Nader: Federal Reserve "Doesn't Even Know How To Spell Consumer Protection" (VIDEO)

Consumer advocate and former presidential candidate Ralph Nader appeared on Yahoo Tech Ticker today to discuss President Obama's plan for a consumer financial protection agency.

In the segment, Nader discusses the importance of a new agency -- and took a serious shot at the Federal Reserve:

"The Federal Reserve... doesn't even know how to spell consumer protection. The other agencies are squabbling over jurisdiction. What this new agency does is says look, for consumer protection... at the point of sale, at the point of merchandising, at the point of the fine print, we're gonna have a strong, lean consumer protection agency."

Nader also discussed how the regulators who were actually supposed to prevent the financial crisis from happening didn't hold up their end of the bargain: "Existing bank regulatory agencies failed colossally. The Federal Reserve in 1994 was given authority to protect consumers, and they never did."

Here's more from Nader on the consumer agency:

"It's basically putting a federal cop on fraudulent mortgage, consumer credit cards and other shenanigans that the financial industry has been getting away with, and demonstrating that fraud and crime pays -- as long as it comes from corporate misbehavior."

Nader also provides his opinion on who should run the new body. "I hope Elizabeth Warren is the first chief. If she is... I am very confident that it would work and straighten out some of these shenanigans."

Check out Yahoo Tech Ticker here.

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Comments

[SkreetGil1]

He is such a brilliant man; how come the White House doesn't take advantage of him and make him the head of Consumer Protection?

I mean they talk about bipartisanship all the time. He has a back bone and a conscience too.

[LeftLeaner]

Ralph I'm still proud that I voted for you, just regret that you never had a chance.

The only true populist who has looked out for the welfare of the American people for years - through Your Actions.

You are still my hero.

[johnnydajogger]

Why havent the Wall St. crooks been prosecuted under existing Federal laws yet? Do we need new laws? Arent the present ones sufficient to bring indictments?

[johnsopinion]

Out with the old, in with the new.

The time for term limits is now!

[fem56]

It is easy to spout off as Nadar does when you live your life in a bit of a vacuum. I was the best parent in the world before I actually had kids.

[LeftLeaner]

No, he has "done" much to back up his words throughout the decades, not like some other politicians who seem to only be good with speech making.

[Stock market]

The wealth gap will widen to levels never before imagined while the middle class ceases. Our politicians need to do more to ensure equality.

good articles; http://bit.ly/1NkbAn

A person making 60,000 pays 20,000 of it in various taxes. A person making a million or more has a tax rate of 30% compared to 90% decades ago.

[ErnestineBass]

I'd like to thank HP for giving Mr. Nader some "face time".

Long overdue!

[LeftLeaner]

Here, Here, my sentiments exactly.

[LeeCalif]

breakingpoint comments:

how about a Nader Grayson ticket?

I'd like that !!!!!!!!

[LeftLeaner]

Like that? I'd LOVE that!!!!!

Two men who care about the American public and are Not Afraid to act and stand up for the American people

[sposton]

What would be a more realistic reciprocity to Wall Street crooks?

[outnow]

Sharks give each other professional courtesy.

[ErnestineBass]

Yep...until they work themselves into a feeding frenzy.

[breakingpoint]

This Link no longers work
try this starts at 4:23
http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=15679366&ch=4226716&src=news

[LeeCalif]

He's LI Eing

[Stock market]

The wealth gap will widen to levels never before imagined while the middle class ceases. Our politicians need to do more to ensure equality.

good articles; http://bit.ly/1NkbAn

that means no bank bailouts. no tax cuts except for those in the middle and lower income brackerts more heath reform. affordable tuition.

[Peter007]

I'm a right wing conservative and I am a big fan of Ralph Nader. Sometimes he steps over the line with demagoguery and socialism, but I can forgive him for that because he is right more often than not. He generally advocates a fair and level playing field, that's something the Dems and Republicans don't like.

[knosiswar]

take a few minutes to read this article Ralph Nader wrote about a real great American hero and a behind the scenes view of what free-market Capitalism has rendered.

http://www.commondreams.org/views03/1230-02.htm

Memoirs of a 'Racketeer for Capitalism' by Ralph Nader

Perusing through a history book as a college student, I came across a jolting declaration in a footnote by one of the most highly decorated soldier of the twentieth century. He said: "I spent 33 years in the Marines, most of my time being a high-class muscle man for big business, for Wall Street and the bankers. In short, I was a racketeer for Capitalism."

Those words and more were spoken and written by Brigadier General Smedley D. Butler. At the time I wondered why more was not made in the historical accounts of the early decades of the 20th century.

Well, maybe because General Butler's was too much of an eyewitness account. And he named names. Here is more of what he said: "I helped make Mexico, especially Tampico, safe for American oil interest in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Center American republics for the benefit of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. ………

[outnow]

General Butler did not go along with the "American narrative." The reality of capitalism's evils are ignored. People prostitute themselves for money. Capitalism drives pornography, as a n example, so ultimately capitalism must be regulated unless you want its evils in plain view.

Manifest Destiny is about money, don't fool yourself for a single second.

[LeftLeaner]

What parts of socialism do you believe he embraces, examples, please?

[breakingpoint]

“The only difference between Republicans and Democrats on the issue of corporate power is the velocity with which their knees hit the floor when corporations knock on the door." Ralph Nader

[instagladiator]

A BIG 10-4 on that.

[outnow]

Nader attacked the Corvair as being unsafer at any speed. I even owned one. It was the biggest piece of junk ever. Nader was right about so many things.

[LeftLeaner]

You got that right, Ralph

[MurCal]

Nader is a great American hero, and my only regret is that he isn't listened to more than he is. It would be a wonderful thing for everyone except the crooks if this agency were to be created and if it were to actually be effective.

[scottarino]

Right here on HuffPo he was deemed old and crazy, radical, out of touch, and other nasty things by liberal posters so enamoured with Obama they couldn't tell there was little difference between Obama and Clinton. Obama never promised health care for all, just health care for more. He campaigned he would ramp up the war in Afghanistan. Now these same liberals who voted for Obama want "health care for all", and "out of the Afghanistan war". My question is where the heck were you when Nader campaigned for these ideals? Nader told us about the banking industry several years ago, about corporate owned DC. Most of you guys are a day late and a dollar short. Try and keep your eyes on the big picture next election cycle.

[donklinestiver]

We knew Ralph Nader was right just not electable and responsible for Bush's viictory over Gore by his FL votes. The Corporate Masters are destroying the economy and Treasury is too connected to Wall Street.

[LeftLeaner]

Amen, scottarino, I did vote for Nader, because I wasn't blinded by the fluff and empty rhetoric of change and hope.

[LeftLeaner]

The idiotic MSM mock him and give him none if any air time, so they create the image they project the persona they wish to convey of him.

He is anti-corporation (in the unjust sense), and that is why is treated so poorly by the MSM.

He would have been a great President either time he ran - including in 2008.

I'm very proud to say I voted for him.

[sense oar sheep]

has ralph nader ever addressed male genital mutilation?

after all, i wasn't protected