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16 June 2009

O-man's Got It All Figured Out

What we need is a federal Consumer Protection Agency - yeah, that's the ticket!
A new consumer-protection agency pushed by President Barack Obama would have wide powers to regulate financial products used by millions of Americans, potentially spanning mortgages, credit cards, annuities and even basic bank accounts.
This key to the recovery, Obama tells us. What would it do to help?
The new agency will have the power to enforce fair-lending laws and the Community Reinvestment Act, which had traditionally been overseen by federal bank regulators. This could put more pressure on banks to make more loans to low-income borrowers.
Of course! That's exactly what we need to do to get us back on the right footing - force banks to lend even more to poor people.

4 Comments:

Anonymous jth said...

Why do we need another useless agency? What exdactly does the SEC do?

June 17, 2009 10:21 AM  
Anonymous Anonymous said...

"What exdactly does the SEC do?"


Looks the other way when certain things happen.

June 17, 2009 1:04 PM  
Anonymous Wade Nichols said...

Why do we need another useless agency?

Yes, why do we need another useless agency?

We already have: Federal Reserve Board (FRB) bank examiners; FDIC bank examiners; Office of Thrift Services (OTS) bank examiners; Office of the Controller of the Currency (OCC) bank examiners; National Credit Union Administration (NCUA) bank examiners; State Banking Department bank examiners in most of the states of the union......

Why on earth would we need YET another useless agency to make sure low income people are receiving loans????

Unless maybe we need examiners to examine the examiners?????

June 17, 2009 2:14 PM  
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