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B.O. – Guess What? A New Federal Agency!

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Like, what else would they propose – MORE government, of course.

Obama proposes new consumer agency

The Obama administration Tuesday proposed legislation for a financial oversight agency designed to protect consumers and investors from unscrupulous deals – a plan praised by Democrats, but met with skepticism on Wall Street.

The proposal also faces a political tussle on Capitol Hill, where pro-business Republicans have opposed past administration attempts at bank reform.

The White House sent Congress a 152-page draft bill to create the Consumer Financial Protection Agency, which it says would offer greater consumer protections for such financial products as mortgages, credit cards and loans by establishing simpler and more transparent rules and regulations.

Lets call a spade a spade here. First off…another new agency? Isn’t there ANYTHING they can cook up that doesn’t expand the government?

Far and away the greatest part of the financial difficulties that people get into is by having an attitude that “the rules don’t apply to me”, and that “someone has the obligation to give me the money I want to have the things I WANT to have, whether I can REALLY afford them or not.” Taking on consumer debt to acquire an ever bigger, and admittedly more impressive pile of “toys for big boys (and girls)” is NOT any more viable in the long run than is the Federal government’s massive and apparently unlimited expansion of ITS debt load.

What else would one expect B.O. to do than put in an agency that will effectively facilitate further expansion of consumer credit, while inevitably providing more “protective” regulatory loopholes. Apparently, if it’s sauce for the Federal goose, then it’s also sauce for the consumer gander.

NOT what we really need in either case!

2 thoughts on “B.O. – Guess What? A New Federal Agency!”

  1. The idea that government doesn’t work, so we shouldn’t even try is, in my opinion, suicidal. I really think you conservatives need to drop it because it isn’t helping anything.

    I’m not against the idea of wanting a smaller government. I mostly just want one that works and is efficient. If having a new federal agency to help stop the problems that are happening with our financial system, then I say we try that.

    Do Republicans have any better ideas? All they seem to want is unfunded tax cuts that increase our debt. No thanks.

    Chief’s Reply:
    I reject the initial premise that most of the stuff that has been ladled into the governmental mix is properly constitutional. I know this idea is NOT very widely held these days, but I persist with a habit of reading words for meaning, not for wanna-be inferences.

    Your observation “The idea that government doesn’t work, so we shouldn’t even try is, in my opinion, suicidal.” comes very close to “Politician’s Logic: We MUST do something! This is SOMETHING, therefore we MUST do it!” I reject such reasoning.

    In the case of the specific issue at hand, there have already been a series of regulations and laws clarifying the terms of obtaining and using credit, along with requirements for disclosure statements, etc. At some point IMHO there is such a thing as being personally responsible and accountable for one’s freely accepted obligations, financial or otherwise. I have NEVER been dragged into a bank at gunpoint and forced to sign loan papers or take out a credit card account. Admittedly I have received muliple OFFERS for such things…but hey, I just say NO! No big deal!

    Efficient government…having worked in the Federal government for a number of years…that seems highly oxymoronic to me. Many internal regulations FORCE inefficiency!

    The phrase about “unfunded tax cuts” is curious also. Implicit in this is the attitude that the tax reciepts are property of the government, and that they have the first claim on the money that we earn, so if the gov’t income is reduced, then they automatically have the full expectation of it being made good from US in some other way! IT’s OUR MONEY THAT WE ALLOW THE GOV’T TO HAVE…if we don’t like what they are doing with it, IT”S OUR SAY SO to cut ’em off as WE feel necessary, not their RIGHT to demand more from us. Otherwise, it ends up with the situation of :”bureaucracy expanding to meet the needs of the expanding bureaucracy” which is far too close to reality to be humorous.

  2. “If having a new federal agency to help stop the problems that are happening with our financial system, then I say we try that.”

    we already have this several times over. why do we need another one to duplicate over-site that already exists but it not used.

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