Your Stupid Mortgage Brought Down the Economy
Okay, maybe your particular 3-year interest-only adjustable rate mortgage didn’t trigger a near total collapse of the financial system. But the financial institutions that peddled risky loans, crummy credit card terms, over-the-counter derivatives and those pesky credit default swaps aren’t getting off the hook so easily.
The entire financial services industry got a regulatory Nasty-Gram from the Administration today. After accepting his Nobel Peace Prize President Obama unveiled his proposal for financial regulatory reform legislation. Then he saved a baby from a burning building, swam the English Channel and chewed gum, patted his head and rubbed his belly -- in tandem!
For your weekend leisure reading, here’s the entire 89-page .pdf of the Financial Regulatory Reform white paper that was written in June. For those who prefer their legislative proposals in bite-sized bits, the Wall Street Journal did a nice job of converting it to Cliff’s Notes.
This really is about YOU
The Motley Fool has been selected by the White House on Tuesday to speak about the proposal with a member of the President’s council of economic advisors.
Awww, shucks. Why us? Easy: The folks in Washington know that we have the most engaged, intelligent and informed investing community there is – and that we will tell it like it is. They know that we all will play an important role in whether or not this legislation makes sense and ultimately gets written into law.
On Tuesday we’re going to the White House to represent YOU. So we need you to weigh in on this topic (in the comments section below or on the main article on this topic we’re about to post on the main page of Fool.com). Pipe up, Fools! We’re all heading to the White House!
-Dayana Yochim (TMF School)