CFPB put to sleep

Crash

The Trump coup d'etat continues. Is this investing? Or off-topic material? We will ALL be affected by Regulators removed from the gov't grid. Clearly, the strategy is to simply destroy everything, and let the courts catch-up, if they are able. Things will have to be re-constructed again----- if enough votes can be found in the Congress to do it, in years to come.
"Stoopid is as stoopid does." ---Forrest Gump.
https://www.westernmassnews.com/2025/02/09/trump-official-orders-consumer-protection-agency-stop-work/

larryB

@crash. Be careful my brother or you will be consigned to the dust bin of history,,, the place that nobody goes to,,, the off topic page.

JD_co

"Here is the richest man in the world bragging about eliminating an agency that has delivered $21 billion back to working-class families since its inception," said Democrats on the House Committee on Financial Services, led by Ranking Member Maxine Waters of California. "Even most Republicans want the CFPB to continue protecting them from being ripped off by abusive big banks and predatory lenders."

https://www.commondreams.org/news/musk-cfpb-2671120924

"Here are the FACTS: 81% of voters, both Republicans and Democrats, support the CFPB and want the agency to continue its work," said Rep. Juan Vargas (D-Calif.), also a member of the committee. "Even so, Trump has moved to freeze the CFPB to take money out of YOUR pocket to line those of his billionaire friends."

PRESSmUP

Making America Great Again involves removing consumer protections and stopping cancer research? That seems to me to be a very odd set of priorities.

BaluBalu

IMO,

a larger percentage of old MAGA and Hispanics for Trump need more consumer protection than any other group in this country or anyone in this forum. They are probably drunk asleep giddy with their cultural (i.e., non fiscal social) agenda wins while the new MAGA chip away their rights and wealth. As much as I would like a thriving CGPB, I am happy to wait for the ______ for Trump to wake up. Can not fight every fight.

The only one that benefits from gutting the CFPB are the corporations that fleece the consumer. Not going to worry when all this might end badly. You can not thrive if you do not survive. First rule of survival is eliminate "worry" from vocabulary. Hopefully, you own enough financial stocks to reduce / eliminate the drag that you might personally suffer from gutting of the CGPB. If not, pick some up when they are on sale.

a2z

have you ever met MAGA?
anyone affected by trumpistic deeds will be convinced the fault lies elsewhere, and will continue to support the gop on 99 other issues where they are unaffected, or incapable to attribute.

BaluBalu

That is fine. The important part of my post is the second para. I did not want to sound cold and so I added the first para. But readers are welcome to focus on whatever makes them happy.

Old_Joe

I guess that Hondo doesn't know that Congress authorized the CFPB to try and prevent a repeat of the abuses which caused the 2008 financial disaster. It's pretty obvious that Trump and Musk don't really care about a repeat of 2008.

JD_co

Gosh, why would Dump want to remove consumer protections????

https://www.thedailybeast.com/more-than-800k-have-lost-2b-on-trumps-meme-coin/

"President Donald Trump’s cryptocurrency, called $Trump, has cost investors billions. Trump announced the launch of his meme coin—a type of cryptocurrency that features Internet memes or celebrity mascots—just three days before his inauguration. “Join my very special Trump Community. GET YOUR $TRUMP NOW,” he wrote on TruthSocial. The opening sale for one of the 5,971,750 tokens was just 18 cents, but it quickly surged to $75. Early traders who purchased the meme coins within minutes walked away with profits, with the earliest trader making a two-day profit of $109 million, according to an analysis by the New York Times. But the price of $Trump has since plummeted to about $17, costing a far larger group cumulative losses of $2 billion. As of the middle of the week, more than 810,000 crypto wallets have lost money on the bet, an examination by crypto forensics firm Chainalysis showed. Meanwhile, the Trumps have raked in over $100 million in trading fees as Trump makes moves to curb government efforts to regulate cryptocurrencies.

“The president is participating in shady crypto schemes that harm investors while at the same time appointing financial regulators who will roll back protections for victims and who may insulate him and his family from enforcement,” Corey Frayer, who recently left his job as a crypto adviser to the Securities and Exchange Commission, told the New York Times."

Crash

I own no crypto, a la Charlie Munger. (R.I.P.) But the transparent criminal junk from one who has twice taken an oath to UPHOLD the Law, the Constitution, makes me rage.

Sven

Most strange thing is that he did not place his hand on a bible when he took the loath as all previous presidents did. So can he be held accountable for what he is doing now?

Crash

Hmmmm..... What, then, did he swear by?

msf

FWIW, there's not a theological (belief in a god) or even religious (broader beliefs and practices) requirement in the Constitution, including the presidential oath of office.

"So help me God" is not in the official oath and was likely not added by any of the first 26 presidents.

https://constitution.congress.gov/browse/article-2/section-1/clause-8/
https://progressive.org/latest/god-out-of-presidential-oath-seidel-210119/

Swearing (or affirming) with a bible is likewise not required. Teddy Roosevelt did not use a bible in 1901. Nor did John Quincy Adams when he took the oath:

Although he was a devout Christian, John Quincy Adams took his presidential oath upon a “Volume of Laws” because, he wrote in a March 1825 diary entry, it was the Constitution he swore to preserve, protect and defend.

https://www.latimes.com/archives/la-xpm-2009-jan-18-na-inaug-religion18-story.html

There you have it. Trump swore by the Constitution. Yeah, right.

Another bit of trivia. The VP oath does include the words "So help me God", but that's statutory and also not part of the Constitution.
https://www.inaugural.senate.gov/vice-presidents-swearing-in-ceremony/

msf

While traditional Republicans (if there are any left) might relish the shuttering of the CFPB on principle (less regulation of financial institutions), Musk has a more immediate objective.

Senator Ed Markey (via X, formerly known as Twitter) writes:

Elon wants the CFPB gone so tech billionaires can profit from apps, like X, that offer bank-like services but don’t follow financial laws that keep people’s money safe. Musk wants to use the government to put more in his pockets. This is a blatant conflict of interest. https://t.co/i3QdKC2Xjj [NPR Feb 7]

msf

JD_co said:

Gosh, why would Dump want to remove consumer protections????

https://www.thedailybeast.com/more-than-800k-have-lost-2b-on-trumps-meme-coin/

"President Donald Trump’s cryptocurrency, called $Trump, has cost investors billions. Trump announced the launch of his meme coin—a type of cryptocurrency that features Internet memes or celebrity mascots—just three days before his inauguration. [... ]Meanwhile, the Trumps have raked in over $100 million in trading fees as Trump makes moves to curb government efforts to regulate cryptocurrencies.

“The president is participating in shady crypto schemes that harm investors while at the same time appointing financial regulators who will roll back protections for victims and who may insulate him and his family from enforcement,” Corey Frayer, who recently left his job as a crypto adviser to the Securities and Exchange Commission, told the New York Times."

Danielle R. Sassoon, the US attorney who prosecuted Sam Bankman-Fried for fraud involving the cryptocurrency exchange FTX, just resigned as interim head of the SDNY office. Though not because Trump didn't like her (he had just named her interim head), nor because of a lack of the "right" credentials (she had clerked for Scalia and is a member of the Federalist Society).

Rather because she refused to drop the prosecution against (soon to be former?) Mayor Adams.
https://www.nytimes.com/2025/02/13/nyregion/danielle-sassoon-quit-eric-adams.html

JD_co

An DA with integrity? Too bad there aren't more Danielle R. Sassoons in our heavily politicized "justice" system.

Crash

Yup.

davidrmoran

JD_co said:

An DA with integrity? Too bad there aren't more Danielle R. Sassoons in our heavily politicized "justice" system.

? nonsense