Obama: I'm Ready For A Fight Over New Consumer Protections (VIDEO)

AP: WASHINGTON — President Barack Obama said Saturday that current financial rules exploit consumers and he put critics of his proposed overhaul on notice: "While I'm not spoiling for a fight, I'm ready for one."

Obama used his weekly radio and Internet address to defend his recent proposal, which is intended to prevent a repeat of the breakdown that has sent the U.S. economy reeling. But such major changes face a fight in Congress and opposition from some leaders in the banking and insurance industries.

In the address, Obama focused on a consumer watchdog office that he wants to set up.

"This is essential," Obama said. "For this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans and other financial instruments."

The Consumer Financial Protection Agency would take over oversight of mortgages, requiring that lenders give customers the option of "plain vanilla" plans with clear and affordable terms.

"It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want and actually understand," Obama said. "Those ridiculous contracts _ pages of fine print that no one can figure out _ will be a thing of the past. You'll be able to compare products, with descriptions in plain language, to see what is best for you."

More broadly, Obama's changes would begin to reverse the easing on federal regulations pressed by President Ronald Reagan in the 1980s. Democratic leaders in Congress are promising legislation will get passed this year, but that depends in part on how Congress answers big questions about the overhaul, including the role of the Federal Reserve.

"I welcome a debate about how we can make sure our regulations work for businesses and consumers," Obama said. "But what I will not accept _ what I will vigorously oppose _ are those who do not argue in good faith."

By that, Obama said, he meant those who defend the status quo at any cost. He didn't name any people or organizations, but said special interests are already mobilizing to fight change. He called that typical Washington.

"These are the interests that have benefited from a system which allowed ordinary Americans to be exploited," Obama said. The president said he would stand up for his plans, saying: "While I'm not spoiling for a fight, I'm ready for one. The most important thing we can do to put this era of irresponsibility in the past is to take responsibility now."

___

On the Net:

White House: http://www.whitehouse.gov

Comments

[jakiew]

republican's need to go to their own site's , instead of trying to muck up the good sites with their lies.

[dillydawg]

They are just being Bullies on the board. Same old Zombie Republican Talking Points, easy to shoot down with facts.

[k6007]

OT, sortof.--
Healthcare rally in 5 days!

http://www.1payer.net/action-alerts/washington-rally/about-the-rally.html

^c&p^

http://www.healthcareforamericanow.org/

[gmgl]

if anything good does happen on health care it will be because ordinary people MADE and PRESSURED both Obama and Congress to do it. It won't be because "Daddy Obama" took care of us. He already laid single payer, the best option, and the one everyone else in a developed country at Our Overlord's big corporate insurance's dirty feet.

Right now the Senate has the best of all possible worlds because now you would be mandated to pay for health insurance and they have presented proposals with no public option. So the insurance companies get new customers paying for their junk and no real competition. Awesome for them. Worst of all possible worlds for us. That's your Obama.

[jacklambert]

I agree! Time for this President to grow a pair and do the job we voted for !!!!

[enoughalready13]

Impossible because he took a sip of the sellout-th­e-people-i­ts-easier wine and he's getting pretty drunk on it!

[kissMYfish]

"I KNOW"
I know we will get the Health Care Reform, Sotomayor will be SCOTUS and other things will happen. I know that things have to be initiated and the others have to know that their "NOs" will not stop you, I know that next year alot of the things that you laid out will take full force. We will only have to improve and redefine them. I know that we the people need to see what lies in front of us and why certain laws and policies never emerged. I know that we may not like what we see or hear but will be tolerant to the oppostions.
I know because some of us have been on this earth long enough and have lived through similar circumstances, before.
Continue with your plans Prez Obama; because some of us Do Know.

[Philip Combs]

Pathetic..­..

[jamaicalover]

Well said!

[LinkSync]

If the administration wants the American People to back it's play they have to first provide proof they actually will do something for us.
Not just nice sounding words that make me think of another way they can use corrupt practices to get around our Constituion and it's EXPLICIT intent that all the benifits of our union are reserved for the people alone.

One good way would be to cap interest rates at say 6% or 7%.
That would put PAID to the payday loan loanshark industry and make everyone compete between the prime interest rate and 6% or 7%.
Couple this with a ban on foriegn loans so that foriegn money would be required to move to the USA as capitol to do business here, and thus prevent any escapes from the caps.

Even better would be if they supported Single Payer Health Care at the expense of the for profit industry Denyers of Care.

I do not understand why Mothers and Nurses do not get up in arms over SINGLE PAYER and force the issue just by shaming us all with their need to see all their children have universal coverage regardless of circumstance.
Men seem unable to love well enough to do anything about this.

The administration won't as we all know do anything about any of this.
But we all could force them too if we actually got off our asses in Iranian fashion.

Strange isn't it, that Iran is teaching us how to do democracy?

[nomo555]

Here we go again Tough talk. What he really means. I'm going to meet with business leaders and politely ask them to think of others who may need help.

[kamachanda]

Please Mr. President, do fight for new consumer protections. I beg you, do not fold to the interest of the too big to fail banks, wall street brokers, commodities speculators and derivatives traders. Do something for the people of the nation instead of for the money of the nation. The money is being protected in the vast hoarded quantities accumulated by the wealthiest among us over the last thirty years.

I don't want to have to ask "Where's my vote?" like they do in Iran.

[Troubledwawa]

Perhaps what the proposed Consumer Financial Protection Agency would really do best is the reinstate trust, in the financial system. Especially if Elizabeth Warren becomes the Agency's first Secretary.

Trust has been lost due to this fiasco that we're in right now. And we need it back.

[Robert Bartholomew]

Thank God for President Obama... and him doing something to fix one of the most significant problems affecting our economy.

Consumer protection was all but abandoned over the past couple of decades due to the prevalent belief that an unencumbered free market was the solution to all of our economic and, as an extension, social problems. Followers of the religion of deregulation behaved as though the First Commandment was, “Greed is a good thing”. If you hung around the Wall Street crowd long enough, you would literally hear people quote that mantra. However, the last time I checked, greed was not considered a virtue.

Due to predatory business practices, consumers have lost confidence in the ability of enterprises to regulate themselves when it comes to a choice between ethics or profit… businesses charging exorbitant and frequently undisclosed “fees” for unwanted “services”, misrepresented and faulty products, and products which are contaminated or contain otherwise unsafe materials.
We need some form of oversight of those who make huge profits from consumer deception.

[gmgl]

Does Obama have serious ADD?

We have the fight of the century going on in health care. Why is he not concentrating on at least on at least getting a strong public option through congress? He has much compromised more than enough already by acquiescing noiselessly to single payer being taken off the table, which every other civilized nation seems to be able to get.

Health care, health care, health care!

If we don't do it right we go all go bankrupt period. Don't think because you are young and healthy you can ignore this. America will continue to slide downhill, siphoning all it's money to the few ultra rich people at the top of insurance companies and other corporations.

[LinkSync]

So you mean walking AND chewing gum at the same time is out?

Remember that Obama is not "doing" anything.
He is just cheering and hoping he is providing some guidance to the direction our representatives take as they "do" something.
It is not like they are peddaling a bike.
All their sweat is about how they can "do" what is wanted while preserving their own power.

I agree that we need SINGLE PAYER desperately.
But we need all the rest too.

BO is thinking he is being pragmatic by encouraging "the debate" more than he is "taking the lead". This is typical Harvard Think and why Wall Street can ruin us all.
Nice Elitism is still Elitism even if it is "nice".

I do not agree with that "pragmatism" but then I am more "radical" and would love to shove it ALL down the throats of the Right Wing PIGS that have ruined our lives as best they could for as long as we let them.
It should be our turn now, but BO is trying for a "Higher Path".
The right should be kissing his ass in gratitude for being so "resonable" as otherwise they would be realing in shock as we take back our power from all the "interests".
Instead, stupidly they keep doing things as if thier PIG button is stuck.

So it is all still Monkey Business as usual with some bending of the path towards progressiveness but not nearly enough to satisfy me.

[Samalabear]

I'm beginning to wonder this myself. I have never seen a President go in so many directions at once. It is now out of hand. As far as I know there are also still many positions that have to be filled in his Administration, as well. Now it's Consumer Protection. I, too, thought we had laws on the books. Maybe he can dust off the books, check the laws and enforce the ones we already have. For instance, usury laws, were they ever taken off the books? If not dust them off fast and direct that they be enforced.

[betty22]

24/7 ...radio..­.TV...new laws ...here new rules there....h­ere a rule there a rule......­.everywher­e a new rule....E.­..I...E..O­.....my head is spinning and hurts already...­...

[LinkSync]

That is probably because you have been mindlessly a follower for most if not all your life and are now required to THINK and CARE and PARTICIPATE.
Just hang on and the "spin" will go away as you begin to stop watching FOX.
Once you expose yourself to actual ideas that are in disagreement with each other and all claiming to be the "better" choice, your headaches will probably increase.
But be of good cheer!
There is an answer to that as well, though it requires you educating yourself, which is work, so you can't be lazy, and does not pay well if at all.
The problem you will have at first is that you will be looking through the lens of your belief system and so be unable to be objective.
Eventually, if you manage to keep at it, youy will break free and finally be able to evaluate matters not on ideological sound bites, but on the grounds of what our Nations founding documents insist we ARE as a Nation.
You need to study the Declaration of Independence and Our Constitution.
Sorry but that is required if you are to be an American Citizen.
Remember that the RESULT is what counts but that doing other than what our Higher Standards require of us is it self a BAD result as you journey from fear to love.

Welcome to the adult table and good luck

[comeback]

A Conservatist Wish for Health Care.....W­hen we get employed by a company that pays benefits(we get a base wage...and a real wage)...Th­e real wage includes Health Care..Unem­ployment..­Social Security..­.The real wage is more than likely $10-$15 more than our base....In my case I pay $10,000 a year for premium Insurance.­.......Giv­e all Employees their real wage(minus soc-sec,un­employment­)...We now bring home a extra $10,000-$15000 a year..(we can afford our own Insurance,and the company can easier hire people...F­or Everyone Else....Wh­en a person has to buy Coverage ,the price comes down....Wh­en a Company buys Insurance.­.the price goes up...We mandate 2 years out that everyone has to have one of the MANY POLICIES that will be created from the new Competitio­n....You can choose to pay for visits,or meds to keep your annual down...you can buy catastrophic only for cheaper...­When the FREE MARKET does its magic(we get the best for the cheapest..­..We have to pay anyway...M­ight as well have the best....Th­e lower middle class will want to work to protect their family....­.Everyone Wins

[RTIII]

Translation:

Conservatives live in fear that if we had Universal Health Care the "lower middle class" would not want to work for a living.

HAR!

I don't know how old you are but you're surely no part of ANY "great[est] generation­."

"We have nothing to fear but fear itself."
.

[comeback]

They probably wont..we all ready have 50 million not paying any taxes..FDR and his Entitlement programs are failed,or failing...­Socialism doesn't work(never has,never will)...Th­is Country is so great that 50 million people pay no taxes..don­'t work hard,and have cell phones .color TVs,and cars ....If just 1/2 of these people would try to chase a dream they have(we would all benefit)..­.if 1/2 worked our medium wage would be $100,000 a year instead of $50,000...­We work with waterered down Capitalism and still have this great nation...T­he Government(both sides)..ha­ve contributed to EVERY CRISIS we have ever had by Regulation­,Deregulat­ion,Price Control ,Rent Control,En­titlements­.ETC...I have been poor before,NO MONEY,NO INSURANCE.­.and have NEVER collected Welfare...­you do what you have to do....By putting people on the OBAMA TEET..we destroy them..we make them poor..we make them lazy

[kamachanda]

The country in your head does not exist, it never has. Free markets self regulation is the mating call of the economic predator. You will recognize their spawn defending bonuses at failing banks, taking fees for selling toxic assets and congratulating themselves as masters of the universe. We deserve Canadian style health insurance, we deserve freedom from corporate parasites.

[Troubledwawa]

Comeback,

The "free market" hasn't worked in health care. We tried it your way, and it's simply not working.

We had this same debate back in the 80's. Businesses were overwhelmed by health care costs back then, and it's worse now. Businesses were able to buy in bulk to keep the costs down, and it's worse now. The doctor/client relationship was being sacrificed then, by the insurance companies in order to keep costs down as well, and it's worse now.

Your way doesn't work. People still aren't getting adequate health care, and pay more than they did back then. The coverages get less and less in health care, and cost more and more.

Give it a rest.

[comeback]

When..last time I looked the Government ran 50% of Health Care...You want them to run 100%..like the failing Post Office..or Amtak

[LinkSync]

For "competition" to work there has to be some.
For you to be paying only 10 to 15 grand means you are basically healthy.
The rate, if any coverage is available at all, for those with real problems is much higher.
But then you do not care about them.
Never will either, as it is against the Republican belief in "the strong survive" to farm the weak.

There isn't any competition now as can easily be determined by how prices and costs are going up faster than any other economic factors, and have been forever.
You say competiton drives down prices.
How is that working out do yah think?
It is all local and abusive and even those that have "good" insurance find out they run out of "benifits" when they face serious issues like long term disease like Alshiemers or cancer and the like.
To link profit to Health Care is obscene and bound to fail to do what it is supposed to do which is DELIVER real care.
Instead Doctors are Lawyers and Accountants and flip patients like Mcdonalds flips burgers following the assembly line philosophy of efficiency.
This model is not what we need or want our Health Care system to be.
We need profit to be removed from our care for each other.
Even SINGLE PAYER will fall short but it is the ONLY option that has even a chance of containing and controlling quality and costs.

[Bardmess]

It's amazing that we have to fight for basic protections like this and health care. Who do we fight? Our own Congress. Ourselves. In 1862 there were some states who tried to secede, but failed. Could we give them what they wanted and expel them? Then we could have neat stuff like consumer protection, labor unions, public health care, schools, parks, prosperity and,YES, taxes.

[comeback]

Fine by me....1/2 the country Capitalism 1/2 the Country Obamaland.­..this is the best idea a Liberal has ever come up with...We will finally find out which is better...t­he Capitalism that made America the finest tuned Economic machine in history,,,or the Socialism /Communism that every other inferior Country had

[kamachanda]

Socialism and communism are far too recent historically for every other "inferior" country to have used as a form of government. You sound about as intellectually deep as a beer commercial. You paid to post those opinions? If not, you should be embarrassed.

Oh, don't be so certain we are superior. The cards have fallen our way for over 200 years, but it looks like the neo-conservatives may have stolen the deck,

[BritishColumbian]

The answer for so many Americans to any criticism is always "America is the Best" which it is in some ways and isn't in many others just like every other country. Actually Canada and Belgium have the best banking system in the world. Your health care is ranked 37th...you­'re sinking in education.­...Actuall­y the countries that rank the highest on almost any poll are the Scandinavian countries.

Check out the ratings for every scale of living standards and see where you stand. Check out your debt...Ple­ase come back and tell me where you rank #1.

[k6007]

Your half of the country has already bankrupted us..

http://crooksandliars.com/jon-perr/red-state-socialism-and-politics-stimulus

I hope this country is never again s2pid enough to elect a redstaterepublican to represent our nation.

[jcolumbus]

It sounds like you are from the south comeback.

[comeback]

There are no Rights for Health Care..Get a job..Ameri­cans wont stand for a lower standard of living to satisfy goofy liberals

[kamachanda]

This nation was founded as a nation of people, not businesses.

We seem to be having to accept a lower standard of living to satisfy a bunch of greedy free-market economic pirates.

[jakiew]

health care is a right, not a privilege for the rich. go live in iran or somewhere if that is what you think.

[Mystic01]

Mr. President, how about a fight for a public health care option? It's go time, time to go to the mat on that issue, sir.

[comeback]

Serious question for debate (if their is a smart enough Liberal)..­..Tell us what Obama will do for us...How will my life be better...H­ow will the poor be better off...

[thenorthshore]

barry promised utopia
kumbya

libs and socialist have their tin cups out in front of our supreme leader

Free healthcare
Free mortgage payments
Free gasoline
Free tuition
Free massages with "Happy Endings"
Free HBO
Free interest until 2012
Free concert by Free
Free ringtones
Free Bird sung just for me by Lynyrd Skynyrd
Free For All sung just for me by Ted Nugent
Free drinks at the open bar
Free with your paid subscription
Free of a world polluted by the Worst President in US History Ever!
Free Wang from the sanitarium
Free lunch

No more shall we be enslaved by a market economy and capitalism!
We shall celebrate the prefect freedom that socialism brings and that is free stuff!

[comeback]

Excellant comment...­to bad we will all have to suffer dearly before the Morons that voted for Obama figure out nothing is free

[jcolumbus]

Leave the country then we won't miss your kind.

[Mystic01]

And just how did your life become better under Bush? And do you honestly believe McCain would be any better than him?

[LinkSync]

He is generating a cultural environment much different than the Republican one Shrub left us where it is OK for us all to hold each other up in unselfish ways.
This is something the Right is incapable of doing as it is fundamentally against their ideology to be selfless.
They (you) can not even understand it on a concept level as it is so alien to your mind set fo selfish for profit, only the strong survive (even while you believe in Creationism and Jesus) that most basic of evolutionary tenants.
We on the Left seek to move humanity beyond Evolution to Revolution.
That does not mean what you think it means either.
What we want is to go forward based on ration choices made for the common good not endless evolutionary results of unethical "competition" and selfishness.
That is a Revolution because it moves our thought beyond fear, to free choice.
Beyond fear.
To love.
Which is a harder, sterner, more demanding and challenging taskmaster than profit.
The Right is unable to compete in the arean of fearless love.
You will just have to hold on to us as we hold you and your children up and we will take you there.

[jakiew]

at least we know how to spell ' there'. and we've never tried to turn our country into a dictatorship, like the last eight years of republican's did. stealing elections, etc. it seems like those people were living in a cave or something the last eight years.