Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Trump Is Silencing Government Warning Signals of an Economic Crash
Trump Is Silencing Government Warning Signals of an Economic Crash - The New Republic His administration is decimating two vital federal bodies that were created in response to the Great Recession—because that’s what the bankers want.(excerpts re the CFPB, as it's the agency I've long written about)
If the U.S. economy is headed off a cliff, better that we receive no warning in advance... That preference... is revealed by Russell “Project 2025” Vought’s determined efforts, as director of the White House budget office, to shut down two agencies created by the 2010 Dodd-Frank Financial Reform and Consumer Protection Act.
(The) Consumer Financial Protection Bureau's (CFPB’s) function is not merely informational but regulatory; it polices abuse of consumers by financial institutions, which is epidemic. Already Vought has reduced CFPB to what E. Tammy Kim, writing last month in The New Yorker, called “The Zombie Regulator.” (The coinage is from Seth Frotman, its former general counsel.) CFPB’s headquarters, Kim reported, “is now mostly empty,” despite repeated court interventions barring Vought from conducting mass firings. Last year, Vought tried to fire 90 percent of CFPB’s staff, but he was blocked last month by Judge Amy Berman Jackson of the D.C. District Court. Now Vought, who since firing CFPB Director Rohit Chopra has been the agency’s acting director, proposes to cut what’s left of the staff in half, from about 1,200 employees to 556 employees. The agency had 1,750 workers at the start of Trump’s administration.
Trump is very focused on keeping the pieces of his coalition that are still willing to return his phone calls inside the tent,” ...“These people have a line directly in to the senior staff of the White House. They ask for the world, and more often than not they get it.”
What they want in this instance is to shut off any warning lights that might dare blink red about the economy. It’s bad for business, [Trump too, no doubt] and if a bust is coming they’d prefer we suckers don’t know in advance. We may get crushed, but the big players will get bailed out, like always.
(The) Consumer Financial Protection Bureau's (CFPB’s) function is not merely informational but regulatory; it polices abuse of consumers by financial institutions, which is epidemic. Already Vought has reduced CFPB to what E. Tammy Kim, writing last month in The New Yorker, called “The Zombie Regulator.” (The coinage is from Seth Frotman, its former general counsel.) CFPB’s headquarters, Kim reported, “is now mostly empty,” despite repeated court interventions barring Vought from conducting mass firings. Last year, Vought tried to fire 90 percent of CFPB’s staff, but he was blocked last month by Judge Amy Berman Jackson of the D.C. District Court. Now Vought, who since firing CFPB Director Rohit Chopra has been the agency’s acting director, proposes to cut what’s left of the staff in half, from about 1,200 employees to 556 employees. The agency had 1,750 workers at the start of Trump’s administration.
Trump is very focused on keeping the pieces of his coalition that are still willing to return his phone calls inside the tent,” ...“These people have a line directly in to the senior staff of the White House. They ask for the world, and more often than not they get it.”
What they want in this instance is to shut off any warning lights that might dare blink red about the economy. It’s bad for business, [Trump too, no doubt] and if a bust is coming they’d prefer we suckers don’t know in advance. We may get crushed, but the big players will get bailed out, like always.
13 replies
= new reply since forum marked as read
= new reply since forum marked as read
Trump is very much a "shoot the messenger" guy.
"If we cut down testing for COVID, we won't have so many cases"
Shooting the messenger is one of his favorite tricks.
wasn't able to confirm bias for the second reference, esp. seeing as how it was a banking journal.
But the article stuck to the facts, I think. 
...