Obama thinks you're too stupid to read a contract

Obama wants a new regulatory agency to "police" the fine print that is contained in credit cards, loans and mortgages because they're too complicated. 

"Those ridiculous contracts with pages of fine print that no one can figure out—those things will be a thing of the past," the president said in a statement accompanying the 152-page draft bill. "And enforcement will be the rule, not the exception."

Well, there's a reason there is a stack of papers you're handed every time you go through getting a credit card, loan or mortgage, one, that's a shit-ton of money you're dealing with, this isn't spotting your friend a five to cover the rest of his tab.  In the case of a mortgage, we're talking anywhere from $30K (I dunno, what are trailer lots going for?) to a million and more.  Hint, genius:  It isn't supposed to be simple.

Two, most of those clauses are probably there because some lawyer sued someone into oblivion because it wasn't there before.  If you're that overwhelmed by the legal mumbo jumbo in a contract, you should be probably be hiring a lawyer, accountant or a consultant or credit counselor to guide you through the process so you don't end up losing everything.

Of course these are the same people who shriek loud enough to shatter plate glass upon hearing someone recommend simplification of the tax code.

Posted by: doubleplusundead at 10:40 PM | Comments (13) | Add Comment
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