Consumer Reports: Reform School (U.S. Economy)
By Karen Oakes, Southern Oregon Bankruptcy Attorney on Nov 17, 2008 in General Bankruptcy Information
The president of Consumer Reports has taken the bold step of calling for fundamental changes in the U.S. economy.
Consumer Reports is published by Consumer Union, the world’s largest independent consumer-product-testing non-profit organization. They do not accept paid advertising and make money through subscriptions and donations.
Jim Guest, president, in his December 2008 editorial calls for certain reforms to be made which should have been in place from the start.
Vigourous oversight of the regulatory culture, along with enforcement to avoid repeating the abuses which have occurred in the past.
Protection from foreclosure and allowing bankruptcy courts to modify mortgage terms so that lenders focus on providing fiscally sound loans rather than grabbing the biggest possible share of the market.
Credit card reform should be mandated so that credit cards do not market to cash-strapped consumers with excessive rates and fees.
Mr. Guest states that none of this is new to Consumers Union, the organization which publishes Consumer Reports. Since 1936, their charter pledge is to provide information and assistance on all matters relating to the expenditure of earnings and the family income.
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