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 wants 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 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.
Critics argue Musk is driven by conflicts of interest
I'm shocked, I say. Flabbergasted. Nonplussed. Flummoxed.
The rich hypocritical narcissistic shithead is using his status and position to amass even more wealth that he won't ever use in his lifetime? Say it ain't so!
Fuck Musk and everything he stands for.
It’s long overdue time to eat the fucking rich.
This is how they get us. They'll overwhelm with the volume of terrible shit that they're doing. We just won't be able to stop it all. We can organize and protest one thing at a time, But how can we organize to stop a thousand different things all happening at once?
Once they're back to putting children in cages and banning birth control, how are we really going to be motivated to rally around stopping the shutdown of a government bureau?
USA could've organized to stop thousands of different things all at once, but they decided to let it happen. That was on 5-NOV-2024.
News flash: Because it's not about efficiency.
It's about how to most efficiently stuff tax dollars into his pockets.
Well, his and his friends, but yeah. This is the complete answer.
Literally whatever he thinks and says, I want the exact opposite. Don’t trust the rich, especially the richest of the rich!!
That agency was created by congress and it will take congress to destroy it, no matter what President Musk says.
In ideal circumstances yes. Nothing stops president Cheeto from firing everyone at the agency. Nothing stops him from initiating a hiring freeze at said agency.
Nothing stops him from locking the doors, removing computers, desks, phones...
This is how fascism works. Anything they can't legislate they'll make damn near impossible to do.
That particular agency was created by law, has a mandate, and is not part of the administration. Its creation by Congress as part of a compromise on an SEC restructure and receives budget as a set percentage of it. It's purpose is to look out for consumers getting ripped off, such as bank fees. I remember it because it is Elizabeth Warren's brainchild during the Clinton years. She was supposed to run it, but Republicans didn't like her. So, she ran for Congress, won a senate seat, and they really don't like her now.
You know that the Republicans will also control both houses of Congress, right?
The house is really close. So much so that Republicans will have a one seat majority until April. The Republicans will have a 3 seat majority in the senate. IDT it's anything to brag about and not a foregone conclusion for anything.
GOP has Congress. They're going to rubber stamp whatever Musky tells Trump. If they don't they get primaried, funded by musky. There's really no point in trying to be pedantic (which everyone already knows anyway).
Fox says hen house ineffective, should tear it down
The CFPB has long faced opposition from corporations and conservatives
Whatever the complete opposite of a red flag, they have it. It'd be hard to find a thing these two groups have in common with an average citizen if that's not just an infight between the two.
Critics, including Public Citizen, argue Musk is driven by conflicts of interest
In equally surprising news, leading oceanographers agree : Pacific Ocean larger than average dog's water bowl in terms of both area and depth.
...i.e., not corrupt enough to keep around
Life is grand if you are a narcissists in USA.
A very rich narcissist at least.
No not just the rich, narcissism is not only accepted but respected in USA. Stand your ground, discriminate minorities, falsify historic events, and generally cheat and lie. You can do these things and become a local or even national hero, AND President of the USA!
It's all accepted and legal to a way higher degree than other countries that are economically comparable.
So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.
Nah, worse than that.
When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren't.
But with it gone, they'll start up again.
Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.
The wealthy elite class hates that kind of efficiency.
Why is anyone even considering what that pissfart wants?
Sure. Just let him gut whatever. He thinks gutting things is automatically smart, though really it just gives him a little thrill.
At this point, the best (and maybe only option) is just let these clowns run wild. The system will fail sooner that way. Best not to draw it out.
Did you read the article?
Yep. Not making any counter claims versus the article.
On the other hand, it's because of the CPFB that one must have absolutely sterling credit to even think about getting a mortgage. Prior to the 2008 housing crisis that led to its creation, banks were handing out mortgages like Halloween candy, all anyone had to do was walk up and say "Trick or Treat!". Didn't matter whether or not the person getting the mortgage made enough money to even pay the interest, the mortgage and the house were both there for the taking.
Prior to the 2008 housing crisis that led to its creation, banks were handing out mortgages like Halloween candy, all anyone had to do was walk up and say "Trick or Treat!"
Well, yeah, which lead to the 2008 crisis, and the creation of the CPFB to try to avoid that in the future
Look, I've made some bad choices in life. I'm in my 30's, I live with my girlfriend and her mother, and my credit only just recently got above 600. But because of the rules the CPFB put in place, I'll be laughed out of ANY bank if I walk in and ask for a mortgage for just a bare plot of land with nothing on it. And maybe I'm being selfish, but the CPFB hasn't done dick to make home ownership more affordable, or to keep private equity from snatching up all available inventory.