Recently Bernie Sanders was asked how he would accomplish his socialist dreams if the Republicans control both houses of congress. His response was telling. He said he would implement his form of “change” through executive order and regulations. I wonder where he got an idea like that?
Since President Obama has only intensified the divisive nightmare that is Washington, nothing much has gotten done lately. And that’s a good thing. When they come together and cross the aisle they birth monsters like Obamacare, Bailouts, and Unbalanced Budgets. Just because he can’t work with congress, that won’t stand in the way of our fearless leader. He must institute his legacy somehow.
His famous phone and pen have been busy.
The problem is that most of that phone and pen work goes unnoticed. The crony-capitalism and pay-to-play corruption have reached never heard of levels. Eric Holder just returned from his job as one of the worst Attorney Generals ever to his old job of protecting big banks for a corporate law firm. Shocker! Well, the banking industry owes Eric something for that whole “Too big to fail” thing.
This pattern is rampant in our current administration. Here’s a rundown of how it goes currently – Obama gives demanding speeches, make promises, fails to get the promise through congress, blames Republicans, quietly places friends in positions of power in key Departments, uses those friends to accomplish mission unchecked by congress, pays friends back in many shady lucrative ways. Isn’t that neat? Friends working together to wreck the country and make billions at the same time. Can I be Obama’s friend?
Another one of those shakedowns currently underway is happening at the Consumer Finance Protection Bureau (CFPB). What and who is that, you may ask? Exactly. No one knows and no one cares. Just another unaccounted for agency wielding great power. No one cares, unless you’re the industry under attack.
Remember those big banks that Eric Holder works for? They have some competition in the online and short term loan industry. You know, “Pay Day” loans that everyone knows have horrible interest. Shockingly, these short term loans are used every day by average Americans who struggle to make ends meet. Along with that, many folks utilize online lending rather than their local big bank branch. You’ve seen the commercials of the guy getting a loan in his underwear.
Well, those forms of financial services are a thorn in the side of the big banks. So what can be done? The upstart companies are legal, filling a need, and succeeding. How can they be disposed of? Where is that pen and that phone?
The CFPB, run by an Obama appointee, will this month write law unfettered by that pesky congress. If they are successful, you will see a vast majority of the online and short term loan businesses close. Americans will have fewer options when crisis hits. Sorry about that, working man. I thought the common folks were who Obama wanted to help? I guess big banks pay better and Obama doesn’t need their votes anymore.
The new regulations coming down from the CFPB will increase the paperwork to borrow $500 to more than what it takes to get a $500K mortgage. Furthermore, the complexity and reporting required will literally bring an end to this sector of financial services.
Some people cheer – good riddance to those predatory lenders! Those cheering should contemplate why they are happy at the demise of a thriving American business, simply because the powers that be have decreed on high that they should have all the market rather than compete for it.
When your car breaks down and you need $300 tomorrow and you don’t get paid for two weeks, keep cheering, because no regular “Big Bank” is going to help. So please contain your piety over people who have to use the short term loan system. Keep cheering while life gets a little harder for the working class thanks to our benefactor, President Obama and his gang of thugs.
I guess the old socialist, Bernie, was right, if you can’t get it done in the light of day with the help of congress, never fear, regulations work just as well when trying to crush your enemies.