America Wants Financial Protection From Predators-- Even Republicans Want Financial Protection

There hasn't been a poll, at least as far as I know, that asks Americans if they think life imprisonment for banksters who, carried away with greed and avarice, tanked the economy, is too lenient. Nor has their been a poll that asks if politicians who have been paid off by these banksters to enable this kind of behavior deserve even greater punishment than the banksters themselves. And why should there be such polls, when we all know perfectly well that the system is so gamed that there will never even be serious investigations of the offending banksters or politicians?

On the other hand, AARP did commission a poll to find out how strongly Americans feel about the institutional financial reforms required to make the investment and banking markets safe for consumers, safe from predators and their political whores. Not surprisingly, most Americans feel strongly that safeguards are needed. Perhaps surprisingly, that even includes Republican Party supporters!

In fact, by a 3 to 1 margin Americans want financial firms held accountable and financial reforms to take effect as soon as possible. And they want the Elizabeth Warren's Consumer Financial Protection Bureau-- so feared and loathed by Wall Street and their political puppets-- to be up and running as planned, not diluted by industry’s current attempts to weaken its funding and structure. This is what the poll found:

• Likely voters, including majorities of Independents, Democrats, and Republicans, favor the 2010 Dodd-Frank Wall Street Reform law by a 5 to 1 margin (71% vs. 14%).

• Presented with information about challenges in Congress to the law, almost two-thirds (63%) believe that policymakers should allow the law to be fully implemented.

• Three-quarters (74%) of voters support the existence of a single entity with the mission of protecting consumers from deceptive practices.

• Voters also voice overwhelming support for the following consumer protection functions of the Consumer Finance Protection Bureau: Requiring clearer explanations of rates and fees, restricting lenders from offering loans with risky or confusing features, and banning incentives to mortgage brokers to put homeowners into higher rate mortgages than they qualify for.

• Three-quarters (73%) of voters want to see federal oversight of financial companies that previously lacked national oversight, including mortgage brokers, payday lenders, and companies offering pre-paid debit cards.

Nancy LeaMond, Executive Vice President of AARP: “During the financial crisis, too many older Americans lost their savings due to the failure of an outdated and compromised financial regulatory system. That's why most Americans say they want clear, accurate information so they can make the best financial decisions for their families, and a watchdog that will protect them from financial abuse.”

Republicans in Congress will try to prevent the Consumer Financial Protection Bureau from ever functioning. Right now, it's scheduled to start tomorrow. In the clip above, Elizabeth Warren explains to Rachel Maddow why she feels that it will work despite Wall Street and right-wing Members of Congress who are dead set against fairness in the system.

I thought it might be worth mentioning that this year the financial industry is once again pouring millions of dollars into the political system in the hopes of keeping Republicans in power. Of the 6 Members of Congress who have taken the biggest legalistic bribes from the finance sector, 5 of them are dead set against any reform that would protect consumers. Mostly very familiar names, as well; in order of the amount of bribes they've accepted (just this year):

Eric Cantor (R-VA) $378,700
John Bohner (R-OH) $355,325
Jeb Hensarling (R-TX) $235,800
Spencer Bachus (R-AL) $186,515
Ed Royce (R-CA) $185,879