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Today In Donald Trump’s War On the Neoliberal Order

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The voiceless have finally been heard, and what they’re saying is “we love usury”:

The Consumer Financial Protection Bureau (CFPB) was once an agency dedicated to preventing banks and credit-card companies from scamming ordinary Americans. Now, it is an agency dedicated to protecting potential financial scammers from legal penalties.

This rebrand is the achievement of one Mick Mulvaney. The White House budget director became acting head of the CFPB late last year, when the bureau’s first director, Richard Cordray, resigned his post to run for governor of Ohio. Since then, the bureau has dropped a lawsuit into a group of online payday lenders who’d (allegedly) tricked low-income consumers into taking on loans with interest rates as high as 950 percent a year; signaled that it will abolish a rule that requires payday lenders to verify a borrower’s ability to repay loans within 45 days; and called off an investigation into an installment lender whose business model depends on giving bad financial advice to heavily indebted poor people.

That last development came just this week. Installment lenders market their loans as a consumer-friendly alternative to the payday variety — while the latter generally come due in mere weeks, the former can be paid back in installments over a longer time frame (from a few months to a few years). But while installment lenders like to brand their product as a safe form of credit, they generally prefer to provide their customers with deceptively expensive loans that will keep them stuck in a perpetually deepening debt.

America truly dodged a bullet when Hillary Clinton’s perfidious neoliberalism was kept out of the White House.

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