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=RKAddict101 RKAddict101

    “lost in the hubbub.” <— best word.

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=DrRonPaul1812 DrRonPaul1812

    IGNORANT IS FREE, Pay up if you want America to Change!

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=soulpower363636 soulpower363636

    Ron paul experts i would be glad if u answer the ? below. I am sure Ron Dr. Paul is not going to answer it here.

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=soulpower363636 soulpower363636

    I like his idea of not going into unnessacery costly war where soldiers and innocent people die. I also love his message of liberty and individual freedom. I wanted to know. What will he do specifically abt illegal immigrants now. Will he leave it as it is or take some actions.
    Next ?, will he believe in taking any action( not killing or war) against those countries who invade and bomb poor innocent countries.and also what abt brutal dictators killing their innocent people like hitler did.

    Like or Dislike: Thumb up 0 Thumb down 0

    • Aj Marino

      He believes we are spread to thin as it is and instead of protecting other borders we should protect our own. He does not believe in starting wars unless provoked as in WWII when pearl harbor was bombed. For brutal dictators i believe there is a UN to decide what should be done about those kind of problems. It is not Americas job to fix everyone elses problems we have a ton of our own. I hope i am correct with these Ron Paul views if anyone has other suggestions please reply.

      Like or Dislike: Thumb up 1 Thumb down 0

  • http://www.youtube.com/profile?user=JROBE814 JROBE814

    Who is John Galt?

    Like or Dislike: Thumb up 0 Thumb down 0

    • LB

      Who killed Laura Palmer?

      Like or Dislike: Thumb up 0 Thumb down 0

  • April

    Love the website and the feeds man, thanks so much.

    Like or Dislike: Thumb up 0 Thumb down 0

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

    Ron Paul : American Patriot! !!

    Like or Dislike: Thumb up 0 Thumb down 0

  • Valentin

    On a different note, we have two American news channels in Israel, fox news and msnbc. Tell me, Russell, don’t you think it to be quite strange that come february, and the caucus states, all fox news talks about is the dangerous international situation? Even before the news about the Egypt trial of americans, they interviewed both flip floppers and Santorum (the only honest guy besides Ron Paul, but if anybody is racist it is him, and he is a social concervative when the world needs a fiscal concervative as a US president), and had all of them talking about Iran?

    Like or Dislike: Thumb up 0 Thumb down 0

    • person

      no he lies too just look at his record in the senate and the problem is its media bias

      Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=DrRonPaul1812 DrRonPaul1812

    1 YEAR MORE, Stay Tough and Don’t Die !!! Ron Paul 2012 !!!

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=madara1024 madara1024

    Ron Paul is the only guy who gets both Democrat and Republican votes, and they think Romney can beat Obama =/

    Like or Dislike: Thumb up 0 Thumb down 0

  • Valentin

    Imagine yourself to be one of the two characters trapped in a room in “Saw”, the first one. Imagine trying to figure out how you got there, planning how you would get out of that unwinnable situation. Imagine the ones responsible are right there in the room with you, pretending to be dead, watching and secretly laughing at you…

    After going through all the lies you come to the realisation that it is either saw your own foot off or slowly and painfully die in that room…

    what would you do?

    Like or Dislike: Thumb up 0 Thumb down 0

    • Valentin

      That one was for Russell, our friendly canadian troll.

      Like or Dislike: Thumb up 0 Thumb down 0

    • Russell

      Sorry Val, I didn’t see ‘saw’. Actually I didn’t even hear of it so I don’t get your joke. If you think it’s important you could tell me what you mean.

      Maybe my message rang a bell for you though because it seemed to get to you a little. Was it you who posted under my name? How would you like it if I post under your name? I would post something not as obvious, something that the people here would believe cam from you but would make you really mad. So how about it Valentin, wanna keep it up? Wanna tell me if it was you? If you say it wasn’t then I’ll believe you.

      Like or Dislike: Thumb up 0 Thumb down 0

      • Valentin

        Why would I post under your name and then post this?

        Now to give an alternative analogy to the movie reference you missed: If you slowly but steadilly losing your money, you either stop eating at restoraunts or slowly but steadily lose your house and live on the streets. By that time you won’t be able to eat at restoraunts.

        Now to return to the subject we last talked about at the other post. Why do you think I did not spell “israelis” correct? Naturally the first thing every 1st grader in Israel learns is to spell “israelis” in ENGLISH not hebrew mind you, so I must be a fake.

        Now back to the post you think I wrote. Is it the response to your post just below ? I actually thought you did it yourself and had a sarcastic twist, but I guess trolls are not that sophisticated.

        Like or Dislike: Thumb up 0 Thumb down 0

        • Valentin

          By the way, thank you for giving me the credit to mastermind a conversation like that, between myself under your name and myself under my name. I would like to believe I can be that sophisticated, while the trolls amongst us are proven to be incapable of it, but as a person who truely believes in Ron Paul’s ideas, I wouldn’t do it.

          Like or Dislike: Thumb up 0 Thumb down 0

        • Russell

          No problem Valentin, if you say you didn’t post it then I take your word for it. When you spelled Israelis you spelled it israelies. It may have just been a typo though.

          Yourrestaurant analogy; I really don’t get the point you are trying to make but I’ll guess. Must have something to do with government spending? If that’s it then I understand the Ron Paul position. But I don’t buy it because I believe America can survive as well as any other country that practice social compassionate democracy. Maybe the problem is, Ron Paul tries to exaggerate the problem and never is honest on what he wants to cut. He’s backed up recently on cutting Medicare and Social Security because those ideas were vote losers. So he’s dishonest as well.

          Ron Paul’s heart is still with big business and that’s why he won’t come over to the side of the 99% who really ‘do’ want to end the graft and corruption in the US. It’s also why his support is so splintered and won’t come together in the numbers he needs for a cohesive force. Reading only on this board should make that obvious to you.

          Why do you support him? What government cutting are you for? You should know that he’s for cutting all funding to Israel of course. This has been the biggest factor in labeling him as antisemite. I think he is but I also think he has a racist streak too. He got caught didn’t he.

          Do you call yourself a libertarian? How do you feel about unions and bargaining rights? Does Ron Paul’s brand of libertarian fit yours?

          Like or Dislike: Thumb up 0 Thumb down 0

          • Valentin

            Well how about that, only took a week to get you to be serious. First let us adress the issue by comparison to the competition. Romney is shouting he will repeal obamacare, Gingrich you know I don’t even like discussing, and Santorum – I just told you my opinion about him. Now regarding these other countries you mentioned, they are not in multiple wars which take a toll on the economy and the dollar, as Ron Paul said in 2008 – the 70s were bad in the US because they paid for the 60s.

            Now he didn’t back from anything, and he was always sensible as far as i saw. One thing is to shout these things from the opposition, another is to just repeal everything. His cuts are the overseas spending, and I will get to Israel in a moment, but when he got specific he said everything else is not repealable in a day. Same goes for Obama, and surely enough you can’t just cure everything the minute you get ellected, but Obama did promise a lot of things, especially with all his abroad tours durring the elections, and he did not deliver on a single one. I Live in a country where the military industrial complex is basically incharge of everything, and it is felt quite heavilly on the population. Our bank of israel’s head, Stanley Fischer, is basically a puppet of Bernanke, and he is constantly buying dollars to even the shekel (NIS) with the dollar, and that is causing quite a major inflation – that is the true reason for the protests this summer which the whole world saw, and only after getting to know Ron Paul’s ideas I realised that, as my studies are not in economics or business, but I am actually learning chinese in the university, and will maybe get a business degree later.
            Now let me point out two things: 1) We are better off with a non-interventionist USA, and I am positive that the hostility will go up in the short run, but the alternative of either a US that survives but I get to live on the street (again our central bank that I mentioned) or worse yet, it falls like the soviet union (and I actually came from there at the age of 4 in 1990 when 1 million russian jews were finally allowed to leave, so atleast from direct testimony of my parents and my aunt who still lives there, I know about that subject aswell, and far beyond what you read in books or see on the news).
            2) regarding foreign aid to Israel and libertarianism, I really hope the foreign aid is cut, because it seems we can get organized and revolt only when it is hard to live, and if we do survive the corruption will. Purging the system once in a while is inevitable, no matter how perfect your constitution is, and we don’t even have a constitution in Israel. I am a libertarian NOW, but I believe in change and instability, and my philosophy is based on that. Right now we need to swing, lets say to the right, in a decade perhaps we will need to swing back, but forget a perfect world that is still, only motion works. But I guess I am influenced strongly from eastern philosophy.

            Like or Dislike: Thumb up 0 Thumb down 0

          • Valentin

            Oh, regarding unions. 40 percent of the employed in Israel work for the government. Unions are so strong that while we are protesting (what you saw this summer) they are served steaks in the harbor of Ashdod, and that is just one example, you don’t even wont me starting on the workers of the ellectricity company – working there is better than being a millionair and you can’t get fired since there’s a union. I know the extreme of what Obama is offering since we live it. A huge swing to the right is a must, but it must be done sensibely, the way Ron Paul is offering, or else there will be what is happenning here – to cut spending they outsource jobs, but to get the costs lowered these companies pay nothing to their workers, and so on. If the currency was good, you wouldn’t need to outsource the jobs or, if you did, put in regulations, since the pay was initially good but in a year got too low.

            Like or Dislike: Thumb up 0 Thumb down 0

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

    Ron Paul for the President!

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=kentonwoods69 kentonwoods69

    The truth people hurts!!Our country is messed up, greed and big money have taken over ! When you have a problem you fix it !!You don’t keep throwing money down thw drain.that is a waste of all our time and money!Ron Paul tells it like it is!!!This is our country mot a Hollywood Movie!!!!You choose!!The rich man,The one who supports the constitution, or the one who put us trillions in debt headed for WW3!!!!Wake up Zombies!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=fuel20 fuel20

    No bureaucrat left behind and thousands of more keep coming.

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=DrRonPaul1812 DrRonPaul1812

    If RON PAUL is NOT NO. 1 in Nevada Caucus, its your Fault!
    .
    TAKE RESPONSIBILITIES !!!

    Like or Dislike: Thumb up 0 Thumb down 0

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

    He would of had a better chance running as a democrat back in the 2008 Election. But it’s too late now, sucks for him.

    Like or Dislike: Thumb up 0 Thumb down 1

  • http://www.youtube.com/profile?user=P0rkysRevenge P0rkysRevenge

    I’m voting for Ron Paul because he’s white like me.

    Like or Dislike: Thumb up 0 Thumb down 1

  • http://www.youtube.com/profile?user=shevchenko0609 shevchenko0609

    “The War on Terrorism” is a farce, a hoax. there is no specific enemy. this war can go on forever because they can just point the finger and say “that country is a regime, it is a threat to America’s safety, they are terrorists, terrorists, terrorists, terrorists.” and the people begin to believe it. if you scare the population hard enough they will do anything the government says, and that my friends is terrorism.

    Like or Dislike: Thumb up 2 Thumb down 0

  • http://www.youtube.com/profile?user=shevchenko0609 shevchenko0609

    America gave Saddam Hussein weapons to fight Iran. Anyway, the person we gave weapons to, happens to live in a country that has a lot of oil. So we make a false story about Saddam having weapons of mass destruction and kill him, kill poor people in his country then take their oil reserves. the people of Iraq never profited or will ever profit from the so called “war”.

    Like or Dislike: Thumb up 0 Thumb down 0

  • http://www.youtube.com/profile?user=shevchenko0609 shevchenko0609

    The Saudi Arabian King invested $200 Billion Dollars on the Bush Family when they were president. We the people pay the president $200,000 dollars a year to be our President. C’mon, who you gonna serve?

    Like or Dislike: Thumb up 1 Thumb down 0