this post was submitted on 29 Nov 2024
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Musk wants to abolish consumer agency that has been a ‘model of efficiency’ (www.commondreams.org)
submitted 2 weeks ago* (last edited 2 weeks ago) by MicroWave to c/politics
26 comments fedilink hide all child comments
 

Summary

Elon Musk called 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’s stance 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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[–] TheDemonBuer 59 points 2 weeks ago (7 children)

Musk has publicly praised the book, 'The Capitalist Manifesto: Why the Global Free Market Will Save the World,' that came out last year. The book, as you would assume, advocates for essentially unregulated, free market capitalism. I think Musk, and others like him, see a second Trump term as an opportunity to try and bring about the capitalist utopia that the book envisions.

If you're a capitalism supporter, this is likely good news. And long may the free market reign. If you're a socialist, well, you better be organizing workers like there's no tomorrow.

[–] Blue_Morpho 61 points 2 weeks ago (1 children)

If you're a capitalism supporter, this is likely good news.

It's not good news for intelligent capitalists either. The current systems are in place because real capitalists, starting with Adam Smith in 1776, know that regulations are critical for the success of capitalism.

People who champion deregulation are always looking to destroy the free market for their personal profit.

[–] TheDemonBuer 22 points 2 weeks ago

Unfortunate that intelligence doesn't seem to be a requirement for having success under capitalism.

[–] pivot_root 12 points 2 weeks ago (4 children)

"Capitalist utopia" is a bit of an oxymoron, no?

[–] [email protected] 17 points 2 weeks ago

Utopia for a select few, dystopia for everyone else.

[–] [email protected] 9 points 2 weeks ago* (last edited 2 weeks ago)

Not if you're a selfish capitalist billionaire who doesn't give two shits about other people. But for everyone else, yes.

[–] TheDemonBuer 3 points 2 weeks ago

"Capitalist utopia" is a bit of an oxymoron, no?

I think it is.

[–] [email protected] 2 points 2 weeks ago* (last edited 2 weeks ago)

There certainly exist capitalist utopias, like the Ayn Rand Galt's Gulch and Heinlein's Luna. All utopias are fictional, of course.

[–] [email protected] 4 points 2 weeks ago

He envisions himself as Andrew Ryan

[–] [email protected] 4 points 2 weeks ago (3 children)

I very much doubt that tariffs and pissing off basically everyone outside if the US will help a goal of a global free market.

[–] TheDemonBuer 4 points 2 weeks ago (1 children)

Well, they have to balance their commitment to global free markets with their desire to destroy countries run by Communists, or any country that isn't sufficiently Western and liberal in their political or economic philosophies. China is especially problematic, because they've accounted for so much of the global growth that's occurred over the last several decades, but they are ultimately run by Communists, and they are certainly not liberal or Western enough.

[–] [email protected] 2 points 2 weeks ago (1 children)

I remember last time Trump was in office. There were massive tariffs on european products as well. There are no communist countries in the European Union. Trump and his gang openly push the "America first" narrative and that very obviously means that every other country in the global market is under attack, even those who were traditionally viewed as allies. Communism is not the issue here.

We'll see if the US manages to bully the world into submission but I have my doubts. A free global market is bound by capitalist mechanics. If the US is not an attractive trade partner the export profits will be made elsewhere.

[–] TheDemonBuer 1 points 2 weeks ago

Yes, they are not consistent in their own logic. They are hypocrites. But that doesn't mean they aren't committed to global, free-market capitalism. They're committed to it in the same way a religious person might be committed to their faith, despite not following, or even knowing all of its precepts. In fact, the rules and definitions of global, free-market capitalism don't matter. The rules of capitalism are whatever they want them to be, similarly, again, to a pastor who molds his denominations religious teachings to whatever suits him.

[–] [email protected] 3 points 2 weeks ago

The important thing is that musk is a classic libertarian grifter.

His cars are propped up by government subsidies (or they were, I think he's running into problems), starlink is heavily used by NASA, and the boring company is just another way to extract government money.

He'll pretend to be a global libertarian, but what he really wants is sky high tarrifs so he doesn't have to compete with Chinese electric cars.

[–] EvacuateSoul 1 points 2 weeks ago

Nor are closed borders a free market solution.

[–] [email protected] -1 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.

If you want to see an actual free-market capitalist who also has power and is not just a guy in the internet, check out Argentina's still miraculously current president Milei.

[–] TheDemonBuer 3 points 2 weeks ago

Meh, these people are pure corporatist fascists, not free-market capitalists. These are very different things.

No true Scotsman.

[–] CharlesDarwin 25 points 2 weeks ago

People like Musk cannot have the threat of a good example.

[–] Yawweee877h444 18 points 2 weeks ago

The fact that trump was elected, or even close to it. And musk is now in the position he's in, just makes it feel like our society is falling apart. Like death throes, or the calm before the storm.

This all really feels like societal collapse. I hope I'm wrong.

[–] Breadhax0r 13 points 2 weeks ago

[–] [email protected] 8 points 2 weeks ago (1 children)

I like to remind people that businesses are not the best way to run a government.

The government imposes the rules business need to follow. I seasiously doubt business would have stopped child labor, insisted on workers' safety, or minimum wage, without the government being there being rules that need to enforce the rules.

If the boot licking workers want to experience what this would be like. Go to Asia and get a job at any manufacturing site, and you'll be at your "dream job"

[–] [email protected] 4 points 2 weeks ago

Those rules were paid for in blood and now we are just throwing it all away.

[–] uebquauntbez 5 points 2 weeks ago

It's not about efficiency! Obey!!1!