A Quote by Elizabeth Warren
The broken consumer credit market had to be repaired by making sure that consumers had the right information and could use it effectively. That meant consolidating the bloated patchwork of ineffective agencies and regulations so that a single agency could act as a voice for consumers.
Related Quotes
The paradox of Steve Jobs's career is that he had no interest in listening to consumers - he was famously dismissive of market research - yet nonetheless had an amazing sense of what consumers actually wanted.
A consumer-finance agency is a good thing, but it would do well to teach consumers a simple lesson: if you don't understand the deal you're making, don't make it.
If consumers weren't thinking this way, companies would be a lot less responsive. Right now, consumers don't really have a way to get information about where exactly their clothing is coming from - that's a barrier. We have labels on your eggs, "cage-free hens." They need to get something along those lines to allow the consumer to discriminate.
A person's credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided.
I like to take CEOs into consumers' homes to see the "real world." CEOs have privileged lives with big incomes, lots of help, access to just about anything they wish. The average consumer lives on $53,000 a year and has daily tradeoffs and compromises that must be made. I took a CEO into a trailer park so he could observe first-hand - and understand - how consumers use his product.
Consumers will purchase high quality products even if they are expensive, or in other words, even if there are slightly reasonable discount offers, consumers will not purchase products unless they truly understand and are satisfied with the quality. Also, product appeal must be properly communicated to consumers, but advertisements that are pushed on consumers are gradually losing their effect, and we have to take the approach that encourages consumers to retrieve information at their own will.
If old consumers were assumed to be passive, then new consumers are active. If old consumers were predictable and stayed where you told them, then new consumers are migratory, showing a declining loyalty to networks or media. If old consumers were isolated individuals, then new consumers are more socially connected. If the work of media consumers was once silent and invisible, then new consumers are now noisy and public.
The consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.
The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent on the will of the people as consumers. Thus, whenever there is a conflict between the consumers' views and those of the business managers, market pressures assure that the views of the consumers win out eventually.
Consumers have the right to know important information about the service they are choosing to purchase and/or use.
Is there a market for somebody selling a credit card that helps people pay down their balances? I think the question is yes. But it would have to be sold by a bank that's really willing to invest in being a trusted partner with its consumers, because they will make less money on each consumer.
Please, please, stop referring to yourselves as "consumers." OK? Consumers are different than citizens. Consumers do not have obligations, responsibilities and duties to their fellow human beings. And as long as you're using that word "consumer" in the public discussion, you will be degrading the quality of the discussion we're having. And we're going to continue being clueless going into this very difficult future that we face
Reasonable regulations are essential to protect consumers from harmful practices and ensure that consumer financial markets operate in a fair, transparent, competitive manner.
Consumers get used to reading and understanding their credit card contracts, their mortgages, their check overdraft agreements, those are good things. That puts power back in the hands of consumers.
It is not true at all that a free market will ensure a democracy. It doesn't. There must be a balance between a free market and some regulations which are essential in order to safeguard the interests of consumers and of people in general.
If consumers are strong, if consumers are protected, if they can trust the marketplace and feel confident that they're not being cheated here and there, then consumers can drive this economy forward.
Related Authors
Andrew Yang Quotes
American
Public Servant
Ben Bernanke Quotes
American
Public Servant
David Frum Quotes
American
Public Servant
Henry Paulson Quotes
American
Public Servant
James Comey Quotes
American
Public Servant
Janet Reno Quotes
American
Public Servant
Janet Yellen Quotes
American
Public Servant
Karren Brady Quotes
British
Public Servant
Michael Hayden Quotes
American
Public Servant
Mohammed Saeed al-Sahaf Quotes
Iraqi
Public Servant
Paula White Quotes
American
Public Servant
Samantha Power Quotes
Irish
Public Servant
Scott Gottlieb Quotes
American
Public Servant
Steve Bannon Quotes
American
Public Servant
Vivek Murthy Quotes
American
Public Servant
Wendy Kopp Quotes
American
Public Servant