Rachel Maddow Breaks Down the Danger of Obstruction to a CFPB Head

Check out this great segment from Rachel Maddow, where she explains how obstruction in the Senate to keep anyone from running the new Consumer Financial Protection Bureau is incredibly dangerous.

I think we have to underscore that this has gone beyond just not liking a person for a federal position.

This is not the same as blocking Goodwin Liu because he was mean to Samuel Alito. This is not the same as not liking Sonia Sotomayor because she suggests that it might be a good thing that one person’s background gives him/her a perspective that another person with a different background wouldn’t have.

By blocking anyone from running the new Consumer Financial Protection Bureau, some senators are basically admitting to Americans that they object to the bureau itself, to the very concept of “consumer financial protection.”

But why?

We all know the collapse of the mortgage lending market and the resulting financial disaster three years ago was catastrophic. It wiped out millions of Americans’ entire life savings. According to Pew, U.S. households lost on average nearly $5,800 in income from September 2008 through the end of 2009 because of the collapse.

Minorities were hit hardest. A 2008 report by the United for a Fair Economy found that Black and Latino families lost between $164 billon and $213 billion as a result of foreclosures.  The Center for Responsible Lending found that between 2009 and 2012, African-American and Latino communities will lose $194 billion and $177 billion, respectively, as a result of depreciated property values alone.

How sad that some of our policymakers seem to have forgotten just how severe the economic crisis was so quickly and easily and are standing in the way of preventing such a crisis from happening again.

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