Bulls make money, bears make money ... and pigs get slaughtered ... unless they'd rather walk the plank.

"No one would need to wonder whether the world of borrowing and lending works only one way: Families have to follow the legal rules, but the rules are optional for big banks."  Elizabeth Warren, New Consumer Agency Is Frightfully Necessary -- And Late.

Much as Ms. Warren is the right person to be Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau, setting up the CFPB, she's missing the biggest point in the foreclosure slate-wiper (or, maybe, she knows but just can't say).  Countrywide and all its securitizing co-conspirators inveigled ordinary home buyers into becoming a part of the problem by suborning fraud in mortgage applications.

The next installment of Jubile for Real, coming soon, will show that the mobster-inspired combination bankruptcy-bust-out/protection-racket would not have been solved by the CFPB due to this jackpot-everybody scheme.  The intent was, all along, to run the game against the entire economy, recycling the spectacular "winnings" from obscene insider wagering, e.g., on 9/11.  What was NOT intentional was making the only just solution the most massive forgiveness of debt in the history of Earth, while simultaneously eliminating the problem of Too-Big-To-Fail Banks. That's the undercard to the main event of Armageddon.  There's a way out even for the TBTF banksters, but that would necessitate having all of them walking the plank ... almost, not quite, literally.  That won't go easy, if at all.

At that point, where the entire system, backed up by decades of financial sewage, is fully snaked out, would make the CFPB superfluous.