Obama heralds passage of "the strongest consumer financial protections in history."

[jefferson_dem]

Obama heralds passage of financial regulation bill

President Obama arrived back at the White House this afternoon and immediately heralded Senate passage of "the strongest consumer financial protections in history."

An upbeat Obama was reacting to the Senate's 60-39 vote on legislation designed to tighten Wall Street lending practices and expand consumer protections following the U.S.-led financial crisis that led to a global economic recession in 2008.

"The American people will never again be asked to foot the bill for Wall Street's mistakes," Obama said moments after stepping off Marine One on the White House lawn. "From now on, every American will be empowered with the clear and concise information you need to make financial decisions that are best for you."

...

As part of that message, Obama said the measure will ensure that firms "compete on price and quality, not on tricks and traps." He said they'll have nothing to fear unless their business models require "cutting corners or bilking your customers."

Obama noted that House Republican leader John Boehner has called for the measure's repeal, but he echoed House Speaker Nancy Pelosi's vow that Democrats won't go back on their actions.

"We need to rebuild on a firmer, stronger foundation for economic growth," he said.

http://content.usatoday.com/communities/theoval/post/2010/07/obama-heralds-passage-of-financial-regulation-bill/1

[jefferson_dem]

1. ...

:patriot: :hi: :patriot:

[catgirl]

7. K & R!!

[Sebastian Doyle]

2. "The strongest consumer financial protections in history." were created in the 1930's

And they worked just fine until the Bush Crime Family and their DLC partners started systematically tearing them down in 1981.

The solution is to go back to what worked. NOT giving more power to the corrupt banking system ("Federal" Reserve) that created the problems both before FDR and after the massive deregulation.

Roll back every piece of deregulation of the last 30 years. Use the REAL reforms that worked. Not false "reform" that empowers the criminals.

[slay]

4. Indeed

I agree with ya - and Russ Feingold agrees with us as well - this is NOT reform - not like we need at any rate.

[ibegurpard]

9. +1

[HughMoran]

10. Nothing is ever as good as the 1930's

[CBR]

11. especially for all minorities and women!!!! nt

[HughMoran]

12. 8 years of double-digit unemployment - woot!!!

[stevenleser]

13. There you go quoting facts again. How dare you!!!!

:-)

[bvar22]

16. Everybody KNOWS that is what needs to be done,

Instead, we are treated to this massive Kabuki Theater of the Arrogant.
This is "reform" because WE said so!

.
.
.
Which way to the Mission Accomplished Parade?
:party:

[ProSense]

17. What protections were those?

There has never been a consumer protection agency like the one created by this bill. Never.

[dflprincess]

18. +1

[Beetwasher]

3. But Will It Mow My Lawn?????

Huh? Will it? I didn't think so.

Piece of worthless, corporate garbage. :sarcasm:

[jefferson_dem]

5. Or shine my shoes...

Meh. Drats! Guess you're right.

[golddigger]

6. I love shining new things.

[vaberella]

8. Fuck by one vote only. At least it's done. n/t

[and-justice-for-all]

14. I am getting so fucked by Citifinancial it is revolting.....

I hope to get back to work so I make them disappear.

Citifinancial is bloody evil.

[Sebastian Doyle]

15. As are Chase and Bank of America and others of their ilk

Too Big to Fail? Uh uh. more like So Big They MUST Fail, in order for this country to survive.