Financial column about consumer protection agency ‘propaganda’
Re “President elect Trump, please save the CFPB” business column by Liz Weston of Nerd Wallet.
My reaction? It was a left-wing rant against the financial services industry, pure propaganda.
In her opinion, the housing bubble, sub-prime mortgage crisis, the resulting financial collapse and the Great Recession were 100 percent due to greed by the money-centered banks and Wall Street. There were serious abuses by those entities, and they paid dearly.
Omitting the role of Congress and federal agencies that created policies mandating expanded home ownership is irresponsible. There were many other contributing factors that she omits from her very one-sided article. Again, an ideologically far-left writer takes a complex problem and finds a scapegoat to fit her ideology.
The Consumer Financial Protection Agency, created by the Dodd-Frank legislation and headed by a far-left administrator with no Congressional oversight, did not ride to the rescue.
Your newspaper has First Amendment publishing rights, but your review board should be more discerning. Seek a more balanced approach and source for the discussion of serious financial matters.
LeRoy J. Burnside, Pawleys Island
This story was originally published December 10, 2016 at 10:15 AM with the headline "Financial column about consumer protection agency ‘propaganda’."