Let’s not forget that it was largely a lack of regulation that led to the recession, many effects of which remain ongoing. The CFPB ought not be dismantled and, instead, it should be bolstered and more regulation needs to be erected to police the financial industries. The siphoning and concentration of wealth from the bottom and middle to the top is detrimental to our society. We need aggressive consumer protections. What we don’t need are the likes of Ted Cruz.
Wouldn’t it be nice if, for a change, Republicans would admit they messed up and offer solutions that actually help the people? Like, “Our bad. We didn’t think this through. Here’s what we’re going to do about it ...” This focus on tearing down Obama-era actions is a circus, political showmanship. It has nothing to do with serving the people. You don’t like regulation? I get that. Your core ideology is limited government and all that. But, if not government regulation, what? What do you propose to stop the runaway trains you’ve made? What do you propose to do to protect the people? Obviously, the private financial sector can’t be trusted to manage themselves. That’s been proven time and again. So, what’s the alternative? Come back when you have a proposal that will protect the people.
We don’t need a return to the Wild West, when there was no organized structure or enforcement of law. The Wild West is where everyone carried their own guns and took care of their own business. On the surface, it sounds like a romantic notion where power is restored to the people. But, what about people who are weaker than their opponent? It becomes a matter of strong vs weak instead of right vs wrong. Might does not equal right. Power doesn’t equal moral superiority. What Cruz is proposing is a return to David vs Goliath. The little, individual consumer facing off against the corporate giants. Consumers don’t generally win those fights. Consumers don’t have the legal teams or the time or the energy to take on the giants. In a world of mega corps especially, consumers need advocates biased on their behalf.
Here’s a long-term idea that could satisfy the Republican ideology: work to help people get out and stay out of debt, including their mortgages and student loans, dismantle the financial giants so they return to being small, local businesses, dismantle the stock markets, and so on. If you do that, there’s much less need for regulation. The businesses become small enough that they can be fought by consumers when they’re engaging in harmful activities and there would be more freedom of choice in the open market that could serve to guide businesses to better actions and having limited or no debt would allow people to entirely or nearly entirely opt out of using their services if, as now, their options as a whole, act immorally and irresponsibly.