The new head of the Consumer Financial Protection Bureau is another in a long line of radicals appointed by President Obama to oversee an important agency.And that's the good news. The bad news is that she was shoehorned into her new position without senate confirmation and in the most blatantly political way imaginable. Worse, the new agency she will be running may turn out to be the most powerful regulatory agency ever created by the federal government.There is very little in the way of financial commerce that will escape the lash of this new bureau. The powers of the chairman will be considerable as she will have the ability to initiate investigations into any complaint from any consumer. The politicization of this office means that her fellow bureau members will be in her (and the president's) hip pocket. An example of what this woman is capable of, this Wall Street Journal piece by Todd Zywicki shows how she cooked the books on a bankruptcy study to make it appear that almost...(Read Full Post)