In his weekly address to the Nation on June 19, 2009 President Obama talks of the need to create a fair and competitive market system that protects the interest of the common man. What is particularly striking are the following
“An epidemic of irresponsibility took hold from Wall Street to Washington to Main Street. And the consequences have been disastrous”
“We are going to promote markets that work for those who play by the rules. We’re going to stand up for a system in which fair dealing and honest competition are the only way to win———but not those that allow insiders to exploit its weaknesses for their own gain”
“And one of the most important proposals is a new oversight agency called the Consumer Financial Protection Agency. It’s charged with just one job: looking out for the interests of ordinary Americans in the financial system”
” Today, folks signing up for a mortgage, student loan, or credit card face a bewildering array of incomprehensible options. Companies compete not by offering better products, but more complicated ones – with more fine print and hidden terms”
“This new agency —–will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want – and actually understand. Those ridiculous contracts – pages of fine print that no one can figure out – will be a thing of the past. You’ll be able to compare products – with descriptions in plain language – to see what is best for you”
“Some argue that these changes – and the many others we’ve called for – go too far———That’s not surprising. That’s Washington”
“Well, the American people did not send me to Washington to give in to the special interests; the American people sent me to Washington to stand up for their interests. And while I’m not spoiling for a fight, I’m ready for one.”