by Ron Paul
While much has been made recently of the President’s unconstitutional appointment of Richard Cordray to be director of the Consumer Financial Protection Bureau (CFPB), lost in the hubbub has been any discussion of the unconstitutionality of, or the need for, the CFPB itself. Proponents of the CFPB claim that this new bureaucracy will help consumers by protecting them from fraudulent activity. In reality, it will only expose consumers to more financial harm.
Housed within the unconstitutional Federal Reserve, and funded not through Congressional appropriations but through the Federal Reserve’s interest revenue off the trillions of dollars of US government debt it holds, the structure of the CFPB ensures that it is run by unelected, unaccountable bureaucrats, with no effective oversight from Congress. Given broad power to regulate the activities not only of banks, but also of any other entity which the government deems offers a financial product, there is almost no limit to the scope of financial activities which the CFPB can oversee.
Giving impetus to the CFPB’s creation was the poor reputation of Wall Street banks and financial firms that developed as a result of the financial crisis. Banks which received trillions of dollars of taxpayer-funded bailouts turned around and shafted their customers by foreclosing on homes, raising credit card interest rates, and introducing numerous new fees.
But rather than keeping Wall Street in check as its proponents allege, the CFPB will end up placing further restrictions on the ability of Main Street Americans to engage in productive financial endeavors. Current law already allows only the richest Americans to invest in potentially lucrative ventures such as hedge funds because such investments are deemed to be “too risky” for the average American to invest in. The government in its paternalistic wisdom treats American investors as too stupid to know what to do with their own money, and “protects” them, supposedly, by keeping them poorer than they otherwise would be. We can expect even more of this once the CFPB is running in full stride.
The CFPB will further harm consumers by encouraging them to use only financial products which have received the Bureau’s approval. Many consumers will assume that these products are “safe”, and will fail to engage in their own due diligence, with predictably unfortunate results. We have seen this with the stock markets and the cases of Bernie Madoff and Allen Stanford, where investors trusting the SEC to prevent fraud ended up suffering huge losses. Social Security is a similar case, in which millions of people placed their trust in the government to take care of them in their old age. The inability of Social Security to pay its future obligations is well understood but ignored, and millions of Americans will likely once again learn the hard way that the government cannot be taken at its word.
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Trickle up. Could you imagine if instead of giving the banks that trillion dollar bailout that the govt could have given every man, woman, and child with a social security number (no matter what the income) $3000.00- my household could have qualified for $18,000.00!!! Rich people hoard money- poor people do not. Poor people spend money when they get it! That would have stimulated our economy but its too late now!
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Trickle up. Could you imagine if instead of giving the banks that trillion dollar bailout that the govt could have given every man, woman, and child with a social security number (no matter what the income) $3000.00- my household could have qualified for $18,000.00!!! Rich people hoard money- poor people do not. Poor people spend money when they get it! That would have stimulated our economy but its too late now!
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U Ron Paul supporters are ALL talk and NO action! Look at his standings! He doesnt even look like hes close to representing the republic party! If u want ur man president, get off ur fucking asses and VOTE! Not talk alot of shit on yt!!
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We ARE voting – there just aren’t enough informed voters. Also, we have precints in Maine that haven’t voted yet because of cancellations, not to mention the Nevada voting irregularities.
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Attention PaulTards, Ron Paul will have a press conference after Super Tuesday saying that he is quitting again because he is a old fart of a loser and he will endorse Honest Mitt Romney. Now let’s all give our support to Mitt Romney. Let us all say Amen.
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Attention PaulTards, Ron Paul will have a press conference after Super Tuesday saying that he is quitting again because he is a old fart of a loser and he will endorse Honest Mitt Romney. Now let’s all give our support to Mitt Romney. Let us all say Amen.
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- We need to just focus on cutting taxes for the Elite and allow trickle down economics to work its course. The working class need to be responsible for the Nations Debt. Let’s allow the wealthy to create greater opportunities for the middle class idiots. Vote for Romney 2012.
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I respect everyone’s political opinion, but I believe Ron Paul is theright man. Ron Paul has a great plan in restoring America by cutting 1 trillion in spending. He will ends taxes on personal savings. He will work to repeal ObamaCare and end its unconstitutional mandate that all Americans must carry only government-approved health insurance or answer to the IRS and allow purchase of health insurance across state lines. Provide tax credits and deductions for all medical expenses.
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Ron Paul has lost again and it is time for him to quit. The PaulTards are idots and they believe GW Bush blew up the WTC Towers on 9-11. Ron Paul was best friends with Bin Laden. Admiral Mitt Romney is a War Hero and he killed Bin Laden in Pakistan. Ron Paul was a Draft Dodger. Vote for Mitt 2012. He is a good Mormon and a very wealthy man. Do not be jealous of his good looks and power. Let us all say Amen.
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I wish there was a legal way to prevent people as uninformed as you from voting. People like you is why we have mostly crud for political representatives.
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Ron Paul has lost again and it is time for him to quit. The PaulTards are idots and they believe GW Bush blew up the WTC Towers on 9-11. Ron Paul was best friends with Bin Laden. Admiral Mitt Romney is a War Hero and he killed Bin Laden in Pakistan. Ron Paul was a Draft Dodger. Vote for Mitt 2012. He is a good Mormon and a very wealthy man. Do not be jealous of his good looks and power. Let us all say Amen.
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- I hate Ron Paul because he is a coward and supports Terrorism against the USA. Ron Paul was best friends with Osama Bin Laden. Ron Paul is a disgrace to the Republican Party. I support Honest Mitt Romney who lead the Navy Seals into Pakistan and personally pulled the trigger and killed Bin Laden. Ron Paul doesn’t support the greatest Financial Institutions in the world or our wonderful FED. Mitt Romney is loved by our Banks who are too big to fail. Vote Mitt Romney 2012
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