Musk wants to abolish consumer agency that has been a ‘model of efficiency’
Musk wants to abolish consumer agency that has been a ‘model of efficiency’
"This is systemic corruption at a grand and intolerable scale," one advocate said of the billionaire's call to "delete" the Consumer Financial Protection Bureau.
Summary
Elon Musk called to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.
Critics, including Public Citizen, argue Musk’s stance is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services—a business Musk appears poised to enter.
“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.
The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.
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Musk has publicly praised the book, 'The Capitalist Manifesto: Why the Global Free Market Will Save the World,' that came out last year. The book, as you would assume, advocates for essentially unregulated, free market capitalism. I think Musk, and others like him, see a second Trump term as an opportunity to try and bring about the capitalist utopia that the book envisions.
If you're a capitalism supporter, this is likely good news. And long may the free market reign. If you're a socialist, well, you better be organizing workers like there's no tomorrow.
If you're a capitalism supporter, this is likely good news.
It's not good news for intelligent capitalists either. The current systems are in place because real capitalists, starting with Adam Smith in 1776, know that regulations are critical for the success of capitalism.
People who champion deregulation are always looking to destroy the free market for their personal profit.
Unfortunate that intelligence doesn't seem to be a requirement for having success under capitalism.
"Capitalist utopia" is a bit of an oxymoron, no?
Utopia for a select few, dystopia for everyone else.
Not if you're a selfish capitalist billionaire who doesn't give two shits about other people. But for everyone else, yes.
"Capitalist utopia" is a bit of an oxymoron, no?
I think it is.
There certainly exist capitalist utopias, like the Ayn Rand Galt's Gulch and Heinlein's Luna. All utopias are fictional, of course.
I very much doubt that tariffs and pissing off basically everyone outside if the US will help a goal of a global free market.
Well, they have to balance their commitment to global free markets with their desire to destroy countries run by Communists, or any country that isn't sufficiently Western and liberal in their political or economic philosophies. China is especially problematic, because they've accounted for so much of the global growth that's occurred over the last several decades, but they are ultimately run by Communists, and they are certainly not liberal or Western enough.
I remember last time Trump was in office. There were massive tariffs on european products as well. There are no communist countries in the European Union. Trump and his gang openly push the "America first" narrative and that very obviously means that every other country in the global market is under attack, even those who were traditionally viewed as allies. Communism is not the issue here.
We'll see if the US manages to bully the world into submission but I have my doubts. A free global market is bound by capitalist mechanics. If the US is not an attractive trade partner the export profits will be made elsewhere.
Yes, they are not consistent in their own logic. They are hypocrites. But that doesn't mean they aren't committed to global, free-market capitalism. They're committed to it in the same way a religious person might be committed to their faith, despite not following, or even knowing all of its precepts. In fact, the rules and definitions of global, free-market capitalism don't matter. The rules of capitalism are whatever they want them to be, similarly, again, to a pastor who molds his denominations religious teachings to whatever suits him.
The important thing is that musk is a classic libertarian grifter.
His cars are propped up by government subsidies (or they were, I think he's running into problems), starlink is heavily used by NASA, and the boring company is just another way to extract government money.
He'll pretend to be a global libertarian, but what he really wants is sky high tarrifs so he doesn't have to compete with Chinese electric cars.
Nor are closed borders a free market solution.
He envisions himself as Andrew Ryan
Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.
If you want to see an actual free-market capitalist who also has power and is not just a guy in the internet, check out Argentina's still miraculously current president Milei.
Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.
No true Scotsman.