Elizabeth Warren posts video responses to suggestions received by the CFPB

[ProSense]

Open for Suggestions: CFPB's Favorite Videos

Posted by Elizabeth Warren

A couple weeks ago, we asked you to submit your suggestions on building an effective new consumer bureau. Since then, we’ve been taking some of these suggestions and asking members of our team to record video responses. Some of them are pretty camera shy – and some aren’t – but once they started talking about what they do and what the consumer bureau is up to, everybody was ready to jump in.

In just those couple weeks we received hundreds of suggestions on Twitter, YouTube, and our website, ConsumerFinance.gov – and we’ve read or listened to every single one – most of them more than once.

Some of you are worried about long, complicated credit agreements. Some of you want to make sure we make financial education a priority. And some of you have ideas about how we can improve our website. The variety of responses has been the most encouraging part of this process: people are interested in the work the CFPB is going to do for American families, and they are willing to invest some time to speak up and tell us about it.

It turns out that these videos are pretty responsive to many of your suggestions and concerns. We’ve compiled a few of our favorites to share with you:

In this video, Marla Blow, Deputy Assistant Director for Card Markets, responds to a question about credit card terms:

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We’ve heard that these videos can be really helpful – so check them out and share them with your friends and family.

There is even a video explaining how to apply for a job with the CFPB.

[jeanpalmer]

1. I really doubt

people are worried about "long, complicated credit agreements." Come on, nobody sent that in. What they're really worried about are these avaricious banks taking advantage of them and charging outrageous interest rates and fees which enslave people.

She is caving to the banks.

[ProSense]

2. "Come on, nobody sent that in."

"She is caving to the banks."

And she's a liar?

I'll stick with Warren.

[jeanpalmer]

3. You mean no one commented on exorbitant interest rates?

Impossible. It has to be the major complaint of people with credit cards. And yet she would have us believe the major complaint was "long, complicated credit agreements." Come on, fewer than 1% of the people read their agreements. 99% are concerned about the interest rate, and the way these banks can keep piling up balances on them.

Only the easily fooled would believe this. But she doesn't have many options. If she were to complain about interest rates, Obama would fire her. He can't afford to piss off the people who funnel the money to him.

[ProSense]

4. Why don't you?

Then you would know with certainty that someone did.

[jeanpalmer]

5. No one can know "with certainty."

Not you, not anyone. You have to be skeptical about the information they feed you. You can't just take it as gospel and swallow it whole. In the case of credit cards, the big abuse is exorbitant interest rates. Obama had a chance to propose legislation against such rates, but would not bite the hand that feeds him. And in the process he screwed the average credit card holder. Warren has the chance to take a stand on these exorbitant rates, but clearly will not do so. She has seen the handwriting on the wall and does not want to be fired by Obama. As a result, she will talk about "complicated agreements." It's no surprise. These people do not represent us.

[ProSense]

6. "No one can know 'with certainty.'"

You can't know with certainty that someone asked the question if you're the one who asked it?

"You have to be skeptical about the information they feed you. You can't just take it as gospel and swallow it whole."

Does that include accusing people of selling out just because you don't like the responses?

That's extreme cynicism. No thanks.

[jeanpalmer]

7. Really, you asked the question?

Why? The credit card agreement is complicated and hard to understand because that's the only way the banks can screw you. And the banks are not going to give up screwing you because that's the essence of a credit card. Therefore, they're never going to make them easy to understand. Elizabeth Warren is blowing smoke, and she knows it. She knows the big problem with credit cards is the gouging and the usury, but she won't take that on. Because she will be fired by Obama who is in thrall of the banks. It's that simple.

Jamie Dimon CEO of JP Morgan just got voted a $17 million bonus and 25% of that comes from screwing credit card holders with exorbitant intererst rates. When will Obama, or Warren, call him out? Never.

[ProSense]

8. "Elizabeth Warren is blowing smoke, and she knows it. "

OK. Thanks for your opinion.

[boppers]

9. "fewer than 1% of the people read their agreements"

Gee, now, I wonder why that would be... after all, it's just a few simple lines of text, right?

They aren't long, sordid affairs, with lots of fine print about jacking up interest rates, that nobody reads or understands, resulting in interest penalties, right?

[Bluenorthwest]

12. Bad form, not cricket, I object.

You are scriptwriting and then responding to what you have written. Warren most certainly does not say no one asked about interest rates. She also did not in any way suggest that long agreements were 'the major complaint'. That is 100% you. And you add extra bad form for this 'she would have us believe' routine, ascribing to her not only your words, but motives you dream up for these words.
It is interesting that you go on about the easily fooled when you rewrote everything Warren said, and added all sorts of things to it, including changing the subject from 'questions' to 'complaints' as well of the entire concept of ranking the questions. She does not say at all that one was 'major' or first or last or unpopular or popular. She said hundreds of questions were asked, she gives header style examples of three types of questions About Cards, About Education, and About the Website itself. I'd say the reason for that is to encourage more questions in those broad basic areas, and to give people an idea of what questions to expect when they look at it.
Seems to me that she and her people there have acted swiftly in taking a responding to questions from the public. Simply go through so much incoming is a chore.
But it is absolutely disingenuous to play word games like you have with this. She's speaking of questions, which she gives no ranking to, you say she says the major complaint is about agreement length. That she'd have us believe that, no less. Your tactics are oh, so much worse than the ones you imagine you see being used by Warren. Which you can prove by rewriting her every word.
Lowest possible marks from me.

[dionysus]

10. .

:rofl:
:spray:

[great white snark]

11. Oh bullshit, you just need this to be true to propagate the Obama Corporatist smear.

She is no caver.

[impik]

13. Didn't you hear? EW is under the bus too, that sell-out.