Summary

Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

Critics, including Public Citizen, argue Musk is driven by conflicts of interest, as the CFPB recently finalized a rule to supervise large tech companies offering digital payment services, a business Musk appears poised to enter.

“In short, Musk is calling for elimination of the consumer protection regulator over a business line he seems poised to enter… This is systemic corruption at a grand and intolerable scale,” one advocate said.

The CFPB has long faced opposition from corporations and conservatives but is praised for combating financial abuses and protecting consumers.

  • @pivot_root
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    11 days ago

    Critics argue Musk is driven by conflicts of interest

    I’m shocked, I say. Flabbergasted. Nonplussed. Flummoxed.

    The rich hypocritical narcissistic shithead is using his status and position to amass even more wealth that he won’t ever use in his lifetime? Say it ain’t so!

    Fuck Musk and everything he stands for.

  • @gedaliyahM
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    9811 days ago

    This is how they get us. They’ll overwhelm with the volume of terrible shit that they’re doing. We just won’t be able to stop it all. We can organize and protest one thing at a time, But how can we organize to stop a thousand different things all happening at once?

    Once they’re back to putting children in cages and banning birth control, how are we really going to be motivated to rally around stopping the shutdown of a government bureau?

    • @[email protected]
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      3111 days ago

      USA could’ve organized to stop thousands of different things all at once, but they decided to let it happen. That was on 5-NOV-2024.

      • Ech
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        2911 days ago

        Some people tried. Worth keeping them in mind when condemning the whole country as complicit.

        • capital
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          411 days ago

          Everyone who could have voted Harris but didn’t is complicit. Or at least was fine with a Trump presidency.

          That’s most people in the US.

          • Ech
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            311 days ago

            Why do you think I’m talking about them? I said tried.

            • capital
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              11 days ago

              I’m not disagreeing with you. Just pointing out that most of the US is at fault for what’s to come.

      • @[email protected]
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        811 days ago

        Yep. Non voters asked for this, whether they realize it or not. Hope they enjoy the shit sandwich

      • @satanmat
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        311 days ago

        Surly the face eating leopard won’t eat MY face…

      • @Sterile_Technique
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        611 days ago

        Fuck. Fine, I’ll tone it down a notch.


        how can we organize to stop a thousand different things all happening at once?

        By offering our oligarchs a free haircut. There’s a French style that would be a perfect match!

  • @someguy3
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    6111 days ago

    News flash: Because it’s not about efficiency.

      • d00phy
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        411 days ago

        Well, his and his friends, but yeah. This is the complete answer.

  • ME5SENGER_24
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    5711 days ago

    Literally whatever he thinks and says, I want the exact opposite. Don’t trust the rich, especially the richest of the rich!!

  • @Rapidcreek
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    5211 days ago

    That agency was created by congress and it will take congress to destroy it, no matter what President Musk says.

    • @[email protected]
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      6111 days ago

      In ideal circumstances yes. Nothing stops president Cheeto from firing everyone at the agency. Nothing stops him from initiating a hiring freeze at said agency.

      Nothing stops him from locking the doors, removing computers, desks, phones…

      This is how fascism works. Anything they can’t legislate they’ll make damn near impossible to do.

      • @Rapidcreek
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        11 days ago

        That particular agency was created by law, has a mandate, and is not part of the administration. Its creation by Congress as part of a compromise on an SEC restructure and receives budget as a set percentage of it. It’s purpose is to look out for consumers getting ripped off, such as bank fees. I remember it because it is Elizabeth Warren’s brainchild during the Clinton years. She was supposed to run it, but Republicans didn’t like her. So, she ran for Congress, won a senate seat, and they really don’t like her now.

    • @grue
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      1111 days ago

      You know that the Republicans will also control both houses of Congress, right?

      • @Rapidcreek
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        511 days ago

        The house is really close. So much so that Republicans will have a one seat majority until April. The Republicans will have a 3 seat majority in the senate. IDT it’s anything to brag about and not a foregone conclusion for anything.

    • @someguy3
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      11 days ago

      GOP has Congress. They’re going to rubber stamp whatever Musky tells Trump. If they don’t they get primaried, funded by musky. There’s really no point in trying to be pedantic (which everyone already knows anyway).

  • andrew_bidlaw
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    2411 days ago

    The CFPB has long faced opposition from corporations and conservatives

    Whatever the complete opposite of a red flag, they have it. It’d be hard to find a thing these two groups have in common with an average citizen if that’s not just an infight between the two.

  • @Viking_Hippie
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    2211 days ago

    Critics, including Public Citizen, argue Musk is driven by conflicts of interest

    In equally surprising news, leading oceanographers agree : Pacific Ocean larger than average dog’s water bowl in terms of both area and depth.

  • @irotsoma
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    2111 days ago

    …i.e., not corrupt enough to keep around

  • @Buffalox
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    1811 days ago

    Life is grand if you are a narcissists in USA.

    • @AbidanYre
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      1211 days ago

      A very rich narcissist at least.

      • @Buffalox
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        1411 days ago

        No not just the rich, narcissism is not only accepted but respected in USA. Stand your ground, discriminate minorities, falsify historic events, and generally cheat and lie. You can do these things and become a local or even national hero, AND President of the USA!
        It’s all accepted and legal to a way higher degree than other countries that are economically comparable.

        • @danekrae
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          311 days ago

          narcissism is not only accepted but respected in USA

          america needs the Law of Jante.

          • @Buffalox
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            11 days ago

            Absolutely, it’s insane how many Americans call USA God’s country, and the Bible preaches to be humble, which is kind of what the Jantelov is about, but being humble is completely alien to most of the Americans that claim they are Christian.

  • @[email protected]
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    1511 days ago

    So 20 more billion moved from the pockets of citizens into the pockets of oligarchs. System works as designed.

    • @NotMyOldRedditName
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      11 days ago

      Nah, worse than that.

      When a organization like this exists it also puts pressure in companies to behave properly. The $20b was from those that weren’t.

      But with it gone, they’ll start up again.

  • @[email protected]
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    510 days ago

    Elon Musk wants to “delete” the Consumer Financial Protection Bureau (CFPB), which has returned nearly $20 billion to Americans since its creation after the 2008 financial crisis.

    The wealthy elite class hates that kind of efficiency.

  • @WrenFeathers
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    511 days ago

    Why is anyone even considering what that pissfart wants?

  • circuitfarmer
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    311 days ago

    Sure. Just let him gut whatever. He thinks gutting things is automatically smart, though really it just gives him a little thrill.

    At this point, the best (and maybe only option) is just let these clowns run wild. The system will fail sooner that way. Best not to draw it out.