• 30 Jun 2009 at 3:28 PM

New Financial Products Regulator To Provide Amusing Threat

By Greg Michaels

The wheels of forthcoming regulation have started to turn as the Obama administration sent its proposal for a consumer protection agency focused on financial products to Congress today. Among other things. the new agency will have the power to restrict or prohibit “unfair and deceptive practices”. If the current generation of regulatory all-stars couldn’t stop the slightly deceptive practice of running a multi-billion dollar Ponzi scheme for over 20 years, you can guess the likelihood the new crew will pick up on some of the hidden gems buried in footnotes and legal disclosures. Should they fail that task however, their other major task at hand is enforcing the Community Reinvestment Act- which strongly encourages banks to make loans to low-income communities. You can probably start the egg timer now to count down to the moment that stroke of genius blows up in the administration’s face.
Congress Gets Plan for Consumer Protection Agency [NYT]

Comments (18)

  1. 1
    Posted by guest | June 30, 2009 at 3:42 PM

    Blah, blah, blah….yak, yak, yak, yada, yada, yada, snnnooooozzzzeeeeeee…….

  2. 2
    Posted by guest | June 30, 2009 at 3:44 PM

    Huh? Bring back Bess.

  3. 3
    Posted by guest | June 30, 2009 at 3:46 PM

    @2 are you under the impression she left?

  4. 4
    Posted by Anal_yst | June 30, 2009 at 3:49 PM

    “unfair and deceptive practices”
    Like the majority of the retail brokerage industry?
    Yea, good luck with that…

  5. 5
    Posted by guest | June 30, 2009 at 3:54 PM

    Das Vadanya and hello from Russia.
    This Russian bear want to know where is the Equity Private? I have bear claw for her.
    До свиданияm,
    - Equit Privat

  6. 6
    Posted by guest | June 30, 2009 at 4:01 PM

    Aparece como si Greg no ha mejorado cualesquiera. Quisiera pensar que sea esto porque su madre es una puta. ¡Mierda! El idiota Greg no es divertido, él no puede escribir y él debe ser alimentado a las cucarachas.

  7. 7
    Posted by guest | June 30, 2009 at 4:04 PM

    @6
    Grassy A$$

  8. 8
    Posted by MarshallStack | June 30, 2009 at 4:10 PM

    Get Norm Coleman back in here. Turn those machines back on!

  9. 9
    Posted by guest | June 30, 2009 at 4:11 PM

    What does Bess look like? Is she hot? I mean if she’s even like a 6.5 her personality should carry her to “definitely do-able” levels right?

  10. 10
    Posted by guest | June 30, 2009 at 4:13 PM

    @5 – ep

  11. 11
    Posted by guest | June 30, 2009 at 4:17 PM

    @1 blow me
    -Macke, reppin for my boy GM

  12. 12
    Posted by guest | June 30, 2009 at 4:27 PM

    Stanford denied bail.

  13. 13
    Posted by guest | June 30, 2009 at 4:33 PM

    good God, you are a tool, Michaels. I endorse the sentiments of @6 wholeheartedly.

  14. 14
    Posted by guest | June 30, 2009 at 6:13 PM

    this is another perfectly acceptable post, greg. these people should clearly just be reading muffie’s blog and TMZ not dealbreaker

  15. 15
    Posted by guest | June 30, 2009 at 7:33 PM

    Thanks for reading NYT for me. I won’t touch it.

  16. 16
    Posted by guest | June 30, 2009 at 10:05 PM

    If bess was a 5 I’d still do it

  17. 17
    Posted by guest | July 1, 2009 at 1:02 AM

    Eff Edmund L. Andrews (NYT writer),
    It’s been barely one month since the Times public editor said Andrews shouldn’t be covering topics that related to his personal situation (8+ months behind on a liar’s loan on “his” house, wife who declared bk for the 2nd time in 2007 while married to him). Jesus, kill the NYT already.
    http://www.nytimes.com/2009/05/24/opinion/24pubed.html
    Greg, I’ve never given you a hard time, but please don’t link any more articles by Andrews that involve consumer credit/mortgages or deadbeats (like him), OR how banks and bankers have ruined the economy.
    It’s tools like him that helped move that disaster on down the road.

  18. 18
    Posted by guest | July 1, 2009 at 7:00 AM

    @5
    EP is a figment of your imagination.

Leave a comment

You can log in with your account or comment as a guest below.

   or