The US Chamber of Commerce has always focused on the rights of industries with money, and in particular the rights of those industries to pay low taxes, comply with as few safety and pollution prevention regulations as possible, and of course, scam the living bejeezus out of them. of what they damn well want. But we might have missed their latest attack on CFPB Director Rohit Chopra’s “ideologically driven agenda to radically change the nature of America’s financial services industry” if Los Angeles TimesMichael Hiltzik had not highlighted the Chamber’s almost satirical statement about it.
Here it is and there it is very funny. According to them, a collection of wealthy tycoons has never suffered as they are suffering now.
In addition to ticking off buzzwords like “ideologically driven” and “radical,” they’ve got just about everyone else? Here are the chamber’s complaints: In “various speeches,” Chopra has expressed “extreme and inaccurate views,” such as the quote:
• “Described ‘repeated infringements’ as ‘par for the course for many dominant companies’.”
Yeah, I mean…huh? It’s very well documented, isn’t it? The name Wells Fargo is now synonymous with consumer fraud, and it’s not because they just did one little thing wrong and called it done. Major financial firms are routinely fined.
• “Stated that financial regulators were “…ignorant and often corrupt lawyers and economists…often seen as auditioning for future jobs…”
Again, the more we hear from this Chopra guy, the more impressive he seems! It’s really been a problem that federal administrations (Donald Trump) have appointed (Donald Trump) regulatory chiefs who (Donald Trump) have worked to weaken the regulations they were tasked with enforcing before going back to the financial sector to lobby for the job. . That’s pretty much the definition of how our federal government currently operates. I guess you might question calling them “corrupt” because, hey, if everyone else is doing it, it can’t be that bad, but da Chambers insists that the CFPB’s entire current agenda needs to be dismantled because the evil man hurt. fabulously rich royalty is a bit much.
Christ, how many people work for or with the Chamber of Commerce on my own are former federal governments? What is the percentage? The House executive vice president “spent nearly 20 years working in the House,” was deputy chief of staff to Rep. Kevin McCarthy and “oversaw policy formulation in the leader’s office.” The president of the Chamber Foundation “served on President George W. Bush’s speechwriting staff.” Another was a legislative assistant to a senator and member of parliament. Another was “Legislative Director of the then-Chairman of the House Subcommittee on International Economic Policy and Trade.” Trade guy Jack Howard has “over 25 years in government,” working for George W. Bush, the other George W. Bush, Dennis Hastert, Newt Gingrich, and Trent Lott. And that’s just from the first dozen words!
Oh no, how could anyone think that the people whose job it is to write our laws and regulations could see themselves as “tests” for future jobs in the industries those regulations target? What monster thinks such things? Who would ever say such things out loud?
Yes, lean into it.
• “Invented the term ‘spam fees’ as an ‘exploitative income stream’, a heavy-handed attempt to denigrate legitimate products with well-disclosed terms.”
Oh my Gaaaaaaaawd please stop talking. A person called your insulting evil fee structures designed to screw your poorer customers out of cash a “junk fee”. He didn’t say “and companies that continue to abuse these fee structures should burn down the headquarters”, he didn’t say anything about torches or tar or pike heads, he just was. rude publicly referring to them. Please take a moment to wipe your king’s eyes with hundred dollar bills and collect yourself.
It’s impossible to even take this rant seriously. We all know what kind of “legal products” Chopra and extremely many other industry observers have called “junk” or “exploitative” because the news has been full of them for a very long time. According to Hiltzik, Chopra’s mere remark that banks collect $15 billion in overdraft fees annually was embarrassing enough for the industry to lower some of those fees. The entire payday loan industry is one long list of “exploitative” but “legal” products.
You may be familiar with the abusive practice of certain credit card companies: changing the due dates of monthly bills so that each one is due in a little less than a month, resulting in those bills being due on a different (earlier) date. month to the next. Didn’t realize it when they put it on? Ha ha ha, you now owe us late fees and interest, suction cups.
Again, are there consumers in America no familiar with “junk fees” for things? Ridiculous fees to withdraw your money from your bank account? Overdraft charges incurred by banks by rearranging transactions so that deposits artificially happen “after” withdrawals? Fee for an appointment with a meter? The cost of not seeing the meters? Northbound parking charges on Tuesdays? Billing schedules change on a whim? Emails from your bank offering you a free product that will surprise you will cost you a monthly fee every month after that and can only be canceled by visiting the bank’s home office inside Mount Doom?
Here’s a tip: If your corporation doesn’t charge people “junk fees,” Chopra wasn’t talking about you. Oh, you think he is It was? Well then, sports, it might be time for a little introspection. Take a walk around the lake to clear your head, reflect on your life choices, or whatever floats your extra-large and expensive boat.
It’s a bit like men who walk into coffee shops carrying loaded AR-15s and then get dramatic when everyone around them gives them dirty looks. Decades of playing fast and loose with financial rules have led to often disastrous consequences easy approbation? The sky.
Look, we just recently came out of a major global recession that was caused by the financial industries standardizing broad skew as a whole new product that they could then sell to each other so everyone could earn big bonuses by passing the skew to the next guy. That was the definition of an “undesirable” product produced by legislators and regulators who flout the rules to allow their future employers to sell Absolute Crap, and it was “repeat violations” that made the whole scheme work, and it was “Repeat Violations” that caused each the bank couldn’t deal with the consequences of its iniquity without the federal government, that is, all your consumers stepping in to make you whole, while everyone running the scheme got exactly the same bonuses as usual. It was institutionalized corruption! It was total this show from top to bottom! And we were all rooting for you because history can only begin to understand!
Now it’s 2022, and the same people who demanded and wrote looser federal regulations so that financial firms could sell each other deliberately useless products are now sitting in the offices of the US Chamber of Commerce and whining that a federal department was created specifically to control such a huge crookedness. moving forward means and there is interrogation their “products”. Yes, not all federal agencies can be run by Mick Mulvaney forever. Very sorry.
It is not a serious matter. The chamber says it plans to spend “six figures” on a digital ad campaign complaining about the “out-of-control” Chopra, notable only because the only people in America who don’t think what Chopra says are the people who pay the Chamber of Commerce , to distribute these ads, so the Chamber is essentially launching an ad campaign promoting their outrage … for themselves. Of course, and again: whatever floats your boat. I’m sure the rest of the bewildered public will find real resonance in your assertions that the leaders of the financial industry who screwed them over for decades are the real victims.
Hey, it’s pretty impressive how quickly US corporate society decided they didn’t care about coup attempts or violence in the Capitol anymore, because at least the people who staged the coup didn’t want to be saddled with expensive overdraft fees. That’s funny.
And bend over again about that, by the way. Damn post-capitalist fascism-agnostic planetary nihilist rats.