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Thursday, February 25

Another "reform" that probably won't ever happen.

Last Friday night on Real Time with Bill Maher, Elizabeth Warren the chair of the Congressional Oversight Panel for TARP explained how financial reform is being blocked by lobbyists from banks who appear in Washington 2 to 4 times per day! People who want to advocate for reform and change don't have that kind of lobbying power. American families are losing. The credit card companies have already devised ways to get around the new credit card reform according to Warren. She advocated for a consumer protection agency. That is exactly what we need but it's not going to happen. The problems and solutions are so obvious and yet the congress can't get it together. This is not government by and for the people unless you're a bank. Watch her interview.

Imagine my dismay this morning when I read in the Washington Post that Obama may compromise on consumer agency to pass financial regulation
The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system.

In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise with lawmakers concerned about creating a new bureaucracy, according to congressional and some administration sources.

President Obama's economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.

Who's in charge in this country anyway? All these watered down so-called "reforms" don't help anyone and big businesses get a slight slap on the wrist... maybe... but they have lawyers to get around reform anyway. It's all business as usual. The Republicans are the party of NO and the Democrats are pussies.

Know what still baffles me? How can regular Americans support the Republicans when it is absolutely clear that they shoot down any legislation that would regulate big business, banks and insurance companies. When I ask regular Americans who support Republicans why they support big business instead of American people, they cannot give me an answer... and yet they vehemently accuse the Obama administration of being commies.... this makes my head hurt.

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