We knew well before Joe Biden’s two thousand mules even got started that his policies would stink on ice.
We knew that once ensconced in DC Biden would engage in a lot of illegal, unilateral executive actions – to impose the stuff too crazy to get through even a Democrat-majority Congress.
And should November’s election overcome “2000 Mules Again” – and Republicans subsequently take control of one or both houses of Congress? We know with moral certitude that Biden’s illegal, unilateral executive action hyper-activity will exponentially increase.
But we need not wait for the election to see egregiously awful Biden power grabs. Behold:
“(T)he (Consumer Finance Protection Bureau) CFPB issued an amendment to a 2013 procedural rule allowing it to publish all or part of a determination that a company’s products and activities pose risks to consumers.
“Such a determination was previously treated as confidential, however, the amendment would give the CFPB Director the unilateral discretion to publish decisions on whether to start examining a particular nonbank on the agency’s website….
“While ostensibly directed at FinTechs, this announcement is broader in scope and is not limited to any particular industry or product type and could be used on virtually any industry participant.
“Further, making the Director’s decisions in such proceedings public sends a strong signal to all market participants about practices the CFPB believes present a risk to consumers and could be the subject of further supervisory or enforcement activity.”
Get that? Biden’s Administration has now empowered itself to publicly announce its launch of any and every investigation of nonbanks. What was once confidential – is now public, political cannon fodder. This is the financial sector equivalent of this:
“An instance of a person in police custody being led into a police station, courthouse, etc. in such a way as to enable the media to publicize the event.”
Very little will do more to damage nonbanks – than Big Government and Big Media teaming up to broadcast that Big Government has launched an investigation into a nonbank.
You LOOK guilty when Big Media delivers wall-to-wall coverage of a Big Government investigation. Whether or not you are. And that’s the point.
Oh: And does Big Government engage in – and Big Media amplify – fact-free investigations for purely political reasons. Do bears extrude in the woods?
That’s two-plus years of our national life we can never, ever get back.
You’ll note Biden’s Administration is only doing this to nonbanks – and not Big Banks. Because politics – and money.
“Democrat reliance on big labor gradually shifted toward big business following the involvement of solidly Democrat corporate giants in 2002, and from 2014 to 2020, Democrats consistently surpassed Republicans in corporate donations.”
“And now, having murdered the small bank industry, Big Banks are having Big Government go after their only remaining competitors: Payday lenders:
“‘A company that lends customers small amounts of money at high interest rates, on the agreement that the loan will be repaid when the borrower receives their next paycheck.’
“These lenders serve people with very low incomes – and very bad or non-existent credit. To whom Big Banks will lend – NOTHING.
“Payday lenders appeared in numbers only after the Big Government-Big Bank cabal succeeded in murdering the small banks – that used to lend to these low income-bad credit people.
“And now bipartisan DC is looking to de facto murder payday lenders.”
Payday lenders – are nonbanks. So they are subject to the Biden Administration’s new assaults. Big Banks – are banks. So they are not subject to the Biden Administration’s new assaults.
So Biden’s Administration can continue to help Big Banks – by screwing the Little Guy.
And Big Media can continue to help Big Government help Big Banks – by screwing the Little Guy.
Oh: And DC is yet again taking us all on an entirely unnecessary trip.…
Except unconstitutionality LONG ago stopped mattering in DC.