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The Top 10 Things You May Not Know About the Wall Street Reform and Consumer Protection Act

Here are 10 aspects of the Wall Street Reform and Consumer Protection Act you may not know about — the online attention-deficit version.

1. Stronger protections for consumers against unfair credit card practices like rate hikes for existing credit card balances.  When my son had a traffic accident I didn’t work for a month to be at his bedside,  I had a credit card with a 9% rate that I never used, but kept for emergencies.  As soon as I used it the rate went to 18%.  When I called to complain, they dropped the rate to 16% and told me that was “standard practice“.   I told them this was “standard bullshit” paid it off and canceled the card forever.
2. Mortgage brokers will be prohibited from making higher commissions by selling mortgages they know consumers can’t afford. But –  We love the stuff we can’t afford. We need to go back to –> we can only have what we can afford.  Then the cost of living will drop and the pay scales will rise and we’ll need less stuff.  Like “Happy Days”.
3. Free annual credit scores so people can stay on top of their finances. [Clarification: free credit scores are available if you receive worse terms on a loan because of something on your credit report, or if you are rejected. You think this will make folks stay on top of their finances?
   
4. No more taxpayer-funded bailouts. yay!! If a company can’t make it, it will have to liquidate.  If what they sell is junk, they need to go down. Like the company building junky jets for the air force — they went down.
5. Greater input by company shareholders over how much a CEO gets paid.  Companies’ compensation boards are now required to be truly independent.  you mean they weren’t in charge of a CEO’s pay or compensation?
6. Brokers who offer investment advice will have to act in the best interests of their customers, not their own financial interests.  Oh, yeah, like some federal law is gonna make that happen.
7. Financial firms won’t be allowed to grow so large that if one fails, it will affect the entire financial system.   Isn’t that why we don’t allow monopolies? When did that change?
8. There will be one agency whose sole job is to make sure that consumers get the protections they deserve and to set clear rules to hold banks, mortgage companies, payday lenders, and credit card lenders accountable.  It will be interesting to see how this works out. I’m sure you anti-government types are focusing on this one.
9. Businesses can’t be charged extra fees for debit card “swipe fees” that exceed the cost of processing transactions.
10. You can learn plenty more here at WhiteHouse,gov or at financialstability.gov
11. Updated: To tack on #11, here’s a new animated video we’ve released to further explain Wall Street Reform.

RE:  My son’s accident–> I didn’t borrow from mother, father, sister, brother or friend, I had money sitting around doing nothing waiting for the inevitable shit that happens in life.  Something governments, companies and individuals all need to do.

The Swiss bankers and the Roman Catholic Church were complicit in the Nazi regime. These were not terrible people. They were normal people. They closed their eyes to evil or justified it, for the sake of peace or gain or national loyalty. I sometimes wonder (and fear) whether I would have done the same if I had been in that society at that time. It is so easy not to see, not to hear, not to understand, when one’s own peace or prosperity is involved. There have been times, after all, when I have allowed blatantly racist statements to pass unchallenged in the name of good manners, or of just keeping the peace. For so little of one’s soul, or at least a little piece of it, is on the auction block.”

The Reverend Kathleen Damewood Korb

Certain persons in the media have made mephistophelian bargains for power and fame using fear and greed as their catalyst.  A few of them have marketed themselves as chosen.  Chosen to teach us what God wants us to do.  People blindly believe their utterances and it is becoming impossible to sit idly by or “close my eyes for the sake of peace”.

“Never talk politics or religion at the dinner table.”  Adhering to that rule makes for a peaceful dinner especially among friends and family with differing political values.  Once the plates are cleared and the wine and chocolates or coffee and cheesecake starts a few fists have pounded the table. There are times when we need to discuss and debate, to provide the other side of a point. Informing ourselves, sharing what we’ve learned removes animosity and hatred and misunderstanding.  Not talking at all, not sharing likes and dislikes is only useful for augmenting paranoia. 

It is always important to challenge hate; challenge it’s source and find it’s solution. When you don’t like the way things are, there is always a chance for a different outcome.  Our conversations need to look at all sides and possible outcomes. Are we better off doing nothing vs doing things differently?

When fists are pounding or all capital letters are being typed, chances are a point is being made.  Hopefully the point is to liberate us from hate

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Soldiers going off to wars to die for some cause.  What a strange world we have created.  We get feelings of pride and gratification or at least a feeling of safety from their sacrifices.  I wish we had a world where, no one ever has to endure the impending doom soldiers in war face everyday. I hate the idea of someone dying for my safety.  I wish extremists of every form would just bring it down a notch.  Go hug a baby or something.  Back off the medication or take more — or something.

Being good is insurance for when you’re dumb — Alexis Ohanian

“Don’t be Evil” — Google

I was trying to understand why Goldman Sachs is in so much trouble with the government.  I found an article in the New York Times at…

http://www.nytimes.com/2010/04/25/business/25goldman.html?emc=na

Mr. Levin said, referring to testimony given by Mr. Blankfein in January. “They were self-interested promoters of risky and complicated financial schemes that were a major part of the 2008 crisis. They bundled toxic and dubious mortgages into complex financial instruments, got the credit-rating agencies to label them as AAA safe securities, sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the financial instruments that they sold, and profiting at the expense of their clients.” 

They bet against what they sold!?  That is legal?! Is this what we are trying to stop in this financial regulations bill?  If America is a giant casino and we are the players, does Goldman Sachs (et al) own the casino?  Are you investor types out there OK with that?

The more I read about this the more confused I get.  I think, well they must not have understood the huge impact this betting would cause us out here in the trenches.  Then I think, no, they are amazingly intelligent people, they knew, they just didn’t care; and they never will.  We can’t ever expect the casino to do what is right for us, they will always do what makes them money.   We can’t even shake our pointy fingers at them because we have admired them this whole time for their wealth and power while they plotted our demise. Half of us still admire them,  and those are the ones arranging a filibuster right now in the senate.

So we need to pay attention to what our senators are paying attention to.

http://www.senate.gov/general/contact_information/senators_cfm.cfmP

“Rich people give poor people jobs. Plain and simple. With out rich people, poor people won’t have jobs. See all the liberals want the government to take away all the rich peoples money, but don’t ever give any of there own.” This is a quote from an apparent Republican to his liberal facebook friend.

When did this happen?  The rich paying for the poor?  Define poor.  Do you think the richest Indian was the one with the fanciest horse?  Or was the bravest Indian the one with the fanciest horse?

I was extremely impressed with a Missouri gentleman that built our kayak from strips of wood.  He explained the procedure and that his boats would withstand some of the wildest rivers in Missouri and Arkansas.  It took about 4 months for it to be completed and now it is a gorgeous lightweight kayak that is durable, usable art .  I suppose some of the glues, and paints may have had Chinese roots or came from a factory owned by a wealthy corporation, but, for the most part our beloved vessel was handmade by an American. He had a home, a car, a workshop, diabetes and a smoking habit.   He made his own way in his own shop living a free American life that many of us might envy.

Insurance would have been impossible for him to obtain if it hadn’t been for medicare.  He qualified for socialized medicine because he lived long enough too.  Prior to that I think he plucked chickens in a factory or something like that so he would be insured. Why is our society set up like this? Because the guys that own the chicken factories don’t want us to be free.  If we are free and don’t need the insurance they provide, we may leave and start an organic chicken farm that would compete with them.  We would be poor, but, we would be free and insured.

“Another word for freedom is nothing left to lose”  I so miss the days when everything I owned fit in my car and I traveled about, working at random restaurants, taking ballet classes and teaching ballet classes.  I never broke a body part or had a kidney stone or appendicitis.  I never thought about healthcare or health insurance.  If I had needed healthcare back in those days I would have been financially screwed.  I guess I was poor, but, I didn’t feel poor, I felt  free.

Life happened.  Husband, kids, and a job that provided health insurance for us all.  There went my freedom.  I don’t think it should have to be that way.  I think we should be able to make things, grow things, be brave and ride a fine horse.  I think we should have the choice to be free and at the same time be responsible.  I don’t think providing healthcare for all is the rich paying for the poor.  I think it is all of us pitching in for all of us.

Please don’t let Dupont, ExxonMobile, and Monsanto buy our next President.

Ruth Marcus of the Washington Post wrote…

In opening the floodgates for corporate money in election campaigns, the Supreme Court did not simply engage in a brazen power grab. It did so in an opinion stunning in its intellectual dishonesty.

It was unnecessary for the court to go so far when there were several less-radical grounds available. It was audacious to seize the opportunity to overrule precedents when the parties had not pressed this issue and the lower courts had not considered it. It was the height of activism to usurp the judgments of Congress and state legislatures about how best to prevent corruption of the political process.

Nina Totenberg of NPR wrote…

“It will undoubtedly help Republican candidates since corporations have generally supported Republican candidates more.”

Freedom of Speech

“Nobody can make you feel inferior without your consent.”
— Eleanor Roosevelt

I read an article in the New York Times about a lady named Marlane from the town of Eleanor West Virginia.  The town was named after Eleanor Roosevelt.  In the time of Franklin D. Roosevelt’s presidency the government created towns with jobs for folks that lost their jobs and couldn’t feed their children. The government project was called the New Deal.  Obviously there was immense opposition to this blatantly socialist endeavor.  Some  commended the government for stepping up to the plate and addressing the needs of hungry Americans whose children had never tasted milk or flushed a toilet.

These are the initiating paragraphs of the article…

Early spring, in the Depression year of 1935. A poor girl from coal-mine country, a dark-haired girl of 4, rocks beside her mother and two sisters in a car moving through the rain-swept night. Soon they will join her father, a Great War veteran who pads his shoes with cardboard. He has been working for months on some distant government relief project.

When the car finally stops, the sleepy girl can see only a blur of mud and midnight. Not until morning does she take in this government project: a new American town, raised from a field by her father and other men with families caught in the stalled gears of a broken economy.

The girl is told: You’re home now, Marlane.

I had to read on and as I did I thought about how this would turn ugly in today’s America.   The Chicago Tribune and the New York Times were 1935 versions of Fox and MSNBC.  Then, like now, a lot of people didn’t like government interventions but there wasn’t a television to throw it in their face.  So the New Deal carried on and enriched some lives during the Roosevelt administration.

Some of it was disturbing.  The creation of all white communities, cod liver oil for all children, toys brought in government trucks for Christmas, and you could be evicted for not complying with the rules. According to Marlane, the rules were easy, and the home, the job, the milk, the indoor plumbing and the toys were gifts from the Roosevelts.

Jobless folks like Marlane’s parents probably did not vote, they were busy looking for a job.  Yet, the Roosevelts did everything they could think of in the time they had to create a better life for the jobless.  This upset many of the Americans who did vote.  They did not want to pay for what may have been considered the lazy and the uneducated.

There are politicians who really do want to help people.  Hard to know which  politicians are really trying to do good things for not-so-fortunate Americans.  If the the not-so-fortunate Americans get a job, a home, breath clean air, and obtain some health care,  the fortunate will not lose their fortunes?

Lately I’m thinking all political sides are ruled by corporations.  I think corporations love money and their money God creates hate and fear, which also happen to be the two key ingredients of war.

Television, which is a huge corporation, provides information.  TV is paid for by huge corporations that tell them what to tell us.  These same corporations have caused us to lose our jobs.   They told us to buy American, now they tell us it is a global economy.  I tried to buy American made products for Christmas.  I had to give everyone money — that is the only thing I could find that it is made here.  They tell us what to buy — and we do what we’re told.  Are we losing our drive, our moxy, our innovation?  Don’t be afraid of government, be afraid of corporations and television.

When I finished reading the article I wanted to comment on how well Dan Berry captured the town and Marlane’s frustrations.   Marlane loves her town and it’s history and the innovation it’s very existence represents.   I learned from the history that Dan Berry covered so well in his article.  I learned to care. Half the country cares Marlane.  The other half is watching TV and doing as they’re told.

To read the NYTimes article go to

http://www.nytimes.com/2009/12/25/us/25eleanor.html

Manufacturers may actually come back to the USA if it is more cost effective through net metering.  Jobs will be created through installation of these systems, and hopefully job opportunities returning to the USA.  Manufacturers love saving money, their profits improve so then their stock holders are happy too.  Making money is the central purpose to life on this planet.  With net metering we can save the planet and make money.  Everybody is happy.

Here is the easiest explanation I could find regarding Net Metering.

Imagine the simplest possible metering arrangement: a single, 1960s-standard electromechanical meter. Now imagine that a residential customer, Ray McSolar, added a rooftop photovoltaic (PV) system (also known as a solar-electric system) to his home, on his side of this meter. Ray wakes up early for his job; on most days, he is out of the house before sunrise. In these dark morning hours, Ray makes his coffee and breakfast while watching the morning news on TV. The electric meter spins forward as Ray is consuming electricity from the grid.

Determined not to waste a bit of electricity, Ray shuts off all of his appliances as he heads off to work. Ray’s solar panels now start churning out electricity as the sun rises—electricity Ray sends back to the overstressed grid. His meter now spins in reverse.

When Ray returns at night to cook dinner and relax in front of the TV, the meter spins forward again as he consumes more electricity than his system generates. The result? Ray’s bill will show only his net consumption of electricity from the grid. Should it be a hot sunny month (when the grid needs the most help), or a month in which Ray’s electricity use is low, any excess electricity his system generates is rolled over to his next bill, just as he might rollover excess cell phone minutes.

Utilities should not have a divine right to charge for electricity that customers can otherwise generate more efficiently and more cleanly on their own.

Congress realized the vast potential of net metering when it mandated in the 2005 Energy Bill that every state consider adopting or expanding net metering programs by the end of 2007.

Participation in New Jersey has skyrocketed by over 30,000 percent since 2002. It’s amazing. The state utility commission is literally drowning in new applications. Because they embraced the net-metering concept and new business applications soared because of the savings on their bottom line from providing their own energy. What New Jersey and other states (like Montana, and Oregon) prove is that Americans are willing to invest in their own energy independence if state regulations would only let them.

Why don’t legislators like it?

No one would have followed Martin Luther King if he had said “I have a nightmare”, as mentioned by energy secretary Ed Miliband.

We need to unite in being good to this earth.  It has been so good to all of us.  I am  hopeful that the decision makers representing the world in Copenhagen are uniting in the dream — and not denying the nightmare.

We all know the nightmare –> So many pictures of people riding bikes in China through polluted air with face masks.  Stories of asthmatic children in the Bronx breathing diesel fumes.  Photos of decapitated mountains in West Virginia and the subsequent coal muck escaping in to small towns.  Growth was so big and so fast that sewage spilled in to drinking water in Florida.  Many fists pound many tables when you suggest that economic gains can be achieved through sustainable living that preserves this rare jewel we call Earth.

Polluters love muddling the facts, and making fun of the nightmarish scenarios.  Some scientists  actually feed the machine that is profiting currently.  The collaborative machine of industry, shipping, air flights, hospitals, manufacturers, and on and on are horrified by the idea of changing energy production and usage. We have evolved to need cheap stuff, more than we need liberty, freedom, water, food, shelter and coffee.

 

 

 

 

 

So lets describe the dream… Andrew Gilligan wrote an article for the telegraph.co.uk…“ Copenhagen is a city filled entirely with bicycles, stuffed with retrofitted, energy-efficient old buildings, and seems to embody the civilized pleasures of low-carbon living without any of the puritanism”.

Costa Rica produces 99% of its energy from renewable sources, reversed deforestation and is aiming to become a carbon-neutral country by 2021 by combining its ministries of energy and environment, and abolishing its army. Abolishing armies will probably never happen world wide, there will always be bad guys to fight.  We can dream though.  Other small island nations such as the Dominican Republic and Jamaica are also fairing well in levels of health and a very low footprint.