>>5263795 pb

MSM is yelling about how the Bureau of Consumer Protection is being gutted today. They have some good points but from what I have gather from Q, it is just a piggy bank for EW.

I know someone who pays the bills for a CDFI (Community Development Financial Institution ). They are a nonprofit bank of sorts with a mission to help struggling areas of the country with access to lending. The owner spend most of his time in Washington lobbying, but also getting tips on what new financial products to offer (he also had a melt down the day Trump was elected).

A big part of their business is loans SBA loans. People put up their life savings, house ect.as collateral to start businesses and given their mission of bringing economic development to depressed, they seem more interested in the location of the loan than the viability of repayment. So many of the borrowers default and loose what ever collateral plus what ever business assets are left.

That in it self is not very interesting, but what happens after the default is. Protecting the banks interest and trying to recover as many assets is possible is a whole department of company. But even with all those people employed internally, all the legal work of foreclose and asset recovery is outsourced to none other than Perkins Coie at $700 per hour. The work never ends because there is a never ending stream of bad loans to processes through the legal system. This makes Perkins Coie and another well connected law firm the biggest paid vendors of the organization.

And that is how it works in the US on a small scale. Laws are written so that insiders can produce produces where they have little to no risk. The bank is made whole through government funded insurance, the public who take a risk to try to better themselves loose everything (house, saving, car, etc.), and the DNC's law firm gets a never ending stream of legal work billed out at exorbitant rates. That is how the loop works on a small scale in the US.