this post was submitted on 29 Nov 2024
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Summary

Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

Critics, including Public Citizen, argue Musk is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services, a business Musk appears poised to enter.

“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.

The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.

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[–] pivot_root@lemmy.world 148 points 2 years ago* (last edited 2 years ago) (1 children)

Critics argue Musk is driven by conflicts of interest

I'm shocked, I say. Flabbergasted. Nonplussed. Flummoxed.

The rich hypocritical narcissistic shithead is using his status and position to amass even more wealth that he won't ever use in his lifetime? Say it ain't so!

Fuck Musk and everything he stands for.

[–] anomnom@sh.itjust.works 12 points 2 years ago

It’s long overdue time to eat the fucking rich.

[–] gedaliyah@lemmy.world 97 points 2 years ago (3 children)

This is how they get us. They'll overwhelm with the volume of terrible shit that they're doing. We just won't be able to stop it all. We can organize and protest one thing at a time, But how can we organize to stop a thousand different things all happening at once?

Once they're back to putting children in cages and banning birth control, how are we really going to be motivated to rally around stopping the shutdown of a government bureau?

[–] painfulasterisk1@lemmy.ml 31 points 2 years ago (3 children)

USA could've organized to stop thousands of different things all at once, but they decided to let it happen. That was on 5-NOV-2024.

[–] ech@lemm.ee 29 points 2 years ago (2 children)

Some people tried. Worth keeping them in mind when condemning the whole country as complicit.

[–] painfulasterisk1@lemmy.ml 6 points 2 years ago (1 children)

I agree with you. I'm not blaming everyone.

[–] ech@lemm.ee 2 points 2 years ago

That's good.

[–] capital@lemmy.world 4 points 2 years ago (1 children)

Everyone who could have voted Harris but didn’t is complicit. Or at least was fine with a Trump presidency.

That’s most people in the US.

[–] ech@lemm.ee 3 points 2 years ago (1 children)

Why do you think I'm talking about them? I said tried.

[–] capital@lemmy.world 1 points 2 years ago* (last edited 2 years ago)

I’m not disagreeing with you. Just pointing out that most of the US is at fault for what’s to come.

[–] timbuck2themoon@sh.itjust.works 8 points 2 years ago

Yep. Non voters asked for this, whether they realize it or not. Hope they enjoy the shit sandwich

[–] satanmat@lemmy.world 3 points 2 years ago

Surly the face eating leopard won’t eat MY face…

[–] someguy3@lemmy.world 61 points 2 years ago (1 children)

News flash: Because it's not about efficiency.

[–] Corkyskog@sh.itjust.works 32 points 2 years ago (1 children)

It's about how to most efficiently stuff tax dollars into his pockets.

[–] d00phy@lemmy.world 4 points 2 years ago

Well, his and his friends, but yeah. This is the complete answer.

[–] ME5SENGER_24@lemmy.world 57 points 2 years ago

Literally whatever he thinks and says, I want the exact opposite. Don’t trust the rich, especially the richest of the rich!!

[–] Rapidcreek@lemmy.world 52 points 2 years ago (3 children)

That agency was created by congress and it will take congress to destroy it, no matter what President Musk says.

[–] CosmicTurtle0@lemmy.dbzer0.com 61 points 2 years ago (1 children)

In ideal circumstances yes. Nothing stops president Cheeto from firing everyone at the agency. Nothing stops him from initiating a hiring freeze at said agency.

Nothing stops him from locking the doors, removing computers, desks, phones...

This is how fascism works. Anything they can't legislate they'll make damn near impossible to do.

[–] Rapidcreek@lemmy.world 30 points 2 years ago* (last edited 2 years ago)

That particular agency was created by law, has a mandate, and is not part of the administration. Its creation by Congress as part of a compromise on an SEC restructure and receives budget as a set percentage of it. It's purpose is to look out for consumers getting ripped off, such as bank fees. I remember it because it is Elizabeth Warren's brainchild during the Clinton years. She was supposed to run it, but Republicans didn't like her. So, she ran for Congress, won a senate seat, and they really don't like her now.

[–] grue@lemmy.world 11 points 2 years ago (1 children)

You know that the Republicans will also control both houses of Congress, right?

[–] Rapidcreek@lemmy.world 5 points 2 years ago

The house is really close. So much so that Republicans will have a one seat majority until April. The Republicans will have a 3 seat majority in the senate. IDT it's anything to brag about and not a foregone conclusion for anything.

[–] someguy3@lemmy.world 5 points 2 years ago* (last edited 2 years ago)

GOP has Congress. They're going to rubber stamp whatever Musky tells Trump. If they don't they get primaried, funded by musky. There's really no point in trying to be pedantic (which everyone already knows anyway).

[–] dwemthy@lemdro.id 44 points 2 years ago

Fox says hen house ineffective, should tear it down

[–] andrew_bidlaw@sh.itjust.works 24 points 2 years ago

The CFPB has long faced opposition from corporations and conservatives

Whatever the complete opposite of a red flag, they have it. It'd be hard to find a thing these two groups have in common with an average citizen if that's not just an infight between the two.

[–] Viking_Hippie@lemmy.world 22 points 2 years ago

Critics, including Public Citizen, argue Musk is driven by conflicts of interest

In equally surprising news, leading oceanographers agree : Pacific Ocean larger than average dog's water bowl in terms of both area and depth.

[–] irotsoma@lemmy.world 21 points 2 years ago

...i.e., not corrupt enough to keep around

[–] Buffalox@lemmy.world 18 points 2 years ago (1 children)

Life is grand if you are a narcissists in USA.

[–] AbidanYre@lemmy.world 12 points 2 years ago (1 children)

A very rich narcissist at least.

[–] Buffalox@lemmy.world 14 points 2 years ago (1 children)

No not just the rich, narcissism is not only accepted but respected in USA. Stand your ground, discriminate minorities, falsify historic events, and generally cheat and lie. You can do these things and become a local or even national hero, AND President of the USA!
It's all accepted and legal to a way higher degree than other countries that are economically comparable.

[–] danekrae@lemmy.world 3 points 2 years ago (1 children)

narcissism is not only accepted but respected in USA

america needs the Law of Jante.

[–] Buffalox@lemmy.world 2 points 2 years ago* (last edited 2 years ago) (1 children)

Absolutely, it's insane how many Americans call USA God's country, and the Bible preaches to be humble, which is kind of what the Jantelov is about, but being humble is completely alien to most of the Americans that claim they are Christian.

[–] Revan343@lemmy.ca 4 points 2 years ago

Most of Christianity is alien to most Americans who claim they are Christian

[–] Diplomjodler@feddit.org 15 points 2 years ago (1 children)

So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.

[–] NotMyOldRedditName@lemmy.world 16 points 2 years ago* (last edited 2 years ago)

Nah, worse than that.

When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren't.

But with it gone, they'll start up again.

[–] HulkSmashBurgers@reddthat.com 5 points 2 years ago

Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

The wealthy elite class hates that kind of efficiency.

[–] circuitfarmer@lemmy.sdf.org 3 points 2 years ago (1 children)

Sure. Just let him gut whatever. He thinks gutting things is automatically smart, though really it just gives him a little thrill.

At this point, the best (and maybe only option) is just let these clowns run wild. The system will fail sooner that way. Best not to draw it out.

[–] Landslide7648@discuss.tchncs.de -1 points 2 years ago (1 children)
[–] circuitfarmer@lemmy.sdf.org 4 points 2 years ago

Yep. Not making any counter claims versus the article.