Archive for the ‘Dodd/Frank Financial Regulations’ Category
Saturday, January 21st, 2023
Hi Everyone, I’ve been down here in The Villages in Florida for the past several weeks and had lunch today with a good friend and one of our conservative ladies, Mary Lou Drake and her husband Bob and a few of their friends. Of course, the conversation turned to the political problems we are having and someone mentioned Cloward & Piven. After lunch Mary Lou did a little homework and found this 2015 article by Glenn Beck where he clearly lays out the roots of all the problems we are now having in our country. Glenn Beck does a great job at giving us the historical background of how these problems have been building. Actually, back to Woodrow Wilson and the creation of the Federal Reserve and through the 60’s and on. So, sit back, pour yourself something a bit strong and read it and weep.! Nancy
Cloward & Piven and the Fundamental Transformation of America
Published May 15, 2015 By Glen Beck
I’m going to give you a hard concept to get your arms around: It’s the concept that there are people in this country who want to intentionally collapse our economic system. How could it be that any American would or would want to do such a thing? Well, those involved sleep just fine at night because they tell themselves that they’re not collapsing, they’re transforming — transforming — America into something better. The progressive movement in which these people are involved started around the turn of last century. These are the same people who gave us the Federal Reserve. They brought America the concept of redistribution of wealth through the progressive income tax, telling Americans at first that only the rich would be affected. They are the same people who felt that they knew better about your health than you did that they needed to force you to stop drinking alcoholthrough Prohibition. They brought us the League of Nations, then the United Nations. And their biggest contribution of all: They brought the understanding that our Constitution was a flawed, living, breathing document and that our Founding Fathers were a group of rich racists. Now, today’s group of progressives do not speak the same language as you and I do: Economic justice is taking from haves and giving to the have nots; social justice, to quote Mark Lloyd, is when someone needs to step down so someone else can have a turn, and transforming America means collapsing the state as we know it and rebooting it as a progressive utopia. None of the language is the same. What I would call socialist, they call social justice. That’s critical to understand; they really believe they’re making things better and they’re about to finish the process. They learned from their earlier failed attempts to transform America and the world, like the League of Nations. First, there can’t be a debate. They simply declare the debate over and that they have consensus already. Second, they can’t conduct their transformation in the open. And third, they can never let a good crisis go to waste. Now, as we discuss this, keep in mind that you’re watching all of this through your eyes; you see this as trying to collapse our economy. But progressives see this as a fundamental transformation — something better than we’ve ever had — as promised by Barack Obama: (BEGIN VIDEO CLIP, OCT. 30, 2008) THEN-PRESIDENTIAL NOMINEE BARACK OBAMA: We are five days away from fundamentally transforming the United States of America. (END VIDEO CLIP) So, let me introduce you to the people you would say are fundamentally responsible for the unsustainability and possible collapse of our economic system: Richard Cloward and Francis Fox Piven, authors of the Cloward-Piven strategy. Something else to remember is that this isn’t some conspiracy theory that we’re tossing out; they wrote about collapsing the economy and how they planned to do it in the article they co-authored in the ’60s called, “Mobilizing the Poor: How it Could Be Done.” Six months later, it was published in The Nation, under the title “The Weight of the Poor: A Strategy to End Poverty.” So, just what is Cloward-Piven? Well, remember the tree:
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Posted in Administrative State, Agenda 2030, Agenda 21, American History, Anti-Capitalists, Bernie Sanders, Big Government, Bill Ayers, Clinton, Cloward-Piven, Common Core Curriculum, Congress, Constitution, Corruption/Crime, Cultural Marxism, Culture Rot, Deep State, Democracy, Democrats, Demographics, Diversity, Dodd/Frank Financial Regulations, Economy, Election, Election 2012, Election 2014, Election 2016, Election 2018, Election 2020, Election 2022, Election 2024, Elitism, Entitlements, Equity, Food Stamps, Frankfurt School, George Soros, George W. Bush, Glenn Beck, Globalists, Globalization, Government Regulation, Government Waste and Fraud, Hillary Clinton, History, Joe Biden, Legal Issues, Liberalism, Marxism, Multiculturalism, National Debt, Obama, Obama Administraiton and Policy, Obamacare, One World Government, Open Borders, Political Correctness, Political Corruption, Politics, Progressive Movement, Racism, Radical Left, Rudy Giuliani, Rules For Radicals, Saul Alinsky, Social Justice, Socialism, Soros, Sustainability, Taxation, Taxes, Totalitarian, Transparency, Tyranny, U.S. Presidents, UN Agenda 2030, Voter Fraud, White Privilege, Wokeness, World Economic Forum | No Comments »
Wednesday, December 12th, 2018
Maxine, the fox guarding the hen house. Stephen Moore gives us a sweet bit of history regarding the financial crisis. Don’t you just love those Dems and their pious self righteousness ! Nancy
https://www.washingtontimes.com/news/2018/nov/11/why-wall-street-must-get-ready-for-maxine-waters/
WASHINGTON TIMES
Why Wall Street Must Get Ready for Maxine Waters
By Stephen Moore • Stephen Moore, a columnist for The Washington Times, is a senior fellow at the Heritage Foundation. His new book with Arthur Laffer is “Trumponomics.”
November 11, 2018
Democratic Rep. Maxine Waters of California appears a lock to become the next chairman of the powerful Financial Services Committee. Ms. Waters is pledging to be a diligent watchdog for mom and pop investors, and recently told a crowd that when it comes to the big banks, investment houses and insurance companies, “we are going to do to them, what they did to us.” I’m not going to cry too many tears for Wall Street since they poured money behind the Democrats in these midterm elections. You get what you pay for.
But here we go again asking the fox to guard the hen house.
Back during he the financial crisis of 2008-09, which wiped out trillions of dollars of the wealth and retirement savings of middle-class families, we put the two major arsonists in charge of putting out the fire. Barney Frank of Massachusetts and Chris Dodd of Connecticut were the cosponsors of the infamous Dodd-Frank regulations. Readers will recall that good old Barney resisted every attempt to rein in Fannie Mae and Freddie Mac and said he wanted to “roll the dice” on the housing market. That worked out well.
Meanwhile, Mr. Dodd took graft payments in the form of low-interest loans from Countrywide, while greasing the skids for the housing lenders in these years. Instead of going to jail or at least being discharged dishonorably from Congress, he wrote the Dodd-Frank bill to regulate the banks.
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Posted in American History, Banking, Big Government, Congress, Democrats, Dodd/Frank Financial Regulations, Election 2018, Fannie and Freddie, Financial Meltdown, Government Regulation, Liberalism, Lobbyists, Obama Administraiton and Policy, Political Corruption, Politics, Regulations, Transparency, Wall Street | No Comments »
Thursday, June 7th, 2018
THE WEEKLY STANDARD
Regulatory Release
May 24, 2018
The partial repeal of Dodd Frank could have gone farther, but it’s a good start.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and President Obama signed it into law. The legislation, more than 2,000 pages long, imposed cumbersome regulations on financial institutions, which the bill’s authors took to be responsible for the 2008 financial crisis and the consequent recession. The law also established the Consumer Financial Protection Bureau, or CFPB, an advocacy agency for consumers that, to no one’s surprise, quickly turned into a Naderite anti-corporation attack dog.
Complicated laws passed in the middle of a crisis are guaranteed to make things worse in the long run, and so Dodd-Frank proved. The Democrats, who controlled both House and Senate in 2010, took the blinkered view that the financial crisis had come about exclusively thanks to the unregulated excesses of the private-sector financial industry; regulating that industry was, for them, the only rational response. The law thus deprived the market of liquidity in the middle of a recession—with predictable results.
The Democrats ignored two important points. First, the role of the federal government itself: Government-backed mortgage giants Freddie Mac and Fannie Mae—then as now boasting powerful allies in Congress—encouraged precisely the sort of risky and foolish loans that led directly to the housing-market collapse and attendant financial meltdown. Second, what many of the investment banks did was already illegal: “cooking the books,” to use the popular term. To that extent, it was an enforcement problem, not a regulatory one. Greater regulation of investment banks largely missed the point—though it allowed powerful Democrats in Congress to blame someone other than themselves for the crisis. (The bill’s authors, Chris Dodd of Connecticut and Barney Frank of Massachusetts, both had a long history of encouraging Fannie and Freddie’s worst practices.) One of the law’s further follies is that it shackled small and mid-sized banks with the same provisions despite the fact that they had nothing to do with the financial crisis.
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Posted in Banking, Big Government, Congress, Democrats, Dodd/Frank Financial Regulations, Elizabeth Warren, Fannie and Freddie, GOP, Government Regulation, Obama, Obama Administraiton and Policy, Progressive Movement, Regulations, Wall Street | No Comments »
Tuesday, November 28th, 2017
https://www.wsj.com/articles/showdown-looms-at-consumer-financial-protection-bureau-1511745899
CFPB Official Sues Trump Administration Over Agency Leadership
Leadership contest is the latest battle to control agency’s direction
Leadership contest is the latest battle to control agency’s direction
WASHINGTON—An Obama-era official at the Consumer Financial Protection Bureau sued the Trump administration on Sunday night to block budget director Mick Mulvaney from taking control of the agency.
Leandra English, a career staffer appointed Friday to lead the CFPB by former director Richard Cordray, filed the lawsuit in federal court the night before the bureau was set to reopen with dueling temporary leaders vying to take it over. In doing so, she touched off a legal fight that will trigger court interpretations on how different statutes regarding succession apply to the unusual struggle over control of a federal agency.
President Donald Trump asserts he has the power to appoint an acting director, while the departing chief believed the law said otherwise.
Posted in Administrative State, Banking, Big Government, Deep State, Democrats, Dodd/Frank Financial Regulations, Elizabeth Warren, Federal Reserve, Government Regulation, Legal Issues, Liberalism, Obama Administraiton and Policy, Political Corruption, Progressive Movement, Resistance, Transparency | No Comments »
Tuesday, November 28th, 2017
https://www.wsj.com/articles/what-went-wrong-with-the-cfpb-1511072512?tesla=y
THE WALL STREET JOURNAL
What Went Wrong With the CFPB
I was an aide to Barney Frank. I’ve learned it’s a mistake to create an unaccountable agency.
Richard Cordray’s resignation as director of the Consumer Financial Protection Bureau provides a great opportunity for President Trump to appoint a new director who can undo an unfortunate legacy of bureaucratic overreach and political bias. More important going forward is what we have learned from our experience with the CFPB to prevent future similar missteps.
The first lesson is that Congress should never again create an “independent” agency with a sole director, particularly one not subject to the congressional appropriations process. Under the law, the CFPB—unlike the Securities and Exchange Commission, the Federal Communications Commission, the Federal Trade Commission and other independent agencies—is funded by the Federal Reserve, a move specifically designed to avoid congressional oversight.
I had the privilege of working as an aide to then-Rep. Barney Frank, chairman of the House Financial Services Committee when the Dodd-Frank Act of 2010, which created the CFPB, was written. I realized that no bill is ever perfect and the CFPB would have its imperfections. The authors wanted the bureau to be a fair arbiter of protecting consumers, instead of what it has become—a politically biased regulatory dictator and a political steppingstone for its sole director, who is now expected to run for governor of Ohio.
Posted in Banking, Big Government, Congress, Democrats, Dodd/Frank Financial Regulations, Donald Trump, Elizabeth Warren, Legal Issues, Liberalism, Obama Administraiton and Policy, Political Corruption, Progressive Movement, Regulations, Resistance, Transparency | No Comments »
Wednesday, April 19th, 2017
The Consumer Financial Protection Bureau was the brain child of Elizabeth Warren. Nancy
THE WALL STREET JOURNAL
You’re Fired,’ Trump Should Tell Richard Cordray
Under a dubious statute, the CFPB head can be dismissed only for cause—but there’s plenty of it.
April 13, 2017 6:56 p.m. ET
Messrs. Rivkin and Grossman practice appellate and constitutional law in Washington.
The greatest mystery in Washington involves not Russian spies or wiretaps but Richard Cordray’s continued employment as director of the Consumer Financial Protection Bureau. In the face of President Trump’s mandate for change, Mr. Cordray continues the Obama administration’s regulatory crusade against lenders, blocking access to the credit that supports so many small businesses and so much consumer spending.
Why would a president who made a TV show out of firing underlings now suffer a subordinate who refuses to get with the pro-growth agenda he campaigned on? If reports from the West Wing are to be believed, Mr. Trump’s unusual timidity is the result of overcautious legal and political advice.
Mr. Cordray is insulated from presidential control by a New Deal-era innovation: a statutory clause that allows the president to fire an independent agency head only “for cause,” meaning “inefficiency, neglect of duty, or malfeasance in office.” In October a three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia struck down that restriction as an infringement of the president’s constitutional authority to “take care that the laws be faithfully executed.”
Posted in Banking, Dodd/Frank Financial Regulations, Donald Trump, Economy, Elizabeth Warren, Legal Issues, Progressive Movement, Regulations, Small Business | No Comments »
Monday, December 19th, 2016
THE WEEKLY STANDARD
Learn from His Mistakes
Shortly after his inauguration in 2009, President Obama invited Republican leaders in Congress to a White House meeting. The House members brought a proposal with ideas for stimulating the economy, then suffering through the Great Recession. In the meeting, Eric Cantor, then the House minority leader, suggested a small business-related tax cut. A few days later, Obama complained Republicans had decided to oppose his stimulus before he had spoken to their conference. Republicans had a reason. House Democrats had already drafted the bill without consulting them. Every GOP idea had been left out.
This was Obama’s first mistake. At the time, Republicans were ripe for the picking. They had lost both the House and Senate in 2006 and the presidency in 2008. They were terrified. A concession or two—even small ones—would have gone a long way toward gaining their votes. And Republicans would inherit part ownership of the stimulus package. No concessions were offered. Every House Republican voted against the bill, as did all but three in the Senate.
Then came Obamacare and the second mistake. The president and Democrats were in a hurry. They didn’t have the time or the inclination to seek Republican support. Instead, the health care bill was put together, in secret, in the office of then-majority leader Harry Reid. No Republicans were invited to the drafting party and none voted for it. Democrats became sole proprietors of Obamacare.
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Posted in Congress, Conservatism, Constitution, Democrats, Dodd/Frank Financial Regulations, Election 2016, GOP, Government Regulation, Liberalism, Obama, Obama Administraiton and Policy, Obamacare, Progressive Movement, Taxation, Taxes | No Comments »
Monday, April 11th, 2016
The first article gives an in-depth look at more new regulations coming out of the Obama Administration. The Obama Administration has till Mid May to issue new regulations (If Republicans win the White House and maintain control of Congress, any rule issued by Mr. Obama within 60 legislative days of the end of his term could be overturned. That is because a Democratic president wouldn’t be there to veto a congressional vote to block the regulation).
The second article by the Chairman and Chief Executive Officer of Pfizer explains how the U.S. pharmaceutical industry will be impacted by this week’s U.S. Treasury’s new ruling which will affect their competitiveness against foreign companies . Nancy
THE WALL STREET JOURNAL
Obama Readies Flurry of Regulations
Burst of rule-making comes in an election season that has already been tough on corporate interests
Posted in Big Business, Big Government, Congress, Conservatism, Democrats, Dodd/Frank Financial Regulations, Environmental Protection Agency-, GOP, Government Regulation, Obama, Obama Administraiton and Policy, Progressive Movement, Taxation, Taxes | No Comments »
Wednesday, November 4th, 2015
THE WASHINGTON TIMES
The Fed, the White House and Congress are setting up the next financial bubble
By Stephen Moore – – Sunday, October 11, 2015
EXCERPT FROM THIS ARTICLE: The point is that government and politicians have no learning curve. All of the conditions of financial wreckage are reappearing. This is why congressional Republicans absolutely should put up a fight on the debt ceiling by requiring more budget discipline as a condition of higher debt levels. They should require at least 8-10 percent downpayments on all government insured mortgages. They should repeal all or part of the Dodd-Frank bill that is destroying community banks, while promising voters they will never again bail out a bank or financial institution. Finally, they should be urging the Fed to restore sound money by gradually raising short term interest rates. And the presidential candidates should start warning voters that Washington is rebuilding another financial house of cards.
My 13-year-old son told me at the dinner table the other day that Franklin Roosevelt was one of America’s “greatest presidents” because “he ended the Great Depression.” He’s usually a good student, so I checked where he got this tripe and sure enough the fairy tale was right there in his American history book.
Sure enough his text book tells kids that the New Deal ended the Great Depression and even saved capitalism. Of course the New Deal exacerbated the pain and financial devastation of a stock market crash, and unemployment lingered in double digits for a decade after Roosevelt was elected until the start of World War II.
We get this kind of rampant revisionism because the left writes the history books — which they are doing right now.
Here’s the latest story line: bailouts, trillions of dollars of government spending and debt, easy money, and re-regulation of Wall Street ended the 2008 Great Recession. The myth took on new life last week when Ben Bernanke took a bow in The Wall Street Journal for in his mind saving the economy with his $3 trillion of quantitative easing and zero interest rate policy. No, actually this is what created the crisis. Don’t be surprised if Mr. Bernanke receives a Nobel Peace Prize.
As Peter Wallison of the American Enterprise Institute and other scholars have thoroughly documented, the crash of 2008 was caused by the Federal Reserve’s easy money policies for nearly a decade, government housing policies that led to preposterous mortgage loans being issued, and massive overleverage of government, companies, and households.
Posted in Banking, Big Government, Debt Ceiling, Dodd/Frank Financial Regulations, Economy, Election 2016, Financial Meltdown, Housing Market | No Comments »
Tuesday, October 27th, 2015
THE WALL STREET JOURNAL
Hillary Clinton Flunks Economics
She says we’re better off with Democrats in the White House. Is that so?
There can be no doubt now: The U.S. economy is struggling, inequality is on the rise and too many Americans feel uncertain about their future.
On the campaign trail, I have met many of these men and women, who sit at the kitchen table each week, straining to stretch their dollars from shrinking paychecks. Families who can’t save for retirement with near-zero interest rates. Young parents who are being crushed by their student debt. Shop owners who can’t get a loan because their community bank went out of business.
We’ve had more than six years to watch the left’s prescriptions in action and the verdict is in: They don’t work. Under President Obama, the economy has been hobbled. The 73,000-page tax code is too complex to navigate without an army of accountants. The administration has added $7 trillion in new federal debt, and has doubled down on environmental regulations that crush business owners and farmers while raising energy prices.
And yet Hillary Clinton said on Oct. 13 in the first Democratic presidential debate, “The economy does better when you have a Democrat in the White House,” and she offers variations on that line when campaigning.
Whose economy is she talking about? The middle class has shrunk under the Obama administration. According to government figures and industry analyses, median-income households have lost nearly $1,300 after inflation, while the prices of food, health care and college tuition have risen almost twice as fast as inflation.
Those struggling to find work are increasingly out of luck: Labor-force participation for working-age Americans has fallen to 62.4%, according to the Bureau of Labor Statistics (BLS), a level last seen in the Jimmy Carter-era recession. Millions have given up looking for work, and millions have fallen into poverty as a result.
Posted in Big Business, Big Government, Carly Fiorina, Democrats, Dodd/Frank Financial Regulations, Economy, Election 2016, GOP, Inflation, Obama, Obama Administraiton and Policy, Politics, Small Business, Taxation, Taxes, Women Candidates | No Comments »