From MarketWatch

In today’s Boston Globe

From Seeking Alpha blog, U.S. Economy: Now Comes the Hard Part

Are we going to be better off with the proposed Financial Services Oversight Council that would include the heads of the Treasury, Federal Reserve, Commodity Futures Trading Commission, Federal Deposit Insurance Corp., Securities and Exchange Commission and Federal Housing Finance Agency, and the directors of two new agencies the Obama administration wants to create: the Consumer Financial Protection Agency and the National Bank Supervisor? Are not these the same people asleep at the wheel during every angle of the financial excesses of the past decade? Aren’t these the same people who are bemoaning the lack of credit available to “average Americans and small business” and yet pass a credit card reform bill that began to reduce credit to average Americans and small businesses before the ink even dried?

The Harvard Professor on why she thinks the creation of a Consumer Financial Protection Agency is a good idea.  We agree with her on a few key points: consumer education and the need for transparency in financial products.

New article in Mens News Daily looks at the federal response to the financial meltdown.

Common sense dictates implementation of a structural reconstruction. The proposed Consumer Financial Protection Agency would only be an ill-defined expansion of the government payroll, proliferating government reach into more corners of society when there are agencies already entrusted to protect consumers are not doing their jobs. Proposing the launch of such an inappropriate meddling amoeba is evidence of government ignorance of the realities on Wall Street.