watermock
06-20-2009, 03:32 AM
Obama warns that he's ready to fight for financial overhaul plan
WASHINGTON (AP) — President Obama is warning critics of his vast financial overhaul plan that he has no patience for debate from hard-line defenders of a system that has exploited bewildered consumers. Pushing for a law this year, Obama said: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address on Saturday to defend a proposal, unveiled last week, that would impose and enforce new rules for the nation's embattled financial system. The goal is to prevent a repeat of the breakdown that has sent the U.S. economy reeling, but such a complex rewriting of the rules faces a fight in Congress and opposition from some leaders in the banking and insurance world who have found fault with some details.
Appealing to everyday Americans, Obama focused on one part of his plan: a new consumer watchdog office that would protect people's interests.
"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."
The new Consumer Financial Protection Agency would specifically take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with straightforward and affordable terms, among other changes.
"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," Obama 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."
More broadly, Obama's changes would begin to reverse the easing on federal regulations pressed by President Reagan in the 1980s. Democratic leaders in Congress are promising legislation will get passed this year, but that depends in part on how key questions are addressed on Capitol Hill, including the role of the Federal Reserve.
"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept — what I will vigorously oppose — are those who do not argue in good faith."
By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations but said special interests are already mobilizing to fight change. He called that typical Washington.
"These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "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."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://www.usatoday.com/news/washington/2009-06-20-obama-address_N.htm?loc=interstitialskip
It's right in the fine print. Wall Street/the fed is running our country. WAKE UP!
In fact, this gives the fed even greater powers, rendering our economy slaves to the elite of Citi, B of A, Chase, and Goldman/Sach's,and it's taxpayer puppet AIG and other members of the global banking elite..
WASHINGTON (AP) — President Obama is warning critics of his vast financial overhaul plan that he has no patience for debate from hard-line defenders of a system that has exploited bewildered consumers. Pushing for a law this year, Obama said: "While I'm not spoiling for a fight, I'm ready for one."
Obama used his weekly radio and Internet address on Saturday to defend a proposal, unveiled last week, that would impose and enforce new rules for the nation's embattled financial system. The goal is to prevent a repeat of the breakdown that has sent the U.S. economy reeling, but such a complex rewriting of the rules faces a fight in Congress and opposition from some leaders in the banking and insurance world who have found fault with some details.
Appealing to everyday Americans, Obama focused on one part of his plan: a new consumer watchdog office that would protect people's interests.
"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."
The new Consumer Financial Protection Agency would specifically take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with straightforward and affordable terms, among other changes.
"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," Obama 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."
More broadly, Obama's changes would begin to reverse the easing on federal regulations pressed by President Reagan in the 1980s. Democratic leaders in Congress are promising legislation will get passed this year, but that depends in part on how key questions are addressed on Capitol Hill, including the role of the Federal Reserve.
"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept — what I will vigorously oppose — are those who do not argue in good faith."
By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations but said special interests are already mobilizing to fight change. He called that typical Washington.
"These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "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."
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://www.usatoday.com/news/washington/2009-06-20-obama-address_N.htm?loc=interstitialskip
It's right in the fine print. Wall Street/the fed is running our country. WAKE UP!
In fact, this gives the fed even greater powers, rendering our economy slaves to the elite of Citi, B of A, Chase, and Goldman/Sach's,and it's taxpayer puppet AIG and other members of the global banking elite..