I feel a lot less anxious about the financial regulation fight winding down in Congress

after reading these three articles on yesterdays NYT's business page...

What the Overhaul Means To Your Pocketbook...

http://www.nytimes.com/2010/05/22/your-money/22money.html?scp=1&sq=What%20the%20overhaul%20means&st=Search


A Progressive Agenda To Rival the New Deal....

http://www.nytimes.com/2010/05/22/business/economy/22leonhardt.html?scp=1&sq=a%20progressive%20agenda&st=Search


Finding the Way To the Final Bill...

http://www.nytimes.com/2010/05/22/business/22regulate.html


All these articles point out the good, the bad and the missing from these two bills, the House and The Senate versions.

Of course, regulation of derivative markets and outlawing the dreaded credit default swaps and continuing to allow outrageous compensation of Wall Street denizens are glaring in their absence since these are the most popularized as well as being perhaps the most egregious High Finance practices, but to see all the good in these two bills measured against what is absent takes a lot of the sting away.

I'm not overly excited about the outcome but I have walked myself back from some of the hyperbole that has been showing up in the liberal blogosphere this week.

It's a start and we must all remember that regulation almost never comes out as powerful as it should be but it's much better than the alternative.

I know I have been guilty of saying, far too frequently as of late, that we should take what we can get when we can. But in the world of full time balls to the wall partisan politics we live in now, it's more true now than at any other time in my life.

BTW, if you are going to read just one of the articles, I suggest you read A Progressive Agenda To Rival the New Deal....

Will be recognized and responded to appropriately by the opposition. Unfortunately, the opposition has lost its fucking mind and doesn't recognize reality at all.

They would attack a proposal to issue a stamp honoring George Washington with the same intensity as a proposal to feed children to furnaces as fuel. There's no payback for the type of compromise that's generally the norm in governing a nation -- as opposed to the politics surrounding governance. So why should we weaken needed legislation with opposition amendments when the opposition's not going to vote for it anyway and will call down the wrath of their god when the legislation gets passed?

Obama and congressional Dems need to adopt a take-no-prisoners attitude. There's nothing to lose and everything to gain. It's not as if the rightwing attack on the center-left can get any *more* vitriolic, or if their simpleminded teabagging enablers can get any more pissed off. Fuck 'em.

Politics, as practiced in the real world, is not always a zero sum game...

I just want them to change their tactics going forward.

And wish they had changed them months ago.

I don't think these measures go far enough.

but given the alternative, well...

I totally agree with this. I wish the administration would understand how desperate the people are for leadership. They would not be buried by the media if they came out strong and progressive and faught for serious and fundamental change. Their would be a serious blowharding by the media blowhards and teabaggers, but support would also swell. The only thing keeping serious change from happening is fear.

I totally agree with this. I wish the administration would understand how desperate the people are for leadership. They would not be buried by the media if they came out strong and progressive and fought for serious and fundamental change. Their would be a serious blowharding by the media blowhards and teabaggers, but support would also swell. The only thing keeping serious change from happening is fear.

It would be difficult but in the process, it could create a very strong movement that would persist and gain power even if there were short term setbacks.

There are some good regulations but they won't change the underlying dynamics. Weak regulation doesn't provide a roadblock. In fact it is a distraction that takes the wind out of the issue and could very well keep real reform from happening.

I don't buy this. Better buy gold because if this is all we get another crash will be coming in 5 years.

Regulation of fees on credit card corporations but no control of predatory interest rates.

A consumer protection agency in the FED that has proven time and time again that they could care less about consumers and did NOTHING before the last collapse.

Privatizing public schools will create just another scam for corporations to bilk the public.

All very weak, all very minor, all compromises made to corporations so they can continue to treat citizens like trade bait.

The Obama administration can try and spin it but it's too little too late. The 2nd collapse is coming and this tweaking of minor regulations around the edges of an economic catastrophe will have very little impact.

What is a realistic alternative. Not what you or I want, but what do you think could actually get passed.

I've seen politics practiced up close and personal and it is never my way or the highway.

So what do you realistically think could happen?

And I feel a tad bit better about what Obama has done. But. As the article points out, he has yet to go the distance with the American voters, and with history.

A qualified success that has yet to prove its longevity. I hope Obama can do it; so much is riding on his being able to.

I just wanted to point out that there is some very good provisions in these bills. Now it's up to president Obama to help steer the bill through the conference process...