{"id":189663,"date":"2010-02-25T12:50:00","date_gmt":"2010-02-25T17:50:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/25\/another-day-another-obama-administration-capitulation\/"},"modified":"2010-02-25T12:50:00","modified_gmt":"2010-02-25T17:50:00","slug":"another-day-another-obama-administration-capitulation","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/25\/another-day-another-obama-administration-capitulation\/","title":{"rendered":"Another Day, Another Obama Administration Capitulation"},"content":{"rendered":"<p>Yep, this time it&#8217;s <a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2010\/02\/24\/AR2010022405573.html\">the CFPA<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The Obama administration is <span style=\"font-weight: bold;\">no longer insisting on the creation of a stand-alone consumer protection<\/span> agency as a central element of the plan to remake regulation of the financial system.<\/p>\n<p>In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise with lawmakers concerned about creating a new bureaucracy, according to congressional and some administration sources.<\/p>\n<p>President Obama&#8217;s economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.<\/p><\/blockquote>\n<p>(<span style=\"font-style: italic;\">emphasis mine<\/span>)<\/p>\n<p>Let&#8217;s be clear on this:  <span style=\"font-weight: bold;\">No one has any concern about a new bureaucracy<\/span>.  The banks want impunity to screw consumers, and members of Congress who want campaign donations from Wall Street, and White House officials completely captured by the finance industry, **cough** Geithner and Summers **cough**, are more than willing to do this.<\/p>\n<p>If the CFPA is not independent, which means that they have the <span style=\"font-weight: bold;\">ability to craft their own budget<\/span>, they will be subject to the tender mercies of someone like Timothy &#8220;Eddie Haskell&#8221; Geithner or Hank &#8220;Why the f%$# isn&#8217;t he in Jail&#8221; Paulson, and so will be largely ineffective.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yep, this time it&#8217;s the CFPA: The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system. In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,970,1004,1020,985,1173],"tags":[],"class_list":["post-189663","post","type-post","status-publish","format-standard","hentry","category-congress","category-corruption","category-finance","category-legislation","category-regulation","category-white-house"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189663"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189663"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}