Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > US Congress & The Legislative Branch
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

US Congress & The Legislative Branch Discuss Republicans are getting ready to hand Equifax a huge present at the Political Forums; Sometimes it's unclear if policymakers are living in the same world as their constituents. This is one of those times. ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 11-05-2017, 02:19 PM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,725
Thanks: 9,755
Thanked 14,847 Times in 8,985 Posts
Post Republicans are getting ready to hand Equifax a huge present

Quote:
Sometimes it's unclear if policymakers are living in the same world as their constituents. This is one of those times.

On Tuesday, the Washington Post reported that GOP legislatures are coming close to rolling back an Obama-era rule that prevents big financial firms from making consumers sign agreements that take away their right to sue firms. All the rule needs to be unwritten is a simple majority from the Senate and a signature from President Donald Trump.

The rule in question was made by the Consumer Financial Protection Bureau (CFPB), a government agency set up after the financial crisis to ensure that products like credit cards and mortgages aren't scamming people.

Now, the argument for why the GOP wants to make it harder for individuals to sue financial firms pretty much all comes down to two ideas: This rule is hard on financial firms and the CFPB never actually proved that it works. The two points are made, remade, and rephrased ad nauseam in an 18-page report posted on the Treasury Department's website.

The whole thing is nonsense. Even worse, it's unnecessary. We — consumers and voters — know the only thing we need to know to understand why this rule should stay.

I'll give it to you in three words: Equifax tried it.

EQUIFAX TRIED IT
You'll recall that last month, Equifax tried it.

After the biggest consumer data breach in American history, the credit rating agency tried to briefly fool customers into giving up their right to sue the company. When customers tried to gain access to Equifax's site to check if their information was stolen, the company set it up so that they would accidentally agree to settle the matter through arbitration, rather than a class-action lawsuit.

"Working people pay the price when large financial institutions like Wells Fargo and Equifax use forced arbitration to cover up egregious cheating," Sen. Sherrod Brown said. "While the Treasury Department cherry-picked arguments, the CFPB’s comprehensive report on forced arbitration demonstrates that hard-working Americans benefit when they get their day in court."

This is what the GOP rollback does — it allows you to be Equifaxed in all kinds of agreements with financial firms.

This is why Democrats are in tizzy. It's as if their Republican colleagues live in a world where their constituents were not impacted (and infuriated) by these very same shenanigans just weeks ago.

In fact, it's almost as if the GOP's constituents are bank lobbyists. At least, that's how Wall Street analysts make it sound. According to their notes, the GOP is doing this for all the little guys out there in the finance world who are getting crushed — you know, like JPMorgan and Wells Fargo.

"The result would spell a big victory for Republicans and a welcomed relief for banks and specialty finance companies ranging from purveyors of mortgages, payday loans and student loans... and, yes, credit reports," one analyst is quoted as saying in the Washington Post.
Trump GOP roll back Obama arbitration rule - Business Insider

Yet another example of how right-wing politicians try to live up to the mentality that the government can't get things right, providing a self-fulfilling prophecy...
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
The Following 2 Users Say Thank You to foundit66 For This Useful Post:
  #2 (permalink)  
Old 11-06-2017, 09:51 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 15,020
Thanks: 7,849
Thanked 8,572 Times in 5,325 Posts
Send a message via ICQ to AZRWinger
Default Re: Republicans are getting ready to hand Equifax a huge present

A look at the actual Treasury report instead of just blindly accepting the editorial rhetoric of the OP author reveals a vastly different story from the demogogery.

The Treasury report.

Quote:
The Treasury report found that:

The CFPB’s rule will impose extraordinary costs—generating more than 3,000 additional class action lawsuits over the next five years, imposing more than $500 million in additional legal defense fees, and transferring $330 million to plaintiffs’ lawyers;
The CFPB’s data show that the vast majority of class action lawsuits deliver no relief to the class—and that consumers very rarely claim relief available to them;
The CFPB did not show that its rule will achieve a necessary increase compliance with the federal consumer financial laws, despite the rule’s high costs; and
The CFPB failed to consider less onerous alternatives
https://www.treasury.gov/press-cente...es/sm0186.aspx

Unlike the hyperventilating editorial the Treasury based it's report on the actual impact of the rule enacted by an unelected bureaucrat not vapid rhetoric. Of course to the author that is naseating.

How dare the elected members of the Senate rein in Obama's appointed Consumer Credit Commissar. Recall that this creation of Dodd Frank was designed to be a playground for bureaucratic excess virtually immune from Congressional oversight, a parasite sucking an unlimited budget from the Federal reserve.
__________________
The Democrat's strategy for the Trump Presidency is the same one used by Stalin's secret police chief "show me the man and I will show you the crime."
Reply With Quote
The Following 2 Users Say Thank You to AZRWinger For This Useful Post:
  #3 (permalink)  
Old 11-07-2017, 11:35 AM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,725
Thanks: 9,755
Thanked 14,847 Times in 8,985 Posts
Post Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by AZRWinger View Post
A look at the actual Treasury report instead of just blindly accepting the editorial rhetoric of the OP author reveals a vastly different story from the demogogery.
The actual Treasury report is about apples. Talking about fear-mongering impact to the businesses.
The clearest repudiation of this nonsense is recognizing what happened before Obama. What was happening then?


Quote:
Originally Posted by AZRWinger View Post
The Treasury report.
https://www.treasury.gov/press-cente...es/sm0186.aspx
Unlike the hyperventilating editorial the Treasury based it's report on the actual impact of the rule enacted by an unelected bureaucrat not vapid rhetoric. Of course to the author that is naseating.
How dare the elected members of the Senate rein in Obama's appointed Consumer Credit Commissar. Recall that this creation of Dodd Frank was designed to be a playground for bureaucratic excess virtually immune from Congressional oversight, a parasite sucking an unlimited budget from the Federal reserve.
A lot of hand-waving in your post. A lot of changing the subject to things that are not even relevant to the OP.

At best, if a person is to blindly believe your assessment, one has to wonder where is the middle ground.
You don't even try to broach that.

In reality, if Repubs get their way Equifax is probably going to walk away from this massive data breach without a scratch.
No push for other companies to make their data more secure when Repubs will simply protect them from the consequences of playing fast and loose with other people's personal information.

You are so eager to bash Dems you don't even look at the consequences of what is being described.

Bottom line: Do NOT take Americans' rights away to help make the courts a necessary tool to show businesses when they are doing wrong and the consequences of doing wrong.
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
  #4 (permalink)  
Old 11-08-2017, 01:19 PM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 15,020
Thanks: 7,849
Thanked 8,572 Times in 5,325 Posts
Send a message via ICQ to AZRWinger
Default Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by foundit66 View Post
The actual Treasury report is about apples. Talking about fear-mongering impact to the businesses.
The clearest repudiation of this nonsense is recognizing what happened before Obama. What was happening then?



A lot of hand-waving in your post. A lot of changing the subject to things that are not even relevant to the OP.

At best, if a person is to blindly believe your assessment, one has to wonder where is the middle ground.
You don't even try to broach that.

In reality, if Repubs get their way Equifax is probably going to walk away from this massive data breach without a scratch.
No push for other companies to make their data more secure when Repubs will simply protect them from the consequences of playing fast and loose with other people's personal information.

You are so eager to bash Dems you don't even look at the consequences of what is being described.

Bottom line: Do NOT take Americans' rights away to help make the courts a necessary tool to show businesses when they are doing wrong and the consequences of doing wrong.
The Treasury report is about apples? No, it's about the reasons for overriding an ineffectual decree from an appointed bureaucrat. Just like the article in the OP those reasons are not discussed. The article finds the discussion of the rules efficacy "naseating" while you go one better on the absurdity scale calling it "apples".

In typical Leftist fashion the rule is falsely justified because otherwise businesses will go unpunished. No evidence is necessary, the anti business demogogery is enough.

The claim that unless the trial lawyers are allowed to fatten their wallets businesses will not improve their data security is utter nonsense. It costs businesses millions in lost revenue when their data security is compromised. Equifax has already upgraded their security but that makes no difference to partisan demagogues.

You post an OP with a title claiming Republicans are giving the villainous business a gift but then complain about me blindly blaming Democrats. The hypocrisy is blatant.
__________________
The Democrat's strategy for the Trump Presidency is the same one used by Stalin's secret police chief "show me the man and I will show you the crime."
Reply With Quote
  #5 (permalink)  
Old 11-08-2017, 05:20 PM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,725
Thanks: 9,755
Thanked 14,847 Times in 8,985 Posts
Post Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by AZRWinger View Post
The Treasury report is about apples? No, it's about the reasons for overriding an ineffectual decree from an appointed bureaucrat. Just like the article in the OP those reasons are not discussed. The article finds the discussion of the rules efficacy "naseating" while you go one better on the absurdity scale calling it "apples".
In typical Leftist fashion the rule is falsely justified because otherwise businesses will go unpunished. No evidence is necessary, the anti business demogogery is enough.
Suppose I wanted to buy and take sugar pills.
Now, the sugar pill will not fix back pain or headaches or give me better eye-sight...
But I want to buy the sugar pill.
Should I not be allowed to?

Likewise, even if I blindly accepted the claim of no effect, it's our right to fight for justice. Period.
But I don't blindly buy the claim of no effect. Because the reality is that many companies now have bean counters which weigh the effects of such lawsuits against the potential profits.
All that really means is we need to make sure the amount charged to the company is enough to make them understand they did do wrong.


The idea that we should just blindly remove this tool for justice from the people's arsenal is asinine. For regular humans, if we think a punishment is not adequate deterrent we look at raising the punishment.
But for a business, you want to allow it to be removed entirely???!?!!!

And furthermore, it's not "anti-business".
It's about holding companies accountable when they mess up.
Can you explain to me WHY SHOULD BUSINESSES BE PROTECTED in ways that private individuals are not protected?


Quote:
Originally Posted by AZRWinger View Post
The claim that unless the trial lawyers are allowed to fatten their wallets businesses will not improve their data security is utter nonsense.

This has got to be one of the dumbest things you could toss out there.
Do you have any freakin' clue as to how much Equifax is trying to throw out blind smoke-screens on the reality of what they did?

They try to get people to sign away their rights to sue to even find out if Equifax's hack released their data.
Equifax tried a profoundly stupid lie of trying to blame one person for what went wrong. Predictably enough, it wasn't their "music major" in charge of such problems.
Equifax had several execs sell stock immediately before the hack was released. And now Equifax is trying to tell people that they themselves investigated and claim that the execs dumping stocks (@ $1.8 million) was completely unrelated to saving themselves from the subsequent stock crash.

Equifax is a perfect example of how such companies will protect their assets and leave the rest of us in the lurch


Quote:
Originally Posted by AZRWinger View Post
It costs businesses millions in lost revenue when their data security is compromised. Equifax has already upgraded their security but that makes no difference to partisan demagogues.
And if a company promises to stop punishing the local water supply and if their stock drops, then I guess that's all okay then???



Quote:
Originally Posted by AZRWinger View Post
You post an OP with a title claiming Republicans are giving the villainous business a gift but then complain about me blindly blaming Democrats. The hypocrisy is blatant.
No hypocrisy.
The key word is you BLINDLY blaming democrats.
I am not "blindly" blaming republicans.
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
  #6 (permalink)  
Old 11-09-2017, 09:00 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 15,020
Thanks: 7,849
Thanked 8,572 Times in 5,325 Posts
Send a message via ICQ to AZRWinger
Default Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by foundit66 View Post
Suppose I wanted to buy and take sugar pills.
Now, the sugar pill will not fix back pain or headaches or give me better eye-sight...
But I want to buy the sugar pill.
Should I not be allowed to?

Likewise, even if I blindly accepted the claim of no effect, it's our right to fight for justice. Period.
But I don't blindly buy the claim of no effect. Because the reality is that many companies now have bean counters which weigh the effects of such lawsuits against the potential profits.
All that really means is we need to make sure the amount charged to the company is enough to make them understand they did do wrong.


The idea that we should just blindly remove this tool for justice from the people's arsenal is asinine. For regular humans, if we think a punishment is not adequate deterrent we look at raising the punishment.
But for a business, you want to allow it to be removed entirely???!?!!!

And furthermore, it's not "anti-business".
It's about holding companies accountable when they mess up.
Can you explain to me WHY SHOULD BUSINESSES BE PROTECTED in ways that private individuals are not protected?




This has got to be one of the dumbest things you could toss out there.
Do you have any freakin' clue as to how much Equifax is trying to throw out blind smoke-screens on the reality of what they did?

They try to get people to sign away their rights to sue to even find out if Equifax's hack released their data.
Equifax tried a profoundly stupid lie of trying to blame one person for what went wrong. Predictably enough, it wasn't their "music major" in charge of such problems.
Equifax had several execs sell stock immediately before the hack was released. And now Equifax is trying to tell people that they themselves investigated and claim that the execs dumping stocks (@ $1.8 million) was completely unrelated to saving themselves from the subsequent stock crash.

Equifax is a perfect example of how such companies will protect their assets and leave the rest of us in the lurch



And if a company promises to stop punishing the local water supply and if their stock drops, then I guess that's all okay then???




No hypocrisy.
The key word is you BLINDLY blaming democrats.
I am not "blindly" blaming republicans.
Apples. Sugar pills. Now the fight for justice. A whole lot of hyperbolic rhetoric to avoid the discussing the Treasury report revealing that consumer class action lawsuits don't really benefit the consumer all that much. Companies aren't going to submit to arbitration of consumer disputes with the prospect of their loss being fodder for class action ambulance chaser attorneys. Instead, injured consumers have no practical alternative but to sign on to a class action law suit where the attorneys make millions and the consumers end up with a dollar or 2 each.

Arbitration cuts out the faithful Democrat constituency of trial lawyers, think John Edwards, allowing consumers to directly pursue redress not jackpot justice for the attorney.

In an earlier comment you claimed I had failed to offer any middle ground as if the choice was between class action lawsuits and nothing. Arbitration is the middle ground but to avoid discussing it rationally you unload a scenario out of the movie "Fight Club" where evil bean counters trade deaths for profits and class action lawsuits are supposed to punish Equifax insider trading.

The estimated cost of a data breech involving 10,000 or fewer records is on average $7.3 million. The Equifax breech involved 143 million records. You do the math then explain how the so-called bean counters justified their lack of security.

How Much Will the Data Breach Cost Equifax? | Data Center Knowledge

If the Equifax executives are found guilty of insider trading they are subject to jail time. Ask Martha Stewart. Shareholders might be able to sue but consumer class action lawsuits play no role.

The article in the OP is nothing but partisan demogogery against Republicans for daring to override the dictate of Obama's Consumer Credit Commissar. The Treasury report laying out the reasons for the override is dismissed as naseating. It is so you to troll with an article that blindly attacks Republicans then feign innocence by claiming you didn't attack Republicans.
__________________
The Democrat's strategy for the Trump Presidency is the same one used by Stalin's secret police chief "show me the man and I will show you the crime."
Reply With Quote
  #7 (permalink)  
Old 11-09-2017, 06:06 PM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,725
Thanks: 9,755
Thanked 14,847 Times in 8,985 Posts
Post Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by AZRWinger View Post
Apples. Sugar pills. Now the fight for justice. A whole lot of hyperbolic rhetoric to avoid the discussing the Treasury report revealing that consumer class action lawsuits don't really benefit the consumer all that much. Companies aren't going to submit to arbitration of consumer disputes with the prospect of their loss being fodder for class action ambulance chaser attorneys. Instead, injured consumers have no practical alternative but to sign on to a class action law suit where the attorneys make millions and the consumers end up with a dollar or 2 each.
So what alternative do you present?

Because the reality is that you are saying (by analogy) that consumers aren't getting enough water with class action ...
... but your proposal would have the impact of providing less water.

How does that make any sense?


Quote:
Originally Posted by AZRWinger View Post
Arbitration cuts out the faithful Democrat constituency of trial lawyers, think John Edwards, allowing consumers to directly pursue redress not jackpot justice for the attorney.
Your analysis is woefully incomplete.
Part of the problem is the level of control the companies are allowed to dictate the arbitration.
Buried in the fine print of financial-services contracts is often a clause that says you won’t sue the company if you’ve been defrauded. Instead, you have to submit your complaint to an arbitrator paid by that very company.

Your complaint gets heard in secret proceedings, and you’re barred from sharing your story with law enforcement or the press, allowing big banks like Wells Fargo to cover up widespread fraud. It should not be a shocker that, according to the Consumer Financial Protection Bureau, 93 percent of the complaints are resolved in favor of the company.
Forced arbitration benefits Wall Street giants, not consumers | Pittsburgh Post-Gazette


Quote:
Originally Posted by AZRWinger View Post
In an earlier comment you claimed I had failed to offer any middle ground as if the choice was between class action lawsuits and nothing. Arbitration is the middle ground but to avoid discussing it rationally you unload a scenario out of the movie "Fight Club" where evil bean counters trade deaths for profits and class action lawsuits are supposed to punish Equifax insider trading.
The estimated cost of a data breech involving 10,000 or fewer records is on average $7.3 million. The Equifax breech involved 143 million records. You do the math then explain how the so-called bean counters justified their lack of security.
< bangs head against desk >
WHY DO YOU THINK EQUIFAX WANTS TO FORCE THIS THROUGH ARBITRATION???

It isn't because it will benefit the consumers! In fact, it's the opposite in that it will benefit Equifax and consumers will get screwed with no recourse.


Quote:
Originally Posted by AZRWinger View Post
If the Equifax executives are found guilty of insider trading they are subject to jail time. Ask Martha Stewart. Shareholders might be able to sue but consumer class action lawsuits play no role.
Predictably, the point being made is ignored by you as you move the goal-posts.
You claimed Equifax would learn from their mistake. But they have shown that they have done nothing but cover their asses.

Worse, you need to realize that Equifax had this security problem exposed MONTHS EARLIER, AND THEY IGNORED the problem
https://motherboard.vice.com/en_us/a...archer-warning
Months before its catastrophic data breach, a security researcher warned Equifax that it was vulnerable to the kind of attack that later compromised the personal data of more than 145 million Americans, Motherboard has learned. Six months after the researcher first notified the company about the vulnerability, Equifax patched it—but only after the massive breach that made headlines had already taken place, according to Equifax's own timeline.

Quote:
Originally Posted by AZRWinger View Post
The article in the OP is nothing but partisan demogogery against Republicans for daring to override the dictate of Obama's Consumer Credit Commissar. The Treasury report laying out the reasons for the override is dismissed as naseating. It is so you to troll with an article that blindly attacks Republicans then feign innocence by claiming you didn't attack Republicans.
It is so you to lie so blatantly.
WHERE DID I CLAIM I DID NOT ATTACK REPUBLICANS???

In my last post, I explicitly said: "I am not "blindly" blaming republicans."
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
  #8 (permalink)  
Old 11-10-2017, 08:47 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 15,020
Thanks: 7,849
Thanked 8,572 Times in 5,325 Posts
Send a message via ICQ to AZRWinger
Default Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by foundit66 View Post
So what alternative do you present?

Because the reality is that you are saying (by analogy) that consumers aren't getting enough water with class action ...
... but your proposal would have the impact of providing less water.

How does that make any sense?



Your analysis is woefully incomplete.
Part of the problem is the level of control the companies are allowed to dictate the arbitration.
Buried in the fine print of financial-services contracts is often a clause that says you won’t sue the company if you’ve been defrauded. Instead, you have to submit your complaint to an arbitrator paid by that very company.

Your complaint gets heard in secret proceedings, and you’re barred from sharing your story with law enforcement or the press, allowing big banks like Wells Fargo to cover up widespread fraud. It should not be a shocker that, according to the Consumer Financial Protection Bureau, 93 percent of the complaints are resolved in favor of the company.
Forced arbitration benefits Wall Street giants, not consumers | Pittsburgh Post-Gazette



< bangs head against desk >
WHY DO YOU THINK EQUIFAX WANTS TO FORCE THIS THROUGH ARBITRATION???

It isn't because it will benefit the consumers! In fact, it's the opposite in that it will benefit Equifax and consumers will get screwed with no recourse.



Predictably, the point being made is ignored by you as you move the goal-posts.
You claimed Equifax would learn from their mistake. But they have shown that they have done nothing but cover their asses.

Worse, you need to realize that Equifax had this security problem exposed MONTHS EARLIER, AND THEY IGNORED the problem
https://motherboard.vice.com/en_us/a...archer-warning
Months before its catastrophic data breach, a security researcher warned Equifax that it was vulnerable to the kind of attack that later compromised the personal data of more than 145 million Americans, Motherboard has learned. Six months after the researcher first notified the company about the vulnerability, Equifax patched it—but only after the massive breach that made headlines had already taken place, according to Equifax's own timeline.


It is so you to lie so blatantly.
WHERE DID I CLAIM I DID NOT ATTACK REPUBLICANS???

In my last post, I explicitly said: "I am not "blindly" blaming republicans."
Now you shift from posturing that without consumer class action lawsuits companies will get off scott free to speculation that class action lawsuits deliver more "water" to consumers. Perhaps you could direct your kind attentions to the Treasury report revealing that consumer class action lawsuits deliver very little benefit to individual consumers instead of concocting another fanciful analogy.

When the Treasury report shows class action lawsuits aren't working to benefit the individual consumers suddenly they will cure insider trading and any other unethical or illegal action by companies. Again, insider trading is a criminal offense and may be actionable for the shareholders, talk about moving the goalposts.

After creating a thread based on an article that blindly attacks Republicans by dismissing the rationale for the rule change as naseating now you want to split hairs claiming your defense of the article's inane demogogery is not a blind attack. Oh sure your speculation about the unproven but wonderful effects of the consumer class action lawsuit sugar pill mitigates the blind attack on Republicans. Shame on me for not playing along with the blather.
__________________
The Democrat's strategy for the Trump Presidency is the same one used by Stalin's secret police chief "show me the man and I will show you the crime."
Reply With Quote
The Following User Says Thank You to AZRWinger For This Useful Post:
  #9 (permalink)  
Old 11-10-2017, 11:48 AM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 72,864
Thanks: 52,725
Thanked 25,151 Times in 17,832 Posts
Send a message via Yahoo to saltwn
Default Re: Republicans are getting ready to hand Equifax a huge present

R's the party that f's the middle man and sucks the elite
__________________
[There is] the inability to look at context as an all important aspect of the truth ;facts strung together individually are not necessarily the truth ~ Carl Bernstein
Reply With Quote
  #10 (permalink)  
Old 11-10-2017, 09:22 PM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,725
Thanks: 9,755
Thanked 14,847 Times in 8,985 Posts
Post Re: Republicans are getting ready to hand Equifax a huge present

Quote:
Originally Posted by AZRWinger View Post
Now you shift from posturing that without consumer class action lawsuits companies will get off scott free ...
No.
I haven't shifted away from that at all.
Binding arbitration purchased from the company demanding it has been proven to be more consistent in favoring the company.

So, "getting off scott free" will definitely increase.


Quote:
Originally Posted by AZRWinger View Post
... to speculation that class action lawsuits deliver more "water" to consumers. Perhaps you could direct your kind attentions to the Treasury report revealing that consumer class action lawsuits deliver very little benefit to individual consumers instead of concocting another fanciful analogy.
Sure.
Does the Treasury report say that they have research which shows binding arbitration provides more "water" to consumers in general?
Yes or No.


Quote:
Originally Posted by AZRWinger View Post
When the Treasury report shows class action lawsuits aren't working to benefit the individual consumers suddenly they will cure insider trading and any other unethical or illegal action by companies.
You are tedious with this mindless hyperbolic crap you spew.
Class action lawsuits aren't working as well as they could / should.
The solution to that problem is not to mindlessly obliterate that option and ignore whether the alternatives are actually any better...


Quote:
Originally Posted by AZRWinger View Post
Again, insider trading is a criminal offense and may be actionable for the shareholders, talk about moving the goalposts.
You fail to acknowledge why I even mentioned that...
It was to demonstrate companies like Equifax [b]are not learning from their mistakes.[/quote].


Quote:
Originally Posted by AZRWinger View Post
After creating a thread based on an article that blindly attacks Republicans by dismissing the rationale for the rule change as naseating now you want to split hairs claiming your defense of the article's inane demogogery is not a blind attack. Oh sure your speculation about the unproven but wonderful effects of the consumer class action lawsuit sugar pill mitigates the blind attack on Republicans.
Again, you rant without regard to the other person's actual position.
I never said the class action is perfect.
My position is that allowing corporations to dictate arbitration requirements which the corps pay for is worse.

There is no intelligence in removing class action. No intelligence in providing corporations a legal protection that actual citizens never get anything remotely resembling.
Do we see private citizens being able to others who could sue that they cannot sue and instead must submit to arbitration?
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
Reply

Tags
are, equifax, getting, hand, huge, present, ready, republicans

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 12:04 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0