Posts Tagged ‘consumer lending’

Elizabeth Warren Appointed Interim Head Of CFPA and More!

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President Obama has finally done something that makes sense! He’s given Elizabeth Warren the job as interim head to establish the agency. He has also made her a special advisor answerable only to him to set this up properly. What this means is that ole Timmy Geithner, the bankers’ best buddy, won’t have too much say over the agency or Ms. Warren’s stewardship.

I’ve been hoping for this, as so many other Americans have across the United States. Ms. Warren is a tireless consumer advocate with a pragmatic no-nonsense approach to finance. The banks don’t like her because she wants to close the loopholes in the laws that allow them to take advantage of those least able to cope with financial difficulties.

To be sure, Ms. Warren does not advocate reckless spending and living above one’s means. All she wants to do is bring back the concept of fairness to consumer finance.  She also understands that what has happened to most Americans in the last thirty years is not that we’ve spent our way crazy, buying big screen TVs and McMansions. She understands that the average middle class family has slowly been leveraged out of the American dream by the fixed expenses, those expenses which cannot be budgeted away.

She wants to do away with credit card and mortgage contracts that are hundreds of pages long. She wants consumers to be educated about what they’re signing when they get a credit card or a home loan. She wants them to understand and truly be able to compare between financial products and make educated decisions for themselves. Right now, there is no way they can do that, because really, who is going to read through pages and pages of a credit card contract that even the credit card company representatives can’t understand let alone explain?

So, hurray to Elizabeth Warren!

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