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A way to FIX the U.S. Economy - Regulation of Finance Industry?

I am a conservative and I know all you conservatives cringe witht he word "Government Regulation", but our economy has gotten out of whack by financial institutions who prey on the following: 1. Low income people looking for a quick fix. Offering loans with hidden fees. Milking these people dry. 2. College Students, all students have been solicited by at least 2 CC's. I ask the financial insitutions why should this group qualify? No job, already in debt with student loans, etc., and here they are preying on this group. By the time the student realizes they made a bad deal, their more in debt. Giving money to U.S. citizens as Congress proposed yesterday is a very BAD idea! They are just enabling the problem even more. If you want to fix the economy, regulation of financial institutions MUST be mandated. Limits on interest rates-10%, no hidden fees, a contract less than 1 page long, etc. TIME TO GET TOUGH ON THESE LOAN SHARKS!!!!!

Public Comments

1. The regulations of which you speak are already in place for the most part. Really what needs to be regulated in some form is the derivatives market and the commodities markets. The example of the student who uses credit cards unwisely, well, that's up to the individual student to be mature enough to handle the credit card or face the consequences of his/her foolishness. Low income people looking for a quick fix must also be prepared to face the music when reality hits. Part of the problem with this has to do with certain government requirements in lending to riskier group of people. Also, banks are lending money and then bunching those loans and selling them to 3rd parties to minimize their exposure. If the government were to step in and bail out ANY of the effected parties ( borrowers, lenders and 3rd party security holders) they would essentially be rewarding bad behavior and screwing the people who acted financially responsible. What "should" be happening is there should be even more foreclosures, interest rates should be going slowly up not drastically down and everyone should be reaping their just rewards.
2. welcome to capitalism BUYER BEWARE.. why is it the govt. problem to save people from their dumb mistakes? for some reason the human race has to touch the iron before they figure out it will burn you. people certainly werent complaining while their ira's showed a gain month after month for the last 5 years. but now hens are coming home to roost and everyones boohooing because someone "shoulda coulda woulda" told them this and that would happen. its not the financial industry's fault that you're too lazy to read the fine print but as far as the tax rebate- yea..how is giving America a few hundred bucks to spend on booze supposed to avert a recession?