Whoops2: Senate Passes Financial Reform Bill

Because doing "something" is always preferable to doing nothing.

The legislation calls for new ways to watch for risks in the financial system and makes it easier to liquidate large failing financial firms. It also writes new rules for complex securities blamed for helping precipitate the 2008 economic crisis, and it creates a new consumer protection agency.

"We'll soon have in place the strongest consumer protections in history" covering credit cards, student loans, mortgages and more, Obama declared.

Consumers can at least expect a buttload of mail in the coming weeks, from the financial institutions they do business with. I remember the last round of advisories and changes in terms, and it was craptastic.

Can't. Wait.

Unrelated, but since it's been mentioned a couple times today, Director of National Intelligence Dennis Blair takes the hit for the Christmas bomber fiasco, (you remember, back when the "system worked".) Well, ok for that, and also the CIA thought he was a bit "fussy". Here was my funny takeaway quote: "Another factor was Blair's blunt style, which was seen by some as an asset but irked others in a White House that prizes staying on message."

Yeah. They said that. "On message".

posted by Dave In Texas at 09:18 PM

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