‘So Much for Lowering Costs’: Fury Over Musk’s Death Wish for CFPB That Returned Over $20 Billion to Consumers: The richest man in the world wants to shut down an agency that keeps people like him from ripping off the rest of us.
https://www.commondreams.org/news/musk-cfpb-2671120924
22 comments
Musk is a cancer to society
Quote from the article:
>“The CFPB costs $800 Million annually and has returned over $21 Billion to consumers cheated by banks, credit card companies, payday lenders, and scammers. Yesterday, the richest man in the world (OP had to remove), said he’s going to kill it, hurting millions of working-class American families.”
Snippet:
>Defenders of a Consumer Financial Protection Bureau that has returned tens of billions of dollars to duped and defrauded U.S. consumers expressed outrage overnight and into Saturday after the independent agency was declared deceased by billionaire Elon Musk and its operations were handed over to the chief architect of the far-right Project 2025 Russell Vought.
>Vought, who earlier this week was confirmed as head of the Office of Management and Budget by Senate Republicans, was named acting director of the CFPB by President Donald Trump, according to various reports.
>The appointment of the far-right ideologue came less than a day after reports emerged that members of the Musk-led Department of Government Efficiency( DOGE) were granted access to key CFPB systems and Musk himself posted to his online social media X that the agency should “RIP,” suggesting it was in the process of being dismantled or, in his mind, already killed.
>”Since its creation, the Bureau has returned $21 billion to people’s wallets by fighting against illegal financial charges, junk fees, debts, and fraud,” said Mike Calhoun, president of the nonpartisan Center for Responsible Lending, in a statement on Saturday.
>Now, when people are already struggling to pay higher prices for necessities like eggs and milk, the Trump administration appears to have decided to deepen the pain by directly taking aim at the agency that helps keep our money safe.”
>”‘Let them eat debt’ is not a strategy for making America great again,” Calhoun added, “and weakening the CFPB certainly isn’t the way to keep working families, our financial markets, or our economy strong.”
>Stacy Mitchell, co-director of the Institute for Local Self-Reliance, which challenges corporate encroachment on the common good, said, “Obviously this isn’t about ‘efficiency.’ It’s about dismantling law enforcement that protects Americans from corporate power.”
>
fury from who? conservatives are applauding this
I remember years ago when I received a check out of the blue due to CFPB for something unbeknownst to me a cc company had done to consumers. I remember that feeling of knowing at least there’s someone out there looking out for me!
And the Republicans will let him cause they need to be ruled instead of a free people.
I swear to god if national Dems can’t figure out how to properly message off this then there really is no hope for the party
I got nothing witty to say here, I just hate Elon Musk with the fury of a thousand tornadoes. He is an awful human being.
Elect a huckster get the full three-card monte
I mean let’s be honest here you don’t become a billionaire with being on the people’s side…
I believe in capitalism we need entrepreneurs but they have to be kept on a short leash.
He already shut it down
No one paying attention with two brain cells to rub together can remotely consider what this admin is doing is about financial stewardship and congressional spending control when CFPB and inspector general is being culled.
Donald and his oligarchy’s. You voted for him.
Look out!!
Dump’s cultists should want to support the CFPB as well, since they’re more likely to lose money to scammers.
But, they’re probably too dumb to recognize that.
They helped me once when a collection agency was trying to garnish my wages for a debt that wasn’t mine, just someone with my same name. Good luck with that shit now I guess
I loved Warren in the CFPB and now it’s dead. That’s expected in a dictatorship. No oligarch or authoritarian wants to be held to its high crimes and felonies (misdemeanors get skipped over). musty will continue to do this in a lawless country for the rich and white only. Seeing reports of this on tv with DC people coming on to hypothesize doesn’t do a damn thing.
Since musty is in the process of committing crimes, he will kill everything that could stop him and his cronies. We do have a R.I.C.O. with Authoritarians, Inc. running the boat and we’re due to sink. In the meantime, I’m putting a credit freeze due to theft by the lawless federal government.
Too late. The agency has been effectively shut down.
As a side note — why does every single news article describe Musk as “the richest man in the world”? Previously they would use his name, or occassionnally add the qualifier “CEO of Tesla and social media platform X (formally known as Twitter).”
Now within the last two weeks, regardless of context, every article shoehorns the “richest man in the world” descriptor. There are no sources. Musk is not the richest man in the world. Vladimir Putin is thought to be the richest. Even Musk said so in 2022.
>”I do think that Putin is significantly richer than me.
[Source](https://www.ndtv.com/feature/is-vladimir-putin-richer-than-elon-musk-read-what-tesla-ceo-said-4966307/amp/1)
Bill Browser testified before Congress in 2017 and estimated Putin’s net worth to be at least $2.1 billion, which was further corroborated by the Panama Papers that found $2 billion in loans pointing to Putin. This figure doesn’t include his massive real estate holdings including the Black Sea palace. Or hidden cash, gold bullion, artworks, etc.
I just find it suspicious this is now his universal title across all media agencies suddenly appearing at the same time. Musk’s net worth is a house of cards. All his primary businesses are bleeding money and only held afloat through stock manipulation and pump & dump schemes.
He famously could not afford to buy Twitter only a few years ago. Saudi Arabia and China had to bail him out supplying around 20% of the purchase price IIRC. I just feel like this is either meant to feed his ego, or he is creating a myth to keep his scams going and reach the title of “world’s first trillionaire”.
There has to be something behind this, its absolutely coordinated. The articles go out of their way to insert that description everytime Musk is mentioned and its across all US media orgs. Has anyone else noticed this?
So…what’s the chances these folk get dragged out in handcuffs by July? It’s like a super villain speed run now.
Fury by the people who didn’t vote for Trump, eternal acceptance by those who did. And nothing will change that.
Wake up people this is not democrats vs republicans. This is the ruling elite class vs the 99%. This is going to be another huge wealth transfer. But this time the process will be complete. Since AI is coming for jobs they’re going to criminalize lots of things. That way people are just corporate slaves in corporate jails.
[Wikipedia](https://en.m.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau) says that they have returned 12B to 29M consumers. Which is $413.00 per consumer. (Not great)
For that they have a budget of $596M and 1591 employees.
That’s $374,000/year per employee.
Yea….That seems wasteful. I support Elon on this one, based on that math.
If these cuts of wasteful bloated government agencies with questionable benefits leads to making tax cuts permanent then I end up with a lot more in my pocket then $413.00 because I went to a payday lender.
Hey Trump supporters, remember how we told you this was exactly what would happen and you called us stupid?
I remember.
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