Republicans have already signaled that one of their first priorities will be to repeal or cripple regulations that are supposed to keep our economy stable, protect Americans' money and jobs, and prevent Wall Street consumer fraud and abuse.
A few things are clear: the marketplace is changing, the ranks of the underbanked are likely to grow, and alternatives to traditional banking relationships and products are playing a very significant role.
Buying and selling debt has become a big business in the U.S. The FTC found that debt buyers typically purchase portfolios of debt for only four cents on the dollar, on average, and then collect on those debts for the full face value -- which nets them a huge profit.
I saw a "pat on the back" news release from the Federal Trade Commission today: "FTC Settlement: Tax Relief Scammers Agree to Pay More Than $15 Million." If you go down a couple of sentences, it notes that the scheme bilked consumers out of $100 million. Crime does pay.
There is nothing wrong with credit agencies making a profit. They are private businesses. Yet without adequate oversight, these agencies have little incentive to ensure the accuracy of consumer credit reports.
Mitt Romney is the poster child of big business expediency, where truth is less important than closing the deal. And if he gets elected we'll see a reprise of the Wild West days that ended in the 2008 crisis.
Paul Ryan has remained consistent. His statements are often lies, and when his talk turns to statistics and numbers and the financial facts faced by everyday Americans, his lies expand past the realm of "damned lies" into Mark Twain's third category of exotic deception.
The open hostility of these people to the idea of a government "of the people, by the people, and for the people" really comes down to one thing: utter contempt for "you people." It's shameful. It's intolerable. It must be stopped.
Batman just wants to do his job of protecting Gotham from crime. And the CFPB wants to do its job of protecting consumers from financial predators. Perhaps as the Dark Knight Rises to defeat the princes of evil, American voters should finally stand up to this army of darkness.
Once upon a time in America, Greek was routinely included in the curriculum of a liberal arts education. Today, we don't necessarily need to speak the language, but we do need to better understand what's happening.