I just took the Dr. Elizabeth Warren challenge! (You should too for better Consumer Protection!)

[Nikki Stone1]

This morning, Harvard Law Professor Dr. Elizabeth Warren, one of the heroines from Michael Moore's "Capitalism: a Love Story," appeared with Dylan Ratigan. Dr. Warren is on the congressional oversight panel that is about to evaluate TARP.

See interview here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=386110&mesg_id=386110

At the end of the segment, Ratigan gives us a challenge. Dr. Warren's first solution for fixing this problem is the creation of a Consumer Protection Agency and this bill will be coming up before Congress. According to Dr. Warren, the banks are OUT IN FORCE and are wanting to water down the bill. They have already caused a few amendments to be placed on it. Dr. Warren says that if people write their congressional reps and Senators NOW, they have a change of getting this thing passed WITH TEETH. Otherwise the banks will water it down.

Ratigan asked all his viewers to contact their congressional reps and Senators. I have just contacted mine. Here is the letter I sent. Feel free to cut and paste.

THIS IS REALLY IMPORTANT FOR OUR FUTURES.

(BTW, Dr. Warren said contacting your own rep, regardless of party or position on this bill is crucial. If reps and Senators know their constituents are engaged, they are less likely to give away the store to the banks.)

_______________________________________________________

I am writing to let you know that I strongly support the upcoming legislation for a consumer protection agency. The Fed fell down on the job and allowed a flood of bad mortgages to ultimately destablize the American economy and that of the world. The predatory practices of the subprime mortgage market are well documented, and while some home buyers can be blamed for buying mortgages which they knew were above their means, many Americans were victims of dishonest sales tactics and the predatory practices of lenders who profited by selling these bad loans. These loans went into making up the mortgage derivatives which eventually crashed the system.

The banks should never be allowed to do this again. While I would ultimately like to see Depression-era laws (like the Glass-Steagall Act) reinstated, the first priority should be the protection of consumers. A well informed and protected consumer is the basis of a sound economy that will not leave our nation and the world in massive debt.

Thank you for your time.

Nikki Stone
______________________________________________________

[Luminous Animal]

1. Kick. So I remember to do this tomorrow.

Thanks, Nikki.

[Nikki Stone1]

2. Spread the word. This needs to be done now.

Thanks!

[Bozita]

3. My most important K&R of the day

[intheflow]

4. It's not just the mortgage loans.

There are plenty of people defaulting on credit debt and student/personal loans, too. From the same predatory lending practices.

But otherwise, great letter, Nikki! :thumbsup: May I use it to contact my own rep?

[Nikki Stone1]

5. Yes, please cut and paste at will.

And I wish I had remembered that bit about credit cards. Make sure to put that in. :)

[dana_b]

6. Thanks!

I will do so tonight.

[Nikki Stone1]

7. Great! We need to contact our reps!

:D

[Lugnut]

8. Bookmarking.

This will be on the top of my "To Do" list.

[Nikki Stone1]

9. Excellent!

:)

[Nikki Stone1]

10. kicking as a reminder.

:kick:

GET THOSE CARDS AND LETTERS IN!