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Bush proposes financial regulation overhaul

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Consolodating the many regulatory bodies that have authority over financial institutions has a great deal of merit to it. Consumers shouldn't have to do ten hours of research to figure out which government agency to send their complaint to. Banks like it the way it is right now because it confounds the consumer's attempts to complain about them.

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Methuss, I agree that it should be easy for consumers to be able to quickly find the appropriate "channel" to file a complaint or get assistance. I am no fan of many of the current Banking laws; in some ways they're a joke. It becomes pretty obvious that the laws are a joint venture of the commercial interests (CC Cos, Banks, the CRA's etc) and "our" Government reps that they control via their powerful lobbying interests. Only when the situation gets way out of control do "the people" rise up and get some reprise from our reps.

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Something HAS to change, I don't see this as a bad idea. The current regulatory structure was put in place after the Great Depression - and things have changed DRASTICALLY since then - and so must the regulatory structure.

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Something HAS to change, I don't see this as a bad idea. The current regulatory structure was put in place after the Great Depression - and things have changed DRASTICALLY since then - and so must the regulatory structure.

I agree. Exspecially in the Mortgage industry. My Sis was almost taken for a ride by some preditory lenders. You wouldn't believe what they could have gotten away with. It's hard to believe some of these loans are even legal...

Yet I wouldn't want to make it anymore difficult for subprime borrowers to get financing then it already is. More protection from the wolves not more hurdles to jump over is what I'd like to see.

Home ownership is such an important part of a healthy society.

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I think there should be one governing body over the CRA's that incorporate the FDCPA and FCRA laws and a few new laws. I think the banks and CRA's have things they way they want them. It should not be so hard for a consumer that has proof that a debt does not exist should have to go to so much trouble to get it corrected at the CRA's

There should also be a court in each state and city where consumers can file suits against them that way everyone knows where to go. There are so many people out there that have suits that could be filed but have no idea where or how to go about doing it.

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I think change is both good and needed. The current system can only regulate 1/2 of the banks, leaving the other 1/2 at an advantage... one of the many many reasons we are currently in the mess we are in.

Regulate them all fairly..

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I really can't come up with a non-political way to respond to this, so I'll just leave it at...

I'm from the government...

I'm here to help...

What was your bank account number again?

LOL!

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The best choice would be to abolish the fed's powers altogether. They have the power to dilute the dollar on command, which they have done. They have no Constitutional authority to do so and it has been a disaster. Foreclosures and a slowing economy are a minor nuisance when compared to the wholesale inflation the FED liquidity pump has produced. Yes, they may "save" the value of the Americans savings by propping up asset prices & avoiding recession by dropping rates to 0%, but in real terms, your savings has been diminished in value substantially. It is the invisible thief in everyone's pocket that is crushing us without even a whimper (the Fed knows that most Americans are innumerate) .

And so the plan is to expand their power in an effort to harmonize and avoid redundancy. How about we eliminate the fed and allow the currency markets and global markets set rates again? Then leave the regulation of banks to the gov't.

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I haven't read the proposed regulations in depth, but...this sort of thing can come in two distinct flavors.

1. Protect the consumer.

2. Protect the shareholders.

Given the current administration, which is more likely?

WTC, maybe you should go to the Fed for funding of your new project?...

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I have applied for an SBC loan. Problem is, its a consumer oriented site. Not too much interest from the government in such things right now.

When has the Governmet ever shown much interest in the consumer, except when they want our vote?

Find yourself a good SBA packager that's been doing it awhile. They usually have a contact at the SBA that can fast track ya. I used to do a lot of SBA loans years back, but yea, I bet it's hard to get their attention right now.

Willingtocope bin Laden on an SBA app might spark some attention...

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After the current economic troubles are over, something needs to be done to regulate the lending practices of the banks originating mortgages. It’s probably inevitable that congress will pass tougher regulations.

The Glass-Steagall Act should never have been repealed.

http://en.wikipedia.org/wiki/Glass-Steagall_Act

I like Bernanke (Helicopter Ben), what a cool name! But paulson is not really quite up to this tough a stretch.

http://en.wikipedia.org/wiki/Ben_Bernanke

Paulson tried to make a new word last month.

Downcline is a new word!

According to Treasury Secretary henry paulson.

http://eggcorns.lascribe.net/forum/viewtopic.php?pid=5958

http://ja.reddit.com/r/business/info/6ciqr/comments/

"Then I heard Henry Paulson say that "We're in a sharp DOWNCLINE. ..."

In any case the Fed pulled of a nice save regarding Bear Stearns!

http://seekingalpha.com/article/71420-markets-bounce-back-from-bear-stearns-panic-is-the-worst-over

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