Posted on 06/20/2009 6:23:50 AM PDT by Gordon Greene
WASHINGTON – President Barack Obama said Saturday that current financial rules exploit consumers and he put critics of his proposed overhaul on notice: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address to defend his recent proposal, which is intended to prevent a repeat of the breakdown that has sent the U.S. economy reeling. But such major changes face a fight in Congress and opposition from some leaders in the banking and insurance industries.
In the address, Obama focused on a consumer watchdog office that he wants to set up.
"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."
The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with clear and affordable terms.
"It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want and actually understand," Obama said. "Those ridiculous contracts — pages of fine print that no one can figure out — will be a thing of the past. You'll be able to compare products, with descriptions in plain language, to see what is best for you."
(Excerpt) Read more at news.yahoo.com ...
Obama proves he's an idiot once again.
Again, nonsense...this crisis started in DC - Freddie and Fannie and the black holes they created.
Ah, the solution to long, complicated legal disclaimers designed to prevent the producer from being sued due to all the ridiculous rules, laws, and regulations is ... more laws, rules, and regulations! Now the law will say "no disclaimers!" and BONUS! When some kid eats a hammer that didnt say "not safe for consumption" the trial lawyers get another bonanza! Good idea!
We will see if you are up to the fight that is coming.
“The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of “plain vanilla” plans with clear and affordable terms.
So, would you rather have a 30-year mortgage at a fixed rate with 20% down, or would you prefer a variable-rate variable-term mortgage where you pick your payment, pick the currency you pay in, and have side bets against the stock market of your choice? Double or nothing, kiddo!
Obama is feeling fiesty after ‘offing’ that fly.
I just hope some on our side have the guts to engage him. I will support them fully.
Does Bambi feel a little bit cornered? We must keep up the pressure!
What does it matter what the contracts say? Under this administration, contract law has been completely gutted. Thanks Chrysler task force.
Everything Obama does is somehow “essential”. For someone with Zero experience, I wonder how he’s so sure?
Meaning praise me, never oppose me......this s.o.b. amazingly gets more dangeous by the day,
The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with clear and affordable terms.
This statement seems to me to mean that legislators and lawyers are also responsible for the mess. Who writes the legalese which is so hard to understand anyway.
Isn't that THE biggest problem?!!!
Threats, threats, threats . . . I am soooo tired of thuggery.
Correct. In ObamaSpeak, “In good faith,” means not opposing Obama. I think it has its source in his Islamic roots. Seriously.
“Those ridiculous contracts — pages of fine print that no one can figure out — will be a thing of the past. You’ll be able to compare products, with descriptions in plain language, to see what is best for you.”
President Obama: I would suggest you start with Congressional bills and legislation. Keep you nose out of the private sector!
Sadly nobody has the guts. And I can’t think of anyone who is on “our side”.
Just what we need - another D.C. bureaucracy to monitor each and every contract in existence. These people are insane!
Who will lead us?
sw
The contract on the last house I bought essentially was pages and pages of fine print explaining that I had everything explained to me, plus some pages where I confirmed that I had signed the pages that explained the explaining...magritte
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