Ron Paul: The Banks Still Win in Washington!

09/17/2010 - www.RonPaul.com This past week the administration announced its choice for the first credit czar at the new Consumer Financial Protection Bureau. This bureau was created as part of the supposed Wall Street reform bill recently passed by Congress. This new bureau, which represents nothing more than another layer of useless Washington bureaucracy, will be housed within the Federal Reserve — one of the most anti-consumer institutions in Washington. The appointee named to run the bureau is an Ivy League professor. By her own admission she is an academic, not a business person. She has very little real world business experience with the highly complex financial instruments she will oversee. The administration has done nothing to refute her characterization by some in the financial press as an anti-business, ivory tower leftist with an aversion to free market principles. She also admits to being told, or warned, that the big banks always win in Washington - yet she trumpeted the creation of this new agency as a win against those banks. I would caution her against declaring victory too soon. Outrageously, she has been appointed as a "special advisor" to design and lead the bureau, but the administration has not disclosed the exact length of her term. There will be no Senate confirmation hearings, nor will the public or the financial industry be allowed to comment on her appointment. We simply are expected to accept the appointment of an enormously powerful ...

Channel: YouTube Video Length: 3m 58s Date Found: Sun, Sep 19 2010 6:26 PM Category: News Date Produced: Sun, Sep 19 2010 6:01 PM View Count: 0