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Cross Post from IfLizWereQueen
What makes people think that Obama’s latest appointment to “provide financial protection for the people” will be any different from the rest of his appointments to provide financial protection for the people?
Where is the history to support this in Obama’s prior appointments? It is not there. Those who think that it is are either delusional or asleep.
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Obama appointed Mary Schapiro–the chairman of the SEC--a woman who had been an SEC commissioner (regulator since 1988 having served Reagan, Bush I, Clinton and Bush II). A lot of experience. Kinda makes you wonder why SHE didn’t catch Madoff if she is such an experienced regulator.
But never mind that. Look at her history as Director of Duke Energy since 1999. When she took over, Duke Energy ranked 46th as the worst polluter in the USA. After 9 years of Mary’s leadership, Duke Energy ranked as the #13 worst polluter in the USA. Duke Energy also has a nasty reputation for cutting off the tops of mountains–another great recommendation for Mary and her respect for the environment and people.
Schapiro is another Wall Street toady who believes in “self regulating” markets. Right. As the head of the Financial Industry Regulatory Authority (FINRA) she twiddled her thumbs while the financial giants increased their leverage to gigantic levels and spread their derivatives contagion to every part of the system.
Schapiro also missed the Madoff scandal, the auction-rate bond fraud, the blow up at Lehman Brothers, and the . . . ” Schaprio is perfect for the position as chairman of the SEC–just not perfect for the majority of the people. She is the perfect one to ensure that the Wall Street shysters will continue to fleece the American public.
Obama appointed Adam Storch to be the Chief Operating Officer of the SEC enforcement division. Mr. Storch is a former Goldman Sachs employee. For the five years prior to his appointment by Obama in Oct of 2009, Storch worked at Goldman Sachs, most recently as vice president in Goldman’s Business Intelligence Group. The position, along with the division, was created as a reaction to the subprime mortgage crisis. If Storch is not a fox in the henhouse, there has never been one. If you think that the system can or will be improved from the inside out by Barack Obama’s appointments, you are dreaming.
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Now Obama is appointing a regulator for the regulators.
Now we have yet another Obama appointment to protect us: Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau
The U.S. Consumer Financial Protection Bureau is a bureau created under the Dodd-Frank Act in response to complaints that existing regulators didn’t do enough to protect consumers before the 2008 credit crisis. The rules overhaul shifted consumer protection from regulators responsible for banks’ financial stability, removing a potential source of conflict.
Not having that much faith in the altruistic nature of human beings, I am a person who leans strongly in the direction of more, not less regulation, but it seems to me that if Mary Schapiro and Adam Storch were doing their jobs (which these two Foxes in the Henhouse obviously are not) the consumers would be protected. Regulators such as Schapiro and Storch disregard the holistic picture of a banks financial stability that includes their fair treatment of customers. Banks and financial institutions who treat their customers unfairly always put their investors at risk and when they do, we end up with catastrophic events such as our current global financial crisis. It seems to me that the solution is to replace people like Mary Schapiro and Adam Storch–not to create yet another government bureau.
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But what is the purpose of this useless Obama Boy Scout Appointment?
It wins him the Boy Scout badge of ”I stand for the little guy” in an election year.
Mary Warren, whom I respect and support was quoted as saying that this appointment ” . . .puts a cop on the beat” to protect protect Americans against unscrupulous lenders by — among other things — eliminating jargon-filled loan documents in favor of plain-English paperwork.”
With all due respect, at the best, this appointment is too little too late. We need a helluva lot more than a “cop on the beat” to undo the damage that Wall Street investors and crooks in Congress have done to our nation ( and by “Wall Street “, I include all members and traders and investors on the NYSE which is literally located on Wall Street and the NASDAQ which is located on Times Square but especially investment in financial institutions and yes, those of you who have money invested in pensions need to look into what you can do towards taking responsibility for that stock ownership as well). We need an army of Independent legislators in BOTH houses of Congress who are not millionaires and who are not invested in Wall Street and who are not beholden to either of the “two” parties with the courage to create legislation to undo the damage that the 1% have done to our nation. We need to all remember that they can only continue to do so with our permission.
One “cop on the beat” is not enough–even if Richard Cordray turns out to be an exception to Obama’s previous appointments and is an honest cop. We need millions of Americans to stand up and replace Congress.
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ADDENDUM
And by the way, you can expect more of Obama’s appeals for more Boy Scout badges to be forthcoming in 2012.
The question is: will Americans fall for his promises this election year in light of what he and his Democrat majority in both Houses for four years (from Jan 2007 to January 2011) have not delivered?
Or will they finally wake up and see our “two party” system for what it really is: –a one-party system for the 1%. Will they finally see that there is not much difference between a Congressional multimillionaire Democrat and a multimillionaire Republican. Will they finally see that over 44% of the US Congress who are multimillionaires have increased their wealth from the $100s of thousands to the millions over the past three years as the majority of Americans have been losing their jobs and homes.
Will the synapses finally connect with the American public and they will realize that Wall Street investors (Those who own stock traded on the NYSE which IS located on Wall Street) have not made their millions by job creation and new product innovations.
The majority of Wall Street corporations [especially the financial ones] (But I include the majority of all corporations whose stock is traded on NYSE and NASDAQ for those who pretend to be confused by my terminology of “Wall Street.”) have made their millions these past two years by cutting costs–not by creating jobs.
and how have they “cut costs” for their investors? By firing Americans and selling off assets.
And what will change this? Toss them out in 2012–Democrats and Republicans alike. Stop electing millionaire Wall Street investors to represent you.
UPDATE ON OBAMA’S RECESS APPOINTMENTS
Put them in perspective in the larger scheme of things as well as their benefit to the majority.
More than 180 nominees are currently pending before the Senate. One of the most important one of them is the appointment of the Director of the Federal Housing Finance Agency. For several years we have had an “acting” director by the name of Ed DeMarco who has opposed more aggressive helpfor homeowners facing foreclosure — measures such as cutting mortgage debt for borrowers who owe more than their homes are currently worth, provided that doing so makes financial sense.
If Obama were serious about helping the majority of Americans, he would kick Ed DeMarco’s ass out and replace him during recess. He could, but he won’t because Obama himself is an ass.
With all due respect, Liz, you haven’t been following the CFPB very well, have you? The appointment starts the CFPB. The Republicans have been using the non-confirmation to keep the bureau from actually starting operations at all.
The appointment lasts for the rest of Obama’s term in office, unless he is re-elected. So it effectively means the Republicans can’t shut down the bureau. That’s why it’s important, and why it isn’t “too little too late”. You should criticize where it’s warranted and not where it isn’t. This one, it isn’t.
Storch and the 0bamanable F (US) troop!
Unfortunately you are pissing at the wind on places like fdl since they think critique is enough to create change, and that you dont actually have to elect your own people to represent you.
My point, that you miss entirely with your snide comments Ondelette is that the bureau will not be effective in any case AND if Obama had done right by the majority of the American people and not appointed Wall Street corporate shills like Mary Schapiro and Adam Storch to “regulate” the SEC we would not even need such a bureau and thus the appointment of Cordray.
My point that you miss entirely with your snide comments Ondelette, is that we need a lot more than “one cop on the block” to set things right for the American people. Cordray’s appointment and the bureau itself are little more than BS added to quell the anger of the public.
It will be just another do nothing agency. In fact, if you read the headlines associated with the “promises” of this agency you will find that they are focusing on Pay Day Loan operations and mortgage lenders. All the H these people are is competition with Wall Street banks–or do you think perhaps there is some different between a Pay Day Loan operation and Bank of America who charge interest rates that are almost three time the value of the original loan?
If Obama gave a damn about mortgage lenders, he would have fired Ed DeMarco years ago. For example, he would have kicked Ed DeMarco’s ass out and replaced him with a permanent director. DeMarco has defended the mortgage giants for giving millions in bonuses to top execs while they’re being propped up by taxpayers. As acting director of the Federal Housing Finance Agency, DeMarco has opposed more aggressive helpfor homeowners facing foreclosure — measures such as cutting mortgage debt for borrowers who owe more than their homes are currently worth, provided that doing so makes financial sense.
Obama would make a HUGE difference by replacing DeMarco and appointing someone to that post who will represent the majority,
My point that you miss entirely Ondelette is that the only reason Obama made this appointment was for another one of his “I stand for the little guy” badges for the 2012 election.
If Obama gave one raggedy rats ass about the majority of the American people he never would appointed Mary Schapiro and Adam Storch to regulate the SEC.
Or do you happen to think that people with such records are appropriate?
Regarding: voting for Independents and running for office ourselves: it does seem that way sometimes from some of the comments.
The minute someone writes about electing people from the 99% who are not millionaire Wall Street shills,there is often a barrage of comments offering up reasons why it is useless to even try.
“It’s the one with the most money who always wins. . .” In spite of the fact this not not true. If it were, Meg Whitman would be governor of California. Then we get the excuse of how the machines are rigged.
yes, in some few places, machines are rigged and that is why we need poll watchers. that is why we need people to participate in the Democratic process.
The best defense against rigged machines is an overwhelming majority voting for one candidate. Rigged machines only can work in places where races are close. Otherwise people will riot because the fraud is so obvious.
AND how many times do we hear anyone on this site mention Jill Stein? We do have a third party candidate for president. Until someone better comes along, she has my vote.