12/07/2017

Have You No Sense Of Decency, Senator Warren?

Ronald L. Rubin, Weekly Standard

This year’s strangest political story may be Elizabeth Warren’s attempted coup of the Consumer Financial Protection Bureau, the federal agency created by the 2010 Dodd-Frank Act.

On the Friday after Thanksgiving, Richard Cordray, the CFPB’s outgoing director, attempted a variation of the play football teams use when going for touchdowns during game-ending kickoff returns. Cordray announced he was resigning at the end of the day on November 24, and he promoted his chief of staff, Leandra English, to deputy director. Citing a Dodd-Frank Act provision, “the Deputy Director ... shall serve as acting Director in the absence or unavailability of the Director,” he claimed his lateral pass to English made her the CFPB’s acting director before President Trump could use the Federal Vacancies Reform Act to appoint his own.

Within hours, the president ended Cordray’s keep-away game by appointing Budget Director Mick Mulvaney as acting director. Two days later, English filed an emergency motion in federal court to block the appointment. Warren and her progressive army launched a publicity counter-offensive. Her main weapon was a 2014 interview in which then-congressman Mulvaney discussed the CFPB’s likely unconstitutional “independence” (the president has limited ability to fire the director, and the agency’s funding is guaranteed through Federal Reserve Bank profits rather than the congressional appropriation process). Mulvaney described the bureaucracy’s unaccountability and non-compliance with congressional oversight as “a joke … in a sad, sick way.” Warren twisted the quote to “the CFPB is a sad, sick joke,” and said it was evidence that Mulvaney, like all Republicans, approved of banks ripping off consumers. Trump, she said, was disregarding the law and attempting to destroy the agency she had dreamed up in an article a decade earlier.

Read full article



You May Also Like:

The Helsinki Summit Will Further Derange American Politics Michael Brendan Dougherty, National Review

The Helsinki Hysteria New York Sun

Correction: Trump Did Not Absolve Russians Of Meddling Tom Trinko, American Thinker

People Are Worrying The Labor Market Is Too Good Andy Puzder, The Wall Street Journal

Schumer Raises 'Possibility That Putin Holds Damaging Information Over President Trump’ [Watch] Susan Jones, CNSNews

#WalkAway Founder Brandon Straka Denied Service At Adorama Camera Store [Watch] Jessica Chasmar, Washington Times

Report: Uber Driver Dumps 6 GOP Volunteers At Random Gas Station, Says ‘Welcome To The Resistance’ Sarah Taylor, TheBlaze

Democrat Congressman Calls For A Military Coup Streiff, RedState

There's Never An Excuse For Protectionism, So Stop Excusing It John Tamny, RealClearMarkets

California’s Mortgage Fraud The Wall Street Journal

RNC Doubles DNC Fundraising Ahead Of Midterms Matt, Political Insider

Beware Bernie Sanders's Unsound Economic Arguments Ahmed Barakat, Foundation for Economic Education

Democrats Begin To Turn On Ocasio-Cortez: ‘Meteors Fizz Out’ Joseph Curl, Daily Wire

A Guaranteed Income Would Undermine The Social Virtues Of Work John O. McGinnis, Library of Law and Liberty

Automation Isn’t Nearly As Disruptive As You Might Think Tim Worstall, CapX

For More go to the Home Page >>>

Join Our Email List



section

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

section

In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central June Year-to-Year: 2.80% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

section