Below is an excerpt from Obama giving a speech at a campaign for Chris Dodd's re-election bid:
And this is an agency that will equip every American who signs up for a mortgage or a credit card with the information they need to avoid getting ripped off by predatory lenders or big banks. Now, if the American people win this fight, these banks and lenders won't be able to exploit consumers through complicated contracts or fine print. No longer will they be permitted to game the system so consumers are at greater risk to face arbitrary penalties or fees. In a financial system that's never been more complicated, and at a time when middle class families are under such duress, such strain, it's never been more important for consumers to have their own watchdog -- that's exactly what this agency will be.
And I have to say it's predictable -- a lot of the big financial firms, they don't like it very much. Because confusion among consumers oftentimes means big profits. And lately we've seen an army of industry lobbyists descend on Capitol Hill to kill this proposal or at least to water it down. Now, fortunately, I think everybody understands now is the time to get this done. (Applause.) And despite all the lobbyists and all the power, we scored a major victory yesterday when the House Banking Committee voted in favor of a Consumer Financial Protection Agency. The lobbyists lost, and the American people won. And thanks to the strong leadership of Chris Dodd, we're going to win again in the United States Senate. (Applause.)
Chris is leading that fight just as he's leading the fight against deceptive and punishing check overdraft fees, and a whole array of safeguards to ensure that hard-working Americans are treated fairly in our financial system. Every resident of this state and every American has a stake in his success.
According to Obama, banks and lenders are intentionally misleading borrowers in order to make a profit. To read this you'd think the banking and lending business is evil. I've worked closely with lenders for the past 15 years and I don't know any lender who misleads, or hides important information from, borrowers. The lenders I know are decent people working with their customers to get the best loan possible. They make sure the borrowers, especially first time borrowers, understand the information in the contracts they sign.
This constant business-bashing from Democrats is getting old. Another thing that's old is politicians protecting one another from the responsibility of their actions -- taking a righteous stance against business, when the fact is that Dodd is now under investigation for receiving a sweetheart mortgage deal from Countrywide which appears to be a bribe -- all the ordinary people Dodd and Obama are so concerned about don't get these sweetheart deal. Maybe that's what Dodd should be fighting for -- getting ordinary people the same sweet deal he gets.