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. Check out me giving Obama a third leg on photoshop (in a time lapse) on my channel (=

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  2. If Ron Paul does not win. I am Voting for Ron Paul anyway. Or Gary Johnson.

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  3. End the FED! Support H.R. 2990!

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    • End the fed, end the fed. When a parrot squawks the same message over and over again it doesn't have the slightest idea of what it is saying either. What a mess you people are. truly red, white, and blue american mutts!

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  4. RON PAUL FOR PRESIDENT!!!!!!!!!!!!!!!! end the FED. end the ILLUMINATI.

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  5. Every american should go and watch this video:

    Ron Paul Supporters Must Watch Documentary - Hacking Democracy

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  6. Valentin, I've always been serious. The Ron Paul agenda has been sidelined now and really never did stand a chance. The way to recovery is not to completely destroy the middle class. That's my main message because that was the end result of Ron Paul's agenda. So even though I as a Canadian would have wholeheartedly supported his antiwar message, there was too much bad going along with it. I think the middle class have discovered that now about Ron Paul and he will fade more as the cycle continues.

    The real problem with the US that you may be missing is that there is no dialogue between the right and the left and hence, no common ground can be found. The left considers entitlements their right and the right wants to take them all away eventually. Neither will happen as the stalemate continues but hopefully for them, it will be broken out of need and despair and some common ground will be found.

    Social programs and entitlements won't ever be eliminated and if the right think they can do that then they will remain adamant and bring their country down. If the left thinks it can have entitlements without any acknowledgement of the financial gaps then they are wrong too.

    Ron Paul's intended grab from the middle class, clevery (or not so) camoflaged, is no longer a threat. The best thing the American people can do now is force a compromise on their government. That is what is most likely going to happen as the 99% protests become revived in the spring.

    The best thing they could do is go with Obama but I perceive that there is too much irrational hate against him now. Of course you're totally wrong in saying that he didn't accomplish anything and that's disappointing. It makes me feel as if dialogue with you is of no further use. I apeal to your truthful side.

    Briefly on the US healthcare system and what Obama is proposing. It will be a winner because there is not real will amongst the people to continue with the disaster they currently have. All resistance is based on cheap anti-Obama propaganda. More on that later.

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    • I know exactly what you are talking about, since we had a prime minister that out-sourced much of the government jobs, and as I told you, right now 40 percent is employed by the government. The ones that are not, and also not in the military industrial complex or in hitech, the ones that are working I mean, and get wages below average, can barely live. And they are the majority since one CEO equals 1000 of them when they calculate the average wage.

      But think about it, you outsourcing jobs to save money for yourself, but also put in regulations so that their wages will be higher, then your own cost is higher so it didn't pay off to outsource it. It is NOT in the interest of our government to put in these regulations.

      Now about entitlements, and I was right to think of you as a democrat (in US political terms) since you think Ron Paul wants to destroy the middle class. You give entitlements, but it is not enough so you must give more, so it is a bigger load on the tax payers, so you destroy business and jobs go to china. That is also a fact. In the end you must get government to start government factories and enterprises, and that fails aswell (as I said, I know a thing or two about Russia and China).

      It is a question of reaching the delicate balance between the powers, and you can never completely do it since any rule and regulation and entitlement includes some freeloaders and excludes a person that needs it, simply because any rule is a generalization of many private cases. But what is happening now is NOT that ancient problem, but a problem of debt and currency! The inflation is causing a big mess, and we feel it here aswell! You must legislate every month a new minimum wage, and up the entitlements, but that defeats the purpose of inlating the currency - paying off the debt. Inlation is a silent tax nobody talks about, and that is the main reason Ron Paul is the best choice. Naturally he can't pass all that he wants to even with a republican house and senat and him being president, but he doesn't need to. Stopping the FED is enough to get the country back on track and out of the spinning spiral of problems they are in.

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      • Valentin, Maybe I have a way then to show you that you're lucky you don't have to accept Ron Paul as president and his agenda. Would you give away yoiur universal health care system. And if you aren't old enough to understand that you are going to need it some day, then ask your parents or other elders. Ask them if they would throw it away any time to bail out Wall street or banks.

        Do you understand that the biggest cause of bankruptcy in the US is due to medical expenses? Do you understand that it bankrupts millions. And do you understand that Ron Paul wants to take away any social platforms existing concerning health care? So what is his solution? Nothing!

        Now, as you consider that, also consider that Ron Paul's solution is the same solution to the problems as the republicans solution. Ron Paul just phrases it a different way. God knows why middle class people and the less well off believe it? The message is, fix the mess the country is in on the backs of the middle class, not out of the pockets of the wealthy millionaires and billionaires who caused the trouble to start with.

        You do know at least that Bush2 started it all don't you? And do you know that the Bush2 tax cuts for the very wealthy are prolonging it?

        Will employers keep jobs in the US if they can cheat workers out of a dollar an hour when they're making 15 or 20? No, because they can get it done in China for 15 or 20 cents an hour. Hurting the ordinary joe more is not ever going to fix that problem we all face in the 21st. century. Taking a rational approach as Canada has done so far is the best of all worlds. Even though we now have a conservative government it's had it's feet held to the fire because it was a minority government and it couldn't get away with the rightwing agenda. And that's what has saved us and made us the top of the G20 in relativeprosperity.

        Look for examples of success to guide you and guide Israel, not the dismal failure the US is in and not the dismal failure Ron Paul wants to sink the middle classe deeper into.

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        • When you call me a child, you forget 3 years of compulsory military and a few good years of wondering about life, the universe, and everything, in the transition between military (combat unit) and back to life. It is no wonder that the universities in the US literally LOVE israeli students, claiming them to be more mature than the american counterparts.

          You forget how gorvernment owned medicine doesn't really advance anything, and government mandated healthcare raises prices just like with the housing bubble. Although I am not a student of economics, I have been to economic lectures, among others a letcture of a high ranking official in our central bank, and I know a thing or two about artificial bubbles, and we had our share of problems in isreal. As I said, the country is much smaller and the problems surface faster since the competition is much smaller.

          You can argue your far left pull until you reach communism and fail miserably, but instead I offer you to listen to my philosophy of change. Right now the best thing is a far right pull in the US, and doing it sensibely (make people who depend on the entitlements stay there and not cut them off cold turkey)

          After that is done, you can come back with your ideas in 5 to 10 years and advocate for a pull to the left. You still argue in your bi-polar left versus right terms, not understanding my philosophy of excluding absolutes, and acting according to the moment.

          1) cut overseas spending
          2) balance the budget by the funds from 1, and eliminate inflation
          3) stabilize the economy by 1 and 2
          4) THEN you can think about who needs help and entitlements, but right now 1 to 3 are the priority

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        • By the way, if you study the roman empire, all incarnations of the chinese empire, the british empire, and all other empires in history, overbloated government, together with the corruption it leads to, are major factors in the fall.

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    • Oh and his main cut, beyond stopping the inflation, is overseas spending, NOT entitlements. And that cut he can do day one.

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      • And Valentin, maybe a lot of the reason why Ron Paul will never have enough support to become their president is because not enough middle class and less wealthy people have been fooled by his nonsense. I think that's got a lot to do with the situation and I think that a lot of them are going to turn the only way they can when Ron Paul disappers.

        If they turn to Romney or Gingrich then even though it will have an influence on Canada and the rest of the world, I will laugh with glee as the ordinary joe gets completely taken to the cleaners.

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        • And this is why all empires fail. Nietzche put it best when he said morality is an illusion and the reality is the persuit for power. The ones in power will never give it up and that is why Ron Paul gets ignored by the establishment and the media. This is actually quite a big part of his appeal - the power base does not want him so he must be doing something right.

          Zhuangzi, about 400 BC, is considered chinese and all the worlds literary classic and a literary genious. One of the more fameous stories (which is also from what is called the outer chapters - not ascribed to Zhuangzi himself but to his followers perhaps) is about the Robber Chi. The antagonist is Confucius, and the writer uses a robber to counter morality (sure such a simple reversal doesn't seem too smart today, but mind you the west discovered this book not too long ago and still it is considered a great book, so my point is it is more complex than just a simple reversal). Anyway, the robber was eating human livers when confucius came to him, which is shocking within itself, but he just cancels all of confucius' moral ideas in a second. And confucius offered him office (a state/kingdom he can rule in the chinese world/empire) but he refused. I highly recommend you read the book of Zhuangzi just to get some political perspective regarding your concrete ideas (and zhuangzi dismentles all concrete ideas, especially in the inner chapters)

          Now Ron Paul is not robber Chi, though you would like to present him to be so. Ron Paul is a Ghandi - he lives what he preaches, just google Doug Wead talking about it and then you can check your facts. He has a sound point - people like himself take care of themselves, and most others could be. Confucius said it best when asked why he is not participating in running the country - he said he is keeping his family in order and that is how he is doing his share. Ron Paul said it is a problem in the morality, and you cannot fix it by legislation. By bringing the issues (reminding the americans about the constitution) he is changing the morality of the country. I don't know about the 99% but the tea party are the fake biggots (or atleast their ellected officials are, they themselves are just people in pain), and Ron Paul is the real deal, reminding americans the philosophy and values that made america great, and that trying to force these values on other countries counters the values themselves, trying to force the philosophy negates the philosophy. By promoting the philosophy, even he loses, Ron Paul has already won. You will only see this victory in some 20-30 years though (as the children of today educate their own children)

          You refused to discuss the issues at hand in and wanted to be more philosophical (discussing democratic vs republican directions on a philosophical level), so now you got one.

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    • Sorry that I am writing like this, but It is february - exam season, and I am saving my writing skills for the university papers I must write, and exams I must take this month.

      Free markets also work in ideal conditions, but take 19th century China. Overpopulation (then 500 million, and they didn't have a way to employ all of them), caused over-supply of human working force, and the demand wasn't as high (didn't have all the industry we have today so that 3 times as much chinese can survive). Supply and demand works to a point, but it is also very delicate. As I said, instead of believing you could ever solve the world's problems (atleast in the longer term) with just legislation is absurd. You must accomodate change wherever you go. I mentioned this case just so you don't think I am completely capitalist free-markets and all of that. Every situation requires it's own unique solution, unique legislation or repealing legislation, and in this case I truelly believe that Ron Paul is the right solution. The time has come for his ideas.

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  7. Its to bad that the way your system is set up, that this man might not be president. Money buys presidents. And those Rothschild Zionist fucks got a whole lot of it.

    It will take something big America! Grow some balls and go tear shit up.

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  8. okay ppl who talk shit on ron paul. u do realize the guy has been saying the same things for the past ten years plus

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  9. man who pissed in your cornflakes" america has no right to force anybody to do anything, if they attack your borders then you do what you got to do. I believe all people from all nations have the god given right to be free. We should be communicating with each other and trying to find a common ground and if we have the better way then prove it by results not force and treat people with respect from all nations #1.

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  10. trans canida so the keystone pipeline is to only 2 ship 3.?billions of oil daily only and it will be number 2 pipe and the nebraskans dont want them to put it over there lake/water supply or through it thats the fuss and the 20% of shit in the air but sounds like not a job issue but a harm issue ? straight through is what there idea is 11 leaks for the first one huh OIL anyone:D

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  11. Americans are a bunch of confused and ignorant people..thats what I get out of this...

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  12. Such a refreshing spoon full of truth. This is like a medication that tastes bad; at first, we all might wince at the initial taste of the syrup going down, but the effects will be an unequivocal cure for what ails this country.

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  13. God dams Obama and his fear mongering war monger CIA /supporters for the killings in Iraq, Afghanistan, Libya and now Syria and on to Iran propaganda !!! As people watch the worlds greatest invasion Holocaust go on and on and on. Wake up America your under siege. CNN #1 propaganda machine - Fox #2 - U.N/ NATO who controls America is now the Weapon of mass

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  14. Can anyone tell me what's going on with Paul's poll numbers?
    Has he really dropped as low as the Washington Post is reporting or is that an abberation?

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  15. The PaulBots 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. Let us all say Amen.

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  16. President Paul!

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  17. ron paul all day!!!

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  18. The caucus is today and I haven't seen a single Ron Paul ad anywhere here in Colorado. We've just been bombarded with Romney and Santorum ads.

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  19. The banks planned a massive LAND GRAB.
    They know the dollar won't be worth anything so they are grabbing land, metals, and corporations. They own everything, including the military industrial complex.
    The banks foreclosed on thousands of homes they don't legally own. I worked with them and know what they did. The average person wouldn't believe. We need to expose the criminals.
    The blame for this economy rests upon the money masters.
    See Arizona vs Bank of America!
    No more empire.
    1776

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  20. Later this year the world could end as we know it but no one knows that for sure. In the mean time lets do our best to see that Ron Paul becomes OUR President and if that does not happen foe whatever reason then the time for true REVOLUTION will be at hand. Ron Paul 2012.

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