This post on Naked Capitalism speaks to the politics of the bill as of tonight. It looks like the power of the consumer might be more important than the power of the regulator in getting changes in our financial system. If this article in any indication, there is little appetite for complying with the spirit of anything. The credit card companies seem to be sticking to the minimum technical requirements of the legislation while selling their value system to make an extra buck though loopholes. Who are the managers that made these decisions and what are the instructions they were given? Congressional committees need to stay on this.
Finally, we are going to pass a watered down bill at the very time when the shaky legs of economic recovery are wobbly. Today economic reports indicated high mortgage delinquencies spreading more into Prime mortgages, decreasing commercial property values again, a drastic drop of in mortgage applications for home purchases, and the drumbeat goes on.
Are the Mark to Market suspensions still in place?