Elizabeth Warren; Why Consumers need a CFPA as part of Financial Regulatory Reform

| 3 Comments | No TrackBacks
As Chair of the Congressional Oversight Panel, created to oversee the U.S. banking bailout, formally known as the Troubled Assets Relief Program, (aka TARP) first developed the idea to create a new Consumer Financial Protection Agency as part of much needed financial regulatory reforms.

Professor Warren has testified before Congress on many topics and now she's sharing her thoughts on the matter with the public, via this video posted by Americans for Financial Reform;


Professor Warren and her articulate and insightful, "say it like it is" attitude that I so admire, has identified yet another reason to support the Consumer Financial Protection Agency, and provides evidence to prove her point in her latest article, "Real Change: Turning up the heat on non-bank lenders." 

As consumers and homeowners continue to share their personal hardships caused by predatory lending and financial abuses, and speak out for fairness and much needed accountability in the financial sector, the financial industry continues to lobby against any new reforms or oversight.

Killing the CFPA is the financial services' top priority. Hundreds of their lobbyists are flooding Capitol Hill and are logging thousands of calls into Congressional offices. If you agree that we need reform within the financial industry, call or e-mail your elected officials today, and tell them that we need a strong and effective Consumer Financial Protection Agency.


No TrackBacks

TrackBack URL: http://www.givemebackmycredit.com/cgi-bin/mt/mt-tb.cgi/528


I would be in favor of a CFPA if it provided explicit power and full authority to the agency to seek criminal charges against scofflaws. Enough with the slaps on the back of the hand. This agency needs full powers to prosecute criminals who break laws. If they do not have the necessary powers they will be just another government agency left without the authority to do anything with meaning.

rape of the middle class

1980 to 2007

18 years Conservative Senate
12 years Conservative House
6 years Total Conservative Control

Redistribution of Wealth to top 20%.

Folk! It is downhill slide for Middle Class.

FACTS---numbers rounded-

1946--1% owned 30% of Total Wealth

1980—20%--a 33% decline due to Estate Tax and High Top Income Tax Rate.

thence cometh conservatism


80% Increase in 8 years of Reaganism


2007--20% owned 93% of Total non home Financial Wealth

80% owned equity in homes.

Most major corporations are owned by WALL STREET RICH MEN CASINO

In 1945, corporations paid 35.4% of federal revenues and 7.4% in 2003

In 2000, 45% of corporations with revenue over 50 million paid no federal tax

Five Wall Street Banks own 75% of all Bank Deposits in America. 5.

Two own 20%.

Think that is not POWER???


In 8 years of Bush with 6 years of Total Control

They (wall street rich) created a Net New Jobs of 3000 per month.

Why? That is NET. You take the new jobs created and subtract the ones sent to China, etc

3000! Wow!

Bush took over after Clinton had created 237,000 Net New Jobs per month.

Clinton left Bush a spending of 1830 B Per Year.

Bush doubled it to 3600 B.

Bush inherited a 5700B Debt from Clinton. He took it to 11,500B

20 years of 3 conservative presidents did this horrible thing.

Took the Debt of less than 1000B after 200 years and added on 8000B.

In 2009 they are spinning big time to blame Obama for huge debt.

Conservatives will spend millions to coverup their Big Recession.

Much of that 8000B Debt add-on went to WALL STREET GAMBLERS.

The people do not know what has happened to them.

Forbes list of 400 Richest reveals how many became Billionaires via corporate
takeovers and Hedge Gambling

Right Wingers yell Rich Pay most of taxes.

Income Taxes!Yes! They have most of the money.

Yet! Conservatives transferred much of taxation from Rich to Middle Class. Reagan voiding REVENUE SHARING a disaster for Middle Class where taxes were transferred from Rich Income taxes to Middle Class in State and Local Taxes. Was it by design?

Was it a Designed Act of taxation transfer by Conservatives.

In 2008 the Middle Class paid 30% of nominal Income in Federal-State-Local Taxes.
Top 10% paid 30% also. Progressive tax system?

Social Security Tax Increase in 1983 was it designed to hit the Middle Class and ease on the rich?

Greenspan + Reagan. 6.2% Tax on Middle Class. One earns $50,000 pays 6.2%. Earns $1,000,00 pays 6.4%. Earns $10,000,000 pays 1/10th of 1%. By design to keep rich rich?

Was Destruction of S&Ls a deliberate act of wealth transfer from 400 local investors to individual Rich on Wall Street?

Key actor Michael Milken became a Multiple Billionaire with income of 550 Million in one year from raiding S&L deposits (plus) for his Rich Corporate Raiders on Wall Street.

Raiders like Perelman and Ichan became multiple Billionaires.
Sweat of Brow? Ho Ho.

Bush I had to borrow 140 Billion on 40 year bonds to pay for the raids on S&L's by Wall Streeters.
140B creates many Billionaires and Millionaires. Depositors money was used by those Corporate Raiders and bankrupted the S&L then the government pay off to depositors by Federal Deposit Insurance created Debt for Middle Class.


Same ideology gave us Great Depression now Great Recession.

It is not a Depression due to:

Democratic Social Safety Nets such as
Social Security and Medicare

Only the uninformed vote to send conservatives to Washington.

Some type of Revolt will take place in next decade.

Democrats will continue to allow Conservatives with their huge right wing talk shows spreading lies to blame them.

Democrats need a national Megaphone informing all the people as to what has been done and how they have been RAPED by a few million RICH on Wall Street who have taken their Wealth.

I ask one thing.

PROVE ME WRONG. With numbers and facts not usual vile name calling

author-Lifeaholic-Workaholic to Lifeaholic success
All American Party-How Democrats created a great successful Middle Class and how Conservatives are determined to destroy it

Since the creation of a new "people's" financial protection agency is something the financial industry is rallying to fight against, then it is most surely something worthy of fighting for. My credit card interest rate was jacked up without cause, my credit limit cut, my mortgage company screwed up my payments all while my dollars bailed out their @@**@ after they busted the economy with greed. They have the nerve to say they don't need policing? Really? Is there any reason we SHOULD trust them?

Great blog. Glad I stumbled upon

Leave a comment

A memoir exposing the steep price consumers pay when facing mortgage servicing errors, inaccurate credit reporting, illegal debt collection practices, identity theft and weak consumer protection laws. THE BOOK » DENISE'S STORY »