This film puts a human face on the increasingly grim foreclosure statistics and shows how reliance on free market ideology alone and lack of regulation got us into this mess. The examples of unregulated brokers, ratings agencies, investment firms, banks and other players cashing in alongside regulators who failed to protect consumers and require accountability from the financial sector demonstrate why Americans need financial reform and an agency dedicated to consumer protection.
federal reg reform
Credit card lenders like Chase, as well as other financial services providers, strongly oppose the establishment of a consumer financial watchdog because it could expand the same type of consumer protections for other products they market, such as overdraft loans, tax refund anticipation loans, and other high-cost products with hidden fees.
As the President noted, “our economy is badly weakened, a consequence of greed and irresponsibility on the part of some….Homes have been lost; jobs shed; businesses shuttered.” Part of our government’s response to this crisis has been to allocate billions of public dollars to financial institutions, with little or no strings attached regarding how the money will be spent. Going forward, those institutions receiving public dollars must “be held to account – to spend wisely, reform bad habits, and do our business in the light of day….”