‘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]