Oh, PDL legislation part of a “backlash”
May 28, 2009 | federal legislation, industry, research | Comments (0)Fort Wayne Journal Gazette states the obvious:
The bailouts may be winding down for the financial services industry, but the regulatory buildup is just beginning. New measures signed into law last week on credit card companies and mortgage lenders signal the postelection shift in attitude about the government’s role in vigorously competitive markets. Congress is also considering additional safeguards on payday and home loans, and the administration may propose a new commission to regulate consumer credit and investment products.
Rather than trusting market forces, Democrats in Congress and the administration argue that unbridled capitalism has victimized consumers. Deregulation, seen for so long as a way to spur innovation and efficiency, is now blamed for enabling onerous mortgages, skyrocketing credit card fees and burgeoning interest charges.
I blame the media for not understanding and reporting earlier on the subprime mortgage crisis.
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