Obama on Consumer Agency Proposal: Not ‘Spoiling’ for Fight, But ‘Ready’ for One
EmailFrom Sunlen Miller and Sarah Tobianski:
The president used his weekly address this week to reemphasize the need for the Consumer Financial Protection Agency, proposed within his package of financial regulatory reform that he released on Wednesday.
The CFPA is charged with one job – looking out for the interest of ordinary Americans in the financial system. While admitting that some Americans are to blame for their own financial situations by taking risky loans, the president said that the lack of rules and subsequent deceptive practices have led to abuses against the borrowers.
The new agency, the president said, will have the responsibility to change that.
“It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want – and actually understand," he said. "Those ridiculous contracts – pages of fine print that no one can figure out – will be a thing of the past. You’ll be able to compare products – with descriptions in plain language – to see what is best for you. The most unfair practices will be banned. The rules will be enforced.”
Speaking to critics of his overall financial regulatory reform proposal — including some who have said the reforms don’t go far enough — the president said that he welcomes the debate.
“While I’m not spoiling for a fight, I’m ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now,” Obama said. “What I will not accept – what I will vigorously oppose – are those who do not argue in good faith, those who would defend the status quo at any cost, those who put their narrow interests ahead of the interests of ordinary Americans.”
-Sunlen Miller and Sarah Tobianski
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Every time on television or at any debate, Republican party wants to give fussinesses more tax cut and protects the wealthy… they assumed that businesses and wealthy people will help to create more jobs. It is true that they create more jobs but not in america but some where else. In turn, they stab Americans people in the back with many helped from the republicans. Now President Obama wants to stop all of that; the republicans are out to stop him from protected regular people from these crooked. Should we add the republican party to the terror list?
they seem to do more harms to americans in the long term than the terror did on 9/11.
Posted by: keith | June 20, 2009, 7:11 am 7:11 am
“While I’m not spoiling for a fight, I’m ready for one.”
Let’s put this into the Obama Integalactic Translator. It translates to;
“I’m spoiling for a fight.”
Posted by: drjohn | June 20, 2009, 8:23 am 8:23 am
Keith
Obama’s stimulus package is really a welfare expansion and reward package. It is not helping the economy, it is killing it.
The economy does not thrive by taking the fruits of those who work and shower them on those who will not.
Posted by: drjohn | June 20, 2009, 8:25 am 8:25 am
Obamacrat for Palin wrote: “When in fact, it is the Community Reinvestment Act regulation that caused this crisis.”
I disagree with the above statement…somewhat. While the CRA was a huge culprit, the real cause of the crisis was the pushing of flexible mortgage rates. If the mortgage rates had been fixed, the banks and lending companies would have ridden out the devaluing of the properties. Instead they had a “legal” option to raise the mortgage rates. In many cases the mortgage payments were quickly doubled (and even tripled in some cases). Even individuals who could EASILY AFFORD their ORIGINAL payments, defaulted on their loans because they could not afford the increases in their mortgage payments.
For those of you who continue to blame the President Bush for this you are totally wrong. The Bush Administration began warning Congress in 2005. Yet in spite of the Republicans having majorities in both Houses, the Democrats in the Senate threatened to filibuster any changes. While reform passed in committee, on a procedural move the Republicans kept the bill in committee so that it could be brought up again. When the Democrats took control of Congress in 2007 they refused to consider the bill. Had the Democrats acted in 2007 the crisis might have been limited if not averted all together.
_______________
Now then, Keith wrote: “…Republican party wants to give businesses (correction) more tax cut and protects the wealthy… they assumed that businesses and wealthy people will help to create more jobs. It is true that they create more jobs but not in america but some where else.”
The 2001 and 2003 Bush tax cuts helped create 5 million AMERICAN JOBS between Sept 2003 and Dec 2007. Employment reached an all-time high–over 135 million workers. (NOTE: The Unemployment Rate dropped from the 6.1% in Sept 2003 to 4.4% by Mar 2007. In spite of continued net job growth, the Unemployment Rate increased to 4.9% by Dec 2007.) And federal tax revenues reached an all-time high–during that 52-month period, there were actually 2 quarters of more revenue than expenditures.
Posted by: James Danley | June 20, 2009, 9:01 am 9:01 am
And just yesterday, the Democrats said they are considering a FEDERAL SALES TAX to pay for their massive spending bills. Now THAT’S helping the consumer, huh?!
Posted by: Get Real | June 20, 2009, 9:37 am 9:37 am
Just another government agency for Obi-Wan to stock with his cronies and waster more money we don’t have. He has to have someplace to put them he’s running out of ambassadorships.
Posted by: formerdem | June 20, 2009, 9:37 am 9:37 am
It is clear that the government wants to control everything! We need to say: No to more taxes, NO to more spending, NO to more control, NO to giving up our rights, NO to usurping the Constitution, NO to government Health Care.
They already had regulation; they just didn’t do it. They want to add more, but they will not do it right. Hold them accountable, and stop their control. They are bankrupting our country!
We said NO to bailouts, and they did it anyway. We said NO to more pork spending, but they did it anyway.
Posted by: PhoneHome | June 20, 2009, 9:42 am 9:42 am
Fight for consumers? Let’s see, he gives Chrysler to Fiat (makers of the worst cars ever); he gives GM to his Union campaign donors, he wants a Federal Sales Tax, he’s run the deficit so high we’ll never get out of debt in order to feed his ego and his agenda.How is this fighting for the consumers?
Posted by: I_Dislike_All_Politicians | June 20, 2009, 10:00 am 10:00 am
Let’s see, he is “ready”, but only after giving hundreds of billions to the fat cats on Wall Street. And, he wants Geithner and Bernanke who work in secret and protect Wall Street fat cats to do the “protecting” of us?!? It is official, we live in bizarro world. Obama may be taking over, but he’s doing so with the fat cats at his side. TARP is a sham to protect the rich and powerful. Wall Street and Washington have an umbilical cord that flows money between the two.
Posted by: kim | June 20, 2009, 10:03 am 10:03 am
Great idea… He should start with the commodities speculators and the oil companies and their distributors who are artificially driving up the price of gasoline across this great land of ours. Clearly they think that summer time and the liv’in is easy means daily price hikes a gouging. You’ll notice those same folks who scored record profits past year were’nt the people who bailed out GM and Chrysler. Go gett’um Mr Prez. Perhaps a windfall tax this year might be a great place to start so that $4 dollar a gallon gasoline doesn’t turn out to be the tipping point for Great Depression 2.
Posted by: Hal | June 20, 2009, 10:20 am 10:20 am
“fight for the consumers?” More Bush philosophy (make grandiose statements that will make people happy and hoping they don’t notice the political equivalent of a poison pill that you try to slip in when you think no one is looking) in action.
Posted by: jan | June 20, 2009, 10:30 am 10:30 am
“While I’m not spoiling for a fight, I’m ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now,” Obama said.
Yes, that’s right. Obama is all about responsibility, which is why he used fearmongering to quadruple the deficit and take over private companies. Yet the economy continues to deteriorate and unemployment is moving into depression territory, according to the government’s own measures (so you know the reality is even worse).
We now have so much debt there’s no hope of ever paying it off. But why quibble about reality? This is the “Era of Responsibility.” Obama is here to FIGHT for you by creating yet more bureaucracies because we’re all too stupid to run our own lives. Thank you, oh merciful Messiah! How ever did I make it through life before you came on the scene?
Posted by: Jenn | June 20, 2009, 10:30 am 10:30 am
Keith, yes Republicans are the friends of the “fat cats”, but so are the Democrats. Obama has been handing them tens of billions of our dollars to outsource and offshore U.S. jobs, and moreover appointed one of their ranks to head the Treasury. Obama more and more is just acting like another Bush.
Posted by: Ralph | June 20, 2009, 10:38 am 10:38 am
“Perhaps a windfall tax this year might be a great place to start so that $4 dollar a gallon gasoline doesn’t turn out to be the tipping point for Great Depression 2.”
This was already tried by Carter. It was a disaster. Windfall profits taxes are passed on to consumers, making gasoline even more expensive. Rest assured, gasoline prices are going up BECAUSE of Obama’s policies that are weakening our dollar (imported oil gets more expensive). And that’s BEFORE new carbon swap taxes by the state and federal governments.
We’ll see how much people care about their carbon footprints when they can’t afford food and medicine. That’s the Change We Need! And deserve!
Posted by: Jenn | June 20, 2009, 10:39 am 10:39 am
NO NO NO to any more power! They have more than they need now and we are trillions in debt. They are bankrupting our country, have added 78,000 employees to the govt payroll, and their salaries are paid by us. CZARS everywhere! This is serious and scary. We must stop this!
Posted by: PhoneHome | June 20, 2009, 10:41 am 10:41 am
Nonsense.
Speculators don’t have the ability to pass anything along to consumers. They don’t drill it, ship it, truck it, or refine it. They just make it more expensive so you can’t afford it.
Last year the excuse was “the Chinese are responsible”. This year there is no excuse other than greed by a bunch of 28 year old floor traders with no sense of right or wrong and a government that is asleep at the wheel.
Posted by: Hal | June 20, 2009, 10:49 am 10:49 am
Thank you for protection, dear Mr. Chicago :-) I hope that your protection does not mean you are going to make me buy your cars (GM, Chrysler):-)
Posted by: Joseph | June 20, 2009, 10:51 am 10:51 am
Every government agency he wants to create to “protect the consumers” or “protect the people” is really only another notch on his belt towards dictatorship.
Posted by: teena | June 20, 2009, 11:00 am 11:00 am
This is interesting we will see. Hope it doesn’t cost more jobs. I am all for consumer change that doesn’t just help the poor and welfare. I work hard and have worked all of my life 30 years. So far I absolutely have gotten no help from this administration. I guess I am not poor and not collecting a check to stay at home. You know what irratates me is the number the number of families that make a life out of staying home and collecting checks. I know one family that raises each generation to either marry someone so they can collect checks or plan to get more. One family in Florida out of 5 members in the house 4 get a check including the in laws. Unless the middle class finally get help which I doubt this new change won’t help at all. Teh unemployed need food on the table and assurances that won’t won’t be deserted again by this administration. It is about All Americans not a few.
Posted by: Steve | June 20, 2009, 11:03 am 11:03 am
DEAR EMPEROR O’BABBLE: We don’t need or want the federal government regulating every aspect of our lives. Suggest you spend less time making speeches and more reading the Constitution.
Posted by: Ron | June 20, 2009, 11:14 am 11:14 am
All Obama does is make speeches…
Do we really need huge government and the creation of more agencies and czars?
Dont think so….
I am starting to wonder about Obama, does he really have the experience to do this job… and does he have the right advisors to lead him.
I hope he does not disappoint me by the end of his first year.. but have a feeling that he will big time.
Posted by: lm | June 20, 2009, 11:30 am 11:30 am
I do not see the need for more regulations and regulators when the ones we had did not enforce the regualations in place while the WH and Congresses over the past two decades looked the other way.
Simpeler tou nderstand language, modernizing and updating the current regulations and disclosures are good.
Long and short of the matter, people took on mortgages and credit cards they could not afford. if the Fed and banking regulators had required them to have much tigher qualification standards to carry the loans on their books and their capital, the banks would not have been as likly to underwrite the debt.
Some states, such as NC, have had more stringent qualifications on mortgages and as such have not had the problems of FL and CA.
We do not need more, we just need the ones we have to work. PERIOD.
Posted by: scott jeffries | June 20, 2009, 11:47 am 11:47 am
Kim,
Geithner and Bernanke know exactly what the investment banker fat cats are doing with those hundreds of billions (really trillons of dollars when you count the 0%, free money from the FED). The fat cats are using it push-up stocks. Geithner and Bernanke know the conventional Wall Street narrative — “Unemployment is a lagging indicator. BUT, stocks are a leading indicator. So, you bailed-out investment bankers, you need to use the free money to boost/buy stocks and make people ‘believe’ that bailouts and massive deficits and debt are making life better.” There is untold disease and decay under that giant TARP that covers Wall Street. Main Street can smell it from here. But the fat cats made a quick 40%, blowing up the market averages 40% in just past three months.
Posted by: Julia | June 20, 2009, 11:47 am 11:47 am
Obama is so WEAK, he couldn’t stand up to a mouse! What a disgrace to the White House!
Posted by: Beth Lunsford | June 20, 2009, 11:56 am 11:56 am
When Obama says he is trying to create and agency that can set rules on how financial institutions are run, what he is really doing is bypassing the separation of the executive and legislative branches. He is planning on using executive power to create “laws” the govern the financial industry at the whims of the president. He (as head of the executive office) should be enforcing existing laws, not trying to bypass the legislature by creating an agency to act as his proxy in creating “rules” to enforce.
Posted by: common sense | June 20, 2009, 11:57 am 11:57 am
He will have to fight and fight hard. There is too much money to be made by gouging credit consumers. I think the bankers and the credit card companies want to go back to the good old days during Bush when they could rob consumers while they got tens of millions in bonuses. Of course, that caused the present depression.
Posted by: JAB | June 20, 2009, 12:14 pm 12:14 pm
By the way all of these czars the
president is creating are a violation
of the constitution.
The U.S. Senate has the right to
advise and consent on Cabinet appointments. Czars are not covered so
Mr Obama is circumventing the
constitution by naming these “czars”.
This should be challenged in court and
the appointment of czars by any
president should be banned going
forward and retroactively!
We don’t have Dictators here!
Posted by: reaganfan | June 20, 2009, 12:17 pm 12:17 pm
JAB:
There is No Depression!
Even the liar-in-chief has stopped
claiming that!
Read your Whitehouse “talking points”
before you post them.
Posted by: reaganfan | June 20, 2009, 12:20 pm 12:20 pm
Julia — You should BUY STOCKS and get RICH with the WALL STREET boys!! They are the center of our universe. Life is grand when you run with the Wall Street gang. UP 40% in just the last three months – that’s huge!
Posted by: lynn | June 20, 2009, 12:26 pm 12:26 pm
JAB wrote: “…good old days during Bush when they could rob consumers while they got tens of millions in bonuses. Of course, that caused the present depression.”
So charging for goods and services is now considered robbing the consumer? If anyone is robbing the consumer, it is the Obama Administration and Congress.
Private companies have a right to pay whatever they want–above the minimum wage–to their employees. Those who were making tens of millions in bonuses paid their taxes and spent their money–which kept the economy going.
Posted by: James Danley | June 20, 2009, 12:35 pm 12:35 pm
President Obama is doing what he needs to, what most of America has asked for him to do, which is to regulate, oversee and enforce in order to bring the financial system back onto solid ground. Those of you who don’t think it is necessary are probably either the same irresponsible type that caused the problem in the first place with a “the bottom line is all that counts” attitudes. And then there is the small but vocal contingent of Americans that oppose everything the president says or does. Strict and smart regulation is the right thing, if it was in place before, we wouldn’t have been blindsided and many hardworking Americans would still have their retirement savings and their homes’ value would be intact. The people who borrowed or lent imprudently were not the only ones affected by the housing crash, every person with a home or a retirement account saw significant impact. President Obama has my full support here.
Posted by: iamwomaninMI | June 20, 2009, 1:09 pm 1:09 pm
Obama is good at fight straw men, he’s a regular Rocky Balboa.
Posted by: flopez | June 20, 2009, 1:57 pm 1:57 pm
Oh lovely, now I feel sooooooooo much better.
Posted by: yawning again | June 20, 2009, 2:10 pm 2:10 pm
Mr. Transparency says he want to create more “watchdogs.” Excuse me, but didn’t this same “president” just fire a watchdog who exposed the theft and mismanagement of $850,000. bucks by one of His Grace’s friend’s and supporter’s?
Pffft! Whatever!
Oh, and WE are ready for a fight too!!!
Posted by: Sunnyr | June 20, 2009, 2:21 pm 2:21 pm
Mr Obama is circumventing the
constitution by naming these “czars”.
This should be challenged in court and
the appointment of czars by any
president should be banned going
forward and retroactively!
We don’t have Dictators here!
—————————————-
I wonder how long the people are going to go along with this nonsense? We could look like Iran very soon if this president keeps trampling on our Constitution!
Posted by: Sunnyr | June 20, 2009, 2:24 pm 2:24 pm
“And then there is the small but vocal contingent of Americans that oppose everything the president says or does.”
————————————
iamwoman . .. . exactly . . . and they do it mostly with name calling, insults and bad mouthing.
“Strict and smart regulation is the right thing, if it was in place before, we wouldn’t have been blindsided and many hardworking Americans would still have their retirement savings and their homes’ value would be intact.”
Seems right . . . yes.
Posted by: danita | June 20, 2009, 2:28 pm 2:28 pm
ObamacratforPalin:
I used to support President Barack Obama, but Barack Obama says one thing and means another. When Barack Obama says “I am protecting consumers,” he doesn’t mean he is protecting consumers. He is trying to protect welfare recipients.
—————————————
We have learned NOT to pay attention to what this man says but what he does. He operates in a circle of deception at all times. Remember, he is an ACORN Community Organizer from Chicago! That should tell you everything!! If it doesn’t, you need mental therapy at once.
Posted by: Sunnyr | June 20, 2009, 2:30 pm 2:30 pm
“And then there is the small but vocal contingent of Americans that oppose everything the president says or does.”
—————————————–
You will find out how “small but vocal” we are next year at election time.
Posted by: Sunnyr | June 20, 2009, 2:34 pm 2:34 pm
I used to support President Obama and like millions of other americans, I STILL DO!
What a relief after the past 8 years of the Bush/Cheney administration.
Posted by: danita | June 20, 2009, 2:34 pm 2:34 pm
Julia and Kim, You are dead on. Washington and Wall Street are walking hand in hand with the taxpayers money to create a false reality on Wall Street to make you, the unemployed on Main Street, “believe” all is well.
Posted by: betty | June 20, 2009, 3:35 pm 3:35 pm
“President Obama is doing what he needs to, what most of America has asked for him to do, which is to regulate, oversee and enforce in order to bring the financial system back onto solid ground.”
Pfft.
The Federal Reserve is one of the major root causes of this economic meltdown. The Fed CREATED the housing bubble by flooding the market with cheap money following 9/11. Obama is working to expand their powers. The Fed is spending trillions of YOUR dollars and we don’t know where the money is going and they aren’t telling. They’ve NEVER been audited since their creation in 1913.
Google “Is Anyone Minding the Store at the Federal Reserve?”
Wake up, sheep! Your country has been hijacked.
Posted by: Stacey | June 20, 2009, 4:51 pm 4:51 pm
brannigonfor all .. .
“not one red cent has been spent to help the consumer”
—————————————–
Large amounts of money in the economic recover bill were aimed at unemployment insurance payments to help out exactly those ‘consumer’s you mention.
And large amounts of the money currently coming on stream will help to employ people.
You seem confused.
Posted by: danita | June 20, 2009, 6:49 pm 6:49 pm
It’s about time we got a president that stands up for mainstream Americans instead of big corporations. The gop has totally lost it’s way and I doubt itever will find it’s way back when you consider it’s two biggest spokesmen are rush dimbaugh and nuetered gingridge.
Posted by: con me not | June 20, 2009, 7:58 pm 7:58 pm
Thank you God for sending us Obama. It wasn’t only suspected terrorists that bush/cheney tortured for the past 8 years but Americans too. Look where derugulation has taken our banks. And they shipped all our jobs overseas where they could utilize child labor.
Posted by: bushhwacked | June 20, 2009, 8:06 pm 8:06 pm
Mike_C . …
You obviously had some trouble understanding what was written in the last post.
The person said “small but vocal contingent of Americans THAT OPPOSE EVERYTHING THE PRESIDENT SAYS OR DOES”.
Not everybody who voted against Obama “opposes everything the president says or does”. In fact, the President’s approval ratings have been at times well over almost at 70% which obviously would include many people who voted against him.
This is in opposition to the Bush and Cheney approval ratings after their 8 years – which was down at 30%.
The group who criticize and oppose everything the President says or does are mostly extremists.
Posted by: danita | June 20, 2009, 8:54 pm 8:54 pm
“It’s about time we got a president that stands up for mainstream Americans instead of big corporations”
OMG! Where have you been for the past 100 days??? He just handed over a few billion of OUR tax dollars to the automotive industry (who STILL filed for bankruptcy bwt…and they could have done that WITHOUT a bailout)!!! How is that standing up for mainstream Americans? By saving a few jobs in an industry that produces dead-end technology? PAH-lease!
Posted by: hosfac | June 20, 2009, 8:56 pm 8:56 pm
“The group who criticize and oppose everything the President says or does are mostly extremists.”
I wouldn’t say mostly. Admittedly, there’s a good number of them, but they’re easy enough to spot. There are a few of us, however, who take issue (not just with Obama, but with EVERYONE) with the corruption in general that American politics is steeped in, from beginning to end. Look into campaign spending, then check the president’s wages…then do a little simple math. Once you do the math, check out who contributed to his campaign. You’ll get the picture soon enough.
Can the presidency be bought? It sure can! The current going rate is $730 million per 4 year term.
Posted by: hosfac | June 20, 2009, 9:12 pm 9:12 pm
Does anyone out there remember how the leftwing media delighted in calling the Nixon Administration the “Imperial Presidency” ? Folks, Richard Nixon couldn’t hold a candle to Emperor Obama’s turning the U.S. Constitution on it’s head and his attempted control of every aspect of our lives. Wake up !
Posted by: Ron | June 21, 2009, 11:59 am 11:59 am