Confused about Obama’s new regulatory proposals for the financial industry that virtually destroyed the global economy? One is a Consumer Protection Agency. John Ydstie, National Public Radio’s economics correspondent, does an excellent job of explaining it all.
This new agency would look at [things like interest-only balloon payment mortgages] and, I guess sort of modeled after the Consumer Product Safety Commission, which says, ‘Hey, you can’t sell a toaster that burns down a house,’ and they would say, ‘Hey, you can’t sell a mortgage that makes someone lose a house.’ – John Ydstie, National Public Radio’s economic correspondent
Listen to the the full explanation at NPR here.
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