Foxes object vehemently to the installation of chicken wire & electric fencing

[SoCalDem]

http://www.latimes.com/business/la-fi-obama-econ18-2009jun18,0,3008895.story


Wall Street isn't buying Obama's reform plan
Banks and other firms are quick to attack Obama's consumer-friendly overhaul of financial rules. The stage is set for a legislative battle, with Wall Street turning to allies in Congress.

By Walter Hamilton and Jim Puzzanghera

June 18, 2009
Reporting from Washington -- At its core, President Obama's overhaul of regulations for the financial industry seeks a fundamental change: Make the federal bureaucracy work for consumers, not just Wall Street. And Wall Street, not surprisingly, doesn't like it.

Striking a populist tone, Obama complained in a White House speech Wednesday that average Americans were often baffled by such intricacies as the terms of credit cards, home loans and other financial products. That confusion helped fuel the subprime mortgage meltdown that sent the U.S. and foreign economies reeling. Much of his reform package involves complex changes to the inner workings of the financial system, but Obama said that better consumer protection -- a priority -- was a key to avoiding future financial crises.

Such safeguards could reach far down the line to such everyday matters as bank overdraft protection. A new agency would have the power to write federal rules that, for instance, prohibit prepayment penalties on loans, require better disclosures, order financial companies to offer easily understood options, and levy fines and penalties for lenders that don't comply. "The most unfair practices will be banned," Obama said. "Those ridiculous contracts with pages of fine print that no one can figure out, those things will be a thing of the past. And enforcement will be the rule, not the exception."

Consumer groups hailed the plan.

"This is a dramatic shift in the focus of financial regulation, which should lead to a credit marketplace which is easier for consumers to understand and safer," said Travis Plunkett, legislative director for the Consumer Federation of America. But banks and other Wall Street firms that earn billions of dollars on consumer financial products quickly attacked the proposal, setting the stage for what is likely to be a hard-fought legislative battle.

"snip

[eridani]

1. That's a good sign

If those sociopathic shitstains don't like it, then I do, even though I haven't thought out all the details yet.

[SoCalDem]

4. I'm the same way.. I look at which entities hate something

and based on that, it helps me focus..

[ColbertWatcher]

2. I heard David Letterman also called the foxes slutty. n/t

[barbtries]

3. mor eof the article

But banks and other Wall Street firms that earn billions of dollars on consumer financial products quickly attacked the proposal, setting the stage for what is likely to be a hard-fought legislative battle.

"We intend to take our case to Congress to explain why we believe adding new layers to a broken regulatory system is not the answer," said David Hirschmann, president of the Center for Capital Markets at the U.S. Chamber of Commerce.

i hate their doublespeak. translation: we're greedy and we won't give up our gravy train without a big fight.

[raccoon]

5. Love your threat title and picture. Recd. nt

[SoCalDem]

6. Thanks.. It seemed appropriate..and the fox looked pissed off

:)