Saturday, July 23, 2011

A Note on Wall Street Reform

I recently received this email. It is chock full of information for consumers.

Being a supporter, I am passing it on. I added the books for your edification and (yep! my profit. Read more and learn! OK?)

A Campaign eMail from Obama's Supporters

Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (Wiley Finance)
"Take the faculty of one of the best finance departments in the world. Ask them to analyze the new U.S. legislation on financial regulation, and to think about what the new law gets right, what it gets wrong, and how it is likely to shape the future of the financial system. With a bit of luck, you get this very impressive book. An absolute must-read."
—Olivier Blanchard, Chief Economist, International Monetary Fund
Winner-Take-All Politics: How Washington Made the Rich Richer--and Turned Its Back on the Middle Class

Perhaps you haven't heard: over the last 30 years the middle class has shriveled while the wealthy enjoy the skewed economics of the gilded age. The authors do their best to blow the dust off of their subject by taking a close look at this political "30 year war" and carefully parsing its roots. Corporate coalitions, lobbying, tax policies geared to the wealthy, and the extreme use of the "rule of 60" filibuster have tipped the scales and ultimately heaped blame onto the majority party. While Government can affect the distribution of wealth, it doesn't catch up with economic realities in time, and a changing Washington blocks attempts at reform. Where moderates used to rule the swing vote, now radical conservatives have taken hold. Unions are powerless, public interest groups prevail, and Christian conservatives drag Republicans ever right. Meanwhile, voters remain poorly informed. Though they never shed the sheen of "old news," Hacker and Pierson end on a note of optimism: the middle class can take the majority again with a "politics of renewal" shepherded in on a wave of "mass engagement" and "elite leadership."
(c) Copyright PWxyz, LLC. All rights reserved.

This morning, a group of public servants showed up to work
at a brand-new agency created to protect everyday Americans
from the abuses of Wall Street.

They're the folks of the Consumer Financial Protection Bureau,
and they'll be the cops on the beat protecting consumers from
predatory credit card and mortgage lenders, bait-and-switch
creditors, and anyone trying to make a quick buck by deceiving
or manipulating Americans who are just trying to secure their
financial future.

Many Americans don't know it, but this bureau is just one part
of a sweeping Wall Street reform law -- the most pro-consumer
and pro-taxpayer reform of our financial system since the Great
Depression -- that President Obama signed a year ago today.

Watch this video to get a quick overview of the law, and a briefing
on the special interests trying to undermine it:

Whether you watch the video or not, please share this email with

It's important that everyone knows what this law means for all of
us. Simpler mortgages. Clearer credit card rates, fees, and rules.
Fairer loan terms. It's based on the simple idea that if you make
sure that people get clear information, they'll make the financial
decisions that work best for them.

And we can all rest a little easier knowing that our common
financial future is more protected from the irresponsibility of a
few. This law made structural reforms to ensure that the financial
crisis we experienced in 2008 never happens again and that
taxpayers aren't on the hook to pay for Wall Street's risky bets.

It's up to you to make sure more people know about this. Most
Americans don't have all the details on how this law is working
for them, and it's our job to change that.

Take a look, and be sure to pass this one on:

Amazingly, each and every Presidential candidate on the other
side opposes this law.

And the same opposition that tried to block it more than a year
ago is still alive and well.

Right now, lobbyists are at work trying to weaken the tough
regulations this law imposes.

That's no accident -- its provisions are designed to rein in the
Wall Street, credit card, and mortgage banking interests these
people represent.

As we know, there aren't a whole lot of high-powered lobbyists
in Washington looking out for the common good of everyday

That's exactly why this law is necessary, and why our growing
organization in all 50 states is so important. It's up to us to make
sure our friends and neighbors know about it. Watch our video
about Wall Street reform today -- and then pass it on:



Jim Messina
Campaign Manager
Obama for America

Paid for by Obama for America

Contributions or gifts to Obama for America are not tax deductible.

Remember: the books were added by KneeJerk, not the Obama Campaign!