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 149 points 3 weeks ago* (last edited 3 weeks 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 13 points 3 weeks ago

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

[–] gedaliyah 98 points 3 weeks 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 3 weeks 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 3 weeks ago (2 children)

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

[–] painfulasterisk1@lemmy.ml 6 points 3 weeks ago (1 children)

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

[–] ech@lemm.ee 2 points 3 weeks ago

That's good.

[–] capital 4 points 3 weeks 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 3 weeks ago (1 children)

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

[–] capital 1 points 3 weeks ago* (last edited 3 weeks 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 3 weeks ago

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

[–] satanmat 3 points 3 weeks ago

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

[–] someguy3 61 points 3 weeks ago (1 children)

News flash: Because it's not about efficiency.

[–] Corkyskog@sh.itjust.works 32 points 3 weeks ago (1 children)

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

[–] d00phy 4 points 3 weeks ago

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

[–] ME5SENGER_24 57 points 3 weeks ago

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

[–] Rapidcreek 52 points 3 weeks 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 3 weeks 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 30 points 3 weeks ago* (last edited 3 weeks 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 11 points 3 weeks ago (1 children)

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

[–] Rapidcreek 5 points 3 weeks 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 5 points 3 weeks ago* (last edited 3 weeks 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 3 weeks ago

Fox says hen house ineffective, should tear it down

[–] andrew_bidlaw@sh.itjust.works 24 points 3 weeks 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 22 points 3 weeks 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 21 points 3 weeks ago

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

[–] Buffalox 18 points 3 weeks ago (1 children)

Life is grand if you are a narcissists in USA.

[–] AbidanYre 12 points 3 weeks ago (1 children)

A very rich narcissist at least.

[–] Buffalox 14 points 3 weeks 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 3 points 3 weeks ago (1 children)

narcissism is not only accepted but respected in USA

america needs the Law of Jante.

[–] Buffalox 2 points 3 weeks ago* (last edited 3 weeks 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 3 weeks ago

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

[–] Diplomjodler@feddit.org 15 points 3 weeks ago (1 children)

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

[–] NotMyOldRedditName 16 points 3 weeks ago* (last edited 3 weeks 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.

[–] WrenFeathers 5 points 3 weeks ago

Why is anyone even considering what that pissfart wants?

[–] HulkSmashBurgers@reddthat.com 5 points 3 weeks 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 3 weeks 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 3 weeks ago (1 children)
[–] circuitfarmer@lemmy.sdf.org 4 points 3 weeks ago

Yep. Not making any counter claims versus the article.