CNN

Wealth has been redistributed to the top 2% for the last 30 years! To call Obama a socialist is laughable. The GOP couldn't care less about its constituents. They privatize the profits, then socialize the losses. Capitism at any cost, costs us ALL. This IS the result of trickle down supply-side economics.

obambi has been in office for 6 months. Now i know u cant turn things around in that amount of time but this is his economy and things are getting worse. What is the definition of an illegal war when the democrats wanted to go to war. I just want to hear one thing in office besides throw out the first pitch like a girl

[...] news by CNN's Jeff Simon The Sub-Prime Mortgage Market is Broken – Mortgage Advice ... [...]

this could freeze up the credit market – please it is alway freeze up people having been able to get any loans even after the President bailed them out. Sorry, but they brought this one on themself with all their greed that almost bankrupt this country.

Sorry, but WALL STREET have no creditiabity what so every.

If you hold a credit card, mortgage or a student loan, Congress is considering a new agency designed to give you a lot more protection. Called the Consumer Financial Products Agency, it would set new rules to simplify contracts, eliminate fine print, and get rid of the tricks and traps that led so many people to unwittingly sign up for mortgages they couldn't afford.

It is long over do. Go after the greedy Credit card becasue I am tried of them all making to big time off of us consumers. The only people against this will be the greedy rich CEO AND THE GREEDY HYPOCRITE GOP AND THEIR SUPPORTS.

MORE GOVT CONTROL

MORE OBAMA ACTING LIKE A DICTATOR

OBAMA RESEMBLES SOMEONE FROM THE 40's

GUESS WHO, HE WAS A DICTATOR

OBAMA ACTS LIKE HIM

They know obummer is an Idiot

F WALL STREET AND THEIR GREEDY THUGS REPUBLICANS!

Most americans thankfully are smart enough to realize that it will take some time for our econemy to rebound. Safe guards must be put in place so this will not happen again and that is what the repos and special interest are afraid of. The party of No doesnt want any restraints put on them. They use the smoke screen of socialism to scare everyone. So that they will be able to plunder us again. The post saying Mr Obama is the worst president are written by morons who have the attention span of knats . They think you can screw the econemy for eight years and fix everything in six months. Thats why they lost the electon and have been complaining and trying to sabatoge the presidency ever since. They are all unpatriotic boobs. What do you expect from people who follow the likes of ol rush. Thanks Mr. Predident for getting these things in place.

addon July 17th, 2009 5:49 pm ET

I need to hear from my fellow american – republicans (a dying breed but certainly a vocal lot)

I'm seeing several posts that say directly or indirectly that Obama is the worst president in history. Is this what we are to believe? After only 6 months in office? Worst president ever after inheriting the worst economy of our live times?

Please explain how this can happen so quickly; when most of us believe that the US economy is not something that can be fixed over 2 quarters.
-----------------------------–
Got some news for you, the economy did not start to seriously tank until Obama won the election. You liberals are so spoonfed.

This President has no real job. He is radical. He lacks common sense. No wonder he is coming from likes of Rev. Jeremiah Wright. America, bad days are ahead of us. It will get worse and then it will get better when Obama is out of power. These democrats wants to accomplish everything radical within a short span of time because their power is limited for another 1-2 years. I hope and pray that America will rise up and dump these radicals and progressives in the ditch so that they never surface again. If we cannot do it, Almighty will punish them because they are Godless..

Nathan,
You mean a dictator in the form of Dick Cheney for 8 years who took orders from no one included his own boss, the President himself. Fly away knat.

Anyhoo, I find it absolutely incredulous that these same financial institutions who held our government and our citizens hostage for TARP money, have been back practicing the same risky practices months later after all the money they've been taking and making this year, now don't want to be regulated, AT ALL. Are you freakin kidding me? It's like an inmate telling the corrections officers to just leave him the key to getting out the door, he'll be back in the pen before dark. The banks have amassed too much power worldwide and it's time for world governments to take them over which they should have done from day one. They have no morals or scruples, none of them and as much as I hate government intervention into anything, the banks are the primary one's who need socializing because they're like an incurable disease at the present that will on scourge the taxpayers and make it worse.

I would like to hear any member of Congress who opposes this agency defend the deceptive practices that it would prevent - because defending those practices would be defending Bernie Madoff capitalism.

If Congress does kill the agency, Obama should order the Treasury Secretary and other regulators to carry out white-collar crime fraud investigations and prosecution of the companies that use these practices. On second thought, do the latter anyway. You have the power - use it!

credit card companies and banks did not lead to the collapse of the world economy only an idiot would think that the governments lead the the collapse period it is all 100 % the governments fault if the banks werent lending their money the market would have collapsed a long time ago

Financial innovation is about coming up with new fees, charges and surcharges for the same or lower level of service. The fuel of the economy are hard working personnel. Of course they are going to fight this as it interferences with their bottom line.

If they knew how to fairly regulate themselves there would be no need for this new agency.

Dems gained Congress in 2006. If economy was bad, why didnt they propose legislation to address it. If youre looking for culprits behind the housing meltdown, no one fits the bill better than Barney Frank and Dodd.

"Fool me once, shame on me. Fool me twice..." Wall Street and the financial industry has had it's shot a Free. They've had welfare, medicare, food stamps, and every other entitlement program, doubled, tripled and handed to them over the last two years. So next time, jump out your windows, starve and go to where the sun don't shine. You've cheated, lied and deceived for the big bucks. That's over. Obey the rules or sit out the game. And finally, get ready to pay taxes on your bonuses. Any politician who even thinks about baling out Wall Street again had better be ready to retire.

This will only further bankrupt the financial services industry. These regulations will cost money, and that means less for all of us as profit margins are squeezed. By the way, is anyone sick yet of receiving all those damn Privacy Notices? I wonder how much that regulation is costing American industry......

Who cares what paid lobbyist want. The American people want a Consumer Financial Products Agency, and we will have one.

It's only those vultures who have caught been feeding off of the American public, that are fighting so hard against what's right.

Exactly. The days of Corporate Lobbyist/Republicans are over. They have lied, cheated, killed, and stolen from the American people for far too long.

No matter how many slogans they come up with, we know clearly that their ONLY 'goal' is to make profits, at any cost......to the consumer.

Maybe it's time for a government bank that offers banking services to keep the banking industry honest??

For eight years, big business raped and pillaged our economy. The total amount, 11.5 TRILLION DOLLARS.

So the new President, spends 787 Billion, and all of a sudden it's breaking the bank. I will repeat, the Bush Administration spent or lost over 11.5 TRILLION DOLLARS. Most of it spent bailing out their cronies in the finance industry. These same pukes have the nerve to complain about everyday people getting health insurance?

Here is the link: The Bush era cost this nation 11.5 trillion: http://articles.moneycentral.msn.com/Inv…

Read the article people, all five pages. We're lucky to have a President that knows it's going to cost some money to restart this country. MSMedia, doesn't want you to know just how much of our future was pawned away by their friends in corporate business.

The truth is, we should be kneeling at Pres. Obama's feet, thanking him for taking on this dangerous job. The Man is doing everything he can to fight the single biggest threat to our way of life in the last hundred years.

They always say, "Ignorance is bliss" CNN, like every other MSmedia source is not willing to tell the truth. Their advertisers demand otherwise. Financial regulation simply another example of how much help our country needs, yet Repugs & Bluedogs are fighting the President every step of the way.

[...] CNN Political Ticker: All politics, all the time Blog Archive ... By CNN's Jeff Simon The agency was the brainchild of Elizabeth Warren, who is Congress' watchdog for the Wall Street bailout as chairwoman of the Congressional Oversight Panel. She says the agency would require that companies offering credit cards and ... CNN Political Ticker – http://politicalticker.blogs.cnn.com/ [...]

This bickering and stupidity would not occur if Hillary Clinton were elected.

1. Create and start the agency. 2. I could care less what the financial industry says/ lobbies. 3. Let credit like this dry up. I do not care about it. 4. Perhaps then people who buy this snake oil will start to pay by cash as they need/ buy something. 5. Perhaps people will start to save instead of spend beyond their means...and with compounding interest. 6. Only this way will the U.S. be financially solvent again. 7. Have a nice weekend !

"That's no small thing given the industry that spent $373 million on lobbying last year " .... I thought they were "broke" – turns out the financial system is just "broken" – more of "stay the course" = more financial chaos.

Wall street wants to rob the consumer in the name of greed, put the lobbyist in the unemployment line.

you screwed up so bad you brought on a world recession

shut up and take your medicine

Of course they are going to fight it, i.e. the financial institutions, their entire business model with credit cards is to keep you in debt, that insures the longevity of the institution by keeping you paying fees and interest.

@fair is fair. If you have ever made a BIT of sense you would be scary. You have NO idea what you are talking about, you make NO sense, and you are clearly a very lonely bored old man. This article is about the new program to protect consumers, and NOT walstreet, dont like it...WHO CARES! Your an idiot

We have to have some oversight. Too much of anything is bad. These guys have been ripping us off for decades and we have just stood here and taken it like good little zombies. Get away from your tv's. Write your congress person. Vote them out if they are only going to be for money and corporations! They are there for us. They represent us. Make them get back to doing that as the constitution prescribes. It's time for a change. Maybe a revolution. Whatever it takes. Our founding fathers would be sickened by how simple and greedy our nation has become.

Bill Clinton & Al Gore spent 8 years reducing the size of government, thereby saving taxpayers tens of millions of dollars. This dude has undone 8 years of government reduction in six months. We have over 3 years left of this person. My lord.

Of course the financial industry will fight oversight and regulation; it will destroy their gravy train. Wall Streeters and the big bankers should be thankful they are only facing regulation and not a firing squad.

These thieves need to abandon their dream world and face reality.

Nathan – you're an idiot! He's arrogant? No, he's intelligent (you are enot). He's a dictator? Give examples (you're just a dick). He doesn't take advice from anyone? He is probably the most "informed" POTUS we've had in at least 8 years (at least he's not listening to Cheney or Rush like you are). He throws like a girl? And I'm sure you're perfect at everything you do. Geez, man, get a lfie!

It is fantastic that they are called "greedy credit card companies." It amazes me how people feel they have the right to credit. IT ISN'T YOUR MONEY. IT IS THE BANK THAT IS LENDING YOU THE MONEY. If you don't like the terms, then use your own money. Pretty simple. It is not life, liberty, credit and the pursuit of happiness.

This is just a duplicate effort and a waste of taxpayer money, we have the regulations in place, we just neeed to add some teeth to them.

American enemy # 1 lobbyist and self interest groups. Both groups hide under free market, capitalism and patriotizm while milking the whole country dry, these groups never care and will never care about the beautiful industrious country they dwell in. Their main purpose is making money regardless how unethical or immoral their acts will impact the society at large. These are the same groups which egged on companies to go offshore, these are the same group who are fighting the health care reforms forgetting that, the present value of the federal government's major reported long-term "fiscal exposure" the difference between what was promised and and what was dedicated revenues- totaled $ 50 Million in 2006, This represent close to 4 times gross domestic product (GDP) in fiscal year 2006 and is up from about $20 Million, or 2 times the GDP in 2000. If we wanted to put aside today enough money to cover the promises, it would take about $440,000 per American households up from $ 190,000 in 2000. Talk about the time value of money and you gonna unmask the hypocrites pretending they are on the your side!. If people really care about the future of their children issues such as health care reforms should be addresed urgently. Remove the middle man the (lobbyist) and the health care will be affordable to all Americans.

Surely no one is surprised that these financial institutions do not want to be regulated. Who is supposed to be protected by this action? The consumer. Who is opposed to it? Large financial institutions. Have we not figured out yet that regulation is a good thing? Have we not figured out yet the the federal government's acts of regulation are performed to PROTECT the taxpayer, the homeowner, the American citizen when there is no one else looking out after his interest. Who precisely is lobbying Congress for YOU? Seems to me like it is the President of the United States right now.

oh no, Obama you best no let these people get away with this nonsense anymore. Put the regulations back in place and make more than we had before. protect the US citizens, not the wall st banker. They are so out of touch its insane. Its just fine to turn a profit, but not fine to throw ethics and there customers under the buss. Make credit card contracts easy to read, short and simple, prevent crazy rate hikes that they impose for no reason. We need more consumer protection. Anyone against it, is not for the common man, but rather for the cooperate elite few.

FYI Baily's and ceasar's casinos will not provide health insurance for there workers yet the CEO made 93 million last year>> Greed at its finest!!

Of course they do, they are GREEDY as hell. Wall Street better RECOGNIZE, they are NOT above being dismantled if they continue down this path. Don't forget that you just got bailed out, you don't want to PISS OFF the White House, not a good idea at this point.

Time after time after time,,,,,,,Obama stands up for the interests of ordinary Americans – consistently and faithfully – and the right-wing nut machine cries 'Communism' 'Socialism' and any other name they can dream up to avoid considering the merits of Obama's initiatives. In every single case, they help the average, low- to middle-income American who simply wants to earn a decent living in exchange for hard work w/o being ripped off by Health Insurance Companies, Wall Street and Credit Card companies. What is wrong with you right-wing nut-jobs? You would rather listen to to wealthy bigoted self-interested liars like Limbaugh, Beck and Hannity than actually think for yourselves and consider what is truly in your best interest!

Is this surprising that the greedy bastards who bankrupted the country are upset that they might actually have to perform according to some rules?? They needed the bailouts because they were broke and this is how they thank the American people??

Cry us all a river!

Sounds like the spyder and the fly.

How about we start enforcing the laws we ALREADY have, with all of the agencies we ALREADY have? Can anyone say SEC Fail? Anyone go to jail yet over the financial meltdown? Can we say blatant fraud? Anyone get fired at the SEC?

We need politicians that are as intelligent as the people on Wall St. or atleast, politicians who are bright enough to have advisors as intelligent as the ones on Wall St.

We DO NOT need another GOVERNMENT AGENCY! If you PUNISH them when they do something wrong. They won't do it anymore. Instead you have REWARDED THEM for doing something wrong. A lot of those companies should've been structurally dissolved by our government. Instead they are posting profits and paying bonuses out (to the vast majority of the people who got us into this, who's personal wealth hasn't be greatly affected btw). A lot of them are using OUR money to do it.

Stifle innovation...........really, like those "funny" loans and credit card practices. Those are just out and out thievery not innovations. The regulations are needed because time and again this industry has proven it cannot be trusted to perform ethically and greed prevails. All consumers should be outraged by this industry's deceptive practices.

There needs to be a reform in many areas of the economy. Credit companies & Mortgage companies. Certainly have always been out for themselves. The "No Document" Loans would never be allowed if this were not the case. Wow, Talk about an invitation to lie. What about Credit card companies, They give credit cards to students? when has a student had enough money to pay for anything, other than a pizza & a movie, not to mention the students education loans. They are being defaulted on as well as mortgages. What about Real Estate Companies that work in connection with Mortgage companies, You don't think they know when someone is looking at Pie in the Sky homes rather than what could actually be afforded? They all have one thing in common, Commissions & Bonuses. I think that if something doesn't change that's what will bring this economy to its knees, again and again. Thank you OBAMA!

I think the American Culture is so fixated on "right now" it is the equivalent of a national case of ADD.
We live in the coming of age of the "Me generation", and they are not interested in who they screw on their way to the top.
Everyone is so busy pitching themselves its hard to believe ANYONE is working for us in the literal sense.

bye bye greed greed... were are tired of this companies trying to control out lives... bye bye... GOP will get voted out of their offices

Big surprise...they don't give a shit about this country, as long as they make/steal money.

How suprising, the people who helped fuel the problems would really like us all to just leave them alone, please.

Hey if you don't like some one trying to fix the worst mess in history that the Bush people have made for us then do something about it.
Obama is only man trying for the first time that I have noticed in all my adult lift that is trying to tackle everything that we have all been complaing about for years. Healthe care that is fair for all and protecting the middle class that is responsible for the growth of the Nation. Let's try to support the ones that try and boo the complainters.

The Walstreet fat cat who fights against Obama says "He insists any changes in the industry would have devastating effects on the economy"

hmm Devastating he says ......what do you call the biggest recession since ww2 ?

I think our president is the best leader in the world. He used our money to bail out same banks that are busy fighting to bring him down! What if he let them collapse and expand small scale banks which practised ethical lending? What if he blacklisted all those inept CEOs. We need a true dictator to pump sanity back to this greedy corporate madness! I can't believe these banks are using millions of $ to fight ethical practice. We are tired of this bank theft.

F-Wall Street.

Bunch of whinney little thieves.

More Regulation NOW !!!!

P.i.S.S.O.F.F. you little girlie boy

NO MORE GOVERNMENT RUN ANYTHING!!!

Nathan is a twit. How does wanting to protect consumers amount to arrogance? The arrogance is that of the greedy, money-grubbing Wall Street financiers who are fighting tooth and nail against regulation because they want to be able to continue sucking gullible people into usurous lending situations. These jerks know that if they are required to spell out terms of loans honestly, people would probably look to another lender if there's anything fishy, and if they must make it comprehensible then they cannot steal from as many unsuspecting people. There is nothing arrogant about wanting to reel these sharks in. And no, whats-yer-butt – oh, yeah, "Fair is Fair" – high interest rates are NOT needed to "cover deadbeats." Your so-called "deadbeats" would not exist if loan contracts could be read and understaood by these people – they'd be much less likely to get in over their heads if they know what they're getting into. All Obama is asking for is some RULES to make sure people know what they're signing, and to make sure these thieves in the lending industry aren't trying to pull a fast one on the consumer. You aren't smart enough to grasp this, but it's actually a very, very good idea.

With Hillary, you would have also had Bill. A respectable stability.

A proven stability. But with Barack Obama your left with a little boy, playing skittles.

i just wonder who lobby for the middle class?

[...] News Sources wrote an interesting post today onHere's a quick excerptFromCNN Correspondent Jessica Yellin Congress is considering a new agency designed to give consumers more financial protection.WASHINGTON (CNN) — If you hold a credit card, mortgage or a student loan, Congress is considering a new agency designed to give you a lot more protection. Called the Consumer Financial Products Agency, it would set new rules to simplify contracts, eliminate fine print, and get rid of the tricks and traps that led so many people to unwittingly sign up for mortgages they c [...]

I am really happy to hear that the President is trying to help consumers and not to make the richer have the privilege to charge for whatever they want and to have luxury at consumer's cost. it is time for americans not to be afraid and support Obama. This will bring or leave more money in our pockets and not on the wealthy Republicans who protect the rich as usual.

Like THEY are the ones that deserved the biggest trust from our part in this issue... Yeah, right...

So you think that we need another government agency. This will cost millions of more dollars each year and accomplish nothing just like most of the government agencies that aren't doing anything now. I can't believe that sobody should be watching them already.

Fair is Fair July 17th, 2009 5:56 pm ET

I'll be the first to admit, something needs to be done with outrageous credit card companies.

But perhaps the biggest reason for such high rates on credit cards is because they have to cover their losses for deadbeats that stiff them.
------------
Thanks for admitting it. But let's not pretend they are taking huge losses. Where did they come up with that lobby money, of 327 million?

Let's be real, they are ripping off america, plain and simply. Should people read the fine print...by all means yes. But there should also be criminal suits and ALOT more regulation on these villians.

Thank You "fair is fair"......I see your point! Spending is out of control and Obama is pushing ahead.

I felt the same discomfort with Bush pushing ahead with wars while avoiding publishing the budget of same. The wars will cost us more than $2.5 trillion over the next ten years. The cost for healthcare for all americans is less that 1/2 that amount.

Now I go to this premise......is it more patriotic to put that amount of money into Iraq and Afghanistan and avoid doing what's necessary for the american public (just because we screwed up our priorities)?

Please answer ...and I say this with respect for your intellect and honesty

"That's no small thing given the industry that spent $373 million"

The only way you can have that much money to spend on lobbying, is by cheating the public with fraudalent and/or misleading contracts. Hang em and hang em high.....let their children watch their criminal parents put to justice!

Oh you mean Obama is taking over another private sector that is suppose to be denied him by the Constitution. I could have swore he said that he would uphold our Constitution!!! I guess that was just another lie or that he really meant he would hold it up so that he could light it on fire to destroy it.

I AM ALL FOR THIS. AFTER GETTING SCREWED ON CREDIT CARD INTEREST RATES WITH A RECORD OF NO LATES ANYWHERE AND NO OVER LIMITS THEY JUST RAISED MY RATES. SCREW THEM!!!!

I love seeing the Wall Street fat cats shake in their shoes!

[...] Street would rather NOT be monitored by a federal agency, if it's all the same to you, Mr. President.  Hard to be [...]

Hey Denise, Wall Street doesn't owe you jack s_ _ _.

All you idiots who call the banks and credit card companies greedy, I would be happy as a claim if I had all of the foolish Americans spending over their heads throwing their money at me every month.

When will someone who is in the trench financially because of their desire to live beyond their means admit they screwed up and take some personal responsibility for their actions?

Guess what, folks: governmental regulation is a GOOD thing! It is the crazy fetishization of de-regulation since the Reagan era that got us into this current mess of boom and BIG bust cycles. In particular, the insane drive to push credit onto folks who are in no position responsibly to use and pay for it has been very destructive.

Remember, folks, the government is suppost to represent the interests of the people. The people are what count, not the special interests pouring lobbying money into Washington. There is nothing inherently wrong with the government regulating stuff.

Call it paternalistic, or whatever, but believe it or not there really are things (like complex financial instruments and contracts) that the average member of the public is NOT qualified or experienced enough to understand, and buying into this fiction of the "free market" and "self reliance", etc., is bad.

I guess I won't be invited to any GOP barbeques this Summer...

Ohhhhhhhhhh nooooooooooooo. Another trough program with another "czar". We need to tell this new president and Congress that this lunacy HAS TO STOP.

Do you hear that all you Senators and Representatives from South Carolina?

@zero
"Winning isn't everything. He should have let Hillary win the Election.
---–

So we can Hillary Care 2?...um...no thanks
BTW, she lost. Not over it yet? You must be the last PUMA on earth...lol

@Fair is Fair

"...cover their losses for deadbeats that stiff them."

Yeah those poor, generous banks are so kind to lend money to these deadbeats, and they are absolutely powerless when it comes to recouping that debt. PFFFT.

I don't see how making simpler contracts and eliminating gimmicks will COMPLETELY, as you say, eliminate profit motive. They'll still be able to profit generously, but not by tricking and confusing people.

[...] Mortgages, News Sources, Obama, Street Fights, Student Loan, Tricks And Traps, Wall Street News Sources wrote an interesting post today onHere's a quick excerptFromCNN Correspondent Jessica Yellin [...]

anyone that thinks that all these problems that our country faces can be fixed in the first 6 months of the new administration is not thinking realistically.

And guess who else is fighting regulation? Right, the GOP and it's ill-informed supporters who are being screwed over by the financial industry, too.

Dutch/Bad Newz, VA July 17th, 2009 5:59 pm ET

@ Nathan

The dictatorship was from 2000-2008. Veto this, veto that, deregulate this, deregulate that. The sub-prime mortgage meltdown happened on your guys watch. I knew when it started the sky was going to fall. Which is primarily the cause of this recession. Shall I list some of the damage?

-A war of CHOICE in Iraq
-Sub-prime mortgage meltdown

=====
SUB-PRIME MORTGAGE was started in the 90's, Bill Clinton era. People can buy homes even with bad credit. Obama represented a group in Chicago and sued a bank for not granting loans to black people with bad credit ratings/history. Don't blame Bush, blame the Democratic Party.

Geee, I don't have a credit card or a debit card.
I pay cash for everything.
Is this new law going to affect me ?
How much additional income tax will I have to pay ?

I can't believe people here actualyl want ACORN to run Wall Street.

Oh, wait, yes I can... they're liberals.

So Nathan! . . .What you are say is?? . . . That you are in favor of Wall Street because you hate Obama. He's considered a dictator because he's trying to HELP THE COMSUMERS. Well! If that's the case than lets here it for the dictator.

CNN NEEDS TO STOP THE LIES, AND TELL THE TRUTH

The GOP base is usually a reliable source of useful idiots willing to swallow whatever tripe is thrown at them by the real GOP, ie the mega-rich. But with so many of them being among those who've suffered because of predatory lending, credit card gimmicks, etc, I don't know if this time they'll be as willing to vote against their own interests.

CNN is trash NEWS, and will suffer in the RATINGS. keep on blocking my emails , Americas knows who you are GOP

Down with lobbyists. Up with consumer protection.

This seems like something all Americans can get behind. All of us need protection like this. Who could possibly be against it?

I don't know. This organization is essentially the finance police. I'm all for it if it can be done reasonably. Let's not forget: all of us are capitalists. If they're gonna be the sherriffs of wall street, I'm just worried that they might get a little bit carried away with oversight. Don't get me wrong, oversight is something we need in wall street, I just don't want to see it taken too far. If that happens, all our corporations (aka those "thieves" who "started all of this") would just go overseas, and boom, there goes a few million more jobs.

I'm just saying that this has to be done with care and disciplined responsibility.

The Consumer Financial Products Agency is long overdue. Of course, the financial services industry and the lobbyists are going to fight this new agency, afterall, it will take away their license to steal. In my opinion....regulate, regulate, regulate!

CNN you should be ASHAME of your NETWORK ,for these HATEFULL emails ,by these (FOX NEWS) crowd about the President,to even print them ,show CNN has lost it CLASS it once had.This is very dangerous, because it fuels Hate,and Divide. America wil not tolerate BIGOTS, and it appalling for CNN promote an negative asault on the President. You will be in the SPOTLIGHT ,if some CRAZY does something harmful. You are JEALOUS of the popularity of our President ,and is down right NASTY<the way (CNN IS ACTING) with these (RACIST) email. SHAME ON CNN..........

the whole thing is looking like the guy that buys a lock after the door was forced and somebody broke into his house. If he had a lock before, could the burglar break in? Yes, but it would have been a bit harder.
So now the guy wants to take precautions against a new 'burglar'. Good for him and the people that lives in the same house than him.

Of course they are. It's about the money, stupid.

Sorry Wall St. greed, your neoconservative cronies were voted OUT of office.

Many Americans voted for reasonable regulation & oversight to help avoid another financial collapse and ensure proper protections for consumers.

@ addon, in response to your query -

First... the "worst president" rhetoric is spewed a lot mainly from the fringe. Take it with a grain of salt.

Second... the policies that Obama embraces and has put into place flies in the face of the capitalist system which made this the greatest country in mankinds history, in less than 200 years, what other civilizations cound not come close to in thousands of years. It's enough to make anyone shudder.

Third... his healthcare initiative is alarming. While there undoubtedly needs to be reform addressed, a government takeover of 17% of the economy (in addition to what was already taken over) is unprecedented.

I could go on...

Finally, credit card companies need to be monitored, greedy card companies will do ANYTHING to get in your pockets!

Winning isn't everything. He should have let Hillary win the Election.

Stood out of sight and learned. Now he has to carry the Ball like it or not...

@ Nathan

The dictatorship was from 2000-2008. Veto this, veto that, deregulate this, deregulate that. The sub-prime mortgage meltdown happened on your guys watch. I knew when it started the sky was going to fall. Which is primarily the cause of this recession. Shall I list some of the damage?

-A war of CHOICE in Iraq
-Sub-prime mortgage meltdown

"The fnancial services industry. According to one of the industry's top lobbyists, stopping the agency is "our number one priority." That's no small thing given the industry that spent $373 million on lobbying last year alone"

Well, now we know who provided republiklans with campaign funds for 2008!

The financial institutions want to continue to rape the American people. They most certainly do not want regulations that would require them to be fair and honorable.
The republicans have been classified as our domestic terrorists, now we must add financial institutions, lobbyists and all those who do not want our country, middle class American survive.

Of course they do...and in response the "speculators" work the stock market to drop the indexes....
greddy bastards need to be regulated

I'll be the first to admit, something needs to be done with outrageous credit card companies.

But perhaps the biggest reason for such high rates on credit cards is because they have to cover their losses for deadbeats that stiff them.

If you take the profit motive out of business completely, you take the reson for the business existence in the first place.

That's not the kind of system I want to live under.

Nathan believes in redistributing my money to his party's friends who sell us weapons at a premium. Republicans are socialists as well forcing us to pay for their corporation's tax cuts. Dividend income are not taxed like my W2, they get tax cuts. I dont have any dividends why dfo I have to pay for their free ride because they have dividend income

I'd personally rather that these banks and financial megagiants write more loans for small business enterprises and shore up our ailing economy and restore my 401(k) than use bailout funds from our tax dollars to fight legislation aimed at reining in the worst of their shenanigans. Have they forgotten entirely what it is they're meant to /do/?

Therein lays the crust of the economic woes in America. BIG BUSINESS. If the Tarp hasn't proven it by now, nothing will.

These businesses are out for one thing and one thing only: to screw the American people. Congress is absolutely terrified of big business and their lobbyists. All those lobbyist campaign contributions and other perks certainly haven't help the working poor in this country. They never will.

Greed. Pure and simple.

Who cares what WS thinks???? They owe US!!!!

OF course these wallstreet hacks fight oversight. There goes their chance to continue to rip off the American taxpayer. Same goes for institutions like auto manufacturers, health care and banks. Thank you Mr. President for making a difference in the lives of average Americans.

We need regulation laws enforced. Those yahoos have brought the entire world economy to it's knees. Throw the bums in jail and shoot the lobbyists with tranquilizing guns.

Of course the financial services agency will fight this. They're the same thieves and liars that were responsible for the financial collapse.

We don't have enough financial regulation, obviously. If we don't get some we're going to keep repeating what we just went through.

my mom was a VP at Fleet Credit Card Service and she would NOT allow me to get a credit card until i was 21 and even then strongly advised i don't get one...why??? you figure it out.
she retired from the industry and now works for a non-profit that helps people get out of debit and educates college kids on consumer credit; the dishonesty, maliciousness, callousness, and trickery of the industry. that industry has our congress in its pocket so don't look for congress to bite the hand that feeds it. Even joe biden (as a Dem) frequently voted for the financial industry over consumers because his state (Del.) is owned by credit card companies!
it is absolutely astonishing to me the kind of underhanded practices that take place, as my mom tells me, in this industry...it is essentially usury and the government has been complacent in allowing it to get where it is today.
they say these companies are not even interested in recovering principles in whatever financial product they offer. you are penalized at times for attempting to remit the principle!!!!! the profits are in crazy interest rates, fees, penalties, and $500 credit loans that take 5 years to pay back. by the end, you have paid out $5,000 to cover that small loan...and it is perfectly legal!!!
SHAME!!!

sorry for the rant...just knowing what i know, i am saddened and ashamed of our government...if you thought the gov't is looking out for you, think again.

I need to hear from my fellow american – republicans (a dying breed but certainly a vocal lot)

I'm seeing several posts that say directly or indirectly that Obama is the worst president in history. Is this what we are to believe? After only 6 months in office? Worst president ever after inheriting the worst economy of our live times?

Please explain how this can happen so quickly; when most of us believe that the US economy is not something that can be fixed over 2 quarters.

Another timely needed piece of legislation. Some many Bush laws to overturn. The current administration should be very busy over the next 3 years.

How arrogant. He is becoming a dictator. He doesnt take advice from anyone. He also throws like a girl.:-P

Watch the Republicans help them fight. . . .

Well they do have to spend all that bailout money on something what is wrong with a little lobbying? Not like they are bribing our elected officials? right Barney?
We rushed to bailout Wall Street saying it was need to save Main Street. Wall Street has record profits.
main street has...PINK SLIPS!

More proof personal responcibility is just another liberal talking point!

This is just another scheme for more government control of the people!

We've moved from creationism to darwinism now to Obamanism, where the govt does everything for you.