Avoiding the Conservative Rabbit Hole

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Mike Konczal says that by now he understands pretty much all of the pro and con arguments related to the financial reform bill:

But at this point I simply no longer understand the hysterical, off-reality, arguments conservatives, especially the Wall Street Journal’s editorial page, are making about the Consumer Financial Protection Bureau. Again, if they wanted to argue the meta-level, bring it on. If they think the problem is, a la Phil Gramm, predatory borrowers, say it. If they are freaked out about cost of capital going higher, make that case. I’ve written that the previous attempts to make that case are quite amateur, but I’d love to hear new ones. Anything, really, and I’ll give it a fair listen.

Don’t hold your breath, Mike. The CFPB is opposed by banks because it will probably make them slightly less profitable, and conservatives, in turn, oppose it because banks oppose it. Looking any further is just a fool’s errand.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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