GOP, the Consumer Financial Protection Bureau, and common sense

Politico: Elizabeth Warren squares off with GOP


Elizabeth Warren squared off Wednesday against a panel of skeptical Republicans, who have opposed the consumer protection agency she temporarily oversees since it was created by the Wall Street reform law last summer.


Read more: http://www.politico.com/news/stories/0311/51420.html#ixzz1GmvKHD57

The GOP in their quest for ideological governance scores yet again.  Consider:

Act 1:  Over a period of years Democrats and Republicans in Congress undo banking regulations created after the last financial collapse arguing that it would make banks more competitive.  The actual result was a major financial collapse.

Act 2:  The resulting financial collapse is very very bad for everyone, particularly working people.  Allowing the financial industry that created the collapse to in fact collapse would have been much much worse.  The actual result, Democrats and Republicans in Congress pass a bill proposed by the then Republican President to bail out the the financial industry.

Act 3:  Congress passes a bill proposed by a Democratic President that would create some clearly desperately needed regulation of the financial services industry.  Sadly, that bill doesn't establish regulation of some of the most dangerous and destabilizing financial instruments, derivatives, according to many financial observers including Warren Buffet.  But hey, it's a step toward sanity.

Act 4:  The GOP spurred on by its idealogical pure radical right really really wants to undo the new regulatory structure including an agency designed to insure that the financial services industry doesn't repeat their previous practices and cause yet another financial collapse.

Common Sense isn't sure where to start on this one.  Really!  By what bizarre logic does it make sense to allow an industry with a track record of creating disastrous financial disruptions to return to the very practices that created the recent financial collapse?  The GOP's position begs common sense.