Friday, July 16, 2010

In Search reform

Well, I've vented about Mel Gibson, and since I'm feeling a little sheepish about having wasted my time on something so inconsequential to all our lives, I thought I'd actually talk about something that is consequential and is receiving little mention and virtually no extensive coverage by the mainstream media: the financial reform bill that passed yesterday.

Because we've been focusing on other things like the oil leak which finally (fingers crossed) seems to be capped, and the heat wave sweeping the nation, we have not heard much about financial reform. Let me just start out by saying this: THIS IS A BIG DEAL!!!

First of all, it has completely pissed off the banking industry, which should be our first clue that it's probably a good thing for the rest of us. Where there was no regulation and oversight, let alone rules, now there is. So instead of having to bail out companies that are "too big to fail" lest our financial system collapse entirely, we will now (hopefully) have set in place a means to dismantle the big guys who need to go if they can't make it. And regulations on mortgages, loans, hedge funds, insurance, credit cards, debit fees, (and that's all just off the top of my head) will theoretically ensure that we don't get to that position of collapse again. This impacts everyone - rich, poor, investor, consumer, you name it. Unlike the healthcare bill, I have not heard, or at least not yet, anyway, that there is a downside to this bill for us, the regular folks. Nor have I heard that it needs all the incremental changes that the healthcare bill does in order to really impact us in a positive way.

Did I mention that the banking industry doesn't like it? Again, nice going, Mr. President. I haven't been too wild about the banking industry myself lately.

So here's to sweeping reform, no more oil spills, job creation, and a cool down not only of the temperatures, but of our tempers as well. Thanks for stopping by. Please tell your friends.

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