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.
While it's true that some people get in over their heads with debt and deserve a second chance, i.e., declaring bankruptcy, Obama doesn't seem to be aware of the difference between a faulty toaster and a maxed out credit card. The consumer has no way of controlling the manufacture of a toaster, but he should be responsible for his decisions to purchase too much on credit, whether it be a house or a flat screen television. In Obama's vision, we are children who must be protected by the government.
And by the way, do toasters explode?