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Obama's New Consumer Watchdog


By Stephen Lendman - Posted on 20 September 2010

Obama's New Consumer Watchdog - by Stephen Lendman

On September 17, New York Times writers Jackie Calmes and Sewell Chan headlined, "Obama Picks Warren to Set Up Consumer Bureau," saying:

Obama appointed Harvard Law Professor Elizabeth Warren "to oversee" the new Bureau of Consumer Financial Protection (BCFP) "until a director is named later. The appointment (will let her) get the agency up and running without having to go through a contentious (Senate) confirmation battle," one she might lose because of Republican and industry opposition.

She'll be an assistant to the president, a "czar" for some, a designation held by numerous other White House advisors. She'll also be a Treasury Secretary advisor, reporting jointly to Obama and Tim Geithner.

Who Is Elizabeth Warren?

A bio on the elizabethwarren.com web site includes the following:

At age 16, she was an Oklahoma state champion debater.

Her education includes a BS from the University of Houston (1970) and a JD from Rutgers Law School (1976) where she was Editor to the Rutgers Law Review.

She taught law at Rutgers, the University of Michigan, the University of Houston Law Center, the University of Texas School of Law, and University of Pennsylvania's School of Law before joining Harvard Law School in 1992, where she's now Leo Gottlieb Professor of Law.

She's also a member of the FDIC's Committee on Economic Inclusion, the Executive Council of the National Bankruptcy Conference, as well as former Vice-President of the American Law Institute, a member of the American Academy of Arts and Sciences, and Chief Adviser to the National Bankruptcy Review Commission.

In addition, until her new appointment, she headed the Congressional Oversight Panel administering the $700 billion Troubled Asset Relief Program (TARP) for banks, but couldn't constrain their multi-trillion dollar bailout, interest-free money, and virtual regulatory freedom.

Her writings include over 100 scholarly articles, six academic books, and several best-selling ones. Co-authored with her daughter, Amelia Warren Tyagi, her most recent one is "All Your Worth: The Ultimate Lifetime Money Plan." An earlier 2003 one with her daughter is titled, "The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke," written years before the current economic crisis. It's devastating many more of them, their numbers steadily increasing because of financial predators Warren will have little power restraining. That's the problem.

Obama's so-called financial reform gives Wall Street a free pass. Described as the most sweeping package since the 1930s, it's, in fact, virtually toothless, an earlier article calling it "a stealth scheme for global monetary control," can be accessed through the following link:

http://sjlendman.blogspot.com/2009/06/obamas-financial-reform-proposal.html

A follow-up one explained more, accessed though the link below:

http://sjlendman.blogspot.com/2010/04/bogus-washington-proposed-financia...

It's business, not consumer-friendly, and why not when powerful insiders wrote it.

In June 2009, The New York Times explained how, saying:

"In the last two weeks alone, the administration has heard from top executives from Goldman Sachs, MetLife, Allstate, JPMorgan Chase, Credit Suisse, Citigroup, Barclays, UBS, Deutsche Bank, Morgan Stanley, Travelers, Prudential and Wells Fargo, among others. Administration officials also discussed the president's plan with the top lobbyists at major financial trade associations in Washington."

Among other provisions, the bill gives the Wall Street owned Federal Reserve greater power. It lets big banks be self-regulating, facilitates greater consolidation, crowds out smaller firms, and establishes a Bureau of Consumer Financial Protection (BCFP), unable to rein in financial excesses, including abusive mortgage lending that fueled the housing crisis.

Yet New York Times writers Calmes and Chan were effusive, saying:

"Basically, the Consumer Financial Protection Bureau will be a watchdog for the American consumer, charged with enforcing the toughest financial protections in history."

False. It's pretense, a veneer of change, not the real thing, a line from Gilbert & Sullivan's HMS Pinafore explaining it, saying:

"Things are seldom as they seem. Skim milk masquerades as cream," especially for corporate interests, Wall Street heading its queue, making the key rules, getting its way, including what passes for financial reform. It's cover for business as usual.

While the BCFP will supposedly oversea banking practices regarding credit cards, mortgages, payday loans, student loans, and other consumer financial products, exempted are financial institutions with less than $10 billion in assets as well as auto financing. Further, BCFP power to review large firms will be impeded by their ability to circumvent rules to do pretty much as they please. They wrote the new rules to assure it. Otherwise, "financial reform" wouldn't have passed.

Yet Obama called Warren "one of the country's fiercest advocates for the middle class," and the BCFP a new "watchdog." In name only, in fact, because Wall Street owns Washington, permeates government, and runs it like a subsidiary, its people in charge of what counts most - the nation's money handled by the US Treasury and Federal Reserve that, of course, has nothing to do with government. It's a private institution owned and controlled by bankers, big ones, chairman Bernanke serving them, not popular interests, a status no consumer "watchdog" will change or even challenge.

In fact, the BCFP will come under the Fed after July 21, 2011, though the new law prohibits any interference. However, the Treasury's new Financial Stability Oversight Council (FSOC) has veto power over BCFP policies. It's also a step toward world money and banking control, perhaps with one currency under a global central bank, banking giants, the IMF, and other international lending agencies. Against them, the most dedicated consumer watchdog will be impotent.

Warren, of course, is a temporary appointee, a director to be chosen by mid-2011. She also won't serve on the FSOC that has real power under Geithner. Her role is more "show" than "dough," to provide a veneer of credibility with little enforcement muscle.

Further, though critical of banker bailouts, she fully supports Obama's policies. Why else would she be appointed, not to criticize that would get her removed and replaced. Consumer advocacy praise for her is premature, given how little authority she'll have, and her reluctance to bite the hand that selected her.

Stay tuned. Wall Street's power is undiminished, its hand firmly in control, its agents running the Fed and Treasury, in charge of the nation's money.

Remember what Mayer Amschel Rothschild (1744 - 1812, founder of the family's banking dynasty) once said:

"Give me control of a nation's money and I care not who makes the laws," or what laws they make. Consumer watchdogs are no antidote against that kind of power, not when Congress, the administration and courts stand firmly in support, spurning populist interests, Democrats no different from Republicans.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour/.

Re. Amschel Rothschild

People who view the documentary film called "The Money Masters" will learn a considerable amount about him and his family successors in major wealth and predatory ways; as well as learning about similar financial or rich elites since the time of emperor Caesar. But the film is mostly about the Rothschilds and then the U.S. having been taken over by similarly rich and powerful elites.

The full title of the film is, "The Money Masters: How International Bankers Gained Control of America", and I'll quote a brief description for the film (copied from the home page of the film website linked further below).

"The Money Masters explains the history behind the current world depression and the bankers’ goal of world economic control by a very small coterie of private bankers, above all governments."

That definitely and clearly enough is the path imposed on this world; humanity as well as the natural environment. It's been quite clear for a long time, decade[s], so it certainly should be clear to more people today than in the past.

Otoh, I'm not sure what he means by "world economic control by a very small coterie of private bankers, above all governments", for it's not the governments that rule. The government in the U.S., while this also applies in European countries, is like Stephen Lendman says and which is [controlled]; by the oligarchy of financial elites and corporatists, money masters. They don't have time to waste with being politicians. Instead, they buy politicians. They use the governments (and military forces) they control to carry out the hard "work", while taxpayers foot the bill and these ruling elites work on becoming richer and more powerful. The governments are only instuments.

That, however, is either wholly or else very clear in the film when we view it.

The film is fully available for viewing in either one or two parts at Google and 22 parts at Youtube, while the website for the film is www.themoneymasters.com. Actually, the two-part copy at Google is lacking roughly a half hour. I viewed the full copy and it definitely is worth viewing the full-length one, but I'll include the links for the two-part copy anyway.

One-part video (3:35:19),

http://video.google.com/videoplay?docid=-515319560256183936

Two parts (1:43:15 and 45:37),

http://video.google.com/videoplay?docid=6076118677860424204

http://video.google.com/videoplay?docid=-7336845760512239683

Mostly, but not all facts:

While it's a documentary, it's not all based on proven fact and this is also stated at some point by the speaker or narrator. F.e., the producer(s) theorize that emperor Caesar was assassinated by wealthy or rich elites because he wanted to correct economic injustice and this, they deemed, was not profitable for them. The film also presents a somewhat similar theory about the assassination of President Abraham Lincoln, who wanted to correct economic injustice. Both are credible theories and certainly strong ones.

Much of the film is very or wholly fact-based, but a few things presented in it are theories. However, one thing that contributes to the strength of the theory presented about President Lincoln is that there was an assassination attempt against the next or one of the next Presidents following him and this attempt failed because the gunman's two handguns backfired, which permitted arresting him before he could complete his "mission" successfully. This attempted murder would have been due to that historical President, whose name is one I forget, also having wanted to implement some economic reforms for economic justice for Americans in general.

And we have more recent examples to add to the strength of the credibility of the theory about President Lincoln, but not always with assassinations or even attempts to commit them. It's clear that the rich and powerful elites controlling governments use these for ruling over all of us. They control the UNSC and other institutions.

""Manufacturing Dissent": the Anti-globalization Movement is Funded by the Corporate Elites
The People's Movement has been Hijacked"

by Michel Chossudovsky, Sept. 20th, 2010

http://www.globalresearch.ca/index.php?context=va&aid=21110

It's an excellent article and hopefully many people will read it. It's not against dissent. It's against co-opted, deceptively molded, manipulated and controlled dissent; controlled by the rich and powerful predatory elites, who work through their foundations, et cetera, of supposedly, but definitely or really not good will. They use the media to do as Professor Chossudovsky says and which is as Noam Chomsky and Edward Said wrote with, "Manufactured Consent"; utilizing the media, corporate and some, if not many, "alternative" media to try to manufacture consent. And they also work through groups and organizations of people who are against globalization and many other ills the predatory ruling elites are responsible for. They do the latter by funding and thereby gaining a controlling influence in these groups and organizations.

The article is about forming real, massive, widespread, dissent; nationally and globally. It's the only kind of dissent that we can really derive any real hope from, for the above kind of dissent is never going to get us anywhere; except to worsening conditions.

Informed Activist

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