"WASHINGTON — Among the sweeping changes in government regulation that President Barack Obama will propose Wednesday is the creation of an independent and powerful Consumer Financial Product Safety Commission to regulate financial products such as mortgages and credit cards.
With an eye toward protecting consumers and ordinary investors, the Federal Reserve and other bank regulators would lose their oversight over mortgages, credit cards and other financial products that are sold to consumers. It's a radical shift in approach and a tacit acknowledgment of federal failure."
While we are all a little concerned about Obama's seeming timidness on certain issues, let us never forget that, almost every day, something like this happens, that would never, never have happened under President McCain.
We'll still need to see the details, but this is exactly the sort of thing we elect Democrats to do. We need to keep the pressure on, but we also need to enjoy the tremendous progress that is being made on many fronts.