House GOP targets financial cops - USA Today Editorial

[Bill USA]

http://www.usatoday.com/news/opinion/editorials/story/2012-06-13/House-Republicans-financial-regulators/55587388/1

In case you have a short memory, here's a quick refresher on the reckless behavior by banks that triggered the 2008 economic crisis from which the nation is still struggling to recover: Institutions gave mortgages to people who couldn't pay them back, bundled those toxic loans and peddled them to unsuspecting buyers, and created complex insurance instruments that turned into financial weapons of mass destruction.

In the wake of the debacle, Congress mustered the will to take on the powerful financial lobby and give more resources to banking regulators. But now, just four years after the crash, House Republicans are trying to deprive the regulators of the means to keep banks from once again putting the public at risk. That's about as sensible as cutting back on police and prosecutors to prevent crime.

Having lost the fight against banking reform, the House Republicans, who've gotten more than $34 million in political donations from financial interests in the past decade, are trying to gut the law in other ways.

Last year, they moved to weaken the new Consumer Financial Protection Bureau by seeking to restructure it and deprive it of a leader, and they're still trying to undermine it with unfounded smears.

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[PDJane]

1. Now, that's absolutely brilliant......and typical of the people who govern....

but don't believe in government. This is just stupidity, and the process has failed. It's time for legal action, if the courts weren't so lopsided too.

[HooptieWagon]

2. In a perverse way, it makes sense...

Its not like the Obama Administration has shown any inclination to prosecute Wall St criminals...

[Bill USA]

3. Perverse is right, in that proper regulation would preclude the need for prosecution.

an ounce of prevention, as they say, is worth a pound of .... prosecution.

[HooptieWagon]

4. Yes, and policing means nothing without willingness to prosecute.

[Bill USA]

5. regulating agencies can take entities to court, just not criminal court.

then you have to refer to DoJ.

[HooptieWagon]

7. Tnx.

[meow2u3]

6. No wonder the banksters are skating

The repunks deliberately underfunded the regulatory agencies and deprived them of the resources they needed to throw those criminals in prison where they belong.