Posted on 06/17/2009 12:29:24 PM PDT by americanophile
Reporting from Washington -- President Obama today unveiled what he described as a "sweeping overhaul" of the rules governing the financial system, saying bold action was needed to repair the regulatory failures that were a major factor in the nation's economic collapse.
"It is an indisputable fact that one of the most significant contributors to our economic downturn was an unraveling of major financial institutions and the lack of adequate regulatory structures to prevent abuse and excess," Obama said during a White House speech. "A culture of irresponsibility took root from Wall Street to Washington to Main Street. And a regulatory regime basically crafted in the wake of a 20th century economic crisis -- the Great Depression -- was overwhelmed by the speed, scope and sophistication of a 21st century global economy," he said.
To solve those issues and build a foundation for economic recovery, Obama has proposed the most extensive revision of the financial regulatory system since the 1930s.
The new plan calls for tough new requirements for companies whose failure would threaten the economy, and new oversight over complex financial derivatives. Obama also proposed the creation of two new agencies -- one to regulate all federally chartered banks and the other to protect consumers as they navigate their way through the sometimes complex maze of financial products.
"We know that there were many who took out loans they knew they couldn't afford. But there were also millions of Americans who signed contracts they didn't always understand offered by lenders who didn't always tell the truth," Obama said. "The most unfair practices will be banned. Those ridiculous contracts with pages of fine print that no one can figure out, those things will be a thing of the past. And enforcement will be the rule, not the exception."
(Excerpt) Read more at latimes.com ...
The sweeping that the nation needs is to “sweep” him out of office.
What else can this guy do to wreck the economy, according to him our country would of been destroyed if he were not elected... I am so sick of seeing his face, and hearing his three word phrases,
Somehow that communist bastard must be stopped!
I have a bad feeling about this . . . .
Get the hell outta my wallet, you commie!
Nice idea. I don' t think it's achievable, but it's the thought that counts.
New govt. add-ons to existing Fair Lending laws.
PLUS, the elimination of “small print”.
Riiiiiiight.
ABC News Washington: Obama promotes ginaormous, googillian, infinitely brilliant plan for overhauling the nation’s lax mattress tag laws.!!!
” But there were also millions of Americans who signed contracts they didn’t always understand offered by lenders who didn’t always tell the truth,” “
Either the stupid asses don’t sign them or consult someone to go over the documents for you.
There’s nothing in any loan agreement that any inteligent person can’t understand.
A clear case where the treatment is worse than the disease.
We could kiss the private sector good bye.
Yea that whole Contract Law thingy is just soooo outdated.
And another Federal Agency is just exactly what we need to get the old economy humming along again.
Sure it is...that's the reason it is just super that all those idiots that voted this loser into office...THOUGHT they were electing a great leader!
“The most unfair practices will be banned. Those ridiculous contracts with pages of fine print that no one can figure out, those things will be a thing of the past. And enforcement will be the rule, not the exception.”
Obama appears to have left out the part about unicorns prancing, flowers blooming and koolaid flowing in every stream.
0bama has hijacked capitalism. When will he be impeached?
No, no, Americans are victims because of their stupidity...we need the government to ensure that we’re making contractual decisions that are in our own best interest.
He promised change.
We’re getting change.
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