{"id":21503,"date":"2014-01-08T21:45:11","date_gmt":"2014-01-09T02:45:11","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=21503"},"modified":"2014-01-08T21:45:11","modified_gmt":"2014-01-09T02:45:11","slug":"crony-capitalism-at-work","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=21503","title":{"rendered":"Crony Capitalism At Work"},"content":{"rendered":"

It is not news that the Obama Administration practices Crony Capitalism<\/a>, but sometimes it is news to see how far the Administration will go to destroy a business or industry they have decided they do not like.<\/p>\n

Breitbart.com<\/a> posted a story today about the Obama Administration’s<\/a> war on the private lending industry: third party payment processors (“TPPPs”), payday lenders, and online lenders. The war, referred to in the Administration as ‘Operation Choke Point,’ is designed to destroy these three industries.<\/p>\n

The article at Breitbart.com explains:<\/p>\n

According<\/a> to the Wall Street Journal<\/a><\/em>, the federal initiative now known as ‘Operation Choke Point’ is an outgrowth of the President’s Financial Fraud Task Force<\/a>, established by President Obama<\/a> by Executive Order in 2009. It also appears to have been kicked off in secret by the Department of Justice<\/a>, FDIC<\/a>, and the CFPB<\/a> in early 2013 without the requisite statutory authority. Officials at the Department of Justice have withheld information about the program from Congress<\/a>, though they have eagerly shared details with federal financial institution examiners authorized to supervise and discipline the nation’s banks and related financial institutions.<\/strong><\/p>\n

…The members of Congress warned Holder and Gruenberg that these actions were undertaken by their respective agencies without statutory authority.\u00a0“Your actions to ‘choke off’ short-term lenders by changing the structure of the financial system are outside your congressional mandate,” they wrote. “With the enactment of the Dodd-Frank Act<\/a>, Congress acknowledged the need for short-term credit products and did not try to limit online lender’s or storefront operators’ ability to offer such products.”<\/strong><\/p>\n

The article goes on to explain some of the efforts by Congress to obtain information on the program and to fulfill their constitutional responsibility of oversight. Generally speaking, they have been blocked at every turn.<\/p>\n

The article concludes:<\/p>\n

The Obama administration<\/a>, by treating Congress with disdain and failing to provide evidence of the statutory authority for its actions, is signaling that it has no intention of stopping.\u00a0Up next for the administration is the expansion of the tactics used in ‘Operation Choke Point’ to a whole host of industries the Obama administration does not like and has identified for targeting, including manufacturers of guns and ammunition.<\/strong><\/p>\n

When will we get our real constitutional government back?<\/p>\n

\n

\"Enhanced<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

It is not news that the Obama Administration practices Crony Capitalism, but sometimes it is news to see how far the Administration will go to destroy a business or industry they have decided they do not like. Breitbart.com posted a … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[97,735,494,6924,269,562,135,6923,2028,238],"class_list":["post-21503","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-barack-obama","tag-congress","tag-crony-capitalism","tag-dodd-frank-act","tag-justice-department","tag-obama","tag-obama-administration","tag-operation-choke-point","tag-presidency-of-barack-obama","tag-wall-street-journal"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/21503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21503"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/21503\/revisions"}],"predecessor-version":[{"id":21506,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/21503\/revisions\/21506"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}