Consumer Protection As Congress Intended: It's A Good Thing
Basic Problem: Unregulated Markets Do Not Work
'Market forces, if given complete authority even in the purely economic and financial arenas, produce chas and could ultimately lead to the downfall of the global capitalist system' as put simply by George Soros. Consequently, even those poeple like Soros who believe strongly in the power of the market understand that the market forces must be directed to ensure the viability of the market system.
One of the important factors of our market economy is honest information. If a seller of any type of goods or services misrepresents the value of the goods or services, buyers will purchase from that seller rather than from a different seller who is actually providing BETTER goods and services. In the same way that millions of separate transactions between a knowledgeable buyer and seller can produce a functioning economy, millions of separate transactions based on misinformation will pervert and fundamentally harm an economy.
In this way effective enforecment of our consumer protection laws, like the Truth in Lending Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act and the Equal Credit Opportunity Act is necessary to keep the American economy strong. Consumer lawyers are not just advocating for their client's individual rights but our American way of life, which some believe to be a birthright.
