Elizabeth Warren and the CFPB prosecute one of the biggest financial fraudsters of our time, Barack Obama who knowingly lied when he told us “if you like your doctor you can keep your doctor.”

The truth is, most of the fraudsters of our time, including Obama, Elizabeth Warren, Barney Frank, Trump, Bush (as well as FDR and all the rest), have been government fraudsters!

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