nytimes.com - 6/30/2009
—
WASHINGTON The Obama administration sent Congress a detailed proposal on Tuesday to create a consumer protection agency responsible for financial products, a move that is the first shot in a heated battle with banks and other financial institutions over how to regulate home mortgages, credit ...
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Congress Gets Plan for Consumer Protection Agency
DealBook —
... its rules would serve as a “floor” that would not preclude states from imposing tougher consumer protection rules of their own. The House Financial Services Committee is expected to take up the bill as soon as Congress returns from its Fourth of July recess, and the committee chairman, Representative Barney Frank of Massachusetts, is broadly in favor of the bill. But the House is not expected to vote on the bill until this fall, and the Senate is expected to move even more slowly. Go to Article from The New York Times »
New Financial Products Regulator To Provide Amusing Threat
Dealbreaker —
... dollar Ponzi scheme for over 20 years, you can guess the likelihood the new crew will pick up on some of the hidden gems buried in footnotes and legal disclosures. Should they fail that task however, their other major task at hand is enforcing the Community Reinvestment Act- which strongly encourages banks to make loans to low-income communities. You can probably start the egg timer now to count down to the moment that stroke of genius blows up in the administration's face.
Congress Gets Plan for Consumer Protection Agency [NYT] ...
Wednesday morning links
The Mess That Greenspan Made —
... Next Housing Segment To Crash: $1+ Million McMansions - ClusterStock • McMansions Another Black Eye For Housing Market - The Atlantic • Phoenix Housing Market Finally Feels Uptick - HousingWire • Home price decline slows in many places - USA Today FED/TREASURY/BANKING • Fed's Yellen: rates could be near zero for years - Reuters • FED to Monetize Another $1.75 Trillion in 2009 - Liberty Maven • Banks Balk at Agency Meant to Aid Consumers - NY Times • Bernanke still a speed demon - ...
Wednesday links: the next bubble
Abnormal Returns —
... Not surprisingly the finance industry wants to kill the proposed consumer finance protection agency. (NYTimes also ...
Related Content
The Consumer Financial Protection Agency Act Is Flawed
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Why Banks Should Support a Consumer Financial Protection Agency
economix.blogs.nytimes.com 7/23/2009 — In a food contamination scare, people buy less of that food until the government assures them that it understands the problem and the contamination will not happen again. The same goes for a scare over the dangers of financial products, an economist ...
Video: Obama pushes consumer protection
politicalnewslive.blogspot.com 29 days ago — In a speech promoting a Consumer Financial Protection Agency, the U.S. President accuses financial firms of maximizing profits at the expense of Americans.
Consumer Protection When All Else Fails (Written Testimony)
baselinescenario.com 5/20/2009 — I took three points away from yesterday’s hearing in the House of Representatives.
We need layers of protection against financial excess. Think about the financial system as a nuclear power plant, in which you need independent, redundant back-up systems - so if one ...
Consumer Protection: Reverse Convertibles
rortybomb.wordpress.com 6/18/2009 — Since we’ve already run new stress tests out of this webpage, I’m going to go ahead and run the Consumer Protection Agency out of the Rortybomb Blog while President Obama and team continue to get the legislation worked out. (If I keep ...
Bring On the Public Option! —
The Big Money 6/29/2009
Small businesses, or at least the trade organizations that purport to represent them, tend to be politically conservative. Thus it's not a surprise to see small-business groups attacking President Obama's legislative agenda, including the stimulus ...
GM's Forever Bankruptcy —
The Big Money 6/30/2009
The Washington Post has dutifully pointed out that the taxpayer may never recover its investment in General Motors (GMGMQ), post-bankruptcy. Assorted debt-pay-down and forward-looking share-price valuations figure into this analysis. But a ...
Don't Get Fooled Again —
The Big Money 7/1/2009
Obama wants to give the Fed more power. Is that a good idea? Slate columnist Eliot Spitzer says no:
The United States should not lightly put our fate back in the hands of the very entity whose oversight of the economy and financial sector ...
Economics focus: Put out —
The Economist: Full print edition 7/2/2009
Uncertainty over the size of the output gap complicates the task of central banks HAVING raised the alarm on deflation, the Federal Reserve has now begun to sound the all clear. The statement it released after its policy meeting on June 24th notably ...
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