patrick.net

I understand she makes speeches that make some on the left happy and she has this consumer protection agency that she started.

In Mass we are ALREADY seeing ads on this Senate race even though it is nearly 11 months away! I've never seen political ads this early. Some have dropped out of the democrat primary because they fear the funds that Warren will receive on a nationwide basis.

Her ad is well..it's hypocritical. She fought against big banks (wall st) ok..and says "we got it" about this new Consumer Finance Protection Agency

http://en.wikipedia.org/wiki/Consumer_Finance_Protection_Agency

Ok and that references a site saying this

"Here is a profile of the new watchdog unit, called for under Wall Street reforms that were written into law in July.

WIDE POWERS

The bureau will write and enforce rules for banks and other firms, aiming to protect consumers from deceptive and abusive loans and other financial products and services.

It will be able to conduct examinations of banks and seek information from other firms about consumer-related business.

It will monitor and report on markets for consumer financial goods and services, ranging from payday loans to check cashing shops, and how consumers interact with them.

It will collect and track consumer complaints about these markets through a toll-free telephone number and a website.

In doing its work, the bureau will consolidate existing consumer protection programs now scattered across several agencies widely criticized for doing a poor job in the past."

Fair enough..pretty simple to understand.

"INDEPENDENT UNIT

The bureau will be an independent unit located inside and funded by the Federal Reserve, the country's central bank. The financial reform law allows the agency to be formed on an interim basis within the U.S. Treasury.

The director must be nominated by the president and confirmed by the Senate to a five-year term.

The bureau will have offices that are in charge of fair lending, financial education, armed services affairs, and financial protection for older Americans, among others."

Um...what? So it is located inside the Federal Reserve...funded by the federal reserve..um..
Member banks elect the directors of the Federal Reserve. This isn't conspiracy theory stuff this is what they say

"CHECKS AND BALANCES

The Financial Stability Oversight Council, an inter-agency group of regulators also set up under the new reforms, will have some power to block new regulations from the bureau.

A six-member board of experts from consumer protection, financial services and other fields - appointed on recommendation from the regional Federal Reserve Bank presidents - will advise the director."

Huh? OK so you mean to tell me that the FSOC has the power to block the CFPA..ok fine...BUT the FSOC like the CFPA is also under the Federal Reserve..ok so who's on this six member board of experts..

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04173:@@@L&summ2=m&
http://en.wikipedia.org/wiki/Financial_Stability_Oversight_Council

Um...so the chairman of the Federal Reserve is on the panel for the FSOC which checks against the CFPA which is inside the Federal Reserve and funded by them...

Basically we've created quasi government inside of quasi government.

It can be understandable when there are governmental organizations doing the same thing if it is under different branches (GAO and CBO). But this isn't...

The Fed is exempt from FOIA. It is easier to get information out of the CIA than them. Meetings are not open to the public, or congress or even the president. How is this transparency? How is anyone on these boards accountable to anyone when the decisions making process is not open. The concept of recalling anyone is not laid out. Impeachment is not an option and neither is election/reelection.

This goes beyond putting a fox in a henhouse. This is putting a hen house inside of a mouth of a fox.

#politics