90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
The Consumer Financial Protection Bureau Under Attack

With Bob Oakes in for Tom Ashbrook.

The Consumer Financial Protection Bureau under attack.  We’re looking at who’s attacking what, and why.

From right to left, Sen. Jack Reed, D-R.I., Sen. Elizabeth Warren, D-Mass., and Sen. Sherrod Brown, D-Ohio, finish a news conference at the Capitol in Washington, Thursday, Feb. 14, 2013. The senators urged Republicans to lift their opposition to President Barack Obama's choice to lead the federal Consumer Financial Protection Bureau, Richard Cordray, who was a recess appointment. (AP)

From right to left, Sen. Jack Reed, D-R.I., Sen. Elizabeth Warren, D-Mass., and Sen. Sherrod Brown, D-Ohio, finish a news conference at the Capitol in Washington, Thursday, Feb. 14, 2013. The senators urged Republicans to lift their opposition to President Barack Obama’s choice to lead the federal Consumer Financial Protection Bureau, Richard Cordray, who was a recess appointment. (AP)

The mortgage meltdown had few happy endings. But to many there seemed to be one silver lining. A new agency created to look out for us. To make sure next time we wouldn’t be thrown under the bus.

But from the start, the Consumer Financial Protection Bureau had fierce pushback. Especially from banks worried about heavy handed regulations.

Now the attacks, and counterattacks, are heating up. In the Senate. In court. From consumer advocates. From defenders of free markets. And each side is digging in.

This hour, On Point: the heated battle over the future of the Consumer Finance Protection Bureau.

- Bob Oakes

Guests

Danielle Douglas, financial reporter for the Washington Post. (@danidougpost)

Ed Mierzwinski, federal consumer program director for U.S. PIRG, a consumer advocacy group. (@edmpirg)

Diane Katz, research fellow in regulatory policy at The Heritage Foundation.

From Tom’s Reading List

The Hill “The standoff over the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) reached new heights Thursday, after nearly every Senate Democrat rejected outright GOP demands for changes to the new agency.”

Bloomberg News “Elizabeth Warren called on her Senate colleagues to end their effort to block a vote on President Barack Obama’s nomination of Richard Cordray to head the U.S. Consumer Financial Protection Bureau.”

Please follow our community rules when engaging in comment discussion on this site.
  • JGC

    I am interested to hear Diane Katz speak about consumer protections, since she is formerly affiliated with the Canadian libertarian Fraser Institute, and her daughter is currently enrolled at that great socialist institution McGill University in Montréal.  

    • JGC

      P.S. A Québec student is charged about $3800 annual tuition to go to McGill. Other Canadian residents pay just under $8000 tuition per year. An international student pays about $17,000 per year to go to McGill, one of the top university educations in the world.  (Take that, Ivy League! I guess the Katz family knows where to find a good bargain, even while they possibly advocate against consumer protections: which are especially front and center for U.S. students who will be/are  underwater on student debt into the six figures.)

      • Coastghost

        Alternatively: I wonder how much college debt for Millennials is due at least in part to their Boomer parents’ cocaine habits in the 1970s and 1980s and to any shortcomings in cognition resulting therefrom (whether in the students themselves or in their fun-loving parents)?
        Further: Why has the analysis of cost-effectiveness vis-a-vis post-secondary education suddenly evaporated in just a scarce two decades? P-SE costs have risen dramatically in part because of well-intended Federal subsidies to colleges and universities, say many who are well acquainted with the subject. I doubt grade inflation has helped anyone dramatically. That 40%+ of US undergrads enroll in some kind of post-secondary remediation programs could pose a significant drag on the efficiency of P-S administration, I suppose.

        • JGC

          I read something in Mother Jones this month (You do have a subscription to Mother Jones, right?) about the possible link between residual lead levels that are concentrated in urban environments with the lower academic performance and higher violence often found there. The main lead source is a souvenir of the years of leaded gasoline exhaust pre-1970s, but still bioavailable in the form of lead dust in the soil. Maybe there was exposure to lead first, triggering the  irrational coke habits you’re talking about.  Of course, that doesn’t explain the Hillbilly Heroin habits found throughout the midwest, where lead levels in soil are presumably lower…As they say, more study is needed. Now go out and take a deep breath of that fresh coastal air.

          • Coastghost

            You know, I don’t have a MJ subscription (no Nation subscription, either: is Z mag even still published?). I think the argument amounts to little, since Chicago’s scourge of gun violence is chiefly confined to the South Side, whereas any lingering lead would surely have impacted all of Chicagoland by now, what with Lake Michigan getting so much of the run-off year in year out. It’s brisk here today, I need my coffee first (“leaded”, as the pun permits).

          • Don_B1

            @Coastghost:disqus @disqus_kLh54B1nUd:disqus 

            The distribution of lead (and other contaminants) in Chicago and other large cities is highly uneven, as shown in the map here:

            http://ag.arizona.edu/~eifinn/chicago%20lead%20done.html

            I suggest you update your ideas on how these contaminants are distributed and also on their sources and persistence in the environment.

          • JGC

            motherjones.com/environment/2013/01/lead/-crime-link-gasoline

          • hennorama

            Apologies in advance for the output of my twisted mind.

            Don_B1 – my brain immediately went to this, in re “The distribution of lead ….. in Chicago:

            http://rlv.zcache.com/tommy_gun_chicago_typewriter_bumper_sticker-p128819053091547175en8y3_400.jpg

            Perhaps I’ve been pondering the issue of firearms a bit too much of late.

        • nj_v2

          [[ Alternatively: I wonder how much college debt for Millennials is due at least in part to their Boomer parents' cocaine habits in the 1970s and 1980s and to any shortcomings in cognition resulting therefrom ]]

          I wonder if Coastghost wears a little clown suit when he proffers this kind of sophistry.

          • Coastghost

            Many peoples’ coke habits were expensive in the 1980s: thousands a year on partying with toot was not uncommon, would’ve added up had it earned interest. (Since you ask: no.)

      • Bluejay2fly

        Well said, the US University system is an expensive young folks home were half the time students are learning things they should have known in High School. Tragically, we saddle them with insane debt and then send them off into an economy where it is tens of millions of jobs short of meaningful employment.

        • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

          Young folks’ home. That’s really funny and so true.

          But if kids were taught these things in high school for free (good public education) where would the profit be in that?

          And god knows, EVERYTHING is about profit in Amerika.

      • nj_v2

        McGill, Schmagill…What kind of drone program does Canada have, eh? We’re number one!

        • JGC

          lol, I had to look! from the Ottawa Citizen, 27 Dec 2012, ‘Canada’s drone squadron still stalled, with neither planes nor troops’:

          “Now the (Canadian) air force can’t say when a contract for unmanned aircraft might be finalized, let alone when the UAVs (drones) would be operating. It also can’t say where the needed personnel for the new squadron would be coming from.”

          I guess Harper is too distracted putting the editorial touches on his new history of hockey book, to keep pushing for a drone program.

          • Bluejay2fly

            Let us brag about our military and its effectiveness at killing people. We should make up patriotic songs about our guns, tanks and drones. “Obs sturmt oder schneit, Obs die sonnes uns lacht!” 

        • JGC

          For the Fighter Pilot Made Redundant by Unmanned Drones, by Jesse Patrick Ferguson

          Fatigued, he bides there, glum in the desert   Tim Hortons simulacrum, that mirage of home  dragged out the tail end of a C130 Hercules  and opened for business.  In his PVC lawn chair,
          he pours ho-hum into java and mopes
          the spoon about his mug.  Quite apart
          from the other patrons, he scans beyond the brim  of his patio umbrella the depeopled sky  blue-white and chitin-dry as centuries-dead scorpion,  washed out and wide as a year’s worth of wasted moments. His half-hearted ear strains for rumble from the next village over, but catches only dune-shiftings of coffee talk.

          Across the base camp, in a darkened room 
          a pimply-faced private plays video games in which made-up hellfire falls
          on featureless enemy targets that revert to desert without a peep.  Unreal cities. Made-up unmanned Predator drones patrol the CGI sky, dropping   sugar cube cluster bombs into black coffee  hearts and minds.
          Dark minds that know not  the fighter pilot
          twiddling his itchy thumbs at a Tim Hortons table in the Afghani sun.

    • Jasoturner

      You say socialist, I say un-American!!!  God bless America, the invisible hand and the NFL!

      • Don_B1

        Note that the NFL is the most socialist sport in the U.S. and provides the most competitive teams with resulting enjoyment by the fans.

        The TV and most other revenues are pooled and distributed evenly across all the teams, leaving the team advantages to the individual skills of the recruiters and coaches and players (luck with injuries and not getting too big heads and not making their best efforts).

  • Michiganjf

    “The Consumer Financial Protection Bureau under attack. We’re looking at who’s attacking what, and why.”
     
    … my, I wonder who could it be?

  • JGC

    Financial institutions are not feeling the love after the big financial fallout of 2007/2008.  More squeezed than ever, looking to keep profits up.  Hedge funds are only giving 2% to 3% return on client investments, and that does not necessarily include all their upfront charges of 2% on the account and 20%plus on the profits.  Twilight of the Hedgie?

    No financial institution wants to be confronted with consumer rights, right now. Their bottom line is too slim.

    • Don_B1

      The financial institutions that are most directly affected by the CFPB are the banks (local brick and mortar banks like the one Jimmy Stewart worked in and “shadow banks” like mortgage or pay-day loan companies) that want to offer complex mortgages with balloon payments, adjustable interest rates, etc. and that offer credit cards where they want to be able to arbitrarily change interest rates and fees, etc.

      The big investment banks and some hedge funds are second on the list as they look to debt instruments to use as a basis, when sliced and diced across a spectrum of riskiness for derivatives to sell to rich speculators.

      The big investment banks lost their big source of money when stock trading went computer and the cost per trade dropped from hundreds of dollars to cents per block of shares of stock.

      It is primarily the first group that is opposing the CFPB.

    • DrewInGeorgia

      Their bottom line is always too slim.
      That’s Capitalism, it’s spelled G-R-E-E-D for the illiterate among us.

  • Shag_Wevera

    Let the president have his appointments, and let him then be judged on the results of his appointments.  Oppose his appointments if he tries to appoint a criminal or someone who is obviously insane.  Stop this endless bickering and obstruction.

  • MadMarkTheCodeWarrior

    And how are the Republicans representing the interests of the people by defending the rights of corporations to systematically screw us all?

  • Jasoturner

    This is a canonical example of “follow the money.”

    How in god’s name don’t the non-rich constituents of these guys see the writing on the wall?

  • RolloMartins

    And we just heard about how the GOP’s problem is about the messaging, not the message. Right. We’ll see how that plays out.

    • MadMarkTheCodeWarrior

      Bingo… They are blind to the untenable nature of their policies. Let them carry on in ignorance. The pendulum is swinging back. Our job is to keep the momentum going through public discourse and outrage over their protection of the wealthy at the expense of the nation and 99% of its people.

  • JGC

    The website for the U.S. Consumer Financial Protection Bureau can be found at consumerfinance.gov

  • http://wh.gov/IVp4 Yar

    When Elizabeth Warren takes her seat on the US Supreme Court, the minority party will rue the day they blocked her appointment to the Consumer Financial Protection Bureau. This will happen after 2014 elections and Democrats have regained a 60 seat majority in the Senate or with a change to the filibuster rule as it applies to executive branch appointments.  I only posted this to hear NOOOOOOOO from our friends on the radical right.  Warren is such a great spokesperson for working class folks, she is the mother figure that everyone dreams of, more mamma bear than Sarah Palin.

    • Coastghost

      Yet to others, she’s a harpy and the loveliest schoolmarm to arrive on Capitol Hill since Harry Reid. How wonderful for the celebration of diverse perspectives!

      • nj_v2

        “Harpy”? “Schoolmarm”?

        WTF?!

        Who “celebrates” this kind of hyperbolic gasbaggery?

        • Coastghost

          I thought EVERYone here celebrates diverse perspectives! Wherever could I have gained such a misimpression?

          • nj_v2

            Thanks for confirming your full-troll status.

          • Coastghost

            And I said nothing about whatever moral superiority may be lurking in her DNA, but I’m only now having my coffee.

        • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

          Hey, it’s an upgrade for Coastghost. I’m going out on a limb, but I think he spends lots of time around guys whose ultimate insult about a woman is “too old and ugly to f–k”.

          • Coastghost

            Permit me to assure you: I’m an equal opportunity misanthrope, misogyny is hardly apt to my purpose. The tautology may be sad and/or unwelcome, but: all human problems are human problems.

          • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

            Your “harpy” and “schoolmarm” are telling terms. If there’s a flip turn, satirizing people who describe 50+ y.o. women that way, I (and everyone here) missed it.

          • Coastghost

            If you observe closely, I applied the same appellations to Sen. Reid, by implication.

          • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

            I did. A perfect Maureen Dowd insult: The worst thing one can say about a male Democrat is that he’s excessively feminine.

    • MadMarkTheCodeWarrior

      It is a diminishes Warren’s stature to even compare her to a loathsome ignorant opportunistic vindictive bottom-feeding life form like Palin. ;^)

      • http://wh.gov/IVp4 Yar

        I know, I was attempting to use language the radical right can understand.

        • MadMarkTheCodeWarrior

          My sympathies… sadly, I have tried and failed miserably at that. Say anything that undermines the rightwing framework and visions of grand conspiracies, socialism and threats to freedom trigger fear that overwhelm reason and the words bounce right off of the impenetrable right-wing bubble.

          In the face of truthers, global climate hoaxters, Randian economic mythology and creationism, I have been ineffective at tearing away the veil.

          Forgive me, In frustration, I have reverted to childish name calling and ridicule… but in my own defense, Palin and many others have earned it. It’s time for America to stop celebrating ignorance, stupidity, meanness and vulgarity and giving them the same attention and respect as facts and true accomplishment.

    • JGC

      I wish Elizabeth Warren could be cloned.  I would place copies of her on the Senate Banking Committee, as the head of the Consumer Financial Protection Bureau, on the Supreme Court, as the CEO of every Wall Street financial institution, and as a teller at my local bank.

      • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

        I wish one of those clones would punch Chuck Todd in the mouth.

        That waste of airtime told us yesterday that Warren and Ted Cruz (R-TX) were the “both sides” of extremist new Senators.

        • JGC

          I bet she would be very effective in landing her punches, verbal and otherwise.

  • MadMarkTheCodeWarrior

    Clearly the Republicans will do anything to prevent responsibility and pain from trickling up.

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    The Heritage Foundation?

    So sick of listening to the tools of the criminal elite spout rhetoric that is only good for their masters but screws everyone else.

    • Coastghost

      Which criminal elite? Elizabeth Warren was minted at Harvard, too, was she not? Mutatis mutandis, et cetera.

      • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

        The criminal elite who are worth billions of dollars.

        • Coastghost

          Well, there’s Harvard!

          • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

            What’s your point?

          • Coastghost

            Harvard University is at least as talented at screwing the public as the Heritage Foundation, surely. It was HU, after all, that unleashed Howard Gardner and his fatuous “mulitiple intelligences hypothesis” (gold-plated pseudo-science). Seems Harvard gave us Obama, too.

          • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

            They educate the tools for the criminal elite.

            I’m with you on that.

            Left and Right is just a smoke screen. 

            It criminal elite vs everyone else.

          • Coastghost

            I do understand your assertion. I do not agree (entirely) with your assertion, but I do understand your assertion. I think. I would counter: not all Americans benefit from American consumerism. I have seen poor people talking on cell phones for YEARS, e. g.

          • nj_v2

            Half a dozen or so posts from this clown so far, and not one sentence about the substance of the topic.

          • Don_B1

            It was professors at the Harvard Business School who were leaders in promoting higher pay for CEOs!

            And Harvard supposedly had a hand in molding the minds/thinking of George W. Bush and Mitt Romney.

          • Coastghost

            Don: I have for some time contended that Harvard Law School seems to exist largely because of the existence of the Harvard Business School. (I don’t absolve Harvard for its tolerance or promotion of Rockefeller Republicans, either.) My only favorite Harvard attendee remains Gram Parsons, who dropped out his first semester.

          • Doubting_Thomas12

            CoastGhost- what’s wrong with being a moderaterepublican? Careful not to alienate a large chunk of people who, until as recently as five years ago, would have called themselves “Republican”.

      • skeptic52

        She worked at Harvard. She didn’t earn her degrees there; her JD is from Rutgers (a state university).

        • Coastghost

          Thanks for the clarification. I would still construe the “Harvard imprimatur” broadly enough to include her employment there.

    • nj_v2

      This, apparently, is OnPoint’s idea of “balance.”

      Katz: Corporate, “free-market,” hired gun.Works for (or used to) Michigan-based, “pro-business” Mackinac Center for Public Policy. 

      [[ Leading academics have criticized the Center, saying that "Mackinac Center research is often of low quality and because of this it should be treated with considerable skepticism by the public, policy makers and political leaders.

      Much of the work of the Mackinac Center may have caused more confusion than clarity in the public discussion of the issues that it has addressed by systematically ignoring evidence that does not agree with its proposed solutions." ]]

      (http://www.sourcewatch.org/index.php?title=Mackinac_Center_for_Public_Policy)

      • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

        Agreed. But I’m betting that this hour will be the most challenging a Heritage expert (sic) will have on the subject for the rest of the month.

        (That says some awful things about the rest of our press corpse.)

  • Melanie Wilson

    So sad that ‘consumer protection’ has become politicized to this degree. Creating a five-member board? Ridiculous! That would be the ultimate step in de-legitimizing what’s supposed to be an objective, nonpartisan effort to reign in abuses that are already illegal.

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      Consumer protection can’t be allowed in Amerika.

      Because corporations practice consumer rape as their business models.

      • Coastghost

        You speak as if consumer protection is entirely absent in the US. We’ve had consumer protection for decades. OR: is it the Federal govt.’s role to negotiate mortgage loans, car loans, for anyone who asks? Are these responsibilites that the Feds would do well to relieve us of? I think US citizens are enfeebled when they rely so much on govt. intervention to look out for “their best interests”.

        • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

          Really? I’m being raped everyday by the banking industry, the telecom industry, the energy industry, the credit card industry and on and on and on.

          • Coastghost

            IF you are so victimized, the simplest unsolicited advice I could offer would be to make for the nearest foreign border. (Plus, if your telecom charges are so exorbitant, I suggest you drop your cell phone, if that’s what’s costing you. I do without a cell phone every day: matter of fact, I’ve never owned a cell phone and have only used cell phones twice since their inception. I don’t watch TV, so I have no cable bill, also.)

          • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

            Dear Coastghost,

            The telecom industry got 30 billion+ of our tax dollars to make this country a first world telecom provider and it went straight into the pockets of the CEOs and execs rather then into bringing up up to par and they are still screwing us on our bills for it.

            That’s only one example but really it’s my fault I know.

          • nj_v2

            A new twist on the ol’ “love or leave it” pseudo patriotism.

            As bad as the day started, this guy’s posts continue to spiral downward.

        • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

          Hey, you forgot to mention how tort reform will save us all.

        • Don_B1

          The Federal Government is NOT (nor should it be) in the business of “negotiating mortgage loans” but it CAN and SHOULD be establishing the rules which differentiate between honest mortgages and those which open the mortgagee to fraud and outrageous overcharging through unnecessarily complicated instruments, designed to hide costs from the consumer.

          • Coastghost

            Again, we agree: financial oversight and regulation is appropriate and commendable. I’m all for the rule of law, and I’m all for the prosecution of criminality. I’m also all for individual initiative and citizen responsibility. Before new regulatory regimes are imposed, however, I’d prefer first to understand the nature of the shortcomings of existing regulations. (I’m even for the restoration of Glass-Steagall or its equivalent.)

    • JGC

      Too right. Look what has been done to the five-member board for the National Labor Relations Board.

      • Don_B1

        The Federal Elections Commission (FEC), is potentially worse with a nominal six Commissioners but only five in office. With a requirement that no more than three can be from any one party, one was appointed by George H.W. Bush and the other four by George W. Bush.

        Two, one the Chair, were put on the Commission through recess appointments.

  • http://wh.gov/IVp4 Yar

    To expect a financial institutions to invest in campaigns without a return on their investment is an oxymoron.  The question is the republican opposition quid-pro-quo?

  • MrNutso

    The “Bureau” is accountable.  Congress can change it any time they want.  Right now cry baby Republicans do not have the votes to change it.

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    What’s Radical Diane Katz from The Heritage Foundation is that the criminal Koch brothers who sign your paycheck have so much power over this country just because they are billionaires.

  • nj_v2

    Man, this Katz is more of a hack than i would have anticipated. Pure lies and distortion.

    • JGC

      Are you feeling nostalgic for Mona Charen yet?  Mona, Mona, wherefore art thou?

      • Mike_Card

        Yeah!  And whatever happened to Phyllis Shlafley??

  • MadMarkTheCodeWarrior

    So Diane, all those liars loans, their packaging into derivatives and the rubber-stamp ratings by S&P, Moody’s etc. had nothing to do with the collapse? Ya, right!!!

    … And where is all the economic hinderance caused by the CFPB with the Dow at 14000 and Wall Street getting richer faster than ever?

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      Like I said, criminal elite propaganda.

      NPR is so leftist. /snark

    • MrNutso

      It was Barney Frank standing next to them with a gun to their heads demanding they make loans to people who might not otherwise qualify.

      • skeptic52

        And the gun was?

        • MrNutso

          There was no gun.  If there wasn’t an opportunity to make obscene amounts of money and socialize the blame and costs, the housing meltdown never would have happened.

          • Doubting_Thomas12

            Agreed. But if the Dems left a lot of dry wood around for a fire, what would you call dousing gasoline and tearing down the walls so that the highly flammable wood could now be dumped in the front yard of every single American? A Republican idea, unfortunately. All it took was some jerk on Wall Street to take out insurance our our houses, then throw a lit cigar casually over their shoulder before booking it…

            But let’s stop playing politics. The only thing we should really be focused on now is bringing people to justice for their crimes, and fixing our country. This means not repeating failed policies of the Bush years, and returning to the Clinton, Reagan and Lincoln ideas of treating capital and labor the same, of having one set of rules for the rich and the poor, of letting people experience the consequences of their actions.

        • Mike_Card

          Something about 2nd amendment entitlements and assault documents–something like that…

      • http://profile.yahoo.com/IHEO4EVV3QWCTQPBZOYQ2CP5ZU EJK

        Your name is correct.  It had a part but a very, small part.  It is the smoke screen that the big banks use to hide the big problem.

        • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

          I took MrNutso as full-on deadpan, exaggerating just a tad about what righties say the government made those unfortunate little banks do for those rascally poor people.

          • Don_B1

            Absolutely!

            Barney Frank wrote to Federal Reserve Chairman Alan Greenspan, imploring him to use the power that a Democratic Congress had given the Federal Reserve to regulate the shadow banks, following the Savings Bank scandals in the late 1980s (the one where Senator McCain was called on the carpet for his part in the Keating Scandal).

            That power if used could have reined in shadow banks like Countrywide Home Loans, Inc., and prevented the subprime aspects of the housing bubble from going viral.

            During the entire housing bubble, the Bush administration was taking credit for the rise in home ownership, while reappointing Greenspan to the Fed and appointing people like Christopher Cox to the S.E.C., where he did not even do due diligence on examining how the banks were misusing derivatives to speculate and over-leverage bundled mortgages and other investments.

      • Doubting_Thomas12

        That’s not what the CRA said. Please don’t misconstrue the facts. It said originally, before Bush got his hands on it, that you’re not allowed to discriminate based on race; meaning that if a borrower fulfills all the requirements you put out as a lender, you can’t deny them that loan.

        Later on the requirements were scrapped, when banks realized that black people and relatively poor people actually COULD repay their loans, given a fair chance to. 

  • sickofthechit

    The reason they need flexibility with regard to the rules they promulgate is that the industry they are trying to reign in has in to many cases the “Best of the Best” working for the “Greediest of the Greedy”. charles A. Bowsher

  • MrNutso

    Ed Mierzwinski is a breath of fresh air.  Some who calmly and clearly states information in an understandable manner.

  • JGC

    Katz said there was no connection between consumer credit and the housing collapse. One of the key rules the CFPB wants to put in place is the requirement that banks prove that the mortgage loans they give can be repaid by the lendee. (In response to the infamous no-doc loans that definitely contributed to the financial collapse)

    • Mike_Card

      umm…”lendee” = borrower, or debtor?  ;-)

      • JGC

        oops… thanks. I couldn’t recall the right word. I guess I am as much a student of finance as Diane Katz.

  • Dab200

    Could you please ask both of your guests for a full disclosure of all sources of their income. It should be the first requirement for anyone commenting on any subject.

    • sickofthechit

       Amen!

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      Yes it should. But is won’t be required.

      Just know when you are listening to tools and believe NOTHING THEY SAY.

  • DrewInGeorgia

    Here we go with the small business smoke screen. Big Business benefit from more regulation. How do you sleep at night Diane Katz? Are the resident rodents on the board going to complain now that we don’t have a Right enough guest?

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      She sleeps very soundly in her 600 thread count sheets in her million dollar home paid for by shilling for the criminal elite.

      • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

        Six hundred? Dude, get with the times. Luxury is now defined as at least 1000. Anything less and you might as well be sleeping under a tarpaulin.

        • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

          Didn’t know. 

          Thanks for updating me so when my master says change the sheets I put on the right thread count because I really need the job in spite of several higher degrees.

          • DrewInGeorgia

            Ditto.

            Now if you’ll excuse me I have to go clean The Massa’s vacation home, tend to their crops, and check on their livestock.

          • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

            By livestock, do you mean their yachts and luxury cars?

          • DrewInGeorgia

            No, I mean their cattle.
            You think I’m being facetious but I’m not. I meant what I said literally.

        • Steve__T

           you beat me to it

    • Doubting_Thomas12

      She sleeps on a pile of money, kindly donated by the biggest and most corrupt of our banks.

  • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

    At 35 minutes Diane Katz is really going to “um” a lot. Is she not ready for the rough and tumble world of public radio?

  • DrewInGeorgia

    Get her Ed!

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    If a nanny can protect me from rapists I’m with the nanny.

  • http://www.facebook.com/profile.php?id=1266410766 Phyllis Craine

    Diane stop the fear mongering its pretty clear from your statements on the show today that you’re on the side of the big banks 

  • MrNutso

    Yes, Diane, consumers are incapable of making these decisions without getting business/financial degrees that the persons selling the products have.

    • nlpnt

      YES! CFBP is not there to make consumers’ choices FOR them, they are there to force transparency so that consumers CAN make their own choices on and informed rather than “eeny-meeny-miney-moe” basis.

      • DrewInGeorgia

        But miss Katz said that the CFPB leads to less transparency, surely she couldn’t be mistaken…

    • Doubting_Thomas12

      Lol. Tell her that most of the quants who came up with these products in the first place don’t have finance degrees- they have engineering, science or math degrees :D

  • nj_v2

    That Katz is stumbling, bumbling, and stuttering so much seems to indicate that even she doesn’t believe the lies she is trying proffer.

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    Substitute TOm says people need payday lending.

    No, Substitute TOm, what they need is a decent paycheck so that they can live a decent life not being preyed upon by the corporate rapists.

    • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

      Payday lending, and the world of people who use it, is a great topic for a show. But I don’t know many public radio types who are versed in it well-enough to make this more than a “on the one hand on the other” show.

  • http://pulse.yahoo.com/_WDIOY7RQ3F5EAR4EAP5FKRS52M bethrjacobs

    this corrupt station won’t post my comment

    It is a piece of sh.. any way the democrats always are
    toothless so they don’t upset  thier rich
    backer/owners

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      Dear bethrjacobs,

      Please enlighten yourself, it’s BOTH parties.

      BOTH parties are owned by the criminal banks.

      • http://pulse.yahoo.com/_WDIOY7RQ3F5EAR4EAP5FKRS52M bethrjacobs

        http://www.huffingtonpost.com/john-taylor/the-consumer-financial-pr_b_508510.html

        yes but they always get the pity they are the flip side of
        the same coin but sometimes do more harm than good and go through with things
        they shouldn’t this thing will cost billions but will be ham strung by over
        sight

        • Doubting_Thomas12

          Good. It’s time for them to suffer. When they’ve bled out as much as the rest of America has, then we’ll call it even.

          Do you have any idea how TERRIFYING it is to hear that come out of my mouth, and mean every word? Perhaps you should endorse corporate responsibility, rather than just lower-class responsibility.

          For the record, I lost little in the crisis aside from opportunity. I just can’t stand to see people committing mass fraud, theft and abuse, then blaming their victims. Disturbingly enough, it reminds me of what happens with rape. The b!tch clearly had it coming, right? Dressing provocatively, displaying her lack of knowledge for all the world to see…

  • David Valade

    I’m shutting off my radio.  Quite frankly I have no need to continue to listen to “balanced” discussion continue to perpetuate lies.  Ask Ms. Katz to explain the fraud in the Alt-A and sub-prime market places.  Ask her to outline how the ratings agency cheated and rated based on fees paid instead of issued quality.  Ask about CDO’s and CDO’s squared and how they contributed to the meltdown.  Ask about Wall Street firms that asked to have mortgage underwriting practices ignored to create more product.  Ask her to tell the truth.

    • Don_B1

      Depending on how much “original” research Ms. Katz has done, she may not even know the truth!

      It must be remembered that Republicans live in a closed “(semi, if that) intellectual” cloister, where what the military calls incestuous amplification dominates. They simply believe what their associates believe, without ever questioning the underlying data, if they even know where it is.

  • http://twitter.com/MarkStrecker2 Mark Strecker

    Who does Diane Katz think she’s fooling?  Businesses can’t and won’t self regulate.  They never have and they never will.  The coal industry, for example, has been “self-regulating” its safety for years now, and look at the major catastrophes that industry has suffered!

    • JGC

      You’re right.  Even Alan Greenspan was shocked (shocked!) to eventually learn that banks could not self-regulate to protect themselves and their shareholders.

  • ElihuJ

    Re Ms. Katz’s asertion that “… We don’t need the government to protect us from ourselves…”:

    In spite of what 5/9 of SCOTUS asserted in Citizens United, the big investment banks are not us! And beyond genetics, neither are the few thousand main beneficiaries of the calamity that destroyed hundreds of thousand or millions of the real “us” – and seriously harmed tens or hundreds of millions more. The government is us’s elected agent, helping to protect us fom a self-appointed kleptocratic Them.

  • Scott B

    The Republicans are continuing their great traditions of:protecting big banks and big business (who also finance their campaigns); and denying fact, history, and experience in that big banking and big business has proven time and time again that they will abuse the common man consumer, and the law, when left to their own devices unchecked. 

  • JGC

    The CFPB has students at the heart of their interests. Better disclosure on student loans, student credit cards and debit cards, etc., possibly helping to fend off a future crisis centered around student debt (although I fear it is already too late.) Katz would blow up the CFPB, while in the meantime her daughter is attending a university in Canada that has strong consumer protection laws on the books and generous support for their students.

    • Doubting_Thomas12

      The CFPB has EVERYONE in their interests. There are a number of people in the financial industry itself who want change for the common good; some perhaps to stem the tide of wrath directed at them, but others who want to see their industry respected and working for the betterment of America again.

      The ones who want to stop it tend to be the ones who benefit from the wonderful setup we have today. Socialism for those at the very top. Capitalism for the rest of us. Oh, and relatively meager rations if you’re in danger of starving. Bloody moochers, reclining in their lawn chairs because they can’t afford couches, and eating bologna and mustard sandwiches ever so decadently,whilst sipping on glistening tap water.

  • OnPointComments

    From CFPB website:
     
    “Earlier this year, we heard from a California man named Henry, who was in the process of foreclosure. He was desperate. During the overheated years, a lender sold him a mortgage valued at more than half a million dollars. This was far more than he could afford on his annual salary of less than $50,000. He said he’d assumed that the lender knew what it was doing when he qualified for such a large loan. He’s now worried not only about losing his home, but about losing his family’s entire future.”
     
    Does the country really need a unaccountable bureaucracy with a budget approaching half a billion dollars to protect people as incredibly stupid as Henry who thinks he can afford a half million dollar mortgage on a salary of $50,000?

    • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

      That’s his first big loan, methinks.

      And the person who wrote his loan and wasn’t responsible for treating the money like it was “the lenders”, was it the first loan they ever wrote?

      One of these parties is stupider than the other and more deserving of blame, and it’s the one who’s not sitting down for the first time at a mortgage desk.

      • OnPointComments

        My guess on what happened:  there are two parties to blame with greed as the motivation for both.  The lender makes a mortgage that it knows it can sell, so it is unconcerned whether the borrower can repay the loan.  Henry reads about skyrocketing housing prices and wants to get in on it.  He gets a mortgage that he knows is far more than he can repay, but it has low initial payments.  He thinks that by the time the payments escalate he can flip the house for a profit, and in the meantime he gets to live in a half million dollar house.  When housing prices tank, his plan goes awry.

        • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

          Any time you wish to answer about how a borrower, who’s never applied for a mortgage, is to blame as much as experienced lender, who’s doesn’t have lend like it’s his own money, I’ll be here.

        • jefe68

          Your guessing this is what happened?
          You make a lot of assumptions about things you obviously know nothing about.

          • Mike_Card

            That’s how he/she always rolls.

        • Doubting_Thomas12

          Except the lenders in this case got the bailouts. The borrowers did not.

          That’s why there hasn’t been any kind of forgiveness, and there’s an immense amount of public anger.

          Go back and retreat into your hole. Do you know why PR ad campaigns by the banks are still failing miserably to gather any kind of goodwill? Why donations to charities don’t receive “thank yous”? Try again with the next generation, one who hasn’t seen the results of your deceit and avarice. Because mine sure as hell ain’t buying it.

    • jefe68

      Yes. We when the lenders are obviously using dubious methods to get this kind to loan through. That man knew something did not seem right. The variables here are not presented in your example.

      However if the regulations were not being enforced or weakened, as they were, you are going to get this kind fo thing happening. It happened a lot. 

      You’re barking up the wrong tree on this one buddy.

    • Doubting_Thomas12

      This is a fair point.

      The anger that remains prevalent in the rest of society today comes from the fact that while people like Henry lost everything, the ones actually making the money from this made record profits from interest free loans to the tune of $17.9T. From the public till, no less.

      You want loans for your irresponsible behaviour? Find a private lender. Can’t find one? Then burn in the fire you started. I didn’t want to rescue you, even if it meant I lost some money of my own by letting you face the consequences of your own decisions.

      When you withdraw from the public till, without the consent of the public, there are often unexpected consequences. For example, people marching through the streets with pitchforks and torches, demanding your head on a pike.

  • ten4nis

    The money would be better spent improving the education system. Americans can not do math. People should have been able to do their own arithmetic to figure out they couldn’t pay back the loans they were offered. The general education in America is so poor.

    • MrNutso

      Except for those who were told they qualified for large loans even when the math told them they shouldn’t have.    See OnPointComments post below.

    • Doubting_Thomas12

      This implies that there was honesty involved in their loans. Depending on what kind of loan they took out, this is either fairly likely (90%) or very unlikely (10%).

      Speak for yourself kid- I got a good education. It is true that education will often be what you make of it, but it’s also true this is a gross oversimplification of the problem. Have you ever had to dodge drug and gang territory, sometimes paying “tribute” on your way to or from school every morning? Then I have a few people you should talk to who might shatter your world.

      This however is completely besides the point. If one can do math that would make your head spin, should they…

      a) use it to further science in a direction that will lead to engineering applications that in turn will be sold to the masses, thus changing the world for the better?

      or

      b) use it to come up with complicated schemes with the intent of robbing the poor to sell to the rich? They all boil down to pyramid schemes, once you take out the fancy mathematics.

      Better yet, our “best and brightest” didn’t truly understand the math they had to use to map out their risk models in the first place. Still don’t believe me? Google “On Default Correlation: A Copula Function Apprach”, by David Li.

  • nj_v2

    C’mon, Bob, try it…”Diane Katz, who pays your salary as a “research fellow at The Heritage Foundation?”

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      The answer would be “thousands of AmeriKans”.

      HA HA HA. 

  • OnPointComments

    Proof that other people’s money spends easily:
     
    http://www.judicialwatch.org/ 
     
    – A dozen new CFPB hires take home more than $225,000 a year, and a student intern is currently being paid $42,036 “through completion of education & study” as a communications trainee.
    – CFPB Spent $479,354 to Hire Sign Language Translation Services for Two Entry Level Employees
    – CFPB pays class tuition on behalf of six employees to attend the “Banking Law Fundamentals” class to “familiarize participants with the basics of banking law.”  Apparently a $225,000 salary doesn’t get you an employee with basic skills.

    • http://profile.yahoo.com/IHEO4EVV3QWCTQPBZOYQ2CP5ZU EJK

      Yes, imagine that, you need a few smart and well paid people to counter all of the resources that the financial institutions can throw at them.  

      • OnPointComments

        I bet when the financial institutions hire someone at an annual salary of $225,000 they don’t have to send them to school to learn the basics of the job for which they were hired.

        • jefe68

          How do you know that they don’t send to do training for the job? How do you know if they don’t require anual courses to keep themselves current? 

          Yo know making spacious comments because you don’t like the idea of government doing anything is a bit much.

          THe job of government is to regulate and make society civil, that’s why we have laws. The more I read and listen to people on the right the more I’m getting the feeling that they are seem to be at odds at the idea of a civil society.

          • DrewInGeorgia

            You say Civil, they scream Socialist.

        • http://profiles.google.com/utahowl June Taylor

          Clearly you never read Liar’s Poker.  Check it out, so you won’t make statements like the one above.

        • Kiep99

          Check out Liar’s Poker & contemporary books.  Brokers, etc. are licensed salesmen  working under other job names.

          Brokers/investment bankers (registered securities representatives) spend some of the first year getting licensed.

          After licensing, then it’s on to the Sales Div. (oops, financial advisor div.)

          They’re either selling to clients for securities to sell, institutional clients (mutual funds, 401-K mgrs), or individual clients  (AKA pump & dump account candidates)

      • Scott B

        Government used to pay comparatively with business. Now we have brain drain (just look at Congress, the House in particular with allegedy educated Congressmen that believe the earth is 9000 years old) because the Right calls for “smaller government” and “less spending”, and people can make more in the private sector. The private sector seems to be able to stack the deck against the consumer because that’s where all the smarts and money is.

        There’s no great wonder why the gov’t all eFFed up. 

    • skeptic52

      Look at the source document. It was an award of up to $479K, for nation-wide coverage of sign language translation services, not a bill for that amount.

    • Doubting_Thomas12

      Better they work on something for the common good, than get paid twice that to gamble in the tertiary derivatives market, spread the risk around, and then blame us when the values of our houses plummet.

      Good thing that only happened in fantasy… right?

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    Yeah, because they hide it in legalize tool Diane.

    • DrewInGeorgia

      Apologies for the correction but it’s “legalese”.

      • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

        Thanks.

        Can you come type for me? I could use a overeducated spellchecker. 

        Then I would feel like one of the criminal elite, hiring educated people to do their menial sh*t for them and feel real powerful and big like I can buy anyone with my stolen wealth.

        • DrewInGeorgia

          Sorry, my serfdom requires me to attend to other matters. There are lots of other desperate starving over-educated people out there, I’m sure you’ll have no trouble locating a typist to indenture…err, I mean employ.

  • MrNutso

    The nerve! More friendly consumer mortgage products.  Reduced profits by not being able to rip off people.  People who should not get mortgages not getting them.

  • Steve__T

    Some very interesting information from Naked Capitalism.

       http://www.nakedcapitalism.com/2013/02/blinder-leading-the-blind.html

     http://www.nakedcapitalism.com/2012/12/neil-barofsky-too-big-to-jail-our-banking-systems-latest-disgrace.html

    Neil Barofsky  former special inspector for the U.S. Treasury’s Troubled Asset Relief Program, has written a book “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street,” Good read.

    • Scott B

      That’s a great book.   

  • Ray in VT

    “if you’re money’s not under the mattress, then it’s under the control of the Bureau.”

    I found that to be an interesting comment.  I certainly have control of my money, and I could put it under my mattress if I choose.  I don’t think of government setting the rules by which financial institutions must play as “controlling my money”.

    • MrNutso

      What she failed to mention is that it’s under the control of the Bureau, not banks or financial institution that are free to do with as they see fit, which would also not be in the interests of the owner of the money.

      • Ray in VT

        It is amazing that people will still go to the mat for institutions that have made billions by tacking on hidden fees to customers, such as with overdraft fees.  When I first had a debit card I could not take out more than I had, and I think that that should be the default.  Let people accept the “service” of overdraft protection and whatever fee is associated with that, but make that opt in.  There was a story a few years back about a guy who wanted to see what an overdraft would cost, so he intentionally overdrafted his account by a buck or two on Saturday, and by Monday he had racked up 50 or 60 dollars in fees.  That’s just not right, and I want someone looking over the shoulder of institutions who would do such a thing.  And while we’re at it, why don’t we bring back a national interest rate cap to crack down on institutions that charge excessive interest rates, but maybe we need to have greater “freedom” and “choice” there as well.

  • http://profile.yahoo.com/IHEO4EVV3QWCTQPBZOYQ2CP5ZU EJK

    How is the current situation, where  the regulated get to choose their regulator, sensible?   The CFPB is the best option.  If the GOP want something better then they need to get on board.

  • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

    “I don’t think we’d get this partisan (GOP) pushback if the CFPB bill wasn’t so poorly written and overreaching (my paraphrase).”

    Geezus, where has this woman been for the last five years?

    • DrewInGeorgia

      In Diane Land.
      I hear the weather is nice there, even in Winter.

      • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

        Kochville.

        Where the thread count is 1000 for the tools of the criminal elite and straw for the serfs.

        • Doubting_Thomas12

          The sooner they “go galt”, the better. I’m actually looking forward to having the opportunity to succeed, rather than being stepped on by the big players who don’t like competition.

  • nlpnt

    I WANT financial innovation to be stifled!!

    I want people in the financial industry to be locked-down, uninnovative gray people who drive Buicks because Cadillacs are for people who made their money in the real economy.

    Let the best and brightest go into science, engineering, medicine, the arts and yes, public service! Ask Diane if there’s been ONE “financial innovation” other than ATMs in the past 50 years that has really been beneficial to consumers!

    • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

      Tangent on “innovative”: Did we actually go through this entire hour without the word Enron popping up?

      • DrewInGeorgia

        Or LIBOR, JPMorgan Chase, UBS, HSBC, Standard Chartered, PFGBest, Knight Capital Group………

        Yessir-ree Bob, we certainly did.

    • NrthOfTheBorder

      Ah! Bingo nlpnt!  

      We’ve come to worship low-risk professions (banking and law) that use proceeds from other people’s hard work to earn far more than they produce.

      American capitalism has much of its foundation pinned on fantasy. Markets have become casinos,  investors gamblers, our legislators live in a house of prostitution. 

      No wonder we’re not so perky about being Americans.  

    • Mike_Card

      Hear, hear!

    • Doubting_Thomas12

      As a scientist and an engineer, it disgusts me beyond belief that something as fundamental as “innovation”, used by engineers to turn scientific knowledge into “real things”, or make better versions of “real things”, has been corrupted to mean basically anything new, whether it be beneficial or detrimental to society.

      If it makes you feel any better, rates at the top ivy leagues going into finance have PLUMMETED. 31% to 11%. Those who do aren’t proud of it anymore, and often try to hide it. Those who don’t, find themselves on the losing end of quite a few arguments, and soon learn to try to hide it.

  • JGC

    Bob Oakes: the debate is NOT raging about whether or not we want the CFPB.  Clearly, we want it.

    • nj_v2

      It’s similar to climate change. NPR is so cowered by any possible accusation of bias from the rabid right, that they feel obligated to manufacture “balance” even when there isn’t any.

      • NrthOfTheBorder

        Great point nj_v2! Not only true for NPR but all US media.

        It’s like I’m in a room where bullies hog the microphone – and for quite sometime the common-sense middle hasn’t really gotten it back.  

        • http://read-write-blue.blogspot.com/ RWB

          Nothing is more uncommon than common sense. And the middle only has yellow lines and dead armadillos. 

          • nj_v2

            Pretty funny that someone of your political inclination quotes Jim Hightower with a straight face.

            And you didn’t even get the quote right.

            “There’s nothing in the middle of the road but yellow stripes and dead armadillos.”

          • http://read-write-blue.blogspot.com/ RWB

            Hey, sometimes even a blind pig can find a chestnut.

      • Coastghost

        NPR is also inconveniently implicated, since its production and broadcast operations run on the very power grid its reporters routinely tell us is contributing to climate change, plus ferrying reporters around by car and plane each day entails carbon emissions and contributes to ozone depletion. (NPR reported just this morning that Europe’s carbon permit-trading scheme may be on the verge of collapse. Point-of-purchase carbon taxation, regressive though it may be, may well be on the way.) ((If so: watch for more NPR fundraisers.))

        • nj_v2

          Climate denialists and other dim-witted, right wing hacks of other flavors love to make this asinine argument; that if one is part of or participates in a system, one forfeits any right to critique the system. 

          By extension, one can only make critical comments if one is somehow “pure.” In the case of climate change, one could not express concern, or advocate for adoption of renewables, or point out energy waste unless one used no fossil-fuel based energy, bought no mass-manufactured products etc.

          Presumably, by this brain-dead standard, citizens cannot criticize government policy since they pay taxes, and thus are part of the system.

          • Coastghost

            Just speaking truth to power: you know what a thankless task that is. 

  • Scott B

    Ms Katz says “caveat emptor” (buyer beware) for financial consumers, that should be educated before they invest in things like a 401K, etc. But banks deliberately misused those funds to make bets on derivatives, but bad debt to repackage it and deliberately sell bad loans to other unsuspecting banks and countries, and used those consumer funds to pay for exec bonuses and retirements. Then, when the market crashed, they turned around and said, “Too bad for you.” Then the companies used the bail out money that was supposed help people like those sold bad financial products like bad mortgages, to prop themselves up, and pay exec bonuses and retirements. 

  • http://www.facebook.com/jscallen Jonathan C Allen

    My wife and I did not need a CFPB to tell us that it was best to make investments that were protected by the FDIC.

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      You still believe the FDIC will pay you back if the financial terrorists of Wall Street crash the system again?

      Better get a clue.

    • JGC

      If all your investments are in FDIC-protected products like certificates of deposit, you are only earning maybe 1% and very possibly much less (0.2% to 0.5% seems to be where most CD rates are resting at the moment.) That is not even enough for inflation-protection.  You may as well put it all under the mattress. 

      All investors want is transparency, with ethical leaders at the head of these financial institutions. 

    • NrthOfTheBorder

      There is such a thing as an FDIC-protected investment?

      Where?

  • MrNutso

    So tell me Diane, how many people are sitting in federal prison?

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    Diane Katz tool of the criminal elite says she has no idea where people are getting the idea that the “big boys” haven’t been gone after.
    LMAO!

    • MrNutso

      I am reminded of the show several years ago discussing the FBI round up of organized crime.  Almost every call was about why they weren’t going after financial crooks.

  • DrewInGeorgia

    If the CFPB had been in existence when Criminal Identity Theft began to take apart my life piece by piece, I would have had at least one option for protection from predatory creditors.

    Instead what I had were The Georgia Governor’s Office of Consumer Protection, creditors that unjustifiably quadrupled my debt in some instances, a mortgage company that illegally foreclosed, and hundreds of businesses that failed to notify me of false background information when they denied me employment or credit.

    Of course tools like Diane are going say that people who make stupid decisions are suckers and deserve what they get. Hey Diane, did I deserved what I got? Was it my poor decisions that landed me where I am or was it the fact that I became poor as a lack of protections and regulations?

  • http://www.facebook.com/profile.php?id=1266410766 Phyllis Craine

    Diane what is this “government insurance  you keep talking about??? There is NO SUCH THING stop confusing people!

    • DrewInGeorgia

      But that’s her job…

      • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

        It is. And she wasn’t even very good at it.

        Koch brothers fire that tool and get a sharper one to spew your propaganda.

  • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

    Diane Katz I agree with you, hard to believe.

    The real problem is the criminal financial terrorists on Wall Street that have only been allowed to grow stronger and richer since they crashed the world economy in 2008.

  • MadMarkTheCodeWarrior

    Diane, rather than being a financial expert, you appear to be quite the expert at parroting republican financial propaganda: essentially nothing more than a shill for the financial industry.

  • JGC

    Katz: “…paybacks of $26-billion” by the banks.  That does not even approach the money that went into oblivion when they blew up our economy.  Plus, that $26-billion in fines and “contributions” may even be tax-deductible for the banks, putting the taxpayer on the hook for the second time.  

    There is only one thing these Wall Street bankers/hedge fund managers will understand and it is J-A-I-L. 

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      I spell it G-I-T-M-O.

      They are financial TERRORISTS.

    • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

      I guess that’s the kind of coin which Bailey Bros Building & Loan, or even Old Mr. Potter, can’t get their hands on overnight.

      But, yeah, cheap attempt by Katz to scare us with raw numbers.  That’s
      the sign of an argument which doesn’t stand up as a percentage.

    • http://profiles.google.com/utahowl June Taylor

      One thing we could do is write to our Senators, demanding that the banks’ fines and “contributions” are NOT TAX DEDUCTIBLE.  I know, I know…I’m a hopeless idealist.  OK, write your Representatives…they’re already fixated on their next Job Interview…er…election.

      • DrewInGeorgia

        Not a hopeless idealist, a hopeful Human Being.
        I admire that. I wish you better luck than I have had when contacting my so-called Representatives.

  • g8tr45

    Another topic hour of “he said/she said” fake journalism.  Tom, I have learned much from On Point, but its segments like this one that make me want to stop listening.  You’re better than this.  Let the political hacks, shills, and courtiers find another outlet for their media propaganda.  

    • DrewInGeorgia

      Tom wasn’t hosting today.

      • g8tr45

        Drew, I know Bob Oakes was in today for Tom.  However, Tom is an accomplished journalist in his own right and works with a staff of about ten for research and preparation.  While absent today, and at other times on vacation, I’m confident there is still some degree of oversight and direction.  If not, that would assign Tom Ashbrook the position of carnival barker, the role played today by Diane Katz.

        It is my hope those connected with the show would look at the comment section as constructive.

  • skeptic52

    The HF guest’s parting shot: Eliminate deposit insurance!

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      Missed that one. 

      What’s so funny is these tools are determined to make all of Amerika into serfs and a few criminal elite.

      Why? Beucase the criminal elite see Asia as their next fortune and must, must loot every last dime out of Amerika before the collapse of this economy.

      • http://www.facebook.com/slim.boom.94 Slim Boom

        I think you have it right.  But what is really funny about it is they think they are going to walk into Asia and do the same thing.  I think the Asian’s are a bit more savvy when it comes to this type of activity, seeing as how they have been ruled by it for decades.  Once the US is no longer there to protect these banks and oil companies interests, foreign powers will just nationalize their assets and parcel them out to their own cronies.  

    • Mike_Card

      She must have received a frantic text, “You forgot to say ‘Gummint is da problum!!’  “

    • Doubting_Thomas12

      Wow, so their response to why the banks were bailed out (theoretically, because if they went under we lost all our savings) is to remove the supports for our savings, but keep the ones for the banks themselves?

      If it’s any wonder why people still hate the banks, it’s shills like this. Ms. Katz, you’re one of the people that convinced me to leave the Republican party forever. Go die in a fire, and know that the moment you do, the world will be a better place without you. Your children will be raised by someone who has a chance of giving them honesty and love, not guile and envy that someone else has food to eat, while I only have one private island.

  • Scott B

    Ms Katz is saying that the problem is stupid consumers that don’t know how to get around the shenanigans of banks, et al. 

  • NrthOfTheBorder

    It always strikes me as to how US capitalism is neither efficiently or adequately regulated – nor is it the Ayn Randian ideal sought by so many conservatives. 

    It’s frustrating to watch takers move into the market to steal left and right when the watch dogs are called off – or for any regulatory bureaucracy to get fat, excessive and lazy off government largess. 

    It seems so simple: commerce needs to be flexible enough to offer real consumer choice. Law breakers – no matter how rich or connected – should actually end up in jail. Fair play, openness and transparency need to be rewarded. 

    Regulators must be able to do their job one: and two, they must actually do it.

    • http://read-write-blue.blogspot.com/ RWB

      Effective regulation to insure a level playing field is not what matters.  Job one is creating political fiefdoms.   

  • grifdog

    We get it!  –
    The amount of resistance and pressure that we see from big business and those that represent their interest is the strongest indicator of why consumers need the CFPB on their side.
    Same old story of money and influence; Follow the money…..
    Resist the attempts to reduce the CFPB clout.

    • Doubting_Thomas12

      I like to call it the “norquist reading”. If he hates it, then it’s probably good for the rest of us.

  • Adrian_from_RI

    FDR in the 30th brought us the New Deal which turned out to be a very raw deal, indeed as explained by history professor Burton Folsom in his book “New Deal or Raw Deal? How FDR’s Economic Legacy Has Damaged America.”

    The corner stone of the present economic disaster was laid in the 60th by LBJ and his War on Poverty programs. Poverty wan and is still winning on a grand scale. For the gory details read a book by a bank CEO, John Allison “The Financial Crisis and the Free Market Cure. How destructive banking reform is killing the economy.”

    Most of our miseries were and are caused by our government being engaged in extra constitutional activities from antitrust laws 120 years ago to Obamacare now. To expect solutions to our problems from the same politicians and government institution that caused our problems in the first place is suicidal.

    To ask economic illiterates like Elizabeth Warren and her ilk to protect consumers is like asking an executioner to cure a headache. But we are a democracy now, so we will get what we deserve good and hard; all the while being egged on by our faux intellectuals in our main stream media and NPR.

    It looks like our government is using “Atlas Shrugged” as its script and operating manual. Scary!

    • jimino

      So when do you leave for Somalia?  Or can you and the Burtons suggest some other libertarian paradise where your principles are actually implemented? 

    • JGC

      When you say ridiculous things like Elizabeth Warren is an “economic illiterate”, I shut down on any other point you are trying to make, because so clearly, she is anything but.  

      Her whole life has been a lesson on economics and finance, from the time she was twelve and her father, a janitor, had a heart attack which precipitated many medical bills, then loss of the family car because they could not maintain the loan repayments.  She went to work at a young age to help with family finances. Eventually, she earned her law degree and wrote wills and worked on real estate closings. She went into teaching law at universities, and doing research into issues related to bankruptcy and middle-class personal finance. A recognized authority in these areas, she has been a member of the FDIC Advisory Committee, the Chair for the congressional oversight panel which had authority to oversee the Emergency Economic Stabilization Act in 2008, has set up the Consumer Financial Protection Bureau and is now serving on the Senate Banking Committee. 

      Here are the economic and financial credentials for Diane Katz, who so poorly represented the side that wants to quash the new CFPB: Bachelor’s degree in philosophy from Thomas Jefferson College, master’s in journalism from the Univ. of Michigan.  Has worked as a journalist and as a policy analyst for various libertarian and free-market think tanks; a coalition of think tanks across the U.S. appointed her to represent them within ALEC.  

      Katz is truly the poster child for “economic illiterates” and “faux intellectuals”. 

    • jefe68

      Oh please, Senator Warren is an economic illiterate?
      So having been a Harvard Law School professor specializing in bankruptcy law and an active consumer protection advocate is a sign of economic illiteracy to you?

      Your comment is all over the map. It’s as if Ronald Reagen never happened nor Newt Gingrich.

      By the way Ayn Rand is a darling of the extreme right. Just ask Congressman Paul Ryan. 

    • http://profiles.google.com/utahowl June Taylor

      I take issue with your statement “poverty won”.  No “war” on anything, including hot wars, solves all problems, let alone ones as ancient and intractable as poverty. The facts are that LBJ’s War on Poverty in fact decreased the poverty of many sectors of Americans very significantly – the elderly, to name the most obvious. When I grew up in the Wonderful Olde Days of the 1940s, elderly widows regularly starved and died in miserable poverty.  Now they don’t.  I consider that a Win.  And I agree that anyone who calls Elizabeth Warren an “economic illiterate” is not living in the same world of facts that I am.  You might find it interesting to drink in something besides Ron Paul KoolAde.

    • MadMarkTheCodeWarrior

      Ya, no. If America were to fully embrace every republican ideal, we’d be like Uganda… A country dominated by poverty, ruled by the wealthy elite who can do anything they like as long as they stay in the favor of the ruling party.

      Engage brain before digesting propaganda.

      • http://read-write-blue.blogspot.com/ RWB

        You should take you own advice.

      • http://www.facebook.com/futo.buddy Futo Buddy

        we are not ruled by a wealthy elite who can do anything they want?

        • Don_B1

          They tried, and will try again with better execution, in the last election where they spent enormous sums of money with little effect.

          That may well be repeated in 2014 and 2016, but when they regroup and learn the lessons of their failure, they could do better and put themselves on the path to a full-fledged plutocracy.

          • http://www.facebook.com/futo.buddy Futo Buddy

            so oboma did not spend just as much money as romney? you think the democrats are not just as indebted to special interests and the 1%? wealthy elites like oboma and romney can do whatever they like. choosing between two harvard lawyers is not a real diverse selection of candidates as far as i am concerned

    • nj_v2

      Ha ha! Folsom, another Macinac “freemarketeer” hack.

    • Doubting_Thomas12

      We actually had the opposite problem as “Atlas Shrugged” in the last crisis, remember? The “John Galts” were the heads of the largest investment banks, and they were taking from us, not the other way around.

      There’s no place for people like that in Ayn Rand’s world, simply because she didn’t see that kind of problem in her childhood. She saw the communist takeover of Russia, and set out to warn the rest of the world against it. The crony capitalist takeover of the US is the polar opposite of what Ms. Rand wrote about.

      Furthermore, Senator Warren was a staunch conservative right up until the crisis, when she saw exactly the kind of shenanigans the rest of us saw when they became public. That’s when she transformed from a free-market loving republican, to a free-market loving thief-despising zealot, bent on the destruction of the greatest threat to our country since slavery.

  • Steve__T

    After reading the 149 comments at this time, It seems that nobody bought in on this show.

    • DrewInGeorgia

      We “bought in on” the show, we just didn’t buy into the Katz Bull Skat.

    • http://profile.yahoo.com/TSSZX2JK43AU7VFAF5XIZ34ZIE Left Righty

      That’s great. People are finally seeing beyond the propaganda.

      Next step for the elites is force. Get ready.

  • Michiganjf

    Well, Diane Katz was absolutely drunk with some of the most specious sophistry I’ve had to stomach since the Republican Primary.

    Wall Street and Big Banks spend decades and fortunes buying off politicians and pushing for favorable legislation, mostly designed to pawn as much risk as possible off onto American taxpayers… then they shamelessly send out a shill like Diane Katz to argue that “taxpayer backing of risk” is what led the banks to such recklessness!!!

    Amazing!!

    … and she then claims Americans shouldn’t have a “nanny state” government looking out for them, because that assumes people are “too dumb” to look out for their own interests!!!
    … as though the housing fiasco didn’t JUST PROVE that tens of millions are readily vulnerable to dishonest, greedy banking schemes!!!
    Supposedly, even the “best of Wallstreet” (all those sophisticated investors and bankers) didn’t understand the consequences of their shenanigans…

    What Wallstreet’s “best” DID UNDERSTAND, was that they could make a killing by duping A LOT of people!!

    With pleasure, I refer listeners once again to the BEST SHOW ON THE SUBJECT OF EXACTLY WHO TOOK WHO AND HOW IN THE FINANCIAL/HOUSING CRISIS, that award winning This American Life episode, The Giant Pool of Money:

    http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money

    Don’t believe Republican talking points and industry shills!!!!

    WE NEED THE CFPB, AND WE NEED TO BE DILIGENT ABOUT NOT LETTING REPUBLICANS REWRITE HISTORY TO SERVE THEIR CORPORATE MASTERS!!!!

    Listen to the show linked above, and KNOW who is really responsible for the economic downturn and why we need agencies like the CFPB… and don’t let Republicans gut yet another oversight agency!!!

    Corporations and the wealthy make money at every turn, no matter who gets taken by large corporate interests… they all make money coming and going!
    In every conceivable way they’ve covered their bets, and they know middle-class wealth is theirs for the taking, with pols in their pockets!!!

    It will ALWAYS be the middle class which suffers every time one of their own suffers… whether because of lowered neighborhood home values, insurance risk spread, state help for those made  indigent… and with each corporate con, one less economically healthy, contributing and spending taxpayer, working to help prop up all his/her fellows through sheer numbers.

    • JGC

      I see both you and Diane Katz are from Michigan.  My condolences to you, that you have to hear her claptrap on a daily basis.

      • Doubting_Thomas12

        To be fair, Michigan it self is beautiful. The trick is always finding a lake that isn’t subject to noise pollution from Katz and Bachmann…

    • Mike_Card

      She relied on every teabagger talking point, but the most egregious bit of disingenuous crap was when she got all, “it’s against the law!”  Pretty much ignores moral behavior when a small group already owns the lawmakers, like the banks and the Koch Industries gang of thugs. 

    • TheDailyBuzzherd

      Mitch, thanks for that link. Listened to the early part and the conclusion last night. The most striking thing about that ep isn’t so much the revelation of “The Giant Pool of ( Global ) Money”, it’s the date it aired: nearly six months prior to Meltdown Weekend! These guys got it right well before everyone else. Yet, we don’t need NPR, right?

    • http://www.facebook.com/slim.boom.94 Slim Boom

      You assume that the middle class still exists.  Being in the middle class, I know my family and I are just the future lower class.  One accident/disaster/sickness away from bankruptcy.  Welcome to the American middle class, aka, tomorrows lower class. 

  • http://www.facebook.com/doyle.walton Doyle Walton Jr

    1 hour on this topic? Wow, time for some Top 40!

    • nj_v2

      Nothing wrong with the topic, just the composition of the panel and the structure of the discussion.

  • 2Gary2

    Why is anyone surprised that republicans only care about the 1% and their interests?  Whenever I see repubes acting irrational I simply remember that they represent the 1% and it all then makes sense.

    • http://read-write-blue.blogspot.com/ RWB

      I bet you think that the other major party is looking out for the little guy.  !News Flash! Neither party gives a flying flop at a rolling donut about anyone but themselves.

      • Jason Elias

         Thats why the CFPB should be run by one head with long terms, who’s an academic or a lawyer, not a board of politicians.

        • http://read-write-blue.blogspot.com/ RWB

          Are you a lawyer or an academic?  Who was fired for not catching Bernie Madoff?  Who was fired for not preventing the BP oil spill?  Do you really believe that these people are serving the “public good”?  

          • http://www.facebook.com/slim.boom.94 Slim Boom

            Really?  Let’s blame it on the government?  The government has been run by the banks for years.  The mantra of Alan Greenspan and his cronies was ‘deregulate’ and ‘don’t enforce’. When the guys in charge of the regulatory agencies don’t believe in regulation, we have a problem.

            There are two paths here, either deregulate or regulate.  We have seen where deregulation goes.  So we better damned well come up with a way to make government work for us because if we don’t it is only going to get worse for virtually everyone and forever.

    • harverdphd

       The 1% is a liberal myth

      • 2Gary2

        if you look at repubes DO as opposed to what they say it is clear that they represent the 1%

      • Tyranipocrit

         billionaires are a myth?  are you psychotic?  Who do you think they produce yachts for, limos, private jets, million dollar cars, 600,000 dollar shirts and socks?  how do you think they fund wars and can build aircraft carriers?  Democracy is a myth?  Fair and balanced media is a myth? 

        • Doubting_Thomas12

          No… sociopathic, would be a better term. Sadly, real sociopaths get a bad name from people like these. After all, some sociopaths actually try to behave ethically, they just don’t always “get it” when it comes to morals. Others, on the other hand, know better but revel in fraud, larceny and grand theft.

  • http://www.facebook.com/people/Betsy-Johnson/1290094500 Betsy Johnson

    I think as taxpayers, we should get out of the banking.financial business  unless we get stock personally. When I “invest” in AIG, where is my stock certificate? 

    • Mike_Card

      I never received my tradable certificates in GM or Chrysler, either.  And I never received a reply when I asked my Representative and Senators.

      • Jason Elias

         That’s because they paid us back.

        • http://www.facebook.com/futo.buddy Futo Buddy

          lol

  • grove01

    not likely . . .

  • grove01

    Diane Katz is merely defending the basic foundation of the Republican Party: “If God didn’t want them shorn, he wouldn’t have made them sheep”. 

  • DrewInGeorgia

    Disqussss

  • hennorama

    A few lessons US consumers and policymakers might wish to learn and/or re-learn:

    Why Didn’t Canada’s Housing Market Go Bust?

    http://www.clevelandfed.org/research/commentary/2009/0909.cfm

    “Canadian banks did not implode during the financial crisis like their brethren in the U.S. or the U.K. Believe it or not, staid Canadian bankers are now the rock stars of the global banking club. Their banks did not engage in the loose lending and hanky-panky that destroyed banks in the U.S. and forced its government to bail out the economy and financial system. Canada’s banks, long considered big and boring, have proved that boring is what you want in a bank. They make gobs of money and in September of 2012 were named the soundest on earth by the World Economic Forum for the fifth year in a row. Since the crisis, these dullards of finance have had the world’s attention.”

    http://www.huffingtonpost.ca/howard-green/td-bank-in-us_b_2490354.html

    The History of Usury

    http://americansforfairnessinlending.wordpress.com/the-history-of-usury/

    • DrewInGeorgia

      Your comment immediately brought to mind a Particular bank in North Dakota. Give it a read when you have time, I think you’ll enjoy it if you aren’t already aware of its existence.

    • JGC

      The former Governor of the Bank of Canada, Mark Carney, (now the Gov. of the Bank of England) got into a big brouhaha with Jamie Dimon at a meeting with a bunch of Wall Street CEOs and other Big Wig financial types.  Dimon went nuts over Carney’s insistence that global financial institutions have more accountability, and was not the most polite bankster in the room.  The other banksters were making slashing gestures at their throats to try to get Dimon to shut up, to no avail.  And this was years AFTER the blowup of 2007/2008.  Carney made a parting shot and stormed out of the meeting.

      • hennorama

        JGC – TY for your response. I thought you might have something to say about Canadian banks and bankers.

        Carney’s really got his work cut out as the only foreigner ever named as Governor of the Bank of England. He will not only have to deal with what appears to be a triple-dip UK recession coupled with rising inflation, but also UK politics, no simple task even for an experienced hand.

        The Carney v. Dimon thing had been simmering for about a year when Dimon blew up during the Sept. 2011 IMF Conference. It’s a pretty classic battle of ideology that unfortunately seemed to have turned personal.

        See:http://www.businessinsider.com/jamie-dimon-mark-carney-daughter-quote-started-fight-2011-9

        • JGC

          Ummm…excuse me, but that’s Canadian banks, and banksters…

          • hennorama

            JGC – TY for your response. D’accord. -sters v. -ers is noted.

            I believe you’ve understated Mr. Dimon’s self-image – he thinks he’s a MOTU rather than a KOTW.

            Here’s a rather hilarious quote from Mr. D on the London Whale Affair (LWA):

            “The buck always stops with me.”

            He should have switched the ‘s’ from the word “always” to the word “buck” for accuracy, as he reportedly said this right after a shareholder meeting that approved his 2011 pay package of $23.1 million, right in the midst of the LWA.

            The guy certainly has some brass, considering the trading losses from JPM’s Chief Investment Office are in the the neighborhood of $6 Billion, and that there are reports that JPM managers discussed merging some opposing trades others at JPM had made, in order to minimize the CIO’s losses.

            See:http://www.reuters.com/article/2013/01/29/us-usa-jpm-whale-idUSBRE90S14520130129

  • harverdphd

    Diane Katz must be telling the truth.  She scares the crap out of liberals on this comment board.

    • Ray in VT

      I don’t think that scare is the right word.  Amaze (probably not in a good way), perplex, or stupefy perhaps, given that much of what she said is pretty much just standard conservative boiler plate.

    • Tyranipocrit

       choit

    • 1Bob_Oerbagdad

      Shame on you, typical right-wing sophist…can’t show your true colors and publicly admit your
      support for the outright FRAUD of the big banks and big business generally,
      and their little servants at Heritage Foundation like Diane Katz, so you attack those who show the frauds to be frauds.  cowards, liars,
      moral midgets, and creeps…in other words, today’s GOP.   Shame on you.

    • http://profile.yahoo.com/JXSANCUDPIKQSPID5KT2U4XK5Y TF

      And my nine-y.o. nephew is a Grandmaster because I take exception to his cheating at chess. Either that or I’m scared of his prowess.

  • Tyranipocrit

    Yes, consumers are incapable of making rational choices–look around you.  How much are they paying you schills?  Prostitution is illegal isn’t it?  Uh, we don’t need laws forbidding murder because ya know murderers can regulate themselves-we shouldn’t think that murderers can’t control themselves.  And they shouldn’t be punished–ya know because murder is really actually good for society.  it creates jobs okay. 

    There is no reason to have laws on the books that prohibit murder in any way.  Freedom!!!  Free trade!!!!  Fraud!!!!  There is no reason to think that profit-motivated entities would want to make profit–there is no reason to believe that consumers should need to protect themselves–that is just crazy because everyone knows all corporations are honest humanitarians and altruistic–they would never risk harming anyone–they are like saints.  I love them to pieces.

    There is no reason to regulate industries–mitigating pollution–because profit-motivated industries have no intention of ever polluting anythign and can be trusted to regualte themselves–we should never doubt that they have nothing but our best interests at heart.  In fact, according to the saintly corporations pollution is nt real–because actually it is really good for your health to suck on an exhaust pipe and drink crude oil–in fct coke wants to bottle it as a health drink.  Dont be stupid people–everyone knows industry are really good people just watch undercover boss and you will see that. Any regulation of industry is evil because these are the best people in the world and so altruistic and i like black air–its good for me.

  • eat_swim_read

     @ Ed Mierz. – you came across kind of snide toward Diane, with exclaiming “I don’t know where to start” when asked to dialog about her points. Kind of a mean-spirited, middle-school ‘tude. She was professional and clear when speaking to you and to listeners. Learn from her….

    • Tyranipocrit

       You must be as smart and articulate as she is.  i don’t think you were listening.  maybe you are one of he puppet masters, or just unable to think critically.

  • http://www.facebook.com/profile.php?id=1273328048 Tomasina Covell

    Start by shutting down the The Heritage Foundation and killing all of its shills starting with Diane Katz!

    • Ray in VT

      I’m certainly no fan of the Heritage Foundation, but I think that we can criticize the institution and/or it’s representatives without ranging into language that calls for violence against anyone.

      • DrewInGeorgia

        Holy crap I was about to type almost exactly the same thing. Where’s that over-zealous Mod when their behavior would be justified?

        • Ray in VT

          I just figured that I’d do a last refresh before heading home.  That’s the only reason that I saw the post.  I don’t think that it serves a conversation well to have that sort of talk being thrown about.

      • ExcellentNews

        While I agree with you in principle, a handful of banking oligarchs and “business” executives have done more damage to America than all our foreign enemies combined. We sent Team 6 after Bin Laden, so why nothing has been done to at least claw back the money they pocketed and send the ring leaders to jail ???

        • Doubting_Thomas12

          I agree. Calculate the difference in suicide rate between 2005 and the years 2007-2011, then take the sum of the group. You’ll get an answer of 20k. Then take the amount of wealth destroyed during the crisis. $91T theoretically, but in terms of assets that could realistically be made liquid, the usual figure given is 45% of the world’s wealth evaporated over the 18 months of the official crisis. That ends up being approximately $34.4T of US wealth.

          20,000 dead, $34.4T lost. They’ve cost us more than everything since Vietnam.

    • jefe68

      I loathe the Heritage Foundation, and I find the likes of Diane Katz to be a bit much. You seem to enjoy the freedom of speaking your mind as much as Katz does and in that ideal is what one calls a common ground: Freedom of speech.

    • http://read-write-blue.blogspot.com/ RWB

      How nice of you.

  • Tyranipocrit

    Diane katz–it is hard to make an argument or speak articulatory when you have NO idea what you are talking about–huh?  Yeah, i know, maybe you should give the corporate-aristocracy their money back because you didn’t perform well as puppet?  You’re fired.

  • 1Bob_Oerbagdad

    Stop putting elitist propaganda on the public airwaves.  Nobody cares to hear the complete lies of government-supported big bankers and their whores like Diane Katz are paid to vomit.  Just stop with this nonsense and get some reasonable voices on the public airwaves. 

    • http://read-write-blue.blogspot.com/ RWB

      “Stop putting elitist propaganda on the public airwaves.”

      So I guess you really only believe that free speech means; “only what supports my views.”  How absolutely  absurd.  Are your beliefs so ill-conceived they can not stand up to criticism?  Or are you only able to believe them if everyone else believes them as well?  

      • http://www.facebook.com/slim.boom.94 Slim Boom

        Ahhh, well met.  The old, ‘we need to let all the voices in’ argument.  I believe the sky is purple, lets debate.  I believe we could all live on a diet of rubber and recycled paper plates, lets have a debate.  Just because someone has a point of view does not make it valid.  The last few decades in this country have proven overwhelmingly that big money and government do not mix, and deregulation is a nightmare, both currently and in the creation of future crises.  

        She can have all the free speech she wants, on the corner with ‘the end of the world is tomorrow’ crowd.  But in a place where the potential validity of ideas should be taken into account, her views hold no grounds.  Get her the heck of the airwaves with her purchased words and vacant ideas.   

        • http://read-write-blue.blogspot.com/ RWB

          So you have appointed yourself as the arbiter of who gets to speak at On Point and who does not.  That is an interesting opinion.  Let us debate it.  How do you decide which speaker is a corporate propagandist and which is not?   

  • J__o__h__n

    I loved her comment about how the law kept information from consumers.  Requiring clear language instead of pages and pages of boilerplate is a scam!

  • ExcellentNews

    But don’t you see the beauty of our system? No education or regulation means that (a) there will be tens of millions of people who get fleeced by the oligarchs and (b) the same people can easily be enlisted as soldiers to go die in a foreign war in Kadzikingstan to protect the local friends of these oligarchs. The ruling elite gets richer and more powerful with every generation of inheritance – all without no need to work hard or study hard. We can keep this gravy train for our 0.001% going as long as we have more guns than their 0.001% !!! Yeah, I get all fluttery just thinking about the incredible potential that a Bush + Bobbi Jindal ticket can bring to the bankers in 2016 if we can hold off these regulations and educations until then…

  • Michele

    And once again the average consumer gets S.C.R.E.W.E.D.

  • http://www.facebook.com/slim.boom.94 Slim Boom

    yeah, first they will tax it as if it is income so you will only get say 50%, then they will give it to you in bits and pieces, so 1% a month, then they will have to print all that cash boosting inflation, and you get maybe 5% back.  The FDIC, hahahahahah.

  • http://www.facebook.com/slim.boom.94 Slim Boom

    RUN FOR PRESIDENT!!!  THAT IS YOUR PLATFORM!!!

  • LianeSperoni

    Nobody is saying that taxing the rich is trying hurt them.

    Lying is not a Christian thing to do.

  • http://freeourfreemarkets.org/ Steve Banicki

    “New federal regulations require mortgage lenders to do what should go without saying: verify that prospective borrowers can pay…. An “ability-to-repay” rule, adopted last month by theConsumer Financial Protection Bureau and effective January 2014, is intended to protect borrowers from again falling victim to risky lending.” New Standards For Safe Loans, February 10, 2012

    This an example of the government passing a new regulation where existing rules already exists but without government enforcing them. Regulators need to identify and punish those who break existing laws so their peers have an incentive to obey the rules. There should be people going to prison, instead of receiving bonuses, and financial institutions paying retribution to those in society that were unjustifiably harmed by their malicious and intentional wrong doing.

    The Federal Deposit Insurance Corporation (FDIC) for more than a half century has rules that require a bank to do its best to make safe and sound investments. A loan that is not properly underwritten is not a safe and sound investment. 

    The Securities Exchange Commission (SEC) is entrusted with the duty to assure that brokerage firms and investment banks provide full and adequate disclosure to potential investors on any securities offered to financial institutions and the general public. They failed to do this with the securities that were backed by sub prime loans. Further, they bought off the rating agencies, with large underwriting fees, that were suppose to opine on the quality of these investments.

    More regulations were not needed. The enforcement of old regulations is what is lacking. Why is this the case and who is at fault? More

  • Doubting_Thomas12

    It’s people like you guys that give me hope that I’m not crazy, and haven’t seen something that nobody else has.

    Good luck, and see you on the other side of this mess.

  • Doubting_Thomas12

    I’m sorry for your loss. Every time I want to forget what happened and “move on”, I learn there’s another out there like you whose life was ripped apart. I have no doubt you’re strong enough to piece it back together, but this new idea that laws don’t apply if you’re well connected and financially important enough does not sit well with me.

    It should terrify some of these places that public wrath, ire and rage have only grown in recent years, not subsided. If Lloyd’s heart problems are any identifier, maybe it is. Maybe we’ll get lucky and he’ll die an early death in loneliness and despair, feeling the unseen fire of our collective hatred. Even if it only reduces his lifespan by a few years, I say to everyone- keep up the good work!

ONPOINT
TODAY
Apr 24, 2014
Senate President Pro Tem Darrell Steinberg, D-Sacramento, left, talks with Sen. Ed Hernandez, D-Covina at the Capitol in Sacramento, Calif., Monday, April 21, 2014. Hernandez proposed a constitutional amendment that would ask voters to again allow public colleges to use race and ethnicity when considering college applicants. The proposal stalled this year after backlash from Asian Americans. (AP)

California as Exhibit A for what happens when a state bans affirmative action in college admissions. We’ll look at race, college and California.

Apr 24, 2014
A Buddhist monk lights the funeral pyre of Nepalese mountaineer Ang Kaji Sherpa, killed in an avalanche on Mount Everest, during his funeral ceremony in Katmandu, Nepal, Monday, April 21, 2014.  (AP)

A Sherpa boycott on Everest after a deadly avalanche. We’ll look at climbing, culture, life, death and money at the top of the world.

RECENT
SHOWS
Apr 23, 2014
Attendees of the 2013 Argentina International Coaching Federation meet for networking and coaching training. (ICF)

The booming business of life coaches. Everybody seems to have one these days. Therapists are feeling the pinch. We look at the life coach craze.

 
Apr 23, 2014
In this Thursday, Dec. 20, 2012, file photo, Chet Kanojia, founder and CEO of Aereo, Inc., shows a tablet displaying his company's technology, in New York. Aereo is one of several startups created to deliver traditional media over the Internet without licensing agreements. (AP)

The Supreme Court looks at Aereo, the little startup that could cut your cable cord and up-end TV as we’ve known it. We look at the battle. Plus: a state ban on affirmative action in college admissions is upheld. We’ll examine the implications.

On Point Blog
On Point Blog
The Week In Seven Soundbites: April 18, 2014
Friday, Apr 18, 2014

Holy week with an unholy shooter. South Koreans scramble to save hundreds. Putin plays to the crowd in questioning. Seven days gave us seven sounds.

More »
Comment
 
Our Week In The Web: April 18, 2014
Friday, Apr 18, 2014

Space moon oceans, Gabriel García Márquez and the problems with depressing weeks in the news. Also: important / unnecessary infographics that help explain everyone’s favorite 1980′s power ballad.

More »
Comment
 
Some Tools And Tricks For College Financial Aid
Thursday, Apr 17, 2014

Some helpful links and tools for navigating FAFSA and other college financial aid tools.

More »
Comment