Monday, January 01, 2018

2017: The Year of Tearing Down Consumer Protections

If you think the government has no business telling business its business, this has been a pretty great year. If, on the other hand, you think government has a role to play in ensuring fair play by companies that have shown themselves to be guided almost exclusively by self-interest and a disregard for consumers and public welfare, this year has been nothing short of horrendous. And 2018 doesn't look much better. The Trump administration has been single-mindedly focused on getting rid of rules and regulations that businesses say hindered competition, innovation and free markets. "The consumer protections that were put in place over the past two generations are being destroyed brick by brick under the Trump administration," said Sally Greenberg, executive director of the National Consumers League.

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That might sound like hyperbole, but it was a sentiment echoed by every consumer advocate I spoke with.

"This has been the most anti-regulatory and deregulatory administration in American history," declared Robert Weissman, president of Public Citizen.

He told me "there is zero evidence" for the business community's insistence that fewer rules translates to more jobs and a more vibrant economy.

"On the other hand, there is ample evidence for the benefits of regulation," Weissman said. "Society is far, far better off, in economic terms, when there are rules on the books and constraints on corporate wrongdoing."

Comments

Remember that he stands with the American people.

#1 | Posted by 726 at 2018-01-01 11:56 AM

Kill consumer protections for everyone, kill health care for the poor, tax the poor more, dismantle and defund public education and ultimately all public services, reshape the Federal Judiciary into a weapon against working people, pollute and warm the planet, surrender global dominance to China.

Trump couldn't possibly have dreamed all this up by himself, nor is it true to his campaign rhetoric. Trump is a vehicle for Republicans to seize the moment and fulfill their dreams. Their rhetoric suggests they value human life. But their actions demonstrate that their only value is private profit by kicking those who are down.

#2 | Posted by bayviking at 2018-01-02 08:10 AM

Doesn't matter; to Trumpterds, he talks tough (lying, but tough) and they like also to talk tough and lie, so he's one of their own.

#3 | Posted by e1g1 at 2018-01-02 08:46 AM

#1,2,3 You guys doing bongs with CNN on New Year's eve? Must have been the paranoid strain.

#4 | Posted by fishpaw at 2018-01-02 09:58 AM

#1,2,3 You guys doing bongs with CNN on New Year's eve? Must have been the paranoid strain.

#4 | POSTED BY FISHPAW

Paranoia is fear of something happening.

This stuff already happened.

Why hate your country?

#5 | Posted by Sycophant at 2018-01-02 11:03 AM

At least the upcoming wave of social Darwinism will kill out the morons that voted in favor of this first.

Then we the non-trump supporters will have a lot of fixing to do.

#6 | Posted by IndianaJones at 2018-01-02 02:04 PM

#4 | POSTED BY FISHPAW

Weed still scares you conservatives? Is there anything that doesn't?

#7 | Posted by IndianaJones at 2018-01-02 02:06 PM

Every major economic disaster of the past 50 years can be directly attributed to deregulation that preceded it.

We deregulated telecoms we got the worldcom debacle
we deregulated energy trading we got ENRON and $4.00 Gas
we deregulated mortgage servicing and we got the housing crisis
we deregulated S%Ls and had to bail them out a few years later

As long as republicans have the rubes convinced that regulations are bad we will keep deregulating and keep having the meltdowns the regulations prevent

#8 | Posted by hatter5183 at 2018-01-02 02:57 PM

8 that's rubbish. The dot comes crash wasn't due to deregulation nor the debt crisis nor the gas crisis/killer inflation. Do you just type with hype and not think things thru.

Fannie and freddie weren't deregulated.

As for the cfpb it's a out of control unaccountable disaster. All gov agencies need to be accountable to congress. It was the brainchild of dodd Frank, a monster of a bill that's garbage from top to bottom.

If you were honest you'd know it cemented too big to fail.

#9 | Posted by DavetheWave at 2018-01-02 06:09 PM

How being honest cemented TBTF deserves an explanation.
2008 was born from fraud, fake AAA Bonds which were immediately shorted by the Bond sellers, a pattern we see in Puerto Rico and Greece to name a few. Many cities and counties in the USA suffer from these identical crimes.
Deregulation and turning a blind eye to prosecution invites repeats.
Anybody that bought these toxic assets were deliberately scammed by con artists on Wall Street working in collusion with rating agencies.The fraud was of such an enormous scale that Victims included Pension Funds, Foreign Governments, Fannie and Freddie, leading to a global crisis in which many foreign Governments would have black balled Wall Street. So innocent taxpayers were saddled with the bill indirectly. This is a long running pattern of behavior, which has richly rewarded a bunch of parasitic crooks who pay off our politicians big time.

#10 | Posted by bayviking at 2018-01-02 06:33 PM

Just 1 problem with that which completely debunks your pump and dump bs. Wall Street bought them for their own accounts. Didn't you read Michael Lewis s the Big Short?

#11 | Posted by DavetheWave at 2018-01-02 07:19 PM

There's so much wrong with what you typed it's not even worth addressing.

#12 | Posted by DavetheWave at 2018-01-02 07:50 PM

I've read plenty, but of Lewis only just acquired "The Flash Boys", which I have yet to read. If you can make it to TV, as Lewis has, your story has been sanitized for public consumption, just like the $600 bailout, which they paid back...ha ha ha, that's a laugh, toxic assets in the trillions, no one knows exactly, are still parked on the Feds books. How do you account for that? Oh, just won't answer, I suppose, like my last question.

When Clinton repealed Glass-Steagal it did a lot more damage than just letting the criminal organization known as Citicorp buy Travelers, even though they'd already bought it illegally. This was the company where former Citicorp Exec and then current Treasury Secretary Lew ordered Ryan to illegally stick it to the Puerto Ricans for Lews Bond issue or never be able to run for President. No one in Puerto Rico is permitted to have a say in the Bankruptcy procedures and coverup. No one responsible bears any cost, instead they pocketed billions quickly, for doing essentially nothing, except LIE. There is no problem with my explanation, only your understanding, which parallels the ENRON crimes, just as #8 pointed out.

#13 | Posted by bayviking at 2018-01-02 08:04 PM

13 in other words you have no idea whatsoever about what you typed. Wall Street owned those securities for their own account.

Do you know what that even means? Evidently, no

#14 | Posted by DavetheWave at 2018-01-04 11:50 AM

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