Showdown In Chicago: Sheila Bair Speaks To Protesters, Backs Consumer Protection Agency (VIDEO)

ORIGINAL POST (Scroll down for a slideshow of today's protests):

Before she appeared at the American Bankers Association annual convention today, Federal Deposit Insurance Corporation head Sheila Bair addressed protesters at the conference.

(Check out HuffPost's coverage of the protests here.)

Bair said she "strongly supports" the creation of a consumer financial protection agency, which would shield Americans from confusing credit card and mortgage offers. Bair also expressed regret that existing regulations hadn't done more to prevent the crisis.

Here's Bair:

"In looking at indecipherable credit card statements and documents, mortgages you can't understand and APRs from payday loans and high overdraft fees, I don't see how anyone can say we've done a good job protecting consumers from financial services."

Bair also added, "It's time to put an end to the 'too big to fail' doctrine... Yes, no more bailouts, no more bailouts!"

WATCH:

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UPDATED 10/26 2:34:

Via the Flickr and Twitter accounts of National People's Action, the SEIU and other protest participants, we've compiled a slideshow of various pictures of the scene in Chicago today. Check out the photos below:

(Note the photos also include a protest that occurred yesterday in New York City. The Northwwest Bronx Community & Clergy Coalition gathered in front of the home of Goldman Sachs CEO, Lloyd Blankfein.)

• • • • • • • • • • • • • • • • • • • • Iowa Citizens For Community Improvement

(Check back here regularly for updates and photos from the protest.)

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Comments

[afikoman]

How wonderful of Sheila to say: Yes, no more bailouts, no more bailouts!"
However, just a few days later we see this news item about another GMAC bailout which we know will not be paid back.
She's just another unaccountable bureaucrat. As long as the same people who presided over this mess are in charge, we will see NO CHANGE (Summers, Geithner, Frank, Dodd).
Shame on Obama.
-------
"To help GMAC raise the remaining capital, the Federal Deposit Insurance Corp. took the rare step earlier this year to allow the junk-rated company to gain access to the FDIC's debt guarantee program. The FDIC agreed to guarantee up to $7.4 billion in GMAC-issued debt in case the company defaulted on payment, and has already backed about $4.5 billion worth.

According to the paper, the FDIC told GMAC Tuesday that it would guarantee the remaining $2.9 billion in debt in order to prevent the company from being forced to reduce its lending volume at a time when the U.S. government has a sizable interest in making sure customers can afford to buy vehicles from government-backed automakers General Motors and Chrysler.

[Alablanca]

I tend to agree with Rubin. The PUBLIC OPTION is esential to break up the monopoly insurance companie hold. Congress enjoys a Health Plan for themselves and their families and it's extremely morally wrong in denying it to ALL AMERICANS. Their plan is GOVERNMENT FUNDED !!

[GrizzlyBowman]

(Picture 2)

I believe that's Ken Lewis' normal attire. Although I believe "Robber Banker" is written in blood. And I'm pretty sure he wears a rhino skull on his head.

[chgoborn]

The best thing about protesting in Chicago is Reggie's Pizza truck. They serve all the good protests.

[essbird]

Cross-posting a great related article by Robert Creamer on wealth distribution. I wish all my "conservative" friends would read this. I'd love to have a discussion with them.
http://www.huffingtonpost.com/robert-creamer/why-growing-income-inequa_b_335115.html?show_comment_id=33487206#comment_33487206

[spaceship4theking]

End the war in iraq. End Guantanamo. NO more tax haven for the rich. NO more bailouts.

Reinstate COLA. Pass another stimulus designed specifically for JOB CREATION

good articles; http://financeopinionss.blogspot.com

Obama please reform heath care and get unemployment benefits passed ASAP

[Clayton139]

We the People need to Protest Wall Street and the buying off of all our Politicians by Lobbyist all across the country until it changes !

Mobilize every City in every State !

[Mafdet]

We do not need another bureaucracy to make sure consumers understand the terms of their credit arrangements. We need laws that forbid 30% interest rates. We need laws that make bank fraud criminal.

DANG! What am I saying? There ARE laws already. Oh yeah, Federal and State regulators don't enforce them.

So yeah, the idea of creating another bureaucracy that doesn't have any teeth is right on target.

[Clownbaby]

What irony: the FDIC is the "insurance" that really amounts to bank bailouts. Banks can lend to whoever, and there is no risk whatsoever (except to the currency and the taxpayer). A market always has risk, and the gov't messes up market dynamics when there is no risk.

[TrekBear]

The FDIC doesn't guantantee bank solvency. It insures depositors up to $250,000.

Bailouts are money from the government or the Fed to prop up failing and failed businesses.

[Rule Of Law]

That used to be the case. Just this year the FDIC was made to be the lender of last resort for many of the zombie banks, guaranteeing lines of credit to keep them solvent in the worst case event. Google it. There's plenty out there on it. The real downside is that it puts their ability to insure your and my deposits, which is all that they should be doing.

[Peter007]

I'd have more confidence if politicians didn't repeat populist rhetoric after they let a crisis happen.

[medvedov]

http://dean-cage.blogspot.com/

aga!

[dobberdoss]

This is ALL to little to late! The protection has been given already and we ALL know who too! Their will be "no more bailouts" simply due to the country being BANKRUPT and China unwilling to buy up any more debt in the form of US treasury bonds. Not the mention the 12.5 Trillion threshold written into law.
Who in their right mind would EVER trust one on these banks EVER again?

[ScapeGoat]

George bush still does!

[ScapeGoat]

Oh, sorry, you said right mind!

[Tags]

Too big to fail

does not mean

too big to spin off into manageable pieces.

[onegandolf1]

And all the while, they use their bailout money to become even larger.

[samjohn]

How about a different protest strategy? Everyone stands around the entrance where the bank execs will enter/exit. Stands. Just stands. No vocalization just silence. Intimidating silence. Wouldn't that be more unsettling to the execs than the already experienced shouting, sign waving?

[whoskiddinwho]

Listen it is going to take many demonstrations with many more people to bring change.One arrogant young banker walked past in a huff when offered a flyer demanding accountability.The mingset needs to change.I've said before divided we stand,united we fall.

[Wolf Larsen]

I really thought we would have learned our lesson this time around.....but unlike the 30's....any regulation that comes out of Congress to protect consumers and reign in the banks will be filled will so many loopholes in conference committees that what emerges will more closely resemble Swiss cheese....than tough boilerplate. Without campaign finance reform our representatives will never be free to vote their conscience­s.....they will be tethered to special interest groups that will keep a corporate stranglehold on any and all legislation and regulation. This system is the fruition of greed.....only civil revolt will change it......now that is a tea party worth attending.....