I was doing my morning news scanning, when I noticed this:
We need to simplify financial regulation, writes Elizabeth Warren: "The very early feedback I've received indicates that the industry is eager for simplification. Some bankers have told me that a short, easy-to-read agreement is exactly what they want. ..."
Follow me below for my thoughts...
It's pretty rich that the bankers want a short, easy to read set of regs to deal with -- while fighting the exact same thing for their customers.
See, they don't want to be confused on the terms, or have any difficulty understanding the regs. Have they seen their credit card agreements?
Why, if they are so interested in clarity and simplicity, do they make us deal with 40 pages of text written in a font size of 5 -- where writers deliberately make the prose incomprehensible?
Information is power, huh? Power, in a contractual relationship, is money.
I think we should hire their credit card agreement writers to write the damn regs, and draft thousands of pages in a font size of 3, written on a 47th grade level!
Oh, and we should be able to change the terms of that agreement at a moment's notice (just as our 'contracts' with the banks allow them to do.)
These people are monsters. They probabaly don't even see the irony in their shameful behavior, either. Wow!