Here is some free advice to any any journalist who might be reading this blog: President Obama and his crew are policy wonks. So if you want to know what they are thinking, read magazines like the American Prospect, the Nation, the New Republic, and Democracy.
As an example, on Jay Leno’s show last night Obama said, “When you buy a toaster, if it explodes in your face there’s a law that says your toasters need to be safe. But when you get a credit card, or you get a mortgage, there’s no law on the books that says if that explodes in your face financially, somehow you’re going to be protected.”
He was echoing very closely the ideas found in Elizabeth Warren’s article ”Unsafe At Any Rate” in the Summer 2007 issue of Democracy. Warrant’s article begins, “It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house. But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance of putting the family out on the street-and the mortgage won’t even carry a disclosure of that fact to the homeowner.” (You need to register to read the full article, but registration is free and Democracy is very much worth reading).