BestOfBid.com - A way to FIX the U.S. Economy - Regulation of Financial Industry?

A way to FIX the U.S. Economy - Regulation of Financial Industry?

A way to FIX the U.S. Economy - Regulation of Financial Industry I am a conservative and I know all you conservatives cringe with the word "Government Regulation", but our economy has gotten out of whack by financial institutions who prey on the following: 1. Low income people looking for a quick fix. Offering loans with hidden fees. Milking these people dry. 2. College Students, all students have been solicited by at least 2 CC's. I ask the financial insitutions why should this group qualify? No job, already in debt with student loans, etc., and here they are preying on this group. By the time the student realizes they made a bad deal, their more in debt. Giving money to U.S. citizens as Congress proposed yesterday is a very BAD idea! They are just enabling the problem even more. If you want to fix the economy, regulation of financial institutions MUST be mandated. Limits on interest rates-10%, no hidden fees, a contract less than 1 page long, etc. TIME TO GET TOUGH ON THESE LOAN SHARKS!!!!!

Public Comments

i agree with you
I don't agree. People should be responsible for their own actions. The mess we are in isn't because of anything that has been hidden from people. Everything was disclosed. There are disclosure laws already, but you can't fix stupid. These are the same people who thought they were the smartest people on the planet when they took those ARM's. P.T. Barnum said it best, "A fool and his money are soon parted". I do agree with you about the handouts though. That is a bad idea.
Its sad to say but that actually WONT fix our economy. The fact that low income people and college students are being given credit, makes them spend money NOW which is what we want. Look at the countries where they DONT give loans to low income people. Those countries are not doing so well are they? Then look at countries that are growing really fast like india. Only in the last few years have they been giving loans out to poor people in india and look how thats doing. You know what they charge on those microloans? 100% interest!!! There will always be up cycles and down cycles in real estate and each time there is a down cycle it looks worst than the last because the numbers are always bigger than the last time but people dont figure in inflation. 15 years to 20 years from now there will be another real estate bubble that i am sure will make this one look small.
Very good I'm glad to see that I'm not the only one that is aware of the hidden fees. I always wondered about the cc for college students it's just a set up for them to get their money as soon as they get out of college and go to work in their filed, easy targets. Giving us money and credit to almost anyone is getting desperate so when this happens more is going to follow soon. Yes get the loan sharks who we depend on so much for taking advantage of us...Great post!