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

[Ryoki]

I guess we need another Reagan. That worked out great.
"To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.'
Douglas Adams

[Cambridge9]

Sincerity and integrity have been off the table for the last few years - ever since St. Ronnie began the practice of deregulation back in the 1980s and pushed further away from the table during the last administration.

[garymc8]

PAHLEASE! BURY THAT BULL$H!T HERO BEFORE HE DESTORYS OUR COUNTRY FROM THE GRAVE.

[x4faith]

Ronald Regan was a R-A-C-I-S-T....PERIOD! Under his care:

UNEMPLOYMENT: 12% (the poor only)

TAX CUTS: (the wealthy only)

OPEN BORDERS: (to work under the radar for his wealthy friends and now they complain)

[dteg]

Also Regan had a patchwork foreign policy. Instead of promoting human rights, it was the enemy of my enemy is my friend which help fuel Taliban, Al Queda to cause problems for old Soviet Union.

[ShawnHanks]

Government logic (an oxymoron) = Pass laws and create agencies who then fail to enforce said laws. Demagogue that new laws and new agencies are needed to make sure that the old laws are enforced. Then when that fails, pass new legislation and create another government watchdog agency to watch over the previous two.

And on and on and on. All at taxpayer expense. Throw the bums out. Term limits now.

[theone718]

Now, Mr. President, if you fight for a viable and robust Public Option you truly are for change. That is your litmus test, it very well may be the biggest fight of your entire Presidency. If you fight with the 76% of Americans who want a public option against all these special interests against us, you will truly be the President we voted for.

[1088]

He will fight for Public option! We need to press the Dems in Congress and Senate.

[TheIndependenceParty]

You get the prize, TO178! If Obama does not press Congress, and specifically his own party, to provide a public health coverage option, ... he will have failed in the most important public and financial action required in these times.

Sorry, fellow progressives and Obama supporters, but for those who claim we can not afford health care for all, ... I can assure you from 40 years as a care provider, ... we can no longer afford not to have universal coverage. The Healthcare Millstone will sink our economy as certainly as ar the banks and their fiascos of this past year.

[theone718]

I just love the smell of CHANGE in the morning...

[SoCalNick]

Back to the REAL Subject at hand.

You have to wonder about the Motivations of anyone in business or government who opposes protecting consumers from fraud and abuse.

But you have to REALLY question the SANITY of a CONSUMER who does just to be anti Obama.

But they WILL just WATCH!

[theone718]

I am telling you socal, sometimes it feels like there are only a few of us who are connected to reality. I guess that is just Washington for you...

[only1Demvoter]

SoCalNick : ... They wanted transparency.

( No question in my mind who the Right's agenda excludes. )


-ralph

[ClarcKing]

Mr. President; worrying about in the "consumer" in the financial sector is a bogus priority. Worry about labor, jobs, and production; how much money we take home, the unemployment, and the usury practiced by the banks and other financial institutions. Enough with the bailouts and pandering to the perpetrators of this crisis; they should be treated as terrorists bent on destroying the United States. Create a job mobilization policy for 500,000 jobs per month into the population's physical economy at once. The United States is a super power, and will stand for this degradation. You must stand up for the office of the Presidency and the people.

[DrPneumann]

Too bad he gave up the fight against warrantless wiretapping and instead, has an Attorney General who, at first, said warrantless wiretapping is illegal and now refuses to do so.

[jcolumbus]

That is the least of our worries.

[fcsakes]

How about including a ban on oil speculation. The continuously rising price of gasoline with no correlation to supply and demand is killing us. Grocery and other basic needs have risen 2, 3, 4 times what we were paying years ago and they did not go down when gasoline prices lowered for awhile.

So right along with the inability to get a job that pays a decent living wage, or any job at all, we are having prices rising with no end in sight, utilities and banks that want to add surcharges and fees and higher prices, and health care that is through the roof.

The taxpayer pays for it all, banks, auto industry, outsourcing, for-profit health care. Where's the benefit?

[1088]

Maybe you should tell that to Bush! All you co called supporter are Fox bloggers who feel we are so stupid to go against our President because you say so. Please!! Go tell that to the tea baggers.

[springsm]

Oh sure, President Obama....what about the proliferation of guns and how about loaded weapons on one's person in the National Parks..which I assume will include WA DC. What about that kind of protection Mr. Obama. You can pontificate all you want but you have lost my confidence in you.

[1088]

I glad he lost your confidence, for he never had it in the first place! We are not stupid!

[springsm]

Sorry, he did., And you have to find out first before you rant. I despised bush and would not ever vote for a palin let alone a mccain...but Barack (and yes, I cried for two weeks after the election BECAUSE of the outcome.) So 0188....don't you dare try to say what I did or didn't do. I have lost confidence in him...and part of that is the nutjobs in the Party of No and their nastiness...but that does not excuse the weakness that Obama has shown in some of the promises he made. Perhaps, maturity would help you along.

[1088]

Thank you Mr. President Obama for fighting for the Consumer protection, for without it, we will be victimize from the greedy Corporations and continue to ruin our lives. The Republicants and Democrats gives a rat @ ss about the American people, because they are bought and paid for, by big businesses.

[robertLewis]

Thank him after you see that he has done what he said he would do. So far his track record on promises is 0, that´s ZERO. He has gone back on his word on every single thing he campaigned on. I supported Pres Obama with my contributions and I voted for him. He has turned out to be a terrible dissappointment.

[jcolumbus]

You didn't vote for him. I love how all you faux noise people come on this site and talk nonsense. To bad we are not like the faux news audience and we don't believe everything that is said.

[obamanomics]

Yay, it's 1977 all over again. Just about time for massive inflation, massive rises in interest rates, huge spikes in energy prices, massive loss in the strength of the dollar, and just to one up Carter we will lose our AAA credit rating for the first time.

[AFAN]

Thanks to you homeboy George W. Bush!

[Icantbelieveher]

All thanks to the Bush Administration!

[SoCalNick]

Do you EVER make a post that has ANYTHING to do with the thread you are on OR contains ONE fact or original THOUGHT??

If so we have NEVER seen it.

now say it with me .

President BARACK HUSSEIN OBAMA

( I know that makes you STING)

[ShawnHanks]

That's why benadryl was invented

[k6007]

I hope they pay you for this tripe.
Americans might be a little slow, but, I think they're on to you guys.

[turfkiller]

Sorry about the inflation but you are so wrong. The destruction of credit and asset values exceeds that of the great depression making this deflation and not inflation. We will not see inflation for sometime and certainly not until there is a source of wealth creation. The weaker dollar will help with that. High prices can be expected for essentials like utilities and energy until there are alternatives.

It was the borrowing policies of the Republicans during the good times that has left this country defenseless.