More on Elizabeth Warren; More on Jeff Adachi …

by on July 20, 2011

To the Editor:

The independent Consumer Financial Protection Bureau (CFPB) is within the Federal Reserve and was created to prevent the kind of unsafe, predatory lending practices that gave rise to the subprime crisis and resulted in millions of Americans losing their homes to foreclosure. The central mission of the CFPB is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

The CFPB won’t officially start exercising its rule-making power until July 21. Ever since the (CFPB) was created, Republicans in Congress have been trying to gut it. First, they tried to strip the of its funding before it even opened its doors. The House Republicans planned to strip federal salaries from Elizabeth Warren, at the time was expected to be nominated CFPB director and 24 other top administration officials from drawing a salary. That would technically render them unable to continue working for the government. The House GOP budget plan included language that would cut the CFPB\’s current funding nearly in half, to $80 million.

In a failed effort to restore the CFPB funding, Rep. Rush Holt (D-N.J.) argued, “[The Republican plan] handcuffs the CFPB to protect big banks that hurt American consumer interests.” Unfortunately, Warren was the lightning rod for all that the Republicans see is wrong with the CFPB. She had to be sacrificed. But the Republicans will still fight tooth and nail to gut the CFPB.

Obama, a progressive? He is not now and never was a progressive. Even a token investigation of Obama’s record as an Illinois state senator (1997-2004) and his short time as a U.S. Senator (2005-2008) would have shown little or no evidence that he was a progressive or a far-left liberal. Obama just told a better story than John McCain and Sarah Palin. He connected emotionally with voters.

Ralph E. Stone
San Francisco

To the Editor:

I understand there are those urging Elizabeth Warren to run against Scott Brown for U.S. Senate from Massachusetts.

Judi Iranyi
San Francisco

To the Editor:

Jeff Adachi’s proposal is about math. He is the lone SF politician to take on the public employees death strangle on the budget. You say “no organized constituency” backs Adachi’s proposal? Agreed on that one. The average taxpayer that works in the private sector is not an organized group. We’re too busy trying to keep our heads above water in this tough economy. “Bash workers,” you say. The bloated SF govt has been bashing the SF taxpayer for years. Most of these overpaid leeches don’t even live in SF. The “workers” engage in pay for play politics and the corrupt and inept Board of Stupes is only to eager to work with pay for play politics. I am proud to have signed Jeff’s petition, and 76,000 San Franciscans did as well.

Sean Chu
San Francisco

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