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.



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190 Comments:

  1. Damn right. ONCE AGAIN, Americans will learn the HARD WAY that the government CANNOT BE TRUSTED.

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  2. This would be one Office accountable with all money LIKE adding a Extra FED department only not accountable threw laws "s This will devastate our Economy Because there trusting our banking system with Foreign Country's .

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  3. The primaries have ALL been fraudulent!! Fight back, Americans!! The GOP is making a mockery of your voting system!

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  4. Does anyone know where I can find the updates for Romney, Gingrich or Obama? Oh, wait, never mind. Even if they did have a desire to communicate with the us peasants it wouldn't be anything worth hearing. RON PAUL 2012

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  5. I wish we Ron Paul supporters can move to an uninhabited island away from America and go somewhere where we can establish a truly free society with Ron as the president.

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  6. i dont think this will actually do anything, but every little bit may help. i just created a petition to require ben bernanke to step down and reform or remove the federal reserve on the white house website. please sign it! wh. gov/kt9 (take out the space)
    Ron Paul 2012

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  7. stfu ron paul

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  8. pay off you credit lines... save in gold and silver... we must end the fed before they end us.
    give me liberty or give me death
    Ron Paul 2012

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  9. go Ron Paul thank you for informing us. Fear is a useless waste of energy that is what the current Government is spreading and we wont buy it.

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  10. Either he win the presidency or we are FUCK UP, Ron Paul 2012

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  11. Fuck Ron Paul. He is a total jackass.

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  12. I find it hard to believe that the organization only grew 88 people in Nevada the last 4 years...
    WTF happened?

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  13. I feel ron paul never gets to speak and explain his thoughts enough so idiots cant understand...

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  14. Fight for RonPaul!! This man must win the Presidency!! Your very live depend on it! Dr.Paul has been saying these things for decades! Its time for a real American president...not a corporate owned clown!! FIGHT!!! LAST CHANCE AMERICA!!!

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  15. Come on everyone let's spam the news station channels NBC ABC FOX who gives a fuck. SPAM THEM. RP2012

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  16. Vote for all Libertarian candidates at all levels of government.

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  17. We really need Ron Paul!

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  18. I am The American Nightmare: Increasingly
    lately, I am full of rage and for the right Reasons i like standing up to a bully who murders TORCHERS people and blackmails the world ,i enjoy every minute of my standoff with the beast

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    • TORCHERS....??? It's spelled "tortures"... No offense, but if you want people to take you seriously, you really should learn to spell correctly.

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  19. Every time i doubt myself i remember that Ron Paul had to deal with the horrible media types mocking him for decades & is still a decent sane intelligent human being.What a troll destroying inspiration.The result of compassion, education & honesty a inspirational man indeed. Help him into the whitehouse america please.Dont let him fight alone any more.

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  20. It is sad I sense that Dr Paul is feeling a bit down .. some of the fight seems to have gone from his voice .. he can't speak out about all he thinks and maybe he is also thinking that the polling stations are fixed ..
    'It is not the people who cast the votes who make the decisions, it is the people who count the votes. Joseph Stalin"

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