State of intrusion
Politicians promising to reduce the debt by cutting spending are often asked what they would cut. Specifically. Then they dissemble.
John Stossel’s show this Thursday (Fox Business Network, CLL) will describe government programmes that could be cut. As a public service, L۰E۰E will introduce a periodic feature, “Superfluous Departments.” Before that, here’s something new.
The SM County Times includes USA Weekend on Saturday or Sunday, with a host of great features. Kidding! It’s a waste of paper, a free magazine from USA Today.
This week’s cover story, “She’s got your back,” is a puff piece on Elizabeth Warren and the Consumer Financial Protection Bureau, which opens against business 21 July 2011. [The what?!] The article is by Jean Chatzkey, a financial editor at the Obama-boosting NBC network. The least she could have done to simulate fairness was question the name, which will be shortened to CFPB. Consumer champion Barney Frank created the agency, somehow resisting the obvious moniker, Financially Ubiquitous Consumer Knowledge. Congressman Frank told his MSNBC pals that Warren was “absolutely essential.”
| I think that the vision of this agency is consistent with many of the basic principles of the Chamber of Commerce. It’s about making markets work. — Elizabeth Warren |
Obama appointed Warren interim director to avoid her rejection by the Senate. That’s a promising start. The “independent” agency will be “housed inside the Federal Reserve,” which seems to mean “no Congressional budget oversight.” Elizabeth Warren was previously chairman-or-woman of the Congressional Oversight Panel supervising stimulus money distribution.
The Harvard law professor says, “Shopping for a mortgage should be as straightforward as buying breakfast cereal.” Someone must do her shopping; there is nothing straightforward about breakfast cereals. Their latest scam is labeling the contents “natural” when they use sweeteners other than high fructose corn syrup.
Ms Warren hopes her agency will be as effective as the FDA, FAA and Consumer Product Safety Commission, not an ambitious goal.
The article never notes that this expansion of federal bureaucracy responds to no one’s demand. The Interim Director plans to “give consumers one place to call when they feel they have been cheated by a credit product.” There are at least seven federal agencies (and numerous state agencies) doing this. According to USA Weekend, “Consolidation under the new bureau should streamline the process.” I shall regard it as Homeland Security for finance. Hopefully, Warren can duplicate Janet Napolitano’s success, but bringing clarity and simplicity to paperwork is foreign to the federal government, like making markets work.
Someone needs to give consumers one place to call when they feel they have been cheated by a government agency.
Olbermann K-Ode
In a sad note, although Keith Olbermann has left MSNBC [fired!], his deal nets him about a year’s salary. No work, full pay, which may make him the worst person in the world. His agreement will restrict his appearances for awhile, but he is a lock on hosting next year’s Golden Globe Awards. After that — how does “Hannity and Olbermann” sound?
We will miss Mr Olbermann’s inciteful comments on tonight’s State Of The Union address. Although these addresses can be summed up in two words, “boring bullshit,” of possible interest will be two responses following the Republican response. Michelle Bachmann will speak for the tea party and at 11:00 PM, Stossel will give a libertarian response.
