Black People : Chairwoman of TARP oversight says public being ripped off

Discussion in 'Black People Open Forum' started by Ankhur, Oct 23, 2009.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

    Oct 4, 2009
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    owner of various real estate concerns
    The House Financial Services Committee passed a watered-down version of the proposed Consumer Financial Protection Agency Thursday morning.

    In the words of Financial Services chairman Barney Frank: "We have restricted the CFPA from what the administration proposed."

    The CFPA is largely the idea of Elizabeth Warren, the Harvard law professor who serves as the chair of the Congressional Oversight Panel for the TARP program, and who has long advocated for stronger consumer protections.

    The Huffington Post has been given exclusive video of a candid interview Warren gave to Michael Moore for his documentary "Capitalism: A Love Story," much of which never made it into the film. In it, she expresses her disappointment at the lack of accountability that has come with the massive bailout of Wall Street, and explains why the need for a strong Consumer Financial Protection Agency is so urgent.

    The video is broken up into three clips below.

    In the first clip, Warren delves into the ever more complex financial instruments that Wall Street has designed in order to continue to enlarge their profits at the expense of their own consumers. It is here that Warren explains why we need a robust CFPA:

    Financial products, and they are products, just like toasters, are sold today with the most dangerous features embedded in them because that's what drives profitability. What's astonishing is that we let this happen. You can't buy a toaster in America that has a one in five chance of exploding. But you can buy a mortgage that has a one in five chance of exploding, and they don't even have to tell you about it... We have consumer protection for everything you touch, taste, smell, feel... But there is no equivalent for credit cards, for mortgages; there's nothing.
    At one point Warren laments: "I teach contract law at Harvard Law School, and I can't understand my own credit card. No, I am not kidding you."

    Read more at:

    videos are on the above page