Consumer Financial Protection Gone Awry

Townhall.com ^ | April 13, 2022 | Star Parker

[Kaslin]

The crises of recent years tend to erase from memory those that preceded them.

One, as you may recall, was the financial collapse of 2008 -- a collapse deemed by many as the worst since the Great Depression.

That collapse swept into power a government like the one we have now -- the White House and both houses of Congress controlled by Democrats.

Newly elected President Barack Obama appointed then-Rep. Rahm Emanuel as his chief of staff, who made popular the saying, "Never let a serious crisis go to waste."

Indeed, the new Democrat administration followed this advice and used the financial crisis as an opportunity for a major expansion of government.

Democrats wasted no time to ascribe the financial collapse to business greed and insufficient regulation of banks and other financial institutions. In 2010, the 2,300-page Dodd-Frank Act was passed -- with no Republican votes in the House and three in the Senate -- adding 400 new regulations on financial institutions.

Included in this tsunami of new financial regulation was the creation of a new independent agency -- the Consumer Financial Protection Bureau. The agency, originally the brainchild of Sen. Elizabeth Warren, was conceived with her view, shared by Democrats on the far left, that disparities in financial results between different communities must be due to racism and discrimination. So, needed, in their view, was an all-powerful bureaucrat in Washington to level the playing field.

[joe fonebone]

OK..
Time to vent..
What follows is my ONLY bitch about President Trump..

In ‘08 we were on the verge of depression. Not recession. Depression.
Bernanke was a student of the great depression, and knew what to do, and what not to do. He personally prevented us from entering depression territory.
Part of this solution was to crank up the printing presses. A short term shot of printed dollars was necessary to prevent what happened in the early ‘30’s.

Well, fubo continued to print cash after the initial phase had passed, and the people on this very site started to bitch and scream about it. These freepers demanded that the printing presses be stopped. But, a sudden stopping of the presses would have resulted in the continuation of the near depression we had just gotten out of.

Towards the end of fubo’s second term, the perfect opportunity to bring us in for a soft landing was sitting in his lap. He refused to begin to slow down the presses, and actually increased the speed of them.
Fubo wanted it all to crash.
And the people on this very site screamed for him to slow the damn things down.
Enter President Trump.
He was handed an economy that was on the verge of doing great things. And great things happened. The economy starting booming. This was the perfect set up to bring us in for a soft landing.
But that never happened.
The people on this very site, that screamed for the presses to stop, screamed when talk about slowing down the presses started. The people on this very site WANTED the fed to keep cranking out dollars, because if they stopped, it would ruin Trump’s economy????
This was my only bitch about President Trumps performance in office. It was his, and many other peoples, blind spot.

Now we got slow joe, who can’t even remember what year it is, in charge of the economy.
We are past the point of soft landing.

The 2008 near depression has never fully played out.
It is about to.
In a very bad way.