Conservatives really dislike consumer protection laws, and they harbor special enmity for Elizabeth Warren’s brainchild, the federal Consumer Financial Protection Bureau. Because … you know … some of them make their living by lending money at 400% interest. They dislike her, too — so much that Obama couldn’t put her in charge of the agency she created because Republicans would have blocked her confirmation, so she became a U.S. Senator instead. (Thought I’d never say this, but thank you, Republicans! I like her even better as a Senator!)
Personally, I think subprime mortgages, payday loans, etc., are a bad deal and you should avoid them for your own good, but this is a free country and you can indenture yourself if you want to. So who am I to say there a federal agency should be set up to protect you from yourself? If you want to get ripped off by financial predators, it’s none of the government’s damn business!! Besides, they make cool ads:
Update: Elizabeth Warren isn’t taking being called a “Commie dictator” lying down. See her response here.