Feb 042013
 

A prime function of government is to collectively do those things, which we cannot do as well and/or as efficiently as individuals.  One such area is defense, so defending us from foreign aggression is universally acknowledged as a legitimate government role.  However, we need note that our elected and appointed officials take oaths to protect us from enemies foreign and domestic, so it it is also a legitimate government role to defend us from domestic aggression in the form of corporate criminal fraud.  Sadly, Paul Krugman points out that one party is on the side of the corporate criminals.

4GOPFraudLike many advocates of financial reform, I was a bit disappointed in the bill that finally emerged. Dodd-Frank gave regulators the power to rein in many financial excesses; but it was and is less clear that future regulators will use that power. As history shows, the financial industry’s wealth and influence can all too easily turn those who are supposed to serve as watchdogs into lap dogs instead.

There was, however, one piece of the reform that was a shining example of how to do it right: the creation of a Consumer Financial Protection Bureau, a stand-alone agency with its own funding, charged with protecting consumers against financial fraud and abuse. And sure enough, Senate Republicans are going all out in an attempt to kill that bureau

…How can they do that, when the reform is already law and Democrats hold a Senate majority? Here as elsewhere, they’re turning to extortion — threatening to filibuster the appointment of Richard Cordray, the bureau’s acting head, and thereby leave the bureau unable to function. Mr. Cordray, whose work has drawn praise even from the bankers, is clearly not the issue. Instead, it’s an open attempt to use raw obstructionism to overturn the law.

What Republicans are demanding, basically, is that the protection bureau lose its independence. They want its actions subjected to a veto by other, bank-centered financial regulators, ensuring that consumers will once again be neglected, and they also want to take away its guaranteed funding, opening it to interest-group pressure. These changes would make the agency more or less worthless — but that, of course, is the point… [emphasis added]

Inserted from <NY Times>

Photo credit: The Examiner

At this particular moment I’d like to wring the neck (figuratively, of course) of the Nevada Leg-hound, Harry Reid, who had the votes for authentic filibuster reform, but chose to hump Republican legs instead.  I told you we would have cause to regret that decision in very short order, and here it is.  Because of Reid’s sedition, and because Republicans govern exclusively for the benefit of millionaires, billionaires and corporate criminals, our protection from criminal Banksters will be less than it should be.  All we can do at this point is to keep putting Cordray’s name forward to keep Republicans on Front Street as the pro-fraud party.

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  18 Responses to “The Pro-Fraud Party”

  1. First of all, I'm with you in wanting to strangle the leg-humper. We all knew it was only a matter of time until they used the filibuster inappropriately. I thought it would be to stop the appointment of Chuck Hagel as Sec'y of Defense.

    Leon Panetta was on Meet the Press and expressed surprise over the rehashing of old business with Hagel. He couldn't understand why questions weren't asked about the Middle East and Korean problems. Then he wisely summed it up and said the Republicans clearly had their knives out for him.

     

    They don't want Cordray in the job because he won't hump their legs. They want absolutely no oversight over the dirty dealings of Wall St. because them would probably be found to all be breaking the law.

    What the RepublicanTs are doing is no better than treason because they are not upholding their oath to protect us from enemies within our own borders.

    • Parry, with Cordray is's more than that.  If Obama nominates Tagg Romney, Republicans would block him, because they are trying to sabotage the CFPB.

  2. I wonder if resurrecting the public stocks would be a good (hypothetical) idea for the Nevada miscreant?  No injurious things could be thrown – but plenty of rotten fruit and veg and the odd rotten egg or old kipper? It might stop him and his ilk from treacherously siding with the GOP again…

  3. … just four years after runaway bankers brought the world economy to its knees, Senate Republicans are using every means at their disposal, violating all the usual norms of politics in the process, in an attempt to give the bankers a chance to do it all over again.

    To me, this just about says it all.  TC, you said that the Republican/Teabaggers would be using the filibuster again, and within 2 weeks.  You were right.  You can never trust a Republican/Teabagger except to lie, cheat and steal.

    Harry Reid should be ashamed of himself.  What is that old saying . . . Fool me once, shame on you; fool me twice, shame on me!

  4. You can't spell "Republican Party" without including A-S-S-H-O-L-E-S

    OK – well, maybe you can … but it's inherently implied.

  5. There are names for Harry Reid– but I must remember I am a laidy and not an old mule skinner—
    This entire situation is disgusting—

  6. Yeah, what on earth happened to Harry Reid’s brain? Why would we give the GOP anything? I can’t understand it at all.

  7. There was, however, one piece of the reform that was a shining example of how to do it right: the creation of a Consumer Financial Protection Bureau,

    This is good… :smile: