Don’t Entrust Your Financial Future to Obama’s Bankrupt Bureaucrats

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.

  • http://www.youtube.com/profile?user=tchanabc tchanabc

    Dr. Paul, you are MY President.

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  • http://www.youtube.com/profile?user=m0ose22 m0ose22

    I like it when he says shafted lol.

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  • http://www.youtube.com/profile?user=phattymike312 phattymike312

    Get money outta politics! Pickpockets are at the top

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  • http://www.youtube.com/profile?user=AlphaMaIe AlphaMaIe

    american people vote for ron paul
    he is your last hope !!!

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  • http://www.youtube.com/profile?user=fanatix84 fanatix84

    Americans need to know the truth about the voting fraud… What is going on?! Is this freedom? This is scary.

    “America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.” -Abraham Lincoln

    RON PAUL 2012!

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  • http://www.youtube.com/profile?user=phattymike312 phattymike312

    Meeedias scared of you rooon! Keep truckin!

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  • http://www.youtube.com/profile?user=crazykong2 crazykong2

    End the FED.
    Arrest the criminals behind it.

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  • http://www.youtube.com/profile?user=airam441954 airam441954

    I would say EVERYONE take your money to the private credit unions, let us all do a run on the banks as they use to do. Take these s.b. down quite a few notches. Credit Unions do loans also… we need to stand up to the banks/government.

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  • http://www.youtube.com/profile?user=Fyreguy16 Fyreguy16

    “I have so much respect, love and gratitude for this crusader of truth. For years, the mocking, ridicule, the jokes, just makes me sick that a nation FULL of village idiots have not waken up with all the truth to be seen right in their faces.” I couldnt have said it better myself.
    Ron Paul 2012!

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  • http://www.youtube.com/profile?user=SomeAznBoi95 SomeAznBoi95

    1 dislike? Barack Obama.

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  • http://www.youtube.com/profile?user=SuperSkyster SuperSkyster

    I just wish he would get a little more inspirational, poetic, uplifting when he speaks. A leader must be able to inspire. I agree with what he’s saying, but he does come across as a bitter, grumpy old man, and we don’t need any more people just whining and complaining! He should study up on Reagan’s speeches, they were epic. He’s got to get that happening if he wants to debate 1 on 1 with Obama. With the right content in a speech you can let the people know you care about what they care about!

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  • http://www.youtube.com/profile?user=johnnyblazeksgldp johnnyblazeksgldp

    you raise a good point president

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  • http://www.youtube.com/profile?user=airam441954 airam441954

    I have so much respect, love and gratitude for this crusader of truth. For years, the mocking, ridicule, the jokes, just makes me sick that a nation FULL of village idiots have not waken up with all the truth to be seen right in their faces. I pray for you and your family sir, and will continue to pass on the truth as you continue to do. Thank you so very much for caring.

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  • http://www.youtube.com/profile?user=americaisbacktrump americaisbacktrump

    SEND A SUPPORTER TO EVERY CAUCUS POINT WITH A CAMERA AND A NOTEBOOK TO RECORD THE VOTES

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  • http://www.youtube.com/profile?user=ju88ff ju88ff

    Ron Paul 20never. Barack Obama 2012!

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  • http://www.youtube.com/profile?user=Budsmokerhaha Budsmokerhaha

    I doubt Ron Paul lost Nevada, unless Vegas is filled with retards

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  • http://www.youtube.com/profile?user=vic4rp vic4rp

    WATCH copy,paste = ON MARCH 2, 2012 AN AMERICAN NAVAL SHIP WILL BE ATTACKED AND SUNK – Get this world Wide

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  • http://www.youtube.com/profile?user=1eyednewt 1eyednewt

    I see Barry Put a big shot for JP Morgan in charge of the Banking Rules committee!

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  • http://www.youtube.com/profile?user=Budsmokerhaha Budsmokerhaha

    Florida state became famous as the center for the election tampering

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  • http://www.youtube.com/profile?user=Nurekok Nurekok

    My question is, Why can’t the average American understand this simple message? Why are people being lead willingly to “slaughter” like sheep?

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