Just what we need another big bureaucracy, since the hundred other organisations we have to monitor fraud and abuse did such a good job catching all the fraud and abuse during the housing boom, lets create another fucking useless bureaucracy, that can also screw up and miss everything. Wonder how much this one is going to cost a year to keep thousands more useless government fatcats leeching off our dollars. You need not read past this line in the article to realise this agency will be completely useless. "Warren is a Harvard professor who first proposed the idea" Obama: Warren's agency will be 'watchdog' for consumers President Obama said today that new aide Elizabeth Warren is responsible for creating a new agency to become "a watchdog for the American consumer" when it comes to financial products such as mortgages and credit cards. The Consumer Financial Protection Bureau will "stand up for consumers and middle class families," Obama said in introducing Warren during a brief Rose Garden ceremony. Warren is a Harvard professor who first proposed the idea for such an agency, which became a centerpiece of the new Wall Street regulations that Obama signed into law earlier this year. Too many Americans have become victims of "practices that took advantage of consumers,' Obama said, and the new agency will target "unscrupulous" mortgage lenders, banks, and credit card companies. Obama considered naming Warren the chairwoman of the agency. But some Senate Republicans had vowed to oppose such a nomination, calling Warren anti-business. Now a member of the White House staff -- as well as a special assistant to Treasury Secretary Timothy Geithner -- Warren is not subject to Senate confirmation. The U.S. Chamber of Commerce issued a statement accusing Obama of avoiding the scrutiny of a Senate confirmation hearing. "The administration has circumvented one of the very few checks on a big new agency that already has been given an unprecedented concentration of regulatory powers," said David Hirschmann, president and CEO of the U.S. Chamber's Center for Capital Markets Competitiveness. "This maneuver is an affront to the pledge of transparency and consumer protection that's purported to be the focus of this new agency." Sen. Chris Dodd, D-Conn., who chairs the Senate Banking Committee, praised Warren, but also urged Obama to appoint a leader of the actual agency as soon as possible. "Until a Director is at the helm, this new bureau will not have the teeth that it needs to put strong protections in place, and could leave the entire bureau in jeopardy," Dodd said. http://content.usatoday.com/communi...rrens-agency-will-be-watchdog-for-consumers/1
Only a dipshit harvard professor who thinks they know more then everyone else could look at the absolute failure to stop the housing boom, and the fradulent practices which occurred during it by every single regulator, and think to themselves, "but wait, i can do it better, lets create a new bureaucracy!"
If she's not a pawn for the banks, wall street etc. she could do a lot of good. Don't count her out, before she even gets started. We need strong consumer protection and regulations with teeth in them. If it turns out she is a pawn then you are right. It is a huge waste of money.
Whether or not she will be a pawn, I dont know. But what i do know is that she can only be as good as the people she surrounds herself by, and the majority of the time it is the most useless people on the planet who seem to be the ones to flock to government work. From what I have seen of her she seems smart, but the problem with these people is that they miss the entire point, government institutions fail to do what they set out to do time after time after time, , and this will be no different. I dont know whether or not she will be a pawn, but i do know that this will be yet another government institution, full of hopeless idiots who were intellectually unable to make a decent earning in the private sector. I can be quite confident in advance based on every single other government Bureaucracy that they will do a haphazard job of whatever it is they are designed to do, and they will cost us a ton of money. Look at the number of Ponzi schemes which are only figured out by the SEC when the thief running the scheme runs out of money to pay people. I.E. Bernie Madoff, how the hell did the SEC not figure out that Billions of dollars which were supposed to be in the stock market were never even invested in the first place? The same can be said of alot of fradulent accounting cases.
I can't wait till all you old hippie burnout fucks, who fried your brains in the 60s-70s and actually think that marxism and statism were good ideas all die out. When your wretched generation is finally gone all of western civilization will be dancing on your graves. Hey doodooman, guess it's safe to assume you didn't get that MRI done yet...
Gay? What are you talking about? LOL!!! What?? Now you are going to try to tell us you are a male??!!! ROFL!!!Good one!!! LMAO!!!