"We have lots of disclosure, but we really have obfuscation by disclosure."
"High-interest-rate debt is financial quicksand for consumers."
"American consumers are relying more than ever on credit cards to just make ends meet from month to month."
"This makes me think that we need to really look at substantive regulation."
"it raises an issue, which is that in 2006, you had at least had serious concerns because of the stress testing that these firms could not handle or have systems in place to deal with the risk."
"But, you know, it goes back to the question I raised before, to which I think you affirmatively responded, that in terms of overall risk mechanisms or risk compliance, that it was clear that the umbre..."
"Well, let me raise--because this has been publicly discussed."
"I will say, though, that in terms of really doing our job, if we sense that there are deficiencies and need to do more than the functional regulator is doing, we do reserve the ability, I think--under..."
"Yes. Mr. Long, the same sort of set of issues about reliance upon information and being a captive of the regulated entity."
"This is not a war that we are going to win just by military might alone."
"I have been long concerned about the tendency of agencies with national and homeland security responsibilities to focus exclusively on strengthening their own programs."
"You know, where was the risk assessment at the enterprise, as you described it?"
"But there is another way sort of to get the message across to the marketplace, and that is enforcement action."
"Blame must primarily be placed at the feet of these financial institutions which gambled and then cashed in on exorbitant transaction fees for creating exotic new financial products."
"The governance structures, the firm managers, and sophisticated models all failed to capture the magnitude of the risks that were building."
"When self-interest and market discipline break down, we hope that the safety net of regulators will guide us out of the storm."
"The trillions of dollars in losses stand as witness to the many failures of risk management at these firms."
"This financial crisis has demonstrated that, contrary to the presumption of many, financial institutions were unprepared and in many cases incapable of adequately assessing the risks that they were be..."
