Obama caves to pressure on consumer financial protection

Submitted by Edward Harrison of Credit Writedowns At issue here is the news that the Obama Administration dropped plans to force financial institutions to offer “plain vanilla” financial products that are simple enough for consumers to understand. My headline is editorial enough on this issue. So, rather than editorialize this latest announcement, I’ll quote from the press. The beginning of the end of meaningful regulatory reform – Felix Salmon There’s no good reason for this capitu