Go Home

Due to a recent server outage, our video archives are currently unavailable. We are working as fast as we can to remedy this. Thanks for your understanding.

Get Adobe Flash player

DOWNLOADS: (137)
Download WMV Download Quicktime
PLAYS: (679)
Play WMV Play Quicktime
Embed

President Barack Obama has decided to nominate Richard Cordray instead of Elizabeth Warren to head the Consumer Financial Protection Bureau (CFPB), but Senate Minority Leader Mitch McConnell (R-KY) doesn't care. He says Republicans still plan to block the nomination.

"I would remind [President Obama] that Senate Republicans still aren't interested in approving anyone to the position until the president agrees to make this massive government bureaucracy more accountable and transparent to the American people," McConnell announced on the Senate floor Monday.

He continued: "Back on May 5 of this year, 44 Republican Senators signed a letter to the president stating -- quote -- 'We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the Consumer Financial Protection Bureau is reformed.'"

"We have no doubt that without proper oversight, the CFPB will only multiply the kind of countless, burdensome regulations that are holding our economy back right now and that it will have countless unintended consequences for individuals and small businesses that constrict credit, stifle growth, and destroy jobs. That's why everyone from florists to community bankers opposed its creation in the first place. That's why we'll insist on serious reforms to bring accountability and transparency to the agency before we consider any nominee to run it."

Share This Post

Link To This Post


82 Comments
Stupid Git's picture

There really are two Americas right now...

One that believes that corporations and financial sectors that have so much money and power that they can hold entire nations hostage on a whim are a threat to our way of life, and one that believes that regulatory agencies who at best try in vein to rein in (at worst are in bed with those they are supposed to regulate) are a threat to our way of life.

For the life of me I don't understand (even after numerous conversations with those who hold opposing views) how anyone can fear financial regulatory agencies more than they fear a handful of banks controlling most of the world's economy. And these are the same people who think the Department of Homeland Security, CIA and FBI should have unlimited powers to do as they will to "keep us safe".

I really believe the rise of Selfism (i.e. Ayn Rand) and the Prosperity Gospel (i.e. Oral Roberts) has corrupted much of our nation's view of themselves and the world beyond them beyond repair. No matter how much the media repeats these ideas, politicians scare us with them and religious leaders preach them, a rational and compassionate person should still be able to understand that these ideas are dangerous and self-defeating yet the most powerful people in our media, politics and religion continue to have millions deluded into supporting ideas that will continue to make life for the bottom 90% of Americans (and 99.9% of the world) worse.

ikalbertus's picture

but don't realize that they have given up most of them in order to be corporate serfs. Maybe they just don't get that a large corporation is a different animal than the local furnace business. And if a small business gets crosswise with a big company forget about it. Once I told one of these people that big corporations have way more power than government and it was like I was speaking Latvian. They are brainwashed and it's an alien concept to them.

That's the problem, much of America lives in corporate serfdom. Their whole life is predictably suburban, consumer-driven, conformist, every aspect of their lives is corporate. And they want to believe that they still are free.

namreh's picture

"We have no doubt that without proper oversight, the CFPB will only multiply the kind of countless, burdensome regulations that are holding our economy back right now and that it will have countless unintended consequences for individuals and small businesses that constrict credit, stifle growth, and destroy jobs. That's why everyone from florists to community bankers opposed its creation in the first place. That's why we'll insist on serious reforms to bring accountability and transparency to the agency before we consider any nominee to run it."

Mitch, namreh here. Release a few thousand of the 'countless, burdensome regulations' and the same for the 'countless unintended consequences' that will result unless the CFPB is reformed, whatever the hell that means. Surely you must know what they are or you would not, in good conscience, refer to them..... oh wait, I used a no-no word -C O N S C I E N C E - in connection with a repub. My bad.

drshatterhand's picture

Water still wet...

aceshigh's picture

I am SO SICK of this shit!

Fuck this goddamned country.


Just 'Cos You Got the Power...THAT DON'T MEAN YOU GOT THE RIGHT!

surfjac's picture

..there fixed it for ya.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Peter G's picture

if the Republican monolith will stand. I am glad to see, however, that the administration chose not to waste the talents and popularity of Warren by having her beat her head against that wall anymore. She'll need that time to organize a Senate campaign if such is her wish. And I hope she does. It would be delightful to see her on the other side of the dais asking questions instead of having her reputation trashed by pinheads.


Hasa Diga Eebowai

Blue Lensman's picture

The ones that don't even exist yet are always the worst offenders!

SFnomad's picture

'We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the Consumer Financial Protection Bureau is reformed.'"

Since it was created by the prior Congress, maybe the Party of No should have done a better job of getting things formed the way they wanted then. It's a bunch of bull that they're planning on holding the appointed head hostage until they get their way. I seem to remember only a few years ago when Repulicans were constantly whining about "Up or Down" votes ... guess they don't remember that now.

surfjac's picture

....part of the republican't platform. Just like fiscal conservatism, they're sum purdy words, yuk, yuk, yuk, though.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Bonkers's picture

That's so outstanding! Hahaha...i hadn't thought of that film in years.


I'm just superstitious enough to hedge my bets.

greatbear's picture

McChinless is tipping his hand once again. This isn't about the makeup of the CFPB or burdensome regulation. It's about handcuffing Obama and preventing him from accomplishing anything and hamper his re-election.

Imagine if it were 2003 and the Senate democrats announced plans to block any nominee Bush sent up for the newly created Department of Homeland Security, arguing that the new agency's powers were too broad. Now imagine how loud the chorus shouting "Treason!" on Fox would be.

surfjac's picture

...his reelection; obama's doing a bang up job all on his own.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Paul the Sax Guy's picture

Tooter the Turtle says:

"Whatever the black guy in the White House says, we'll do the opposite, no matter what.

Trizzle, trazzle, truzzle, trome... time for zis one to go home...


In the marketplace of ideas, too many people shop in the bargain basement.
-- Thunder BlueRose

Why, yes, I am a card-carrying member of the ACLU
http://saxman.bravepages.com

surfjac's picture

Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Paul the Sax Guy's picture

Thank you!!!! I knew I couldn't be the only old fart out here that remembered that!

+100!


In the marketplace of ideas, too many people shop in the bargain basement.
-- Thunder BlueRose

Why, yes, I am a card-carrying member of the ACLU
http://saxman.bravepages.com

surfjac's picture

...an appropriate dialog onto the cartoon called "the UnTeachables"...consider the possibilities.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Geronimo.'s picture

"Great minds discuss ideas; average minds discuss events; small minds discuss people." ~ Eleanor Roosevelt

Tombo's picture

Another successful appeasment of the GOP by President Milquetoast! Way to go asshole!

Maybe Obama will offer to cut SS even more than he already has in order to further appease the GOP into approving his CFBP nominee.

Rich H's picture

Why he chose not too is beyond me. Seriously, he's not up to the job.

How do American citizens elect a scumbag to draw a salary and receive medical benefits, paid with tax dollars, to go to Washington to obstruct business? This sorry son of a bitch is not worthy of the office he holds.

surfjac's picture

...residents of Kentucky do.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

The CFPB was created through the Democratic process. The Repukes seem to deny that process whenever it is done by Democrats. The President should use whatever power is needed through the Patriot Act, Homeland Security, and other liberty denying laws are available and lock up these traitors far from the light of day. Better yet put them up against a wall and be done with them. I am tired of this shit where laws are held in contempt and outright lies are the order of the day for the Repukes.

MJPollard's picture

If these sons of bitches are going to accuse Obama of wanting to be a dictator, he might as well go ahead and act like it if it'll get these traitorous bastards out of power. Fuck them and the malnourished horse they rode in on.


"Whatever your particular problem is, I promise you, the Republicans are not the least bit interested in solving it. They are interested in two things, and two things only: making you afraid of it, and telling you who's to blame for it."

...if he acted just a little tough on the children he's playing with down in dc. But he lets them walk all over him, so who's to blame?


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

MJPollard's picture

Never lose sight of that. Obama, however, is enabling them, which makes him next to useless.


"Whatever your particular problem is, I promise you, the Republicans are not the least bit interested in solving it. They are interested in two things, and two things only: making you afraid of it, and telling you who's to blame for it."

Milquetoast's picture

I am perfectly capable of financially protecting myself.

and I have little sympathy for those who think they need a govt agency to protect us from a giant Ponzi scheme. and don't want govt to spend buttloads of money to protect ignoramuses from themselves

anyone who still patronizes the banking industry gets what they deserve. (fools and their money)

you are either "with" the global insurrection against bankster occupation or not.

Boycott the banks. (simple as that)


audit-prosecute-incarcerate

. . . more power to you.

Because the right to rip people off is what makes our economy run.

Think you can pass some bogus pills off on some unsuspecting sick people? Why not? If they can't figure it out, they're obviously "ignoramuses" who just "get what they deserve."

Can you draft a contract that is incomprehensible or even misleading to most folks including skilled attorneys? Good for you! You get to rip people off with it! The "stupid people" are only "getting what they deserve."

Are you a mechanic? Think you can sell that little old lady some new brakes that she doesn't need? How about you fiddle around with one of them so that it makes a noise? That will convince her. And hey, that "stupid" little old lady is just "getting what she deserves." And you get to show that you're ever so smart, a real life Galt.

'Cause what some folks consider a con-job is really just a Libertarian "opportunity." It's as simple as that.


Corruption favors the wealthy.

Milquetoast's picture

there are already laws on the books to prevent crimes against "little old ladies"

(although Glass Steagol needs to be re-instated)

You need to be talking about how existing laws are not enforced. (and how judges suck)

not pimping a bunch of burdensome new ones! (so judges can ignore those too)


audit-prosecute-incarcerate

The ones you are arguing against because you're so smart and "ignoramuses" should "get what they deserve"?

Your Gilded Age arguments against consumer protection have been discredited for about a century, and laws against ripping people off are only "burdensome" to rip-off artists.


Corruption favors the wealthy.

Milquetoast's picture

forgery, fraud, racketeering and conspiracy.

(Why they are not in jail aready is the question we need to be asking)


audit-prosecute-incarcerate

Including regulatory agencies capable and willing to pursue charges.


Corruption favors the wealthy.

Milquetoast's picture

law enforcement. (Eric Holder sucks)

(I guess we agree on that huh?)


audit-prosecute-incarcerate

surfjac's picture

...gop backs obama nominee. Shootz...that's the pulitzer prize headline right there. It will never happen and once more president bipartisanship has a nominee that should've been made during a recess shot down by the goddamn obstructionist pansies.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Medical Diagnosis by Video's picture

That asswipe McConnell would not get a call, a meeting, a card, a letter or any acknowledgement, for 4, or 8 years. He would become a total non-person. No handshakes, no flights on Air Farce One, and alot of visits to his neighborhood to support the Dem candidate(s) who might run against him. If he wants a war, give him one.

But then again, that is what my strategy for NPR would have been back when the Rethugs first started to try to destroy it. No news of any sort about Rethugs on "All Things Talked About Alot" as Bob and Ray called it. No mention at all of any of them. Zero. Nothing.

And I would have had the Secret Service all over hate talk radio slime Limpballs, Beck and that dead Senator who told Clinton he should be careful if he went down to his southern state. Legitimate threats, as all of them are, would get plenty of attention.

Liberals and Dems do not have the courage to fight back. So they will be bullied forever, especially the current corporate tool in the White House.

ricky's picture

you'd be first on my list. And no radio in the cell either.


"That's fu*#ing retarded."
Big City Mayor

Nope.

No need for burdensome regulations here.


When will government of the people, by the politicians, for the corporations perish from this Earth?

Not soon enough!

Milquetoast's picture

What are you talking about?

Don't you know that forgery is already illegal?

You need to be screaming about how judges don't enforce the existing laws already on the books.

If judges ignore evidence of forgery, what in the hell makes you think they will enforce new regulations?


audit-prosecute-incarcerate

fiver's picture

When did we change our adversarial criminal justice system?

Prosecutors bring charges. Including regulators which are charged with doing exactly that - the very regulators you keep claiming we don't need.

So how do the charges get brought? Don't tell me, let me guess: The market will take of everything.

Or are we just going with Judge Dredd?


Corruption favors the wealthy.

Milquetoast's picture

I should have typed "how judges interpret existing laws"

When laws are properly interpreted and properly enforced...the market will indeed take care of itself!

I repeat forgery fraud and conspiracy are already illegal.


audit-prosecute-incarcerate

fiver's picture

There's no problem with judicial interpretation here - at least not one you've referenced in any way whatsoever.

Nor is that remotely close to a plausible backtracking from your statements. How does "judges ignor[ing] evidence of forgery" at all relate to an issue of judicial interpretation? Same with "[judges] enforc[ing] existing regulations."

These aren't matters of judicial interpretation of the law; these simply result from a confusion on how our legal system works. The problem isn't judges - it's a lack of prosecution. And for prosecution to occur, there must be prosecutors.

The same folks you claim we don't need.


Corruption favors the wealthy.

Milquetoast's picture

forgery, fraud and conspiracy were illegal last time I checked. and I did indeed reference "robo-forgery" (so bite me)

...why no bankers have gone to jail aready is the question we need to be asking.

and the answer to that question is that the regulators and judges that were trusted to keep an eye on the bastards are in on the scam.

That is the problem.

Americans don't need another regulatory agency for the banks to hide behind.

p.s. I will concede that Eric Holder and the justice department are a bunch of lax motherfuckers who are not doing their job as a prosecutors (no doubt) but who's fault is that?

Obama needs a new department of justice leader that can enforce laws that already exist!


audit-prosecute-incarcerate

As long as I'm going to have to "bite [you]," you might explain the seemingly non-existent relationship between the two.

Did Judge Dredd re-interpret "robo" to be exclusively related to "cyborg" and thus exonerate those signatories without mechanical implants?

Was there some goofy 10th Amendment argument claiming that cyborgs can only be regulated by the states?

Or does the concept of judicial interpretation still have absolutely nothing to do with this?


Corruption favors the wealthy.

Milquetoast's picture

judges havent really addressed robo-forgery yet have they?

point taken.

maybe prosecutors (Eric Holder) need a lesson on what robo signing is and why it's illegal and why they need to prosecute J.P. Morgan and BOA.

my whole point is....if Eric Holder hasn't done it already then why do you think Elizabeth Warren (or Cordray)will?

we don't need burdensome new regulations that will be ignored again.


audit-prosecute-incarcerate

Captain Kangaroo's picture

I am so very very angry at these Republicans for fucking over the American people at every turn...

"I would remind [President Obama] that Senate Republicans still aren't interested in approving anyone to the position until the president agrees to make this massive government bureaucracy more accountable and transparent to the American people,"

Why would ANY-fucking-body in middle America agree with McTurtle-fucking-head on this? This bureau is to help consumers!!!! McTurtle-fucking-head hates consumers. McTurtle-fucking-head hates middle America. McTurtle-fucking-head hates Teabaggers. He hates you and me. He hates Americans.
Where is the billboard??????????

Loonie's picture

Senate Republicans still aren't interested in approving anyone to the position until the president agrees to make this massive government bureaucracy more accountable and transparent to the American people,

Oh that's rich.

...or should I say, "Oh that's job creator".

Liberal AND Proud's picture

Too bad the President doesn't have the choootzpah to have made a recess appointment.


Vote GOP and move forward to the 18th Century.

dumbstruck's picture

He should've done it with Warren a couple of months ago.


Lower the retirement age.

Candideinnc's picture

The Thugs arrange to have pro forma sessions without being in full assembly, so he can't do recess appointments.


Candideinnc

ricky's picture

REAL progressives with facts.

That is the kind of balless weasley appeasement that kept us from preserving our freedom by the exercise of approriate dictatorial proesidential power to begin with.


"That's fu*#ing retarded."
Big City Mayor

ckerstann's picture

You mean O'noballs? No surprise really. He's a spineless weasel, and he thinks people will vote for him because the opposition is just too scary. Guess again.

Captain Kangaroo's picture

I am leaning toward hoping the Republicans win and take down the economy... AGAIN! It will not hurt me really and it will hurt the fat cats much more than you and most of the people I hang with. First though, they have to not let the debt ceiling rise.

Candideinnc's picture

When the Thugs say they want the Board to be answerable to the American people, those peole they are talking about are big banksters and credit card CEOs. The rest of us schmucks are just rabble.


Candideinnc

Bucketanoodles's picture

it's pretentious to think you'll have a ride back to shore. Stupid repugs.

Bonkers's picture

...does he keeping getting out of his terrarium?


I'm just superstitious enough to hedge my bets.

Captain Kangaroo's picture

Think Kentucky.

CaliforniaMike's picture

In any other state, it would have been called a "teethbrush."


CaliforniaMike blogs at All Voices and at his own blogs, http://www.mikerappaport.net/onevoice and at http://oneminutewithmike.blogspot.com.

on toothbrush use and construction, a referendum on living space for natural tootbrush bristle
contributors, and a consitutional amendment limiting taxation on sales of existing toothbrushes within families.

And in Texas we'd have punched yer damn teeth our for being a smart ass. Then shot you
and dragged yer sorry ass around tied to the trailer hitch.


"That's fu*#ing retarded."
Big City Mayor

CaliforniaMike's picture

You'd have to get your mom to let you out of the basement first.


CaliforniaMike blogs at All Voices and at his own blogs, http://www.mikerappaport.net/onevoice and at http://oneminutewithmike.blogspot.com.

ricky's picture

And most of our mom's pack their own selves so we get amused when folks is fool enough to bring them into the mix.

But enjoy Atlanta. And watch the cheetos at the Sig Ep reunions.


"That's fu*#ing retarded."
Big City Mayor

CaliforniaMike's picture

Interesting comment.


CaliforniaMike blogs at All Voices and at his own blogs, http://www.mikerappaport.net/onevoice and at http://oneminutewithmike.blogspot.com.

Liberal AND Proud's picture

McConnell: GOP will still block CFPB nomination

In other news....Water is still wet...The Sky is still blue...Obama still a fool.


Vote GOP and move forward to the 18th Century.

Winski's picture

Seems like this is just a game to old Mitch... Guess that's what blue grass does to your brain after a while... When we introduce legislation to BLOCK HIS WIND PIPES so he gets the same treatment Obama's people are getting from him, let's see what he has to mumble about.... Ooops.. break time... to go down to the creationism museum to dedicate another monument...

Damn that Obama for not getting that pointy headed Harvard professor out of the way by appointing her
to a thirteen month sentence of confirmation hearings.


"That's fu*#ing retarded."
Big City Mayor

I am beginning to think that the real and perhaps only appeal of the GOP is that it has created a gospel and a catechism that permits its followers simply to repeat the same things over and over (for what, now, 50-75 years?) as articles of pure faith, so that they are not called on to exercise their God given reason and judgment.

This very cleverly permits the GOP to be as lazy as humanly possible, so that they never ever ever are held to account for coming up with something NEW.

I guess some people take comfort in hearing the same thing repeated ad nauseam, but really these guys take the cake -- and a very stale cake it is.

Has anyone heard an idea from the GOP lately? Oh yes, Tom Coburn will save billions by burning $1 bills and replacing them with some kind of pot metal $1 coins...


MyMy

dadams's picture

the only regulation we need with mcconnell is
to shove a larger log up mcconnel's than one
he shove up it everyday.

Caribbean Sailor's picture

The Republican objection to the CFPB has nothing to do with 'transparency'.

Any kind of government power that might stand in the way of a 'free-market' is objectionable to them.

I can't believe there is a single voter left in the US who doesn't understand that this party is not interested in providing services to the public or protecting the public good. Their ONE and ONLY interest is to serve big business.

...are the enemy. the gop & faux news is happy to tell Americans that every night.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Peter G's picture

if Cordray isn't confirmed? He is an excellent choice. If he is not confirmed I've no doubt they will find another excellent candidate and then another. Each taking their turn butting up against Republican intransigence and each getting publicly to make their case for the CFRB while earning valuable public exposure as defenders of consumers to take back to wherever they hail from. They might never get anyone confirmed but, by golly, they sure are making the Republicans look like the chumps they are while creating some potential star candidates There is always a silver lining.


Hasa Diga Eebowai

...all of them?...


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Tighelander's picture

not you and me.

Candideinnc's picture

If you hate government and believe it should be dismantled, you are probably a very happy camper these days. Obama is setting himself up for failure by never confronting the Thugs head on. Can't wait to see what happens when the next Thug is made president. All the Blue Dogs will perform contortions to prove that they can "compromise," and the Democratic party will never effectively use the blugeon of obstructionism to keep the Thugs from getting whatever they want.


Candideinnc

...is the exclusive tool of the gop. Its in the closet right next to mrs. bachmann - another tool.


Mickey: "It was an epiphany. Do you know what an epipany is?"
Keoni: "NOT NOW MICKEY!"

Candideinnc's picture

I should have put "bludgeon."


Candideinnc

cpinva's picture

.

RobertD's picture

Or the shoes.

Obama must not want the CFPB.
If he did, he'd make a recess appointment.
As with so many things, he sets himself up to fail.
After he did this a few times I started thinking that he must like the outcomes. He knows the game; he knows the rules; he knows the other team.
He's not stupid.
So does something the progressives want, like create the CFPB. Then lets the GOP block it, so that he can tell he base that he tried, but still gets the outcome that his banker friends prefer.
I'm getting sick of this.

Etienne85's picture

That'll be GOP 3432 and Obama 0.

Abbybwood's picture

"The US has an army of 90,000 soldiers in Afghanistan and is spending $100bn a year, but has still been unable to defeat 20,000-25,000 Taliban who receive no pay at all." - Patrick Cockburn

ikalbertus's picture

an entire city located in fantasyland.

Jeanne's picture

I don't doubt that they are obstructing their own policies. They are NUTS.


Jeanne

Hooker Jay's picture

Why are so many people in this thread pissed off at Republicans shenanigans -- shenanigans that have been consistent with the GOP long before Holfstadler's ink dried and yet you folks love to pretend that it's news in order to get your daily outrage fix -- and not pissed off at Elizabeth Warren for not getting sick and tired at Obama's fence jockey hocking and pawning BS that deliberately resulted in her twisting in the wind this long and recusing herself from nomination?!?

What kind woman with an ounce of self-respect puts up with that?!?

Elizabeth Warren would've been confirmed a long, long, looooong time ago had she herself got pissed off and embarrassed the Obama Administration by telling them to stick the nomination and the entire CFPB farce up their Republican rewarding and enabling, banker-shielding asses. But no -- this administration is more concerned with creating and manufacturing false narratives and false boogie men of Republican obstructionism out of thin air in order play you people you fiddles in a GEICO commercial into holding your snot-lockers and casting another fuckin' retarded DNC re-election vote.

It's downright sad and pathetic ...

Sad because 90% the people that'll comment on this thread would rarely -- if ever -- fall for the "Sympathy Fuck" yet have been falling for the "Sympathy Vote" for over 30 friggin' years and literally can't wait to bend over and do it all over again come November 2012 ...

Comments are closed on this entry