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Monday, September 21, 2009

We have stopped our economic freefall - President Obama

NEW YORK - SEPTEMBER 14:  U.S. President Barac...Image by Getty Images via Daylife

In his weekly address to the nation, President Obama gave credit to all nations for taking measures which he believes have stopped the economic free-fall. However, there is still much work to be done and he believes the G20- Summit in Pittsburgh September 24-25 will provide an opportunity for "a five-month checkup to review the steps each nation has taken – separately and together – to break the back of this economic crisis."

President Obama pointed to the Recovery Act, which was enacted in February, as an example of action his administration has undertaken to spur economic growth. He also stated that they have worked hard to free up the credit market to put more money into the hands of the consumer.

At the G20 conference the United States is going to "discuss some of the steps that are required to safeguard our global financial system and close gaps in regulation around the world – gaps that permitted the kinds of reckless risk-taking and irresponsibility that led to the crisis".

To this end President Obama is pushing his Consumer Financial Protection Agency proposal (currently before Congress). This agency will have clearly defined rules aimed at preventing shady lending practices such as:
  • Loan contracts written to confuse
  • Hidden fees
  • Financial penalties issued without warning

President Obama gives his assurance that this agency will both establish clear rules and enforce those rules.

He recognizes that Wall Street banks would rather maintain the status quo and have hired lobbyist to work at stopping the bill currently before Congress, but this does not deter his determination to stop the business as usual mentality which this time could result in total financial collapse.

We have all seen how quickly many financial institutions have decided to pay back the government loans rather than abide by the strict rules applied to those loans.

Money Magazine Hoss agrees with the President's philosophy and sincerely hopes that he sticks to his guns and does not succumb to the pressure that will undoubtedly be put on him and his administration to withdraw their proposal for a new Consumer Financial Protection Agency.

Stay on Track,

Money Magazine Hoss

Next Hoss Cents Free Financial Money Magazine Post: September 27, 2009
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