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- cross-posted to:
- [email protected]
Summary
Elon Musk called 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’s stance 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.
“Capitalist utopia” is a bit of an oxymoron, no?
Utopia for a select few, dystopia for everyone else.
Not if you’re a selfish capitalist billionaire who doesn’t give two shits about other people. But for everyone else, yes.
I think it is.