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Why are car dealers exempt from the financial overhaul? Could it be because we "own" GM?

NEW YORK – The financial overhaul is about more than exotic derivatives and complex risk assessments. It will change how you interact with the financial system every day, from swiping your debit card at the store to applying for a mortgage.

That includes new rules governing how we bank, borrow and invest, plus the creation of a new regulator to make sure financial transactions like signing up for a credit card are safer and easier to understand.

The legislation does not go as far as some would have liked. Auto dealers, who make most car loans, won't face oversight by the new consumer bureau. Nor will banks with less than $10 billion in assets, even though they serve most communities in this country.

Considering how many people get into predatory car loans, do you find this odd?


Asked by mancosmomma at 6:53 PM on Jun. 25, 2010 in Politics & Current Events

Level 19 (7,315 Credits)
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Answers (7)
  • They left out Fannie & Freddie too. Strange how the Dem's favorite crooked outfits get left out.


    Answer by Natesmom507 at 12:13 AM on Jun. 26, 2010

  • More likely the unions have pulled another win out of their collective a$$e$. First we bail them out, then we give them breaks and exemptions. sheeet

    Answer by MunchMunch at 7:09 PM on Jun. 25, 2010

  • Considering how many people get into predatory car loans, do you find this odd?

    Nope.  I find it fits right into the pattern. 


    Answer by QuinnMae at 7:22 PM on Jun. 25, 2010

  • I completely agree with what Quinn said. Right on track, they are!

    Answer by 29again at 7:28 PM on Jun. 25, 2010

  • Well, you know, the politicians, they all have our very best interest at heart. We should just go back to following our dreams as painters and writers and just let the nice senators worry about how to take care of us.

    the auto dealerships couldn't possibly be bad, big gov owns them already!

    *eye roll*

    Answer by lovinangels at 12:57 AM on Jun. 26, 2010

  • ditto QuinnMae.

    Answer by jesse123456 at 12:25 AM on Jun. 26, 2010

  • mancosmomma

    Comment by mancosmomma (original poster) at 6:53 PM on Jun. 25, 2010