How can consumer trust be restored?
EW: First, big banks can stop pouring so many resources into blocking meaningful reform. Families have made it clear that they are sick and tired of all the lobbying and that they think enough is enough. From the beginning, I think the Wall Street banks underestimated the furor they would provoke by acting like nothing changed and continuing to lobby just like they did before the bailouts. I also think they underestimated the good faith and trust they could have built by cutting back. Second, we need two-page credit card, mortgage, and overdraft contracts. Until the deals are clear up front, until the fine print is gone and the banks price products so people can see the true costs and risks, consumers won’t trust any lender claims. And I don’t blame them. LP: What is the most important thing ordinary people can do to protect themselves from abusive financial practices? EW: Get out of debt. In a world of stagnant incomes and rising core expenses like mortgage and health care costs, that
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