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."

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On the Net:

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

Comments

[epiphany1234]

We've got your back, Mr Prez!

Now git in there and fight!!!!!!!!!!!

[iridium53]

The focus on Consumer Protection is a BIG LIE misdirection.

Obama is really big on big lie misdirections.

The proposed legislation does not address the underlying problem of extreme concentration of resources into "too big to fail" organizations. The proposed legislation does not address the rules, eliminated by killing Glass-Steagall II and others, that allow banks to be investment banks, commercial banks and brokerages. They will continue to be able to get us coming and going.

It appears that the banksters wrote this.

Obama's support for this sham is very disappointing because it does not one thing to fix the underlying problem and, instead, relies upon regulators - the same regulators that were unwilling and unable to act to prevent the current problems. And, since it relies on regulators, it leaves us much more vulnerable to the enforcement decisions of whatever current administration wishes - we'll have great swings in policy.

[only1Demvoter]

Caveat emptor.

Signed. - The GOP


-ralph

[Paisano]

Big deal... How about a fight on SINGLE-PAY­ER... You know... The thing you said was the most important problems of the future... YOU WON....

Weak... We are a spineless party!

[blastocyst]

I think we're a fickle people, hindered by our own vaunted diversity.
The much proclaimed 'flavor' that more homogeneous nations, those eating our lunch, are lacking.

[sunshinerain]

No I don't think that's it. It's our dumb understanding of what "freedom" is and "the individual" and our crazy theory about "pulling yourself up by your bootstraps" WHEN YOU DON'T HAVE ANY BOOTSTRAPS that is the problem.

[Jebbushnot]

Gees he has only been in office less than 6 months....­His term is four years.
By this time in Bush's first term....he had ignored all the security information
about the US being attacked but he did go to Florida to read My Pet Goat
to kids in an underfunded Florida elementary school plus he sucessfully
cut all kinds of shrubs on his texas ranch.
Give the guy a breatk

[DC Democrat]

I'm willing to give BO the benefit of the doubt for now...but if he ends up reneging on an issue that was such a cornerstone of his campaign (health care), that will be a rather significant misstep. Health care was one of the dominant issues of the campaign. While we still don't know what the finished product will be, the early reports have not been promising.

[sheilaofmiami]

I agree with the comments I read. What he sez and what he duz are 2 different things. He may be ready for a fight today, but tomorrow he will back peddle.

We all either really did work for the campaign, or we voted for him, for the change he said he would bring. Much of what he was going to do was not so far left, but rather moving back to center, we are far from centered.

I can hardly get weight on my left foot and my right food has a lead weight on it from the banks wall street and the insurance and auto industries. We are all going to be walking funny soon. Obama has surrendered to the money of BIG BIG BIG BIG. We are not big enough as citizens to count.

[TN60]

Every word you just wrote is a CROCK!! Maybe you would feel more at home with the "party of NO

[sheilaofmiami]

hardly matters any more. You could be elected and they would turn you into their property in no time. I don't know just how they do it, but Obama is not the man I voted for. I voted for Barak H Obama who promised to be transparent, to let us see bills before he signed them, who was going to fight for the things he spoke of, like equality for gays.

I don't have to be gay to feel the sting of being left out. I don't have to be a BIG BANKER to feel their glee at getting money or my friends facing foreclosure despite doing things right and through no fault of their own. Things just went wrong, loss of job, health whatever.

It is sad.

[sunshinerain]

Are you regularly contacting your representatives and senators? The Republicans are ORGANIZED and make their presence felt. We HAVE to do the same thing.

[sheilaofmiami]

I do need to whine at my reps, you are right. Clearing my plate this week, so I can draft emails to reps telling them I am tired of them. thank you.

[blastocyst]

Father protect me
Protect me from myself - "When The Heart Rules The Mind" by GTR


No doubt Mr. President that some of us need it.
I trust you.

[community1]

Obama To Men: 'Be Better Fathers Than His Own'
http://www.sefermpost.com/sefermpost/2009/06/obama-to-men-be-better-fathers-than-his-own.html

U.S. Health Care: Democrats To Regain Momentum
http://www.sefermpost.com/sefermpost/2009/06/us-health-care-democrats-to-regain-momentum.html

[Tim Neuenhaus]

And the outcome is predictabl­e...

The mortgage foreclosure fight: Banks 1 - Consumers 0

The Wall St Crisis Fight: Wall St Banks 1 - US Taxpayer 0

The Fight for Gay Rights: Right Wing Nuts 1 - Gay Americans 0

I worked so many hours on his campaign, countless hours making phone calls, knocking on doors and every single time Obama comes down on the side of Wall St Banks, Large Corporations and the average American has been once again left behind...w­e have to ask ourselves, what is the difference in who is elected...­we seem to get kicked every time.

[Liberal2]

So Obama sez he's ready for a fight over consumer protection. Well, if recent history is any guide, that fight is with liberals, not conservatives. Obama have chosen the conservative road every time.

[senorlou]

I like to make stuff up and post it as well. Look:

Dick Cheney was an anti-war protester back in the 60's. He got arrested five times, and used to be friends with Abbie Hoffman. They shared a cell once.

See, it's fun and easy to just post fiction. OK, it's been fun. Thanks.

[only1Demvoter]

lou : Heh...


-ralph

[rabiddog6708]

I'm sure most of your posts are fiction and fun only for you, not others. Grow up and grow a brain. Obama is no liberal. He isn't even a Dem. He is Repub Lite.....h­e is what the Repubs used to be before Ronnie Raygun.

[rabiddog6708]

Exactly. He is a centrist who leans right not left. Obama should fight for singl payer health care and for the prosecution of those who ordered and carried out t0rture. He should fight for gay rights and doing away with DADT in the military. He should fight the banks to assist homeowners in keeping their homes. He should fight the conventional thinking of the military and not keeping 50,000 troops in Iraq even after the so-called withdraw. He should fight the same thinking and not send 20,000 troops to Afghanistan. Unfortunately, he won't do any of this because he is what the Repubs were before Ronnie Raygun. Not a liberal, a DINO.

[sunshinerain]

I still would rather have Obama than McCain-Palin. And I also have a *little* hope that the House of Representatives and maybe a few Dems in the Senate can hold Obama accountable and push him towards the left - along with a lot of pressure from us, the average citizens + voters!!!!!!

[Realization]

The excessive size of the financial and insurance industries, including health insurance, are a major threat to the real economy. Tie to cut them down to a reasonable percentage of GDP and focus on making things. I am all for "innovation". But I think that is a good electric car, or whatever. Innovation is not another crooked bank fee or confusing insurance contract that lets the firm off the hook. A lot of this stuff like mortgages should be boiler plate. Matter of fact, we shouldn't need lawyers to close on a house. Keep it simple.

The more lawyers we make redundant, the better. Amazing how unnecessarily complicated the U.S. has become. All due to vested interests padding their nests. The myth we still peddle and many believe is that the U.S. is efficient, creative, and competitive. Not true any more. We have hardening of the economic arteries. Asia is developing because it broke the "Iron Rice Bowls" We need to do it here now.

[SCG]

Just goes to show, what a pathetic state our democracy is in, when the idea of consumer protection is controversial. But then again we import tainted food and products, have an FDA at the bidding of industry, and banks which make our policy.

[only1Demvoter]

SCG : Yep.

Well said.

And...

The fact that they cling d e s p e r a t e l y to Tricle - Down Reaganomics only lends to prove, how close they are ( 6000 years ) to dinosaurs, and serves to expose them for the greedy despots they really are.

Time for Change.


-ralph

[ShawnHanks]

Society is produced by our wants, and government by our wickedness, the latter negatively by restraining our vices. The one encourages intercourse, the other creates distinctions. The first is a patron, the last a punisher. - Thomas Paine

[kjstjohn]

Yes. And the banks and the health insurance companies now need to be punished for their unrestrained wickedness.

[WeMustSpeakOut]

We would need someone to hold them accountable for that to happen. We are not going to get that from this bought and paid for White House or Congress.

We need much more than "change" promised by a candidate, we need systemic governmental change from the ground up!

[Canuknotusa]

Your president talks a good talk, but from what we see here in Canada of the progress being made, the lobbyists are winning these fights -

... lobbyists for the banks, lobbyists for the energy sector and lobbyists for big business..­.

Time for Obama's actions to match his rhetoric.

[k6007]

Maybe you should hone up on how legislation is passed in this country. The only power the president has is the veto pen.

[BritishColumbian]

That is the problem...­you have an inefficient form of gov't. Compare what other western democracies have been able to do and you are still fighting for things you were fighting for in the fifties.

I am not writing this because I am antiAmerican because I'm not. I just think you have bought into 'change is hard", it takes 'time", just wait till the "next" election.

My answer is that perhaps you should "hone" up on how other democracies function.

[x4faith]

This why he (Barack Obama) is OUR President! As a Obama supporter and will be in 2012 I understand that everything is NOT as easy done as it is said. Also, he can only state what he wants it's up to the PEOPLE TO SEND THE RIGHT DOWN BALLOT (SENATORS/HOUSE REPS) to support his agenda! While, I like the fact that you're interested in the problems of America just speak with more caution and knowledge of the facts before casting an opinion. WE THE PEOPLE ARE JUST AS MUCH TO BLAME FOR THE SLOW PROGRESS..­.CONSERVAD­EMS & BLUE DOG DEMS are NOT a SURE VOTE for his agenda!

[windup]

It's IMPOSSIBLE to send the right people to Congress. Because they're not allowed to run! The 2 party system has it all sewn up. And BOTH parties have been bought off.

[Cambridge9]

Time, my friend. Nothing happens overnight! Our President is in a big game of chess and, mark my words, he is five moves ahead of his critics.

[ShawnHanks]

Our President's best asset is his ability to do as he is told by his handlers. From the 'Case Against Barack Obama"

[BritishColumbian]

I worked for the Obama campaign in Washington State (dual citizenship) and remind you that all through his campaign he stated that change is hard and that he would not be able to enact it without you. 90% of what I read here is whining and complaining as if the man was elected dictator.

My greatest fear is that your media, your inaction and your impatience will saddle the world with Republicans.

[jcolumbus]

Agreed.

[1088]

The President is only one man, but change start from the bottom up! Those Iranians are my Heros, for the American people have no guts, because they are lazy and love to whine and complain. Most fo them never had to fight for nothing. So let's sit and allow our Reps sell off our Country to big business.

[WeMustSpeakOut]

It's already been done.

[senorlou]

He just stopped the economic meltdown we had here in the US, though we all know it isn't over completely, we aren't in free-fall anymore.

He stopped torture. He put a time and date on when our troops will finally be out of Iraq. He called off the medical marijuana raids here in California. He saved my job (got some funding from the stimulus, will stay another 12 months or more).

I think that's enough for now. The man isn't perfect. Do I need to tell you how corrupt our American Congress is, on both sides (GOP is far worse, in every way)? We've got a few Democratic holdouts, mostly from the South and mid-west, who we call DINOs (Dem. in name only). If you lived here, you'd feel like you just got pulled from a burning building. I'm a little grateful, and maybe a little too hopeful, but so far the guy is walking the talk. It's only been 5 months. Give the guy some time. OK, let us know how things are up in Canada. Peace.

[only1Demvoter]

lou : Hear ! Hear !!

Well said !!


-ralph

[dteg]

Please fight for public option in healltcare too.

[ShawnHanks]

Obamanomics, WWJD in this situation? (What Would Jimmy Do)

[k6007]

Design a 21st century energy plan (THIRTY YEAS AGO!) for repub n.itwits to scrap....l­eaving us playing catchup with the rest of the developed world?

[notonegativity]

haha. you probably are not even old enough to remember or know what Jimmy Carter did or did not do, you ditto head.

[Grannyover70]

I remember what Jimmy Carter did! He tried very hard and had very good ideas, but he was fighting against the Washington establishment - Democrats and Republicans alike. He made the mistake also of bringing the people whom he trusted. He paid a price for that. He did not cause the increase in gas prices - OPEC did- and Carter had it right when he wanted to wean us off of foreign oil.
Reagan made a deal with Iran (George H. Bush negotiated the deal) to hold the hostages until he was in office with a promise of millions of dollars worth of weapons. (Which they did right away and they received their weapons).
Jimmy Carter is the most decent and wisest person I have ever known. He deserves the Nobel Peace Prize he received.