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cultural vandal | by maryann johanson

watch it: the 6/20/09 weekly address from President Barack Obama

Do we really need another oversight agency? Why don’t we just tighten up the laws that regulate the credit card companies and banks? It wasn’t the lack of an oversight agency that let the financial industry get away with the crap it pulled — it was the fact that financial industry lobbyists were the ones writing the laws that let them get away with it!

It’s not like credit cards, for instance, are akin to, say, meatpacking. We need the FDA to inspect food factories because we consumers can’t be there to see what’s going on. But when we get a credit card offer in the mail, we can plainly see how complicated — or simple and plain-language — it is.

I’m not necessarily against the idea of a government agency that looks out for consumers when it comes to how we spend the way that the FDA is (supposedly) looking out for what we eat. But that cannot be the entire solution.

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