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President Barack Obama started his day by learning he had won the Nobel Peace Prize, but that didn’t stop him from quickly turning downright prickly.
After a meeting with Americans who had been ripped off by the financial system, Obama on Friday said big banks and the U.S. Chamber of Commerce were trying to block some of his efforts at financial regulatory reform.
They specifically want to torpedo his plan for a Consumer Financial Protection Agency, he said.
Is your mortgage confusing to you? Are you bewildered by credit card offers? Do you crave the simplicity of "plain-vanilla" financial vehicles whose complete terms can be read in less than four minutes?
David Hirschmann on the need for better, not more, government.
Since protecting large banks at the expense of consumers is the current goal of the regulatory structure, other goals such as collecting data on actual experiences of consumers (something researchers have a difficult time finding, and have to use poor substitutes like aggregate consumption diaries), having in-depth knowledge locally on scene, and fighting regulatory arbitrage among the current 11 agencies that investigate this material fall by the wayside.