Why do we need this new agency?

The Consumer Financial Protection Bureau is expected to operate on a budget of just $550 million. That is 10 percent of what the Fed operates on and just over half of what the Securities and Exchange Commission spends as a the securities industry cop.

Senate Republicans say they have the votes on Thursday to successfully scuttle Democrats' efforts to get former Ohio Attorney General, and Jeopardy champion, Richard Cordray confirmed to lead the new bureau.

Republicans insist their problem is not with Cordray, whom President Barack Obama nominated for the job in July, but with how the bureau is designed.

Bureaucrats love to convince us that we need to be protected because we are so stupid that we cannot do it by ourselves.

Let the market decide. Let the market tell us what are the successful or unsuccessful services or products.

In Europe they are trying to conceive a similar monster. They want a new agreement to police the budget of the EU countries. Let the market tell who is doing a good job or not. Bond spreads are a great simple tool and will save an enormous amount of money to the already over-taxed European citizens.

More details in my The Peter Dag Portfolio , in Dag's Exclusive market Alert, and my free educational videos on http://www.peterdag.com/.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

To find out more about my in depth views of the markets and my strategy just visit our website https://www.peterdag.com/ where you can subscribe to The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific investment portfolio.

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