Obama Touts 'Oversight for Thee, But Not for Me' in Kansas Speech

In a Very Important Speech he gave today President Obama made a strong case for more government oversight. That is, more government oversight of you, not the government: 

Remember that in those years, thanks to some of the same folks who are running Congress now, we had weak regulation and little oversight, and what did that get us? Insurance companies that jacked up people’s premiums with impunity, and denied care to the patients who were sick. Mortgage lenders that tricked families into buying homes they couldn’t afford. A financial sector where irresponsibility and lack of basic oversight nearly destroyed our entire economy.

....

I’ll give you one example. For the first time in history, the reform we passed puts in place a consumer watchdog who is charged with protecting everyday Americans from being taken advantage of by mortgage lenders, payday lenders or debt collectors. The man we nominated for the post, Richard Cordray, is a former Attorney General of Ohio who has the support of most Attorneys General, both Democrat and Republican, throughout the country.

But the Republicans in the Senate refuse to let him do his job. Why? Does anyone here think the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? Of course not. Every day we go without a consumer watchdog in place is another day when a student, or a senior citizen, or member of our Armed Forces could be tricked into a loan they can’t afford - something that happens all the time. Financial institutions have plenty of lobbyists looking out for their interests. Consumers deserve to have someone whose job it is to look out for them. I intend to make sure they do, and I will veto any effort to delay, defund, or dismantle the new rules we put in place.

We shouldn’t be weakening oversight and accountability. We should be strengthening them. Here’s another example. Too often, we’ve seen Wall Street firms violating major anti-fraud laws because the penalties are too weak and there’s no price for being a repeat offender. No more. I’ll be calling for legislation that makes these penalties count - so that firms don’t see punishment for breaking the law as just the price of doing business.

You can read about the Cordray business here (short version: Republicans are assholes for not confirming a nominee to a position with poorly defined, and thus nearly unlimited, powers). But leaving aside Cordray, isn't it great that Obama is talking about oversight? The House Oversight Committee—which has had to fight tooth and nail to get the Obama administration to comply with its investigations of the Transportation Security Administration's screening procedures ("TSA chief skips House hearing on airport scans"), FOIA mismanagement at the Department of Homeland Security ("DHS attorney Reid Cox attempts to 'steal' evidence from a FOIA hearing"), Solyndra ("WH rejects subpoena request for Solyndra docs"), and Elena Kagan's involvement in Obamacare ("DOJ Refuses Request for Kagan-Obamacare Documents")—will be so relieved.  

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  • ||

    But, but, but .... Barry and Team Blue are the Good People!

  • BigT||

    "Does anyone here think the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? Of course not."

    'Bout says it all. Dems and the MSM have totally bought the BS that not enough regulation caused the crisis.

  • RoboCain||

  • ||

    BigT, it isn't that the Dems and their minion MSM have "bought the BS that not enough regulation caused the crisis". It is the Democrats that created the regulations and the part of crisis. Democrats always support more regulations because they like power, and think of citizens as toddlers.

  • BigT||

    "We shouldn’t be weakening oversight and accountability. We should be strengthening them."

    That's why Obama bailed out GM and Chrysler - to make them more accountable. Duh!

  • Binky||

    "Every day we go without a consumer watchdog in place is another day when a student, or a senior citizen, or member of our Armed Forces could be tricked into a loan they can’t afford"

    FTFY

  • Suzie Ormann||

    That loan is DENIED, Girlfriend!!

  • ||

    But if the lenders are Government Regulated that will never happen.

    / snark

  • ||

    Oklahoma?

  • ||

    Umm, the speech was in KANSAS, numb nuts.

  • MJ||

    "Mortgage lenders that tricked families into buying homes they couldn’t afford."

    What an utter load of nonsense. I am not sure exactly how a lender could possibly "trick" someone into a buying a house they could not afford. I can definitely see millions of people talk themselves into indulging their champagne tastes despite having beer budgets.

  • ||

    But now a consumer watchdog group is there to protect you from these desires. You should be grateful to your betters.

  • ||

    So the new agency is designed to be a watchdog of consumers. Got it.

  • ||

    The trickees were tricked like people were tricked into voting for Obama.

    Obama, the Amazing Trickster.
    Being Democrat means never having to be responsible for anything.

  • Number 2||

    Isn't this the same Obama who, not so long ago, criticized the same lenders for being too restrictive in who they were allowing to borrow? The same Obama who, in the words of one lender's commercials, "ordered America's banks to loan money to those who qualify?" The same Obama who re-appointed a Fed chairman who is keeping interest rates low so that people can take out loans???

  • Veemee Sashimi||

    "Mortgage lenders that tricked families into buying homes they couldn’t afford."

    Condescend much, Barack?

  • Evil Mortgage Lender||

    Hey kid, wanna borrow some money? It'll make you feel real good!!

  • cynical||

    I'm glad we got rid of Cordray's sorry ass, but I'm sorry for inflicting him on the rest of the nation.

  • Tolly||

    In addition to all the obvious, glaring holes in this pathetic class-ist stump speech... Does anyone feel inclined to call him out and remind him that the federal agencies that WERE in place to prevent wrongdoings and fraud are so intertwined with the industries they are supposed to regulate that they are corrupt and useless? Oh no, we should just double down and trust that for once in the history of man, a political institution will be immune from human nature.

    The worst part is that liberal supporters of this idiot see that as precisely the solution.

  • submandave||

    This speech shows an utter comtempt for the ideas of business. What possible business motivation could a lending institution have, under normal circumstances, for "tricking" someone into taking a loan they can't repay? None. But if you add in government guarantees, make the loan legally not subject to bankruptcy, provide the institutions the implied guarantee of government bailout in the event of bad loans, then, sure, they'll trick away.

  • JimK||

    Not only did they not "trick" people into buying, but BHO himself was one of the lawyers on the front lines of the CRA enforcement hustling/forcing banks to make these loans.

  • ||

    Of course, he has contempt for business because he has never run one, nor does he know how business works. So much for Barry's college education, huh?

  • DonM||

    The problem is not oversight. The problem is bad oversight that leads to bad incentives.
    Judging borrowers by race means you have lost focus on their ability to pay you back. If there was discrimination against blacks in the banking industry, black borrowers(for example) would have a better record of paying back. If there is 'affirmative action' aka discrimination for blacks in the banking industry, blacks would have a worst record of paying back.

    When he says 'fooling people into borrowing to buy homes they can't afford' he is actually explaining that affirmative action had bad consequences.

    And therefore, says he "We need more of it."

  • Dadmanly||

    "Does anyone here think the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? Of course not."

    On the contrary. I think too much "oversight" of the kind corrupt Washington politicians provide is EXACTLY the problem. This is the classic corruption of the "overseer" lining his pockets to give a clean bill of health to those being overseen.

    How much did Dodd and Frank and their crony friends profit from "oversight" of Fannie and Freddie? Jamie Gorelick became a multi-millionaire thanks to "oversight."

    I'd compare the Obama Administration to a Banana Republic, but I think such kleptocracies seem trifling in comparison.

  • ||

    "Mortgage lenders that tricked families into buying homes they couldn’t afford."

    I feel confident that lenders can manage their own repayment risk without oversight. Seriously, if a lender "tricks" a consumer into a loan that can't be repaid, who has the bigger problem, the consumer who has to give up the house he can't afford anyway, or the lender who just pissed away the price of the house in real money?

    Obama's description of the problem doesn't make sense. The problem is that the government REQUIRED lenders to make loans that could not be repaid.

  • ||

    Obama's description makes perfect sense if you know who he is and what his agenda is. The little fact that the government required lenders to make those loans will never be acknowledged by Obama and the Dems. Like Larry Elder says, "Facts to Democrats are like Kryptonite to Superman."

  • NAME REDACTED||

    Not quite, they just ignore facts... Superman can't ignore kryptonite.

  • ||

    Well, a lender might make a bad loan if they can shove off the bad paper on some sucker.

    Thank goodness Freddie and Fannie were so vigorously defended from 'oversite' by the likes of Barney Frank so that Gorelick and Raines and their ilk could profit on the churning of home mortgages to those who were 'tricked'
    (notice they don't say UNEDUCATED, which would be factual, but rather 'tricked', a factoid designed to appeal to emotion as opposed to intellect).
    'For the people' as always of course.

  • DirtCrashr||

    How about that awesome oversight of the DOJ and BATFE with their kewl Fast-and-Furious gun-running to-Mexico operation! And the Grenade-running to Mexico (and around the Midwest)! And the Drug-Money-Laundry for Mexican cartels!
    If that ain't awesome-oversight I don't know what is.

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