Posted on 11/29/2017 7:46:56 PM PST by Cheerio
FULL TITLE - We Got a Vast, Unaccountable, Unconstitutional Agency Because Elizabeth Warren Compared Mortgages to Toasters. And we're the stupid ones
Sixteen hundred bureaucrats with the power to charge billions in fines, with a $600 million budget outside of the congressional appropriations process, and all because Elizabeth Warren compared mortgages to toasters.
"Of all the ideas that get published in … journals like that, not so many make it into law," Warren boasted in 2011, at the launch of the Consumer Financial Protection Bureau.
She was referring to her essay "Unsafe At Any Rate," published by the "lefty" Democracy Journal in 2007, which was used as the impetus for the Obama administration to establish the CFPB. Warren's reasoning: If people are too stupid that they would buy a toaster that could blow up their house, then they certainly aren't smart enough to read the fine print on a mortgage.
Using a toaster as an analogy wasn't just a cute way for the then-Harvard law professor to begin her 5,000-word "manifesto" proposing her "new regulatory regime." No, the toaster was the thesis.
"It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house," Warren began. "But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street—and the mortgage won't even carry a disclosure of that fact to the homeowner."
Using a nonexistent one-in-five chance to make your claim that toasters are just like mortgages. She's off to a good start.
(Excerpt) Read more at freebeacon.com ...
Donald Trump has brought us to a post-post-Constitutional era . . . and I’m liking it!
Warren is an utter hypocrite to make her beloved CFPB subject to Federal Reserve oversight.
She knows the Fed is the real government of this country. They control and centrally-plan that most important commodity - money. Their member banks are the masters of the universe who move within the corrupt nexus from America’s top universities, to government to finance, and back again.
No overesight....unlimited budget....OK...just leave it as is...but with a new boss
Use it to de-construct the swamp.... agency by agency.
Pore banks can’t win. Either they go with easy terms and we (maybe) get the (alleged) 1-in-5 failure rate. Or they go with not so easy terms and we get lefties complaining.
“No overesight....unlimited budget....OK...just leave it as is...but with a new boss”
I don’t think that’s what Mulvaney has in mind. He was an outspoken critic of the establishment of the CFPB, and I think he has the intention of putting it effectively out of business. I just bet, knowing his position, that he danced into Trump’s office and said. “pick me Mr. President. I have this perpetual erection that won’t go down until CFPB is finished for good.”
That also works ...so when CFPB doesn’t exist just shuffle Mulvaney to another agency that need shutting down.
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