Senate GOP Is Neutering Our Consumer Watchdog
GOP wants to kill watchdog aimed at preventing another 2008: Krugman
By Matt Cantor, Newser User
Posted Feb 4, 2013 12:13 PM CST
Richard Cordray and President Obama.   (AP Photo/Carolyn Kaster)

(Newser) – Four-plus years after Wall Street's meltdown "brought the world economy to its knees," at least we have a Consumer Financial Protection Bureau to prevent us from ever toppling over that cliff again. Or do we? Not if Senate Republicans, who are "going all out in an attempt to kill that bureau," get their way, writes Paul Krugman in a New York Times op-ed headlined "Friends of Fraud." They're "threatening to filibuster" acting head Richard Cordray's official appointment as part of the GOP effort to kill the Bureau's independence.

Republicans would like to see pro-bank agencies able to veto the CFPB's actions as they take away its "guaranteed funding, opening it to interest-group pressure," Krugman notes. "These changes would make the agency more or less worthless—but that, of course, is the point." The GOP believes that it's "do-gooder liberals" like Barney Frank who caused the financial collapse "by forcing helpless bankers to lend to" less-qualified buyers. Now, "Senate Republicans are using every means at their disposal, violating all the usual norms of politics in the process," to let 2008 happen "all over again." Click for Krugman's full column.

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Showing 3 of 28 comments
793tango
Feb 4, 2013 8:30 PM CST
No surprise here. If the GOP had their way there would be no regulations on anything and breadmakers could put sand and sawdust in their products with impunity and if your kid died eating peanutbutter contaminated with salmonella that'd somehow be YOUR fault in believing the stuff was safe to eat in the first place.We'd have toxic chemicals in our air and water and our food would be packed full of pesticides. Liberals FORCING banks to lend to people who couldn't afford to pay? Gimme a break! They were STAMPEDING to lend to these people and falsifying documents to make them elligible when they weren't anywhere near it.There's more than enough documentation on THAT, if they were interested in the turth but they're not. Just making a statement and trying to make the facts fit their preconceived notion.
john09
Feb 4, 2013 8:29 PM CST
Paul Krugman's vag got an itch, so he had to write a op-ed about it. What a pussy.
Buckshot
Feb 4, 2013 6:19 PM CST
If Republican lawmakers continue to swim up stream they'll be as harder to find in public office than a pimple on a Prom Queen?