As the nation approaches the first anniversary of the Dodd-Frank financial reform law, opponents are claiming that the new measure is extraordinarily damaging, especially to Main Street. But industry’s alarmist rhetoric bears striking resemblance to the last time it faced sweeping new safeguards: during the New Deal reforms. The parallels between the language used both then and now are detailed in a report released today by Public Citizen and the Cry Wolf Project.
The Pure Food and Drugs Act of 1906 is today remembered as one of the highlights of Progressive reform. In an urbanizing and industrializing era when Americans no longer lived near the sources of their food and in which unregulated patent medicine promised miraculous cures, this law offered an assurance of safety that consumers, no matter how vigilant, could not provide on their own.
By Tim Fernholz. The American Prospect. September 9, 2009.
I've got a story today on how the Chamber of Commerce and other business interests are trying to kill the proposed Consumer Financial Protection Agency with 'death panel' tactics -- exaggerating the affects of the legislation and making it seem as though it would harm ordinary Americans. But these kinds of moves aren't unusual. In the 1970s, there was momentum toward creating a Consumer Protection Agency that would act, essentially, as a kind of clearinghouse for consumer complaints, rather than an actual regulator with enforcement powers. But as Lawrence Glickman chronicles, its opponents also reacted with outrageous rhetoric:
Why #OccupyWallStreet?
Featuring powerful words from Elizabeth Warren about why Wall Street is to blame for the biggest crisis since the Great Depression.
Found on LanceBaxter's YouTube channel. Originally submitted by Mark H.
Read MoreHistory Repeats Itself on Financial Reform
As the nation approaches the first anniversary of the Dodd-Frank financial reform law, opponents are claiming that the new measure is extraordinarily damaging, especially to Main Street. But industry’s alarmist rhetoric bears striking resemblance to the last time it faced sweeping new safeguards: during the New Deal reforms. The parallels between the language used both then and now are detailed in a report released today by Public Citizen and the Cry Wolf Project.
Read MoreTruth in Labeling: The Current Backlash Against Consumer Financial Regulation Sounds Awfully Familiar
By Larry Glickman, The American Prospect, November 25, 2009.
The Pure Food and Drugs Act of 1906 is today remembered as one of the highlights of Progressive reform. In an urbanizing and industrializing era when Americans no longer lived near the sources of their food and in which unregulated patent medicine promised miraculous cures, this law offered an assurance of safety that consumers, no matter how vigilant, could not provide on their own.
Read MoreThe History of Consumer Protection Scares
By Tim Fernholz. The American Prospect. September 9, 2009.
I've got a story today on how the Chamber of Commerce and other business interests are trying to kill the proposed Consumer Financial Protection Agency with 'death panel' tactics -- exaggerating the affects of the legislation and making it seem as though it would harm ordinary Americans. But these kinds of moves aren't unusual. In the 1970s, there was momentum toward creating a Consumer Protection Agency that would act, essentially, as a kind of clearinghouse for consumer complaints, rather than an actual regulator with enforcement powers. But as Lawrence Glickman chronicles, its opponents also reacted with outrageous rhetoric:
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