Stories That Will Continue to Get Far Too Little Attention As Long As Obama Allows Them To. [Appended]
One of the most dismaying and frustrating of Obama’s first-term communication failures was, for me, his utter absence of any real attempt to apprise the public of the existence of the Consumer Financial Protection Bureau, what its mandate is, and that (and how) the congressional Republicans have concertedly tried to undermine it, via Senate filibuster of any nominee–not just, first Elizabeth Warren, and then Richard Cordray, but, by their own admission, any nominee–to head this bureau, and by attempts to fail to appropriate operating funds for it.
Eight days from now, in his State of the Union address, Obama will have a terrific opportunity to educate the public about all this. All this. By which I mean: Not just a clause or a sentence near the end of the speech, alluding to it in listing this, that, and the other thing, but instead an actual explanation of it and of the undermining of it by the Repubs. Near the opening of the speech, before viewers click to whatever because they, like me, want to avoid gagging at the extremely tired James Baker’s great-idea-for-staging-at-Reagan’s-State-of-the-Union-addresses-and-used-by-every-president-sinnce-then real-Americans-as-props thing. (Talking about a program to help oil-company workers? Cue two oil-company workers flanking the First Lady, sitting in the first row. You know what I’m talking about. Ad nauseum.)
But since the invites of real Americans surely have already been sent out, and there’s no stopping that juggernaut anyway, however more eyes it causes to roll each year, I suggest the addition of some real Americans who already have benefited from the Bureau’s actions.
I also, by the way, suggest the addition of a real American or two who, because of the provision in Dodd-Frank–or maybe it was a separate statute, all its own, effective in August 2011 but enacted in 2010 by a Dem-controlled Senate and Dem-controlled House; I’m not sure–that ended what millions of Americans fondly came to call the $400 Starbucks/McDonalds/Dunkin’Donuts coffee/sandwich/dessert, the result of inadvertent, momentary checking-account overdrafts when the mortgage payment, the doctor’s co-pay, and payment for the brake job the SUV all just by chance happened to post to your checking account moments before you swiped that ATM/credit/debit card at the Starbuck, McDonald’s or Dunkin’ Donuts. I’ll nominate myself for an invite on that one, even though I’ve never actually owned an SUV and don’t like them much.
No, that doesn’t involve something that changed the state of the union this past year. But it’s long past time for our Dem politicians to start pointing out things of exactly this sort, and to ask what exactly the congressional Republicans have done along those lines since Jan. 2011. And to start educating the public about what the specifics of what they’ve done to undermine protections against financial-industry abuse, whether legal or illegal.
Stories that will continue to get far too little attention as long as Obama allows them to. Or until maybe Prof. Krugman becomes President Krugman–which sounds like a plan, to me!
UPDATE: Oh, dear. Turns out that Mitt Romney isn’t the only one who wasn’t familiar with the pre-Aug. 2011 $400 McDonald’s sandwich paid for (many times over) with ATM card payment charges (a.k.a., multiple overdraft fees within a period of 30 seconds.) Regular reader coberly wasn’t either. So he and I just exchanged the following comments in the Comments thread:
Back in the pre-Dodd-Frank days, there were looooads of stories on the web and elsewhere about this kind of thing. So I assumed everyone was familiar with the issue. Not so, though. So I thought I’d add this explanation.