4 Things Financial Reform Won’t Do For You

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How did we get so many incompetent people running this country? How can we prevent this from happening again? In a free enterprise system, business makes the wheels of the economy turn, so when did that become so evil? I did get hired by an idividual when I was a boy, and he paid me $10 to mow his lawn. I guess I was one of those diabolical businessmen. Does it not appear that the masses are better educated on socialism than capitalism; can we count the Micheal Moore movies within the last few years?

Charles M of TX 8:56AM July 28, 2010

Even funnier, and sadder, Jason of Il, is the fact that Obama ARGUED with the people that know what they're talking about, having "been there, done that." He will do what he wants, despite historic evidence that it's the wrong thing to do. One man's whims should not dictate policy that is detrimental to the people of the US. That might be why members of his own party are digging in their heels. Not enough of them so far, and the extremists are aggressively hostile to those that don't share their views, but maybe the tide is turning. I just hope we have enough time left to get back to the middle before it's too late.

Polgara of OH 9:26AM July 22, 2010

Financial illiteracy is a big problem. I've run into people who think getting a tax refund back from the IRS is free money the government is giving them.
I don't think teaching finance in high school is the place to do it though. When I was in high school and even in college, I had no idea what a W-2 was, or what a mortgage was or even what a tax form looked like since I never worked when I was younger. Maybe when you hit your 25th birthday and go in for a drivers license renewal you're required to take a basic six hour finance class or even do it online. Cover the basics of investing, budgeting and debt control, scams, mortgages and taxes.

to of TN 7:30PM July 04, 2010

Funny how....Nations that have trended towards a more socialist style of government are now LECTURING obama (MMM MMM MMM) on the need to quit racking up national debt and to cut spending on proven FAILED socialist style programs. Funny how Fannie Mae and Freddie Mac are not even glanced at in the purported financial regulatory reform act that barney frank claims will reform and regulate so that consumers are now protected. Funny how barney frank FORCED banks to make home loans to people who DID NOT QUALIFY (community reinvestment act) for any type of home loan due to unsatisfactory credit ratings; funny how when those loans came due there was NO MONEY and now barney frank again in authoring a bill that claims to help the average citizen. Someone should regulate barney frank for being a tax paid FRAUD LIAR.

Jason of IL 2:40AM June 29, 2010

"But American consumers weren’t exactly innocent bystanders. Millions of Americans fueled the problem by bingeing on debt, living beyond their means and using their homes as piggy banks. For every booby-trapped mortgage, there was a borrower happy to commit to monthly payments his income couldn’t cover."
Way to tell it like it is Rick.
Personal responsibility is the only way to prevent financial disaster. You can't legislate fiscally solvent decision making.

Nathan of IL 11:48AM June 27, 2010

Obama sold us all out big time. We know who still pays his bills.

Oboughtma of AR 10:47PM June 25, 2010

Then get the interest rates paid on your savings off of zero! Your Uncle Fed is borrowing all your money for nothing to subsidize corporations. How dumb is that?

Muser of NM 9:55PM June 25, 2010

The best investment anyone can make is using their own time to learn about money, loans, investing, debt and saving. The second best investment anyone can make is passing along your knowledge of money, loans, investing, debt and saving to their children. The return on both investments is very large. As to the remaining three points, if you don't have debt, you can save more, do not need creative financing and go into retirement debt free. Both my wife and I were lucky to be raised in frugal households that taught us about money and set our money habits for a lifetime.

tom of ND 1:55PM June 25, 2010

The best investment anyone can make is using their own time to learn about money, loans, investing, debt and saving. The second best investment anyone can make is passing along your knowledge of money, loans, investing, debt and saving to their children. The return on both investments is very large. As to the remaining three points, if you don't have debt, you can save more, do not need creative financing and go into retirement debt free. Both my wife and I were lucky to be raised in frugal households that taught us about money and set our money habits for a lifetime.

tom of ND 1:55PM June 25, 2010