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F.A. Hayek was right in The Road to Serfdom. As we move towards socialism, discretion necessarily must increase and the rule of law suffers.

Of course, Hayek gave as reason for the increasing discretion the complexity of the task of the government running the economy.

Yes, of course, and he was right. He was also right that it was a "fatal conceit" to think that the government could "run the economy."

The reason why the CFPB must have a large degree of independence is that it will otherwise simply be rendered ineffective by the paid agents of the banking industry (a.k.a. Congress).
The scandal is not the CFPB's structure; the scandal is that the US has become a banana republic in which the bodies supposed to represent the populace have become so utterly corrupted that allowing them to exercise regular control over an agency such as the CFPB will cause its destruction.

And the task of the CFPB is absolutely vital. Without an independent, proactive regulator, another financial meltdown within the next 10-20 years is inevitable.

And the US empire can't survive another one. The CFPB is the last line of defense. If it falls, so does the US empire.

This is the stock answer every time the last round of regulation fails. We just need more regulation. And then when that fails, we just need a little more regulation. And on and on.

People like you will *never* acknowledge the abundantly obvious incentives for bad behavior ironically created by government regulation.
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