Marc Andreessen on Joe Rogan: 'CFPB…Gets to Run and Do Whatever It Wants'

Never Does the Twain Meet

For MANY years, I have incessantly pointed out that there is supposed to be no such things as "independent agencies”:

“The Constitution stipulates the federal government is a game of three players. And only three players:

“The Legislative, Executive and Judicial Branches - Articles I, II and III.

“That’s it - that’s the list.

“Except over many decades of accrued sclerosis, DC has affixed an ever-growing gaggle of unconstitutional barnacles upon the Ship of State:

“The ‘independent agencies.’

“Except per the Constitution? There is no such thing as an ‘independent agency.’

“Every federal entity has to exist within one of the three aforementioned branches.

“This is DC - illegally outsourcing responsibility and accountability.”

By the most conservative of estimates, there are now in the federal Leviathan at least 111 “independent agencies.”

One of the most pernicious? The Consumer Financial Protection Bureau (CFPB):

“(A)n independent agency of the United States government responsible for consumer protection in the financial sector.

“CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the United States.”

About which I have been, since its inception, incessantly pointing out its unconstitutionality.

As with all things unconstitutional? The CFPB is awful.

The CFPB is the tip of the spear of 2011’s Dodd-Frank financial sector law. Both of which are awful.

Both of which have unleashed an avalanche of new (and very stupid) regulations upon the banking sector.

Dodd-Frank and its CFPB were allegedly supposed to rein in the Big Banks. They have instead murdered thousands of small banks, thereby helping to make the Big Banks 30+% bigger.

All of which should come as zero surprise to anyone with an IQ above 9 on a warm day.

Big Banks Dominate DC - Little Guys Get Dominated

Are the small banks the CFPB’s smallest victims? Heavens no:

“The CFPB has been tormenting teeny, tiny short-term lenders. All of whom in the US combined don’t have but a teeny, tiny fraction of the Market Cap of any one of the Big Banks….

“Big Banks bribe Big Gov. So, they’re the friends.

“Teeny, tiny short-term lenders can’t afford to bribe Big Gov Big Banks-style. So, they’re the enemies.”

After my many years of ranting about all of this? This recently happened….

Joe Rogan and Marc Andreessen Talk More About Independent Agencies

Rogan is, of course, the Lord of All Podcasts. Andreessen is a billionaire tech entrepreneur.

On Rogan’s show, Andreessen was singing a few of my songs:

“We have this thing called 'independent federal agencies'.

“For example, this Consumer Finance Protection Bureaus or CFPB, which is sort of [US Senator] Elizabeth Warren's personal agency that she gets to control.

“And it's an 'independent agency' that gets to run and do whatever it wants. And if you read the constitution, there's no such thing as an 'independent agency' and yet there it is….

“(The CFPB) terrorize financial institutions. Prevent new competition - new start-ups that want to compete with the Big Banks. Just terrorizing anybody that wants to do something new in the financial services."

Hallelujah.

Andreessen and I identify the same problems. And offer up the same solutions:

“450 federal agencies. Two new ones a year….

“It is time to carve this government back. To reduce its scope….

“This is one of the reasons why we ended up supporting (Donald) Trump.

“We can’t live in this world. We can’t live in a world where someone starts a company that’s a completely legal thing and then they get legally sanctioned.”

Or crushed into non-existence.

As thousands of small banks have been. As teeny, tiny short-term lenders have been.

Here’s hoping the likes of titans Andreessen and Rogan discussing these atrocities?

Leads to some titanic improvements.