A Quote by Elizabeth Warren
Families rely on financial services more than ever, but those who need them most - who struggle to make ends meet - too often must contend with sky-high interest rates and tricks and traps buried in the fine print of their loan products.
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It's critical to level the playing field, to make prices and risks clear up front, so when someone signs on for a student loan or a mortgage or a credit card, they know the tricks and traps hidden in the fine print. That's why the Consumer Financial Protection Bureau has been working on a new financial aid shopping sheet. A shorter, two-page credit card agreement, a simpler mortgage disclosure form. All those are aimed toward helping people understand the basic bargain.
Most families rely on two incomes to make ends meet, and when a woman earns less, we put working families at a huge disadvantage.
For too long, tricks and traps in mortgages, credit cards, and other financial transactions have stripped wealth from working families.
It's one of the fundamental principles of the stock market: When interest rates go up, stocks go down. And along with financial companies and cyclicals, technology companies - with their sky-high price-to-earnings multiples - should be among the biggest losers in an environment of rising rates.
Excellence is a process, not just an outcome. Sure, we have to hold out for high standards in the products or services we provide. The goods must be more than "good enough." But so must our approach - you know, our methodology, the way we do business and deal with people. How could the ends be considered excellent if we can't be proud of the means?
Big banks churn out page after page of incomprehensible fine print to obscure the cost and risks of checking accounts, credit cards, mortgages and other financial products. The result is that consumers can't make direct product comparisons, markets aren't competitive, and costs are higher. If the playing field is leveled and the broken market fixed, a lot more money will stay in the pockets of millions of hard-working families. That's real stimulus - money to families, without increasing our national debt.
We need to consider a financial transactions tax. And we need to ask whether the top marginal tax rates are really appropriate, given that the effective tax rates paid by the wealthy are often actually lower than those paid by the rest of us.
Students are suffering under incredibly high tuitions and high student loan interest rates. They graduate from school, and they're having a very difficult time finding a job. They don't feel as though there are honest leaders who are listening to them, and who will be a part of the solution.
The Fed contributed to the financial crisis, keeping interest rates too low for too long. I give them credit for responding and stabilizing the economy and the financial sector during the crisis. But then they tried to do too much with quantitative easing that went on forever, just dramatically exploding their balance sheets.
I strongly support extending current student loan interest rates and increasing the college tuition tax credit for students and their families.
Eviction often leads to a disruption in critical services like Medicaid and nutrition assistance when families need them most.
We must organize. We must protest. We must cry out in a loud voice that America needs a raise. We must keep working until workers in this country don't have to struggle to make ends meet.
Bank One has got one of the best credit card divisions, ... The perception of investors is that financial services stocks are affected by interest rates and they're not.
Instituting equal pay is especially important because families in our country increasingly rely on women's wages to make ends meet. When women bring home less money each day, it means they have less for the everyday needs of their families - groceries, rent, child care, and doctors' visits.
Coming to the growth potential in financial services, there is enough data to show that, usually, financial services grow about twice or two and a half times of what the economy, the GDP growth rates.
The bankers might not have said it in so many words, but gradually their strategy emerged: Target families who were already in a little trouble, lend them more money, get them entangled in high fees and astronomical interest rates, and then block the doors to the bankruptcy exit if they really got in over their heads.
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