Our President says he is ready for a fight on his proposed changes to the financial institution's rules. He says "It's no coincidence that the lack of strong consumer protections led to abuses against consumers," he said. "The lack of rules to stop deceptive lending practices led to abuses against borrowers." His solution will be more regulations and involvement in business that the Government cannot do any thing constructive in. Government can only hinder free enterprise.
It was not deceptive lending practices that led to the melt down of the lending markets, it was a rule to force loans to borrowers with no down payment and no way to repay the loan.
Who made the rules again that allowed, even caused the lending of money for houses that people should never have been allowed to buy? I think it was Congress and I even think it was the Congress in Clinton's administration that did it. Seems to me that Barney Franks and Chris Dodd had something or other to do with it. That's what I understand. I'm not giving the Republicans a pass because many supported and voted for the legislation. I can understand mistakes. I make plenty myself. I have to suffer the consequences, however, but these guys never even admit the MISTAKE.
The article I read gave me the impression that Mr. Obama was trying to warn the opposition not to oppose the change. Not to question his decisions. He wants to put in place a "Watch Dog Org." to monitor and control practices. Oh Brother, Big Brother. Kind of gave me the creeps. It resembles a little the Religious leader in Iran telling the people challenging the election that they better stop or there will be Hell to pay.
I think in a democracy the chief of all chiefs should be promoting debate and welcoming other opinions and ideas in order to find the most effective solutions.
GO FIGURE!!!
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