American Elephants

Let’s Skip the Consumer Financial Protection Agency. Just Forget the Whole Thing. by The Elephant's Child
September 15, 2009, 2:44 am
Filed under: Economy, Education, Energy, Statism | Tags: , ,

The Heritage Foundation blog had some special advice for President Obama this morning:

Do Not Create a Consumer Financial Protection Agency: The administration proposes to consolidate existing consumer regulators into a new and very powerful Consumer Financial Protection Agency.  This is the single biggest policy mistake in the Obama plan.  The proposal assumes that consumers are unable to understand any financial products other than the most simple, basic versions even with detailed disclosures in advance of purchase.  This basic contempt for the intelligence of consumers would extend to requiring them to refuse basic products before they would be allowed to purchase anything else.

According to an Associated Press poll, 80 percent of Americans rate the condition of the economy as poor and half of those surveyed said deficit reduction should be a national priority over increased spending on health care, education or alternative energy.

Obama certainly seems to have some ironclad fantasies.  In his mindset, control by a government elite will improve an America that he’s not too sure about.  That is a set mind, not amenable to change.  He has an incredible agenda.  He is going to fix everything.  The banks, Wall Street, the automobile companies, health care, the economy, unemployment, the increasing decline of labor unions, education, foreign policy, our relations with every other country— appeasing our enemies, antagonizing our friends, student loans, killing bin-Laden, cutting defense spending, saving the country from non-existent global warming, switching to clean alternative energy, rebuilding our electrical grid, adding high speed trains throughout the Midwest.  This is the mindset of vast naivety, arrogant overreach and inexperience.

According to Christina Romer, Chairman of the White House Council of Economic Advisers, the jobless rate will peak at 10 percent and won’t start falling anytime soon. The jobless rate in Michigan is  far beyond 10 percent, and in parts of the San Joaquin Valley in California it is at 40 percent. Larry Summers has said that they don’t know how to fix unemployment.

And a new congressional oversight report says it is highly unlikely that taxpayers will recover their investment in Chrysler or GM, in case you weren’t already quite sure of that very thing.

The financial crisis was caused by government involvement. The failure of the automobile companies was caused by government involvement.  The failure of our schools has been caused by government involvement.  The ‘crisis’ in healthcare —Medicaid and Medicare — has been caused by government involvement.  There is nothing that will be saved by more government involvement.

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