James Kwak follows up my post about AEI’s critique of the Consumer Financial Protection Agency with his own post. James takes the argument apart piece by piece until there is nothing left. There are even bulletpoints at the end. 6 bulletpoints. (I only had 3!) It is a beatdown so severe it can only be captured with animated gifs:
James’ post is like the air conditioner of this exchange.
Can we get some more anti-Consumer Protection arguments? I feel James got more mileage (score is 6-to-3, James winning), and now I want to try to get the better of him over whoever steps up to the plate next. It’s like the Harlem Globetrotters of the blogosphere, with AEI playing the part of the Washington Generals.
Also, the writer of that editorial, Peter Wallison, is going to be on the Financial Crisis Inquiry Commission. The commission that we get instead of a Pecora Commission; the people who will investigate the cause of the financial crisis. For the Iraq Study Group, which I assume the new commission is modeled on, the Republicans pulled together James Baker, Sandra Day O’Connor, and Lawrence Eagleburger for their appointees. For this Commission, the new post-Obama Republicans are appointing for us someone who believes the financial crisis is the result of the CRA. Brilliant.
The Republicans do understand this isn’t grandstanding a stimulus bill that is going to pass anyway, but instead a real inquiry that needs to find real answers for people, say, working real jobs in finance who need objective answers as to what happened and how to prevent it from happening again?