credit issues addressed

i like this lady..explains things clearly.

Elizabeth Warren, who chairs the Congressional Oversight Panel overseeing bailout spending, talks to McClatchy reporters about the president's proposed regulatory changes.

http://www.mcclatchydc.com/227/story/70192.html

With an eye toward protecting consumers and ordinary investors, the Federal Reserve and other bank regulators would lose their oversight over mortgages, credit cards and other financial products that are sold to consumers. It's a radical shift in approach and a tacit acknowledgment of federal failure.

"Lets face it, the (Federal Reserve Board) has had the power to engage in aggressive consumer regulation at least since 1994," Harvard law professor Elizabeth Warren, who chairs the Congressional Oversight Panel, which oversees how Wall Street bailout money is being spent, told McClatchy in an interview. "They clearly had the power to stop the mortgage crisis before it started. And what did they do with that power? Nothing."