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Thread: Obama: GOP plan on consumer protection 'worse than the status quo'

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    BAMAPHIN 22's Avatar
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    Obama: GOP plan on consumer protection 'worse than the status quo'

    Today, President Obama issued a statement attacking a Republican amendment he said would "gut consumer protections and is worse than the status quo."


    He also suggested he might veto the whole package if the amendment is approved: "I will not allow amendments like this one written by Wall Street's lobbyists to pass for reform."


    The Republicans want to create a division of consumer protection within the Federal Deposit Insurance Corporation, and subject it to FDIC rules.
    http://content.usatoday.com/communit...e-status-quo/1
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    shula_guy's Avatar
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    What does the amendment say that he objects too?


    "When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."
    Frederic Bastiat
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    MDFINFAN's Avatar
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    Quote Originally Posted by shula_guy View Post
    What does the amendment say that he objects too?
    The closest I can get on this is his statement that the amendment would do the following..

    This amendment will significantly weaken consumer protection oversight, includes dangerous carve outs for payday lenders, debt collectors, and other financial services operations, and hurts the ability of community and local banks to compete by creating an unlevel playing field with their non-bank competitors.
    Frankly Shula, I don't trust the repub when it comes to protection, their record in the last 8 years is what led to Sept. 08...While we want businesses to go well, we don't want them to have us by the balls..and their getting more and more power everyday..
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    Quote Originally Posted by MDFINFAN View Post
    The closest I can get on this is his statement that the amendment would do the following..



    Frankly Shula, I don't trust the repub when it comes to protection, their record in the last 8 years is what led to Sept. 08...While we want businesses to go well, we don't want them to have us by the balls..and their getting more and more power everyday..


    Fannie and Freddie lead us to this collapse, and the de-regulation came from the Dems. Ask Barney Frank why they get a pass, while wall street is vilified.
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    shula_guy's Avatar
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    Quote Originally Posted by MDFINFAN View Post
    The closest I can get on this is his statement that the amendment would do the following..



    Frankly Shula, I don't trust the repub when it comes to protection, their record in the last 8 years is what led to Sept. 08...While we want businesses to go well, we don't want them to have us by the balls..and their getting more and more power everyday..


    Thank you for trying to answer my question. I really do not have any opinion on this until I see the amendment and have an understanding of why he is objecting to it. I dont trust Obama or the republicans. They all do what is in their best interests not ours. I applaud anytime legislation gets blocked. Washington is at its best when its at a stalemate. The less they do, the better off we all are.


    Obama has not earned my trust. He is in the pocket of big bvuiness just like the rest of them. His health care bill is nothing but a winfall for pharmacuticals and insurance companies. He waivered BP to let them drill in the Gulf without mandated safties. Why are we suppose to believe that now he has our best interests at heart?

    Without turning this into an insult contest can you explain to me why you trust him?
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    FinFan 13's Avatar
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    Quote Originally Posted by shula_guy View Post
    Thank you for trying to answer my question. I really do not have any opinion on this until I see the amendment and have an understanding of why he is objecting to it. I dont trust Obama or the republicans. They all do what is in their best interests not ours. I applaud anytime legislation gets blocked. Washington is at its best when its at a stalemate. The less they do, the better off we all are.


    Obama has not earned my trust. He is in the pocket of big bvuiness just like the rest of them. His health care bill is nothing but a winfall for pharmacuticals and insurance companies. He waivered BP to let them drill in the Gulf without mandated safties. Why are we suppose to believe that now he has our best interests at heart?

    Without turning this into an insult contest can you explain to me why you trust him?
    Shula,
    I just wanted to take this chance to say, you are a very amicable individual.
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