Obama’s Wall Street speech
April 21, 2010 | federal legislation, industry | Comments (0)Among other things, the President will say this tomorrow according to the Atlantic:
We have to fight for consumers.
The clearest case for reform is the consumers’ case, because we are an audience of consumers. Our sense of appropriate leverage ratios might be murky, but our sense of indignation is bottomless. Obama will say that Americans were repeatedly duped into the same devious schemes that eventually wiped out our savings. Even before 8 million workers were victims of the recession, millions more were victims of predatory lending practices, baffling financial products, devious interest rate policies lurking in fine print, and worse. This is the easy case to make. Today we have too many agencies with consumer protection as their fourth priority. What we need is one strong defender whose sole purpose is to make sane disclosure rules so that Americans understand what we’re paying for.
Payday loans are not “baffling” and have no “fine print.” By the President’s standard, we should not be regulated by the federal government.
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