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. "Texas Straight Talk"

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  2. everyone that talks shit on Ron, if he is not president, I bet my life you will be scratching your head why the feds are breaking down your door looking for pot only to find nothing and then just walk away. I hope you all get shoot in the process, fuck heads.

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  3. "...learn the hard way that the government cannot be taken at its word."
    WORD!

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  4. Woohoooo Ron Paul 2012!!!!

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  5. LIKE A BOSS, Ron Paul 2012!!

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  6. Ron Paul is the worst candidate I've ever seen. That's why he won't win. :)

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  7. I can't wait till this guy finally drops out.

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  8. Cordray owes me millions of dollars in civil judgments against him.....where's my money you fucktard?

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  9. i m ready to get the heck outta this country

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  10. Florida, that state became famous as the center for the election tampering.

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  11. 2002 several elections - especially the Georgia Senate and Governor races - were flipped by electronic ballot machines

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  12. I think nothing will happen in 1 Year of Obama's NDAA, let's wait for Ron Paul to Repeal it Next Year.

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  13. Once again Ron Paul exposes his true colours on how he thinks of the ordinary middle class joe.

    And the joes of america are just too lame and propagandized by the right to understand.

    I mean, it's like the wall street debacle never happened and millons of people never did lose their homes! It must have been a dream that the Democrats implanted inot your heads as you were sleeping. Yeah, that's it!

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    • P.S. - I am a Canadian troll, please ignore everything I say. I don't have much of a life, so I have plenty of time to visit this site on a daily basis and spew unfounded words of hatred in an attempt to make myself feel better for my shortcomings.

      The truth is, Ron is the only hope America has at becoming a great nation once again. If I were able to vote in these elections, Ron would have my vote, no question about it. But alas, I am just a lonely Canadian troll and cannot do so.

      Ron Paul 2012!!!!

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  14. the US is actually shrinking in population...
    even mexicans dont want to come here anymore
    hell i dont even want to be here anymore

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  15. Every time I feel depressed because of the current state of the world economy including my own country, and every time I feel disappointed because of the corruption in the most symbolic country of freedom in my childhood dream, I go back to listen to Dr. Paul's view points. And I realized, despite all the stupidity happening around, his words are truthful, honest and logical. That's enough for me to sustain my own sanity and pursuit of wisdom.

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  16. With vote fraud going on in every state I'm starting to despair.

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  17. I woke up on jan 1st 2012 one night i was drunk playing swtor(MMO game) and was reading the chat between two guys argueing about some things called NDAA i ask what it was and the guy told me its basically gonna turn America in battlefield so i searched NDAA on the web and found out about the indefinite dention of US citizens without trial and the rest I learned from YouTube...
    Im only 28 and never gave a damn about politics but now i know how important it is. When did you wake up?

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  18. ...do you really think the status quo is going to give us an honest election????

    ...we have to DEMAND IT, "The 2012 March Against Election Fraud"

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  19. Ron Paul... I really lost hope in America until I found out about you. I love freedom and no one else even cared, they're just the same old lying sellout politicians. But you are different Ron Paul, you actually discuss and attack the real issues and support the constitution, unlike the others who ignore these. I turn 18 this year and if I am in the country I will vote and write your name in on the ballot, no matter how low the odds are of you becoming president.
    Peace & freedom!

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  20. How many of you would MARCH against election fraud and show support for Dr Paul?

    isnt it time to dispense with the armchair patrotism?

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