Warren to Banks: Watch Out
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In a letter on the White House blog, Elizabeth Warren, who has been selected by President Obama to oversee the consumer protection agency, said she wants to eliminate confusing fine print in financial statements. “The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal,” she says...
see my blog here for more:
http://blog.registeredrep.com/reformation/2010/09/17/warren-to-banks-watch-out/
We make our kids brain dead in public high schools (no significant private sector competition) - providing no personal financial education.
Then, the nanny state chooses to roll out a top-down program that looks more like regulation and more layers of uncertainty - than basic financial education.
It's obvious that Warren is another Harvard crony who never ran a business and is experimenting with taxpayer dollars. Not impressed, and sick and tired of the hopey change thing and all of the admiring subjects who appear to be waiting, once again, for the great (white) knight to coming riding in on (her) horse.
What;s the problem? Does anyone on this forum feel like banks give them the honest pitch?
Is there anyone out there at Wells or ML who wouldn't be glad if Washington folks ripped the investment side out of the hands of the banks?