{"id":31986,"date":"2017-11-17T10:16:24","date_gmt":"2017-11-17T15:16:24","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=31986"},"modified":"2017-11-17T10:16:24","modified_gmt":"2017-11-17T15:16:24","slug":"wise-advice-from-the-people-who-know","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=31986","title":{"rendered":"Wise Advice From The People Who Know"},"content":{"rendered":"<p>Yesterday <a href=\"https:\/\/www.investors.com\/politics\/editorials\/dont-pick-a-new-head-for-cfpb-close-it-down-instead\/\" target=\"_blank\" rel=\"noopener\">Investor&#8217;s Business Daily<\/a> posted an editorial about the <a class=\"zem_slink\" title=\"Consumer Financial Protection Bureau\" href=\"http:\/\/en.wikipedia.org\/wiki\/Consumer_Financial_Protection_Bureau\" target=\"_blank\" rel=\"wikipedia noopener\">Consumer Financial Protection Bureau<\/a>. This bureau was part of the <a class=\"zem_slink\" title=\"Dodd\u2013Frank Wall Street Reform and Consumer Protection Act\" href=\"http:\/\/en.wikipedia.org\/wiki\/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act\" target=\"_blank\" rel=\"wikipedia noopener\">Dodd-Frank<\/a> legislation aimed at taking the focus away from the actual cause of the financial meltdown of 2008.<\/p>\n<p>For those of you who are new to this website, the following video is the best analysis of the <a class=\"zem_slink\" title=\"Financial crisis of 2007\u201308\" href=\"http:\/\/en.wikipedia.org\/wiki\/Financial_crisis_of_2007%E2%80%9308\" target=\"_blank\" rel=\"wikipedia noopener\">financial crisis of 2008<\/a> available. I have embedded it because at some point <a class=\"zem_slink\" title=\"YouTube\" href=\"http:\/\/maps.google.com\/maps?ll=37.628101,-122.426424&amp;spn=1.0,1.0&amp;q=37.628101,-122.426424 (YouTube)&amp;t=h\" target=\"_blank\" rel=\"geolocation noopener\">YouTube<\/a> will probably take it down.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/1RZVw3no2A4\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Dodd-Frank put a stranglehold on business growth and punished people who were not responsible for the crisis. However, those who like big government and wanted more power pushed the narrative that resulted in Dodd-Frank and the Consumer Financial Protection Bureau.<\/p>\n<p>The current head of the Consumer Financial Protection Bureau,\u00a0<a class=\"zem_slink\" title=\"Richard Cordray\" href=\"http:\/\/www.cordrayforohio.com\" target=\"_blank\" rel=\"homepage noopener\">Richard Cordray<\/a>, has announced that he will resign at the end of November. Investor&#8217;s Business Daily suggests that instead of naming a replacement, President Trump should simply shut the agency down.<\/p>\n<p>The editorial at Investor&#8217;s Business Daily reminds us of some of the history of the agency:<\/p>\n<p style=\"padding-left: 30px;\"><strong>An October 2016 Supreme Court ruling found CFPB&#8217;s structure to be unconstitutional, a violation of the separation of powers in the nation&#8217;s supreme law.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>One element of the high court&#8217;s decision was that Cordray could only be fired by the president for cause\u00a0\u2014 making it very hard to get rid of even an incompetent in the job. Worse, by funding the CFPB from the Federal Reserve, not <a class=\"zem_slink\" title=\"United States Congress\" href=\"http:\/\/maps.google.com\/maps?ll=38.8897222222,-77.0088888889&amp;spn=0.01,0.01&amp;q=38.8897222222,-77.0088888889 (United%20States%20Congress)&amp;t=h\" target=\"_blank\" rel=\"geolocation noopener\">Congress<\/a>, the agency lay just outside the direct oversight of Congress. It had massive power over finance in the U.S. economy, with little or no accountability. Cordray did little or nothing to remedy this.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>&#8220;We are <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-11-15\/cfpb-s-cordray-to-step-down-allowing-trump-to-remake-watchdog\" target=\"_blank\" rel=\"noopener\">long overdue for new leadership<\/a> at the CFPB,&#8221; said <a class=\"zem_slink\" title=\"United States House Committee on Financial Services\" href=\"http:\/\/en.wikipedia.org\/wiki\/United_States_House_Committee_on_Financial_Services\" target=\"_blank\" rel=\"wikipedia noopener\">House Financial Services Committee<\/a> Chairman <a class=\"zem_slink\" title=\"Jeb Hensarling\" href=\"http:\/\/en.wikipedia.org\/wiki\/Jeb_Hensarling\" target=\"_blank\" rel=\"wikipedia noopener\">Jeb Hensarling<\/a> of Texas. &#8220;The extreme overregulation it imposes on our economy leads to higher costs and less access to financial products and services, particularly with lower and middle incomes.&#8221;<\/strong><\/p>\n<p>The editorial concludes:<\/p>\n<p style=\"padding-left: 30px;\"><strong>From nothing in 2010, the agency now employs more than 1,600 people, with $647 million in budgeted spending last year and another $525 million in civil penalty fines\u00a0\u2014 often collected without any due process for those who were forced to pay up.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Last January, <a href=\"http:\/\/dailycaller.com\/2017\/01\/04\/the-cfpb-will-be-a-scar-on-obamas-legacy-as-it-should-be\/\" target=\"_blank\" rel=\"noopener\">Michael McGrady wrote<\/a> on The Daily Caller website, &#8220;Like every new government program, (CFPB) became a corrupt political bargaining chip in Obama&#8217;s administration with the sole mission to assert government supremacy over the economy.&#8221; <a href=\"https:\/\/www.investors.com\/politics\/editorials\/dont-reform-the-cfpb-shut-it-down\/\" target=\"_blank\" rel=\"noopener\">Nothing has changed<\/a> since then. As we&#8217;ve said before, shut it down.<\/strong><\/p>\n<p>Think of the savings for taxpayers!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday Investor&#8217;s Business Daily posted an editorial about the Consumer Financial Protection Bureau. This bureau was part of the Dodd-Frank legislation aimed at taking the focus away from the actual cause of the financial meltdown of 2008. For those of &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=31986\">Continue reading <span class=\"meta-nav\">&rarr;<\/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":[7793,2785,8730,1328,4871,1513],"class_list":["post-31986","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-consumer-financial-protection-bureau","tag-dodd-frank","tag-financial-crisis-of-2008","tag-jeb-hensarling","tag-richard-cordray","tag-united-states-house-committee-on-financial-services"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/31986","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=31986"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/31986\/revisions"}],"predecessor-version":[{"id":31988,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/31986\/revisions\/31988"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}