Do you like the idea of a bank that works for you, one that can create specialized financial products that suit your needs? Well your president says ‘fugetaboutit’! Under Obama’s newly proposed Federal Consumer Protection Agency, banks will no longer be in business to meet meet your individual needs, they will be under strict control of the Federal government and will be directed to only meet the needs of the Americans who know the least about financial matters.
Why this drastic measure? Well, the government thinks that most people may be too dumb to know when they can or can’t afford something and too dumb to be able to make individual decisions about their finances. They may be right — most people were dumb enough to elect a president who made it very clear during his campaign that individuals are much less important than the masses.
Treasury Secretary Timothy Geithner says “This agency will have only one mission — to protect consumers,” but that’s a lie! This agency has another, more important mission: to gain complete control of the banking industry. Under the Federal Consumer Protection Agency, in the words of Ed Yingling, president and chief executive of the American Bankers Association, “Basically, the government is deciding what every bank in every circumstance should offer.”
There are cases, of course, where individuals ARE too ignorant about financial matters to know what’s best for them but the problem with this new agency — as well as EVERY government agency — is, we will ALL, once the legislation passes, be in the same category. No individuality is allowed, no risk taking allowed for those who enjoy taking risks and another step in the direction that got this country way off course in the beginning, no personal responsibility.
A milestone in this trend of doing away with personal responsibility was when the government decided to buckle under to the insurance industry and force, under penalty of law, every driver to wear a seatbelt. The thought process was that the government’s role was not only to protect people from other people — people must be protected from themselves.
I guess, on a personal note, what bothers and depresses me most about this agency and this ‘no personal responsibility’ trend are that most people seem to be OK with it!
Here are links that will help you learn more about the Federal Consumer Protection Agency:
From Injuryboard.com: New Agency – One Mission- To Protect Consumers
From the Wall Street Journal: Consumer Protection on Wide Scale