From an excellent post at Crooks and Liars, here is a list of some of what the new Democratic financial reform legislation accomplishes:
"* Tighter consumer protections on credit cards and lending.
* Consumer Protection Agency
* The end of "too big to fail"
* Real time reporting and transparency
* Stronger requirements for bank capitalization
* Shareholders now have a say in CEO compensation.
* An end to "debit card fee bloat
* The Volcker Rule - Banks may no longer trade securities for their own profit while also managing customer investments."
Pretty amazing, considering that the substance of this bill is being ignored by the mainstream press, and savaged as another example of creeping communism by the Republicans.
It's not everything we could want by a long shot, but considering the fact that the opposition party has turned into a bunch of seditious terrorists, it is a substantial accomplishment. Too bad the press will see to it that most of the American people will never hear the truth about this legislation.
And let me point out something about this bill and the health care reform bill that I have not heard anyone say: These things prove that if we hang together, we can beat big business. After eight years of Bush and Cheney I am sure that many of you, like me, had just about given up on that notion. Well, they're fighting back like a pack of cornered baboons, but we can still put them back in their cages if we don't let the media and the Republicans convince us once again that it is all useless.