Obama Tames the Shrew

‘Thus the whirligig of time brings in his revenges.’  -Shakespeare: Taming of the Shrew. Richard Cordray was placed as the head of the CFPB by President Obama during a recess appointment of the Senate. The President said that his appointment to put Richard Cordray in place as director of the U.S. Consumer Financial Protection Bureau is part of his New Year’s resolution “to make sure that middle-class families regain the security they’ve lost over the past decade.” Republicans in the Senate blocked his appointment for over a year.  The right-wing is furious [although ignorant] about such an appointment.

Cordray is from Ohio and was this state’s Attorney General. Cordray served as the Ohio State Treasurer and as treasurer of Franklin County, Ohio [Columbus] so he knows a few things about money and those entities who would like to grab it from The People.  Additionally, Cordray served as a member of the Ohio House of Representatives and as the first Ohio state solicitor. He knows his stuff. Did I mention that he  won $45,303 on Jeopardy?

Actually, he knows lots of ‘stuff.’ Cordray was a Marshall Scholar at Oxford University and he was editor-in-chief of the University of Chicago Law Review. At Chicago, he earned his Juris Doctor with honors.   He served as a law clerk for Justice Anthony Kennedy of the SCOTUS.

He’s just the right man for the job when one considers all of his academic preparedness.  Yet, rounding out the fellow quite nicely, it is to be noted that, during his high school years in public school, his first job was at McDonald’s.

The reason that the One Percent has it’s underwear all in a knot over this appointment is that Cordray has been quite successful arguing cases against large banking institutions. In late 2009, Cordray, on behalf of the State Teachers’ Retirement Pension,  filed suit alleging that Bank of America and its directors and four executives, stating that BOA acted to conceal Merrill’s growing losses from shareholders voted to approve the deal the prior December.

Six months later, Cordray targeted American International Group (AIG) in a 2007 antitrust case regarding business practices between 2001 and 2004. The one billion dollar settlement is to be divided among 26 Ohio universities, cities and schools.

That’s why the One Percent fear him and why they tapped the professional right-wing talking heads to attack the man.  Of course, the ordinary right-winger, with his limited knowledge and highly absorbent propaganda center, disses Cordray.  Good Pavlov dog; good boy. One excellent example of this numbskullery is the reactionary right-wing’s claim that the ‘whole financial meltdown was caused because “too many” people were approved for loans because of CRA.’ The CRA is the Community Reinvestment Act of 1977- the so-called ‘red-lining’ act which attempted to help inner city home buyers obtain a decent mortgage rate, even though realtors ‘red lined’ their district. The rabid right-wing [in w cloaked racist reaction] chided the CRA as a ‘major reason for the economic meltdown of 2008.  Nothing could be further from the truth.  In fact, CRA loans were some of the most secure loans ever contracted with the home buyers because of stiff regulations that assured that the creditors would make sound judgements regarding the mortgagee’s ability to sustain the mortgage payments.

Yet, the reactionary right-wing of the GOP ‘believed’ the nonsense fed to them about the CRA by the professional propagandists on talk radio. The same propaganda will bellow forth beginning this Monday against the appointment of Richard Cordray. The One-Percenters fear the man, and they will depend on the professional propagandists go get ‘the message out’ to the spongeon-brained right-wing audiences. Therefore, be prepared to hear the screams from the right-side of the universe.  They will be shrill and noxious.  And, may I add, mindless.  The appointment of Richard Cordray as the Director of the United States Consumer Financial Protection Bureau was perhaps Mr. Obama’s best decision of his first term as President. This act, alone, ought to enhance Obama’s re-election chances exponentially- after the din and drivel from the right-wing subsides.

Already the CFPB has a state-of-the-art website up and running; check it out: http://www.consumerfinance.gov/

[thanks to Janet for suggesting this post]

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11 thoughts on “Obama Tames the Shrew

  1. I was worried about President Obama’s lack of experience in 2008. But because of things like this I’m totally behind him now!

    (P.S. – Because of certain exposure to real estate transactions in Toledo, I am acutely aware that many of the “bad” loans were made to people living way beyond their means in some of the “nicer” neighborhoods of Toledo, not in the “red lined” districts.)

  2. acutely aware that many of the “bad” loans were made to people living way beyond their means in some of the “nicer” neighborhoods of Toledo…

    Yes. If the loans had been made in not so ‘nice’ neighborhoods, then these buyers would have been more thoroughly vetted and perhaps rejected because of the stringent controls imposed in the CRA.

    1. I would love for The Blade to print their names on the front page so the real culprits could take the credit.

  3. Hello Muddy,
    Good information to pass on so the more critical thinking citizens of this country will be armed with the accurate talking points when the Wing Nuts / Tea Party members start spouting the misinformation they have been programmed to speak.

    I too thank Janet for this suggestion.

  4. ” The appointment of Richard Cordray as the Director of the United States Consumer Financial Protection Bureau was perhaps Mr. Obama’s best decision of his first term as President.”

    You have got to be kidding, M_R. His best decision was to get bin Laden, not
    appointing a bureaucrat. Moreover, the best person for the post was the
    person who created it in the first place, Elizabeth Warren. But, what did
    Obama do with Elizabeth Warren, just threw her under the bus. Can you just
    imagine if both Obama and Warren are elected, and Obama asks Warren
    over the the WH to solicit a vote from her, and she looks across the table
    and says, “Mr. President, you threw me under the bus!”?

    Obama screwed this up all by his lonesome, my friend. It was not the GOP or the Tea Party, it was Obama kissing GOP pitutes thinking he was going to
    get their votes. Is this what we are in store for, four more years of the same
    capitulation to the GOP?

  5. Furthermore, M_R writes: One excellent example of this numbskullery is the reactionary right-wing’s claim that the ‘whole financial meltdown was caused because “too many” people were approved for loans because of CRA.’ The CRA is the Community Reinvestment Act of 1977- the so-called ‘red-lining’ act which attempted to help inner city home buyers obtain a decent mortgage rate, even though realtors ‘red lined’ their district. The rabid right-wing [in w cloaked racist reaction] chided the CRA as a ‘major reason for the economic meltdown of 2008. Nothing could be further from the truth. In fact, CRA loans were some of the most secure loans ever contracted with the home buyers because of stiff regulations that assured that the creditors would make sound judgements regarding the mortgagee’s ability to sustain the mortgage payments.

    It seems to me these lines contain some fact and some glittering
    generalities. The formation of the CRA was apparently push by two
    desires. One desire on the part of the Dems was to encourage employment
    by stimulating home building. (We can’t do that now as lenders are
    holding back on credit because of all the bad debts they have accumulated,
    the fact that we have over-saturated the market, the large amount of
    foreclosure homes still to come on the market, the large unemployment,
    and the movement of the middleclass to the lower class and becoming
    poor credit risks.)The second desire was that of the Congressional Black
    Caucus to deliver another program for Black Americans. What inner city buyer can afford a home? Damn few!
    What’s a decent mortgage rate? There’s the sucker line, my friend. The
    lending institutions lured this “low information buyers” LIBs with ARMs
    and the LIBs did not read the many pages of the mortgage papers which
    they were signing. Moreover, these mortgages were being done through
    “shadow banks”. Then these’mortgages were bundled together and sold
    as investment vehicles. Now, at this point say thank you Sen. Phil Graham and
    President Bill Clinton for ending the Glass-Steagle Law! This then all
    culminates in the 2008 financial failure and our Great Recession. It seems
    to me racism had little to do with this. Indeed, CRA and the abuses at
    Fannie Mae and Freddie Mac were encouraged maybe by racism, that is
    to obtain favors for the constitutents of the Black Caucus. Another so called
    law is the Law of Uninteded Consequences. While there is a need for a CRA,
    this housing mortgage fiasco is a case of government over-reach coupled
    with a lack of regulatory over-sight with the trashing of Glass-Steagle. Single family residential housing is not for everyone, sorry to say. These were not
    “secure” loans nor was their any regulation or there would have not been
    the meltdown on Wall Street, the millions of homes in foreclosure, the initial
    massive bailouts, and the forth coming massive tax increases for Americans to finance all the hidden debt in these foreclosure units that the Obama
    Administration and Congress is trying to have the States and the WS to settle on a one time amount of something like $30B when the amount is in the
    hundreds of billions and to settle with the stipulation that all States will drop
    all law suits against WS. This is why NY, CA, DL(A.G. Biden), and I believe
    MA have walked away from the negotiations. Obama, Bernacke, and Sec
    of Treasury are very upset with these AGs and want them to capitulate to
    WS. Why? Because Wall Street needs confidence and surety! Yep, another case of Dems talking like the GOP! Whats that George Wallace
    quote again?

    1. I’m not sure what you are bitching about [again] UptheFlag. I used the CRA and its propagandization as an example of how many on the far-right side of the political spectrum fall for the nonsense spewed by the right-wing talking heads on AM radio.

      Do you have s problem with my example?
      Do you have a problem with the functioning of the CRA?
      Do you have some evidence that the CRA loans were NOT as secure as I presented them to be?

      What’s your point?

      1. My point, M_R, is that that you made it appear it was only the GOP that
        lead to the housing bubble and its ultimate explosion. My point, M-R, is as
        I stated in my comment, who in the inner city can afford $200,000 homes on a part-time dishwasher or street sweeper or whatever other low income
        wages they subsist on. We cannot keep fostering giveaway programs
        to the low income of the inner city just because the Congressional Black
        Caucus says everyone deserves a home. My point is that home ownership
        is not for every one no matter how many CRAs or Fannie Maes and Macs you have. And, my problem with your example is that it was not complete.
        You have seemed to pull out only the points that satisfy your venting of
        just one part of the problem. As i said, there is the Law of Un-intended Consequences and I think I fully explained that. And, let me say, that
        when I see the media bowing down to Bill Clinton, it makes me want to
        vomit. He aidded the collapse of the U.S. economy by signing Graham’s
        bill abolishing the Glass-Steagle Act of one of the greatest U.S. Presidents, FDR. And, the present President and his fellow Congressional Members
        refused to re-instate it when they had control of Congress from 2009 thru
        2010, with special thanks to Dodd-Frank and their pockets full of Wall
        Street money. When it’s plain as day, M_R, I don’t know how you can
        suggest it’s “bitching”. Elizabeth Warren in recent interviews says that
        the omission to re-enact Glass-Steagle means that the same problems of banks and investment houses remain as they did prior to the collapse of
        2008. It’s a problem created in the last 30 years by both Dems and Reps
        and for you to constantly blame one group for it is simply not objective nor
        factual….

  6. Up the Flag- please cite 2 or 3 examples of an ‘inner city dishwasher’ who purchased a $200,000 home with a CRA loan.

    I’m afraid that you, UptheFLag, have become a victim of the right-wing propaganda machine.

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