Obama to Install New Consumer Watchdog in Recess Appointment

Why do Republicans hate the idea of consumer protection from financial institutions? The politicians, I can understand. They bow to Wall Street licking their boots, and will always do whatever they can to protect these corporate and financial interests from any type of regulation or oversight or culpability for their wrong-doings. But why do the rank and file Republicans oppose it? This agency was created because Wall Street has proven time and time again that they will screw Grandma out of her last nickel given the chance. So why don’t ordinary, average Republicans want to do anything about this? I do not understand their opposition here.

Barack needs to get Holder to read the Constittution, not that he cares. Law suit coming. More tax money wasted.

MF Global sells assets to Obama friends and contributors at Goldman Sacs right before MF GLobal Collaspes…..Another Obama Scandal brewing?

Solyndra, Lightsquared, Fast&Furious.. The scandal list grows… ABC takes the SGT Shultz apporach…Nothing…. we know nothing

OBAMA________VS________AMERICA

They don’t. They hate the idea of bureaucrats and politicians subverting free people and their free market… Anonymous…What makes you think we have free markets? Gains are private but losses are socialized. Look at MF Global for that & Yep I said that. MF Global was not a Obama scandal but a Market scandal. The Koch brothers got a 1st call to get their money out a few days before this went down. Which would mean this crosses the Rep/Dem line or better put the 1% looks out for each other. When it comes to light that no laws were broken in the MF Global meltdown will you change your tune? This is the Self Regulation Rep’s defend. Look up HYPOTHECATION & REHYPOTHECATION. That board that Reb’s proposed would be a dog & pony show that would only add red tape.

I don’t know why you get so upset over this, he will and has done exactly what he sayed he will do, transform AMERICA?

If they don’t like the consumer protection; change the law duly passed by congress. don’t play hide and seek repubs. Way to go obama. If wall street and their minions don’t like it, it must be good. Somebody has to fight for the little guy. Thank you Democrats.

WHOSVOICE: “What makes you think we have free markets?”

That’s true. Our markets aren’t as free as they once were or as free as they should be — and we pay the price for that everyday. That’s why the power to restrict our free market shouldn’t be taken lightly. Obama wants that power consolidated to a single person, while Republicans favor dispersing the power to a board.

Here, I thought liberals disliked the consolidation of power. That’s right, government is the exception. Somehow government is magically immune from mistake and corruption.

WHOSVOICE: “Gains are private but losses are socialized.”

In a free market, gains and losses are private. Losses are only socialized with s.o.c.i.a.l.i.s.m. That’s why it fails over and over again.

Just what we need, another department of government to fund, make more rules and regulations to kill jobs.

“A single person with such vast powers over the people’s market doesn’t strike such confidence”

I know I’ve been conspicuously absent, even in Europe where they imposed austerity, but give big business everything it wants and I guarantee I will return triumphantly!

In a free market, gains and losses are private
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Yeah right…..much of the losses from the last financial crisis and previous ones have fallen on the public. The Republicans have not demonstrated any willingness to change that.

aside to CONCERNED……….better read that section in our Constitution again, because I can’t find your source. Regardless of that, I think that you will find that our Potentate simplly has warped the process used over and over and over again by prior Presidents………let’s use facts, man/

SMOKING CURES CANCER: “. . . much of the losses from the last financial crisis and previous ones have fallen on the public.”

The financial crisis fell on those who over-leveraged themselves — whether that be in the stock market, their home, their career, or their life in general. It’s not government’s job to hold your hand and protect you from yourself. When government does that, we all lose, as in the financial crisis that got us here.

That’s what dictators do…..they circumvent the process…….and we have a dictator in the WH.

A CYNIC: “This department and office were duly and legally created by the US Congress, and signed into law by the president.”

Republicans are just exercising their duly and legally protected right to deny confirmation. Obama, on the other hand, has no legal right to appoint the director without Congressional approval, unless they are out of session, which they are not. The most transparent administration ever . . .

Maybe Obama should have went with a board of directors, like other similar government agencies, rather than consolidate power to a single person. That doesn’t protect consumers as much as it protects government and political interests, which of course is the whole point.

Obama isn’t a dictator. He made a recess appointment because the Republicans refuse up or down votes on his appointees, they use Constitutional loopholes to shut down the government. The recess appointment is an entirely precedented workaround for this congressional overreach. I’m sick of this hyperbole.

You might not like it… but no need to scream that the sky is falling. Bush did it and you didn’t care. Now Obama’s doing it and you say it’s the end of America. Just quit it already. Why not celebrate YOUR candidate for a while instead of trashing OUR President 24 hours a day. Can’t you find something nice to say about Romney instead of drowning us in histrionics?

It’s not government’s job to hold your hand and protect you from yourself. When government does that, we all lose, as in the financial crisis that got us here
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But that’s not what got us here…at all. It comes from the nonsensical notion that when the Republicans had control they didn’t deregulate the housing and financial markets or that Barney Frank was really running things.- Nobody buys it except those on the fringe. The Republicans deregulated the markets. rating agencies gave great ratings to financial products based on risky mortgages. mortgage houses pushed those risky mortgages on customers proclaiming them safe. investment banks leveraged huge amounts on them, derivative giants like AIG couldn’t cover all the credit default swaps hedged against these faulty financial products when prices started to fall……..all free market failures brought to you by Republican hands-off government……and the public still bears the costs. Now they want us to pretend it never happened and try it all again.

raven…what proof do you have that obama is a constitutionall scholar? have you seen his grades? just sayin?i havent and nor has anyone else. we knew bushs and kerrys grades and niether of those two would be considered a scholar.look at our department of justice which is becoming embroiled in scandal. at some point in time rules are more important than the democrat party,so far i havent seen anything very scholarly of this administration.

It turns out that the action not only contradicts long-standing practice, but also the view of the administration itself. In 2010, Deputy Solicitor General Neal Katyal explained to the Supreme Court the Obama administration’s view that recess appointments are only permissible when Congress is in recess for more than three days.

ABC in full protection mode..Solyndra, lightsquared, MF global fast and furious scandals

“by any straight reading” of the law, the Senate has in fact been in recess since December 23, and will not return to session until January 23. Yep, the Republicans are trying to stop him from doing anything with filibusters and”pro forma” sessions. Glad he i finally seeing through their tricks and turning the tables on them. That the Republicans are against this appointment and the agency because they feel it has too much power is a joke. There i finally an agency whose job is to protect the PEOPLE from the Banks and Wall Street Brokers. I love how Republicans scream when Obama does something that Bush did during his 8 years without a whimper.

RAVEN: “They have a right to challenge and/or deny the confirmation of a PARTICULAR person or persons…not every single candidate who is put forth . . .”

Cordray was the only candidate put forth. You can consider him denied.

RAVEN: “. . . for confirmation because they are attempting to block a LAW which was passed by Congress and signed by the President from going into effect.”

Maybe Obama should have more carefully crafted his law. Republicans are just exercising their right to deny confirmation of Cordray. Maybe Obama should have considered a board of directors rather than a director where nearly all power of the bureau is reliant and concentrated. That would be better for consumers anyway, don’t you think?

RAVEN: “And YES, they ARE on recess; having one member show up and bang the gavel now and then . . .”

. . . proves they are indeed in session. Too bad you and Obama don’t like it.

RAVEN: “I suspect that as a Constitutional scholar, President Obama knows a bit more about the complexities . . .”

Please . . . too funny!

“rating agencies gave great ratings . . .”

. . . which highlights the virtue of thinking for one’s self.
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great…so you freely admit we can safely disregard the S&P downgrade….

SMOKING CURES CANCER: “great…so you freely admit we can safely disregard the S&P downgrade….”

There you go not thinking for yourself again. What part of unsustainable debt do you liberals not understand.

First you blame the free market, now you blame the people
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reading comprehension problem? I never blamed the people, you did I plainly stated that they were coerced by unscrupulous businesses courtesy of the unregulated free market. let’s ask the people with underwater mortgages what they think.

So we can disregard rating agencies when they give faulty financial products great ratings but pay attention when they tell us our debt is risky even though investors unanimously look the other way. I’m afraid it you who wants it both ways as usual.

SMOKING CURES CANCER: “I plainly stated that they were coerced by unscrupulous businesses courtesy of the unregulated free market. let’s ask the people with underwater mortgages what they think.”

Unless they were threatened, the people who took on loans they couldn’t afford, did so at their own risk. To blame the free market is unscrupulous scape-goating — now that you mention those who lack scruples.

Those with underwater mortgages can blame the government for unnecessarily manipulating the market.

Let’s see if you can keep it all straight.

SMOKING CURES CANCER: “So we can disregard rating agencies when . . .”

. . . they make recommendations that don’t make sense to you. The only person responsible for you is you, not government and not rating agencies.

The recommendation that the US government reduce it’s debt makes perfect sense. Our current debt is now 100% GDP. How much higher does it need to be for you liberals to get the message? Thankfully, soon it won’t matter . . .

The gop is not saying they don’t like the man, they are saying they don’t like the whole idea of a committee that is about as transparent as this administration. Obama is a perfect example of that. Remember how he said his administration full of idiots I might add, would be transparent?Well that never happened. Remember all the closed door meetings, voting after mid night on a sunday morning,the dirty deals and bribes, example cornhusker deal. And the bill he signed New Years eve at 6:30 pm he hoped nobody would notice. Those close door meetings with insurance companies during the Obamacare days he will not release the transcripts on.That is the reason for checks and balances.

Those with underwater mortgages can blame the government for unnecessarily manipulating the market.
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Yes… they can blame he Republican controlled government 2000-2007for unnecessarily deregulating the housing and financial markets And please keep spamming that stuff about how people with underwater mortgages should have known better than to try and buy a house they couldn’t afford while their realtor was telling them that they definitely could afford it. It’s rich.

GOP message on the housing crash: “it’s all your fault, and the government’s….even though we were running the government, at least as much as Barney Frank would let us”.

SMOKING CURES CANCER: “Debt is not our biggest problem now, high unemployment and lack of economic growth is.”

We’re talking the credit rating of the US government, which was rightfully downgraded due to too much debt. Try to keep it straight.

Although, we would have less unemployment if the government could find it in themselves to allow the people to grow their own economy with the fruits of their own labor. It works much better that way.

Smoking CURES, talking about rich, look up whose name is signed on deregulation. Hint, he said it was his biggest mistake other than Monica. Just like smoking cures cancer, Obama cures high unemployment and economic problems.

Obam thinks he has to stick his nose into everything people do for their own protection. Thanks Obam, but I will pass. I have seen how your policies work. Record fuel prices, record unemployment, record food prices, record commodity prices, and a record number of people in poverty. All of this in just three yrs. Great job.

Obama nominates Richard Cordray to serve as the first director of the Consumer Financial Protection Bureau. However… In 2008 candidate Sen. Barack Obama famously said: “This is part of the whole theory of George Bush that he can make laws as he is going along… We are not going to use signing statements as a way of doing and end run around Congress.” —– Now, we find out he just said that to get elected!! —- He recently used a signing statement to ignore about 20 provisions of the omnibus spending bill!!!! —- An NOW Obama also believes he can decide for himself that the Senate is in recess when it is not… overturning at least a hundred years of precedent, and bypass the Constitution’s advice and consent requirement!!!

PROGRESSIVEMAMA: “Republicans hate anything that benefits the middle class, labor and consumers.”

No, we just hate unnecessary and harmful interference into the free market — especially when such power to do so is concentrated into a single position. You should ask yourself why Obama favored a single director rather than a board of directors before patting him on the back for protecting consumers. Obama wouldn’t go against consumers would he? Naw . . .

WHOSVOICE: “The government does not set mortgage rates.”

I never said they did. I said they influenced the housing market by owning at least half of it and being responsible for the easy credit that caused too many houses to be on the market, which resulted in the bottoming out of the market. Just another lesson that the market isn’t something that can be accurately or safely managed by government.

WHOSVOICE: “Mortgage companies were putting people in bad loans even when they qulified for good ones.”

You mean, they put themselves in bad loans. No one forced them. Stop acting as if they were forced at gun point. Only the gullible buy that stuff.

Stop acting as if they were forced at gun point
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Strawman. They weren’t forced, they were mislead and lied to by unscrupulous businesses when such business practices should have been regulated.

SMOKING CURES CANCER: “Strawman. They weren’t forced, they were mislead and lied to . . .”

It wasn’t I who said they were ‘put into bad loans.’ That’s the real straw-man. I just pointed out the hypocrisy of it. Seems you agree.

If they couldn’t read or understand the contract or hire someone that could, they shouldn’t have signed it. Again, excuses for the irresponsible.

This is at least the third time I’ve said this: the underwater mortgages were caused by government’s manipulation of the mortgage market
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and this is the third time I’ve said that that manipulation by the Republicans in charge at the time took the form of deregulation of those markets…not tighter management.

SMOKING CURES CANCER: “and this is the third time I’ve said that that manipulation by the Republicans . . .”

No, you were attempting to act as if those with underwater loans were tricked by the bank, when we both know an underwater loan is caused by the price of the home decreasing from that at which it was purchased, not ‘unscrupolous bankers.’ And, home prices decreased due to government (both Democrats and Republicans) manipulation of the market, period.

Does this ring a bell?

SMOKING CURES CANCER: “All the Americans who are underwater on their mortgages are not irresponsible.”

And, home prices decreased due to government (both Democrats and Republicans) manipulation of the market, period
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Meddling, manipulation, tampering, managing…….why not cut the baloney and just say the real word:

Deregulation. They deregulated the markets.

SMOKING CURES CANCER: “Meddling, manipulation, tampering, managing…….why not cut the baloney and just say the real word: Deregulation. They deregulated the markets.”

Because deregulation alone doesn’t cause a market bubble. Even you should know that. On the other hand, government creating an environment of easy credit and then feeding that market by purchasing up to half of it sure does. That’s all the things I said it was. Deregulation? Nope.

SEC. 1066. INTERIM AUTHORITY OF THE SECRETARY.
(a) IN GENERAL.—The Secretary is authorized to perform the functions of the Bureau under this subtitle until the Director of the Bureau is confirmed by the Senate in accordance with section 1011.
.
So which one of you little perfumed press poodles is going to read oBama and Hairy Reid the relevant part of their little statute here and how Cordray is going to “perform the functions of the Bureau” when he has not been confirmed by the Senate.

So which Republican deregulation let Corzine and MF Global run off with $1.2 BILLION of middle-class Americans money? How would Cordray have prevented that?

Like much of what happens in Washington, the sessions are make-believe events in which the Senate is gaveled into business but conducts no real work. Senate Democrats during the second term of President George W. Bush were especially adept with this stratagem.

Come on ABC.. WAKE UP!!!! What I want to hear from ABC news is the truth, not your version of kissing OBAMA’S ass to make him look good, when we all know that is a complete lie. You spend days on expert this and expert that interviews for every rediculous story/non issue- such as who had an affair with whom, and yet, you fail so miserably at telling the real truth about this man who calls himself president. Your reporting is designed to make him look good every time. And when the heat is on, you will throw the truth a bone, but then right back to the ass kissing of Obama. Why??? How much are you getting paid to paint the pretty picture for the nieve believing Americans? You might actually get some steam built up if you told the truth. There is no recess… Why aren’t you reporting that and the evident manipulation that is going on….