How Obama's Consumer Protection Agency Is Rattling Bankers

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"Because of the consequences of this bill virtually every person in this country will have access to less credit at higher interest rates."
"On the other hand, irresponsible people will have new access to credit at artificially low rates simply because of their minority status or the fact that they happen to live in a crummy neighborhood."
So, minorities and low-income earning individuals are the only ones who are irresponsible. [Sigh] When are the scapegoaters going to realize what is being perpetuated upon them by corporate interest who have absolutely no reason to serve your best interest. To put it simply, they get richer by keeping people in debt, otherwise they would not exist.

Comonsense of NE 12:15AM August 31, 2009

I am no republican and I initially supported Obama.
That said, this consumer protection bill is cause for a painful reassessment that we may have voted into office someone who is as incompetent from the left as George W Bush was from the right.
In fact, as I read through the bill, I reluctantly concluded that I cannot again vote for Obama and I must now spend the next 4 or 8 years powerlessly watching yet another partisan President wreck our country to push his own unwise agenda and prejudices.
This bill will choke off daily services that millions of people now use and take for granted (check cashing, payday loans, etc). Don't even try to talk about how these services should not exist in the place, Who the he11 are you to dictate how other people should live and what they should buy and what services they should use.
As this bill is circulated, thousands of con artists are seperating people from significant sumscby posing as foreclosure specialists and walking away from ill gotten fees. Nothing in this bull addresses such real problems.
Because of the consequences of this bill virtually every person in this country will have access to less credit at higher interest rates. Individual and pensions funds will suffer assest depreciation and try to find replacements for the trillions in Bank stocks and Preferred shares held by everyone who has a 401k and every retirement systems/
On the other hand, irresponsible people will have new access to credit at artificially low rates simply because of their minority status or the fact that they happen to live in a crummy neighborhood..
It is one of the most perpexing ironies in my life that of the many things I have detested about Gerge W Bush, the worst will be that his incompetence has opened the door to a leftist President and given leftists an opportunity to ransack our country in response to the right wing ransack of the last 8 years.

Rob of DC 2:54AM July 22, 2009

Financial industry to consumer:screw you! there is a related post at http://iamsoannoyed.com/?page_id=588

carly of NY 12:14PM July 18, 2009

So many in Congress are sellouts to business interests. This is the cause of most of our suffering today.
If Congress will not vote to protect people before business interests, all we can hope for is more and more Czars who will not succumb to the corruption.

Joan Dalton of ID 6:54PM June 19, 2009

Why did Obama fire Inspector General Gerald Walpin for the crime of trying to protect taxpayer dollars? Because he failed to roll over to protect a Presidential crony!!!!
Read more details in 6/16/09 Wall Street Journal Opinion page.

Ken of WI 3:40PM June 19, 2009

Don't create new laws, departments, bureaucrats, and enlarge government any more than it is.
It seems the only jobs the Obama administration is creating is in government for a lot of percieved fluff that has been built up in this endeavor to "let no crisis be wasted".

Norden of IN 2:14PM June 19, 2009

Look it up.
http://www.law.cornell.edu/uscode/
U.S. Code Title 18 Chapter 47 1005,1006,1010, and 1014 A broker or employee of a financial institution faces up to 1 million or 30 years imprisonment for defrauding or falsifying a financial doc. There is no law stating the home owner or called mortgagor to be procecuted for falsifying. Why? Because no home owner has the employment power to enforce a loan. You had my bank statements, taxes prepared by my acountant, and credit report. The ball was in your court.
Title 12 Chapter 29 Section 2803
Where is my mortgage application? I'd sure like to see it.
Title 12 Chapter 27 Section 2604 " Special Information Booklet"
Did you ever get one? Was there a picture on the cover? I don't know I never got one.
We have laws. Seems like everytime there is a crisis we ignore the rights, create new ones, and let the criminals get away.

Steve of CA 6:53PM June 18, 2009

you make firms pay fees for their own regulation, you invite the regulatory effort to be "captured" by the firms being regulated. DON'T DO THAT. Use general revenue, and make the Republicans filibuster for their corporate buddies if they don't like this.
Americans MUST control their corporations.
You have no other choices with these beasts.
If you don't do it, THEY will control you---just as happened in 2008.

Muser of NM 5:49PM June 18, 2009