Democracy Declined

"The American economy depends on the easy availability of consumer credit. However the danger of financial ruin from mounting debt, predatory lending, high interest rates, and exorbitant fees, is closely associated with this. Despite this threat, federal policymakers have largely failed to curb risky lending practices. Angry borrowers have focused their attention primarily on banks, lenders, and even trade associations, instead of demanding that lawmakers address predatory behavior on the part of lenders and advocacy groups have failed to mobilize borrowers in support of stronger consumer financial protections. The author argues that the politics of U.S. consumer protection, from mass political behavior to bureaucratic decision-making, can be explained by the historical evolution of consumer finance policies that were aimed at encouraging easy consumer credit in part by foregoing close regulation"--