Monday, February 4, 2013
Ideology As The Weapon In Our Current Civil War
The Dodd-Frank bill, that was written in response to the financial crisis, has left the implementation of the bill to banker friendly agencies like the Fed and the Treasury. The consumer protection agency was intentionally designed to be independent of those agencies. The banking industry does not want an agency that vigorously protects financial consumers. It has purchased the support of the GOP to neuter the agency. Senate Republicans are able to use the filibuster to block the nomination of a Director to lead the agency. They use familiar ideological weapons to sell their obstructionism to the public. They know, for example, that many consumers of financial products are not sophisticated consumers. Republicans, however argue that consumers are the best judges of the products that they purchase. There is no need for the central government to take away their freedom of choice. Our current civil war is being waged with ideology. This is the weapon of choice where the public cannot be coerced by the use of more lethal weapons.
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