This week Republican lawmakers in the
Republican controlled US Senate gave up any pretense, as did their
in the House earlier, they were in those powerful jobs to serve the
people and not huge corporations, Wall Street and the top 1%.
It was a classic moment frozen in
time for future
generations to look back upon and understand it clearly as one of the
reasons why America is now a complete oligarchy and not a
democracy, even in
Republican lawmakers voted Tuesday
night, along with their
pals in the House before them, to give "financial institutions" -
read that Wall Street banks to your local bank to outfits like Equifax
just screwed up millions of consumer accounts big time - the legal
force their customers (you) to settle disputes in the way that benefits
big outfits best -- through
private arbitration, not in the courts and not in a
class-action lawsuits with other wronged, very angry customers.
your right to take them to court away from you
You thought you had a hard time
cold-blooded reptilian corporations to give you a fair shake before?
you haven't seen the half of it yet.
The only way consumers have been able
to force any change in
these mega-rich, powerful, monster-sized corporations is through big
lawsuits because they only understand and respect four things -- money
it and losing it), their own jobs, power and control.
And now Wall Street, the big banks
and all the huge credit
monsters that already control your life - like the massively
Equifax - have got you right where they want you.
Binding arbitration gives corporations all
Binding arbitration was invented by
precisely because it
gives corporations all the power when it comes to
consumers; precisely because that arbitration is designed in such a way
you can't win anything in 98% of these "arbitration cases" because
the corporations choose,
hire and pay the arbitrators.
You could say the arbitrators are, in
a HUGE sense, their
employees. Do you know what happens to arbitrators when they side with
consumers? Corporations dump them and go find a friendlier arbitrator
who is buttering his or her bread.
Binding arbitration is one of the
three biggest lies in the
world. They are: (1) the Mercedes is paid for (2) my divorce is final
and (3) I
promise........this binding arbitration will be fair and impartial.
Here's a couple items published by Quartz Media on the theft
of your rights thanks to Republican lawmakers:
the company that exposed
the private financial data of 143 million Americans, is set
earnings today. Are investors worried about the consequences? Not at
creates opportunity,” according
to a Wells Fargo securities researcher. He should know: His
employer, or at
least its retail banking arm, has been suffering its own credibility
after it created millions of fake accounts to get more fees out of its
Wells Fargo’s stock price is higher than when the
scandal broke in 2016, even though an additional 1.4 million fake
uncovered in August 2017.
reason his analysis rings true is what happened last
night on the floor of the US Senate: Republican lawmakers voted, along
their colleagues in the House, to give financial institutions the
force their customers to settle disputes in private arbitration.
the most pernicious aspect of the forced arbitration
clause is that most consumers don’t even realize they are giving up
in court when they sign on the dotted line.
business would never enter into an agreement like this,
whether with suppliers or other companies,” Prentiss Cox, a University
Minnesota Law Professor, says. “They would never waive their right to
court, when they don’t even know what the dispute is.”
That Quartz Media story also points
out that research on
arbitration shows "that
vanishingly few consumers come out on top; in one study of
four years of
arbitration in California, 94% of rulings favored the financial
Bloomberg News: "On Tuesday night while many
Americans were busy watching the first game of the World Series, Vice
Mike Pence trekked to Capitol Hill to hand banks one of their
legislative wins in years. Pence cast the tie-breaking vote to
all but kill a Consumer
Financial Protection Bureau rule that would have made it
much easier for people
to sue lenders over financial disputes.
With Pence’s vote, the Trump
administration sent a clear
signal: It isn’t worried about looking like it’s doing the industry’s
even after campaigning last year on a populist, anti-Wall
It may be a political risk worth
taking, some analysts said.
The issues involved aren’t necessarily well-understood by the public."
That consumer finance protection rule
(called the CFPB
regulation, which had been set to take effect next year) would’ve
use of "mandatory arbitration clauses that are buried in the fine print
contracts that consumers sign when they get credit cards or open
accounts. The language bars customers from joining class-action
requiring them to settle disputes through arbitration."
the Washington Post: " To secure a rare
legislative victory this week, Senate Republicans turned to a strategy
paid off for them in the recent past: killing policy rather than
This time, Republicans took aim at a
regulation giving U.S.
consumers more flexibility to sue their banks and other financial
The rule is widely loathed by the business community and conservative
lawmakers, many of whom opposed the creation of the agency that wrote
Consumer Financial Protection Bureau.
So Sen. Mike Crapo (R-Idaho) turned
to an arcane legislative
tool — 1996’s Congressional Review Act. The law gives legislators a
period of time to block a new regulation before it goes into effect.
have used the measure more
than a dozen times already to roll back rules issued at the
end of the
And so the oligarchy goes.