From Reuters: “Lax regulation has been widely blamed for permitting a flood of inadequately documented loans to be made during the boom years of a U.S. housing market that has since soured and now threatens to drag the economy into a deep recession.” Read the article at http://news.yahoo.com – search: U.S. seeks enhanced financial authority for Fed
Deregulation of lending has allowed credit card companies to go wild with ever increasing fees, rates, penalties hidden in million word incomprehensible contracts – essentially financing designed to enslave unwary consumers into financial devastation.
Leading economists blame lack of regulation for the greatest threat to the US economy since the Great Depression! Lack of regulation allowed lead into toys, poisons into toothpaste, pet foods, adulteration of medications that have caused numerous deaths, unsafe air travel, etc., etc.
When will people realize we need our govt to protect us, we need better govt, not less govt?
The republican focus on deregulation since Reagon has turned the middle class into prey for predatory and unscrupulous corporations while depriving us of rights under bankruptcy & civil laws. Are republicans finally recognizing that their actions have led the US to the brink of another great depression, endangered our lives, wrecked the job market and taken the greatest country in the world into a giant mess all in the name of increasing the wealth of the wealthy at the expense of the rest of us? Not to mention the devastation of our position as a moral leader in the world?
This is Bush’s plan for more regulation in order to save the economy from completely collapsing. This is not a democratic or liberal plan – it is a republican calling for more regulation. Some of you can’t read, apparently.
Martha
Jorge
Banks want to make profits, -how is govn’t regulation going to help their bottom line?
If they make ‘bad’ loans, – they loose.
This is another example of regulation “saving people from themselves”. Sorry, – I don’t bite (at that philosophy)
Regulation should go after cheaters and crooks. The average ‘buyer’ in the market should remember the phrase ‘buyer beware’. Yes, – someone wants your money, – you should be smart, -and remain vigilant.
Paula
Of course not. We need to keep government out of our homes, cars, and our lives as much as possible. If the Dems continue in their idea of “Big Brother” they will be telling us what to eat, when to eat, when to exercise, how much to exercise, and of course it will come along with where to work and when to hand over our check to them so them can spend it better in their estimation. If you want more government, work on the border first.
Melvin
i’m not admitting that because you are wrong
Viola
Who admitted it? Who is seeking further legislation? We do have a democratic run house and senate. So you want Big Brother everywhere watching everything you do.
Betty
Wow! I allways knew that liberals think the American people are to stupid to think for themselves and want to think for them, but this is the first time I’ve heard one proclaim it out loud for everyone to see.
Are you in the Gen X group? Just curious.
Jeffrey
Privatization is a wonderful thing….but I do strongly believe that a government should hold the monopoly of certain institutions and plants to ensure that all citizen are taken care of: such as banks, power plants, hospitals, and retirement programs—capitalism has allowed that people get ripped off by predatory lending practices, by getting charged an arm and a leg for power, and by private health care. I do not think that this is communist or socialist–this is just common sense. Just look at these companies that disappeared, leaving those behind who worked there 20 or 30 years, and taking the retirement accounts of those who had them away from them—and all that legally, meaning they got away with that. I find it horrible that a government supports such practices and really think that those are the things the government should control and hold……
Don
Free enterprise is the key to a flourishing economy and the government keeping it’s mitts off at all cost. If consumers are so blind as to sign up for credit cards without reading the fine print, or sign up to home loans without doing their homework, its on them. To then have Uncle Sam step in to “fix it” as if being our “Daddy”, is clearly not free enterprise at its best. Now imported goods that impose health risks, that is another issue. As long as we continue to buy cheap junk from China through Wal Mart and the like, we only put ourselves at risk and continue w/the trade imbalance. And getting any news though Yahoo news sources? As SPOCK would say, “That is simply illogical captain!” A liberal media source. Not fair or balanced. Bring on the violation notice! I love em!
Scott
If you want the gov’t to run your life for you move to China.