Ronald Reagan correctly stated that the nine most terrifying words in the English language are “I’m from the government and I’m here to help.”
The very last thing we need is a new government agency micromanaging the financial decisions of banks, businesses and individuals. We already have seven powerful entities tasked with the oversight of the banking, lending and investment industries.
We have the Federal Reserve. We have the Comptroller of the Currency. We have the Federal Deposit Insurance Corporation. We have the Securities and Exchange Commission. We have the Commodities Futures Trading Commission. We have the National Credit Union Administration and the Federal Housing Finance Agency. They have done such a wonderful job. Just look at the mess we’re in!
Now, the Obama Administration and the Democrats have given us a new, onerous, unaccountable regulatory agency with virtually unlimited power to control all of our money that isn’t hidden under a rock somewhere. It’s called the Consumer Financial Protection Bureau. If you are the least bit familiar with Washington, the name alone is enough to leave you shaking in your boots. Continue reading “The Unwanted Christmas Gift”