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3 Responses to “Elizabeth Warren on the next real estate crisis”

  1. mbelardes says:

    I haven’t heard so many generalized points to discuss policy specifics since Obama was campaigning.

    Her whole point is that a credit card and mortgage agreement should be easier to read and clearer in terms? We need a whole new agency for that?

    This is like every election cycle where they discuss education reform by screaming about the children rather than actually saying what we need to do, why we need to do it, and how we are going to do it.

    I like how she’s asked how can she be effective as she has never worked in finance and is not a legislator and she just responds, “I don’t know anything except to try.” EXACTLY.

    Somebody get Spitzer on the phone and get him the CFPB gig for god’s sake.

  2. balanceact says:

    It is for me always such a pleasure to hear Elizabeth Warren talk as she is so good with making complicated financial problems understandable to ordinary people. In the financial world which is usually crammed with phony arcane language, listening to her is like a cleansing shower for the mind.

    The problem Elizabeth Warren would face if she is nominated to be the head of the new Consumer Protection Agency is she would be a clear concise honest advocate for consumers and real markets, facing a hoard of experts on Wall Street and in DC who have been lying to themselves and to us, to protect their own interests.

    mbelardes says “Her whole point is that a credit card and mortgage agreement should be easier to read and clearer in terms? We need a whole new agency for that?”

    You bet we do.

    As Warren says, “Credit card agreements run as long as 30 pages and it is 30 pages of largely incomprehensible text.”

    “The best the this agency (CFPA) can do is to say to credit card companies, to mortgage companies, to banks, you can’t build a business model around tricking and trapping customers.”

    These hardly seem like generalizations to me. These are honest acknowledgments of the current problems of consumer contracts and a clear direction to make them better. Warren wants to repair a broken credit market.

    As Warren says – “To say to consumers when we get these products (contracts) to a level where you can read them, then you are responsible for reading them. We want to reintroduce the Buyer and the Seller to each other on a way that says, “Make a good contract but make a contract that both sides understand.” It is a statement where we are today that that would be a bold move.”

    mbelardes criticizes Warren as ineffectual because she isn’t an insider, but he took her quote out of context.

    Question: From your experience is it possible for someone who is not a D.C. insider, not a Wall Street insider, to really help catalyze change?

    Warren: I don’t know. (pause) I don’t know. And a, it’s certainly the case that many many people have told me that it is not possible. And if you’re not an insider in one of those two worlds of power, Wall Street or Washington D.C., then don’t waste your time. I just refuse to give up.”

    If Elizabeth Warren isn’t appointed to head the Consumer Financial Protection Agency it will be a heavy loss for consumers and for honest Markets. She is a clear voice for reason and sanity in financial matters. She will help put trust back into the economic system overall.

  3. Dow says:

    I’d like to see the new Consumer Protection Agency attack the usury rates on credit cards and make it stop. It’s obscene. Ditto on charges for checking accounts.