Latest Online Edition  Read Here

Situation Normal Featured

Starting in 1378, the Catholic Church had two popes. Urban VI was seated in Rome, Clement VII in Avignon, France. Apparently, somebody skipped over the part about two masters. The situation lasted until 1431. The CFPB, another institution that claims moral authority, now finds itself in the same situation. Usually, when there is a vacancy at a federal agency, the President appoints somebody to fill that slot. When Richard Cordray resigned, Pres. Trump appointed Mick Mulvaney. Seems simple. Not so fast. It turns out the CFPB believes it has a doomsday machine. The Dodd-Frank Act that created the agency seems to specify that the President can only replace the CFPB Director at the end of his appointed term. Otherwise, the outgoing director names his own replacement.  That's bananas, right? No other agency operates like that. But the CFPB is no other agency. What is becoming painfully clear is that Dodd-Frank passed with many Senators having no idea what they were doing and others knowing exactly what they were doing.  I read this morning that the Republicans are rushing to get their tax "reform" passed. I doubt this will end well. The past 20 years have seen numerous bills jammed through Congress due to either a visceral response to events or partisan zeal. This is no way to run a country.  

Ted Craig

  • Boxed In
    A recent story in the WSJ details how GM wants to use carbon fiber in its pick-up trucks. Carbon fiber offers the strength of steel with the fuel-saving benefits of…
  • Maybe They're Just Jerks
    A few years ago, a female producer said many men in Hollywood view themselves like this. In reality, they're probably more like this. The recent focus on sexual harassment might…
  • Tax Wins
    The tax bill, as it stands now, seems pretty good for dealers. It keeps the floor plan interest deduction, thanks to Rand Paul. It allows credit unions to continue pretending…
  • What Went Wrong
    A few weeks ago, a former aide to Barney Frank penned an op-ed titled "What Went Wrong with the CFPB." I'll tell you what went wrong. First, the CFPB is…
  • Now You Know
    Education is seen as the answer for everything. The CFPB considers financial literacy the solution to consumers' problems. After the clashes in Charlottesville, there were calls for educating people to…
  • Kinda Disappointed
    It seems the situation concerning CFPB leadership is moving toward a quick resolution, with Leander English unable to stay in the director's office. For a while, I had visions of…
  • Situation Normal
    Starting in 1378, the Catholic Church had two popes. Urban VI was seated in Rome, Clement VII in Avignon, France. Apparently, somebody skipped over the part about two masters. The…
  • Bad News
    The other day, I wrote about the poor coverage of auto sales in the Wall Street Journal. Then, on Friday, I saw another junk article, this one about general retail…
  • No Solutions
    The older I get, the more I'm convinced people don't want solutions. They don't want their problems, but there is a difference between that and solutions. Solutions are hard. They…
  • No, They Didn't
    Yesterday's WSJ had an article on plans by Mahindra & Mahindra to start selling vehicles in the U.S. There was no mention that we've seen this show before and it…