There are clearly some policies that need to change, and the reputation of the credit card industry is not high. Reforms need to take place.
Sentiment: NEGATIVE
We must take away the government's credit card. With limits on both tax revenue and borrowing, the Federal government would finally be forced to get serious about spending cuts.
I believe that we have to have a new regulatory regime for our financial system.
If you want to change the way your banking system is regulated, if you want to learn the mistakes of what's gone wrong, then you have to change your government.
Debt is a drag, a reality you may experience with every credit-card bill you open. But for a corporation or a government, it can be even more of a drag - on economic growth and job creation.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.
Quite frankly, the financial community has to improve its image. The financial community has to be much more transparent than it is.
Financial institutions, the corporate world and civil society - all must uphold high standards of probity in their working. Only a genuine partnership between the Government and its people can bring about positive change to create a just society.
Credit cards are like snakes: Handle 'em long enough, and one will bite you.
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.
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