Pass (Finally): House and Senate lawmakers reached agreement early Friday on the most far-reaching rewrite of financial rules since the Great Depression.
The final details, including creation of an agency to protect consumers in the financial marketplace and new regulations to reduce risk-taking by large banks and limit their trading of complex derivatives, were hashed out in a marathon 20-hour session that began Thursday morning."
(Think Progress has a handy chart on the details, and TPM provides more analysis. )
But the Fail is a big one--and in the short run, bigger: the Jobs bill which includes unemployment benefits extensions was stopped by GOPer fillibuster, with immediate and devastating effects for millions of people, affecting thousands of state jobs, and threatening any economic recovery.
This happened yesterday. Amazingly, there is almost nothing on the Internet news and blog sites today. (Except for something at Kos and this couple of cogent graphs at Time.) Another Fail.
Updates: So the new financial regulations will "bring new authority over Wall Street" and they won't change Wall Street much. And it's a game-changer. Uh huh.
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