OFF K STREET ALERT: Financial Services Industry trying to stop Congress from fixing the problems they caused!

Interest Only Mortgages. No Money Down Car Loans. Credit Card Companies on College Campuses. Payday and Car Title Lending. Derivatives Markets. These are just some of the things that led to our national economy almost (close to it) entirely collapsing. The slow, methodical dismantling of financial rules and regulations that had been in place since The Great Depression started in the 1980's and continued through both Democratic and Republican Presidential Administrations, and Democratic and Republican controlled Congresses. So, here we are. Consumer demand at its lowest point since the Great Depression. Very few people being able to qualify for a car loan, let alone a mortgage. Students having to get their parents to co-sign for Federal Student Loans that they wouldn't have needed to just two years ago. Consumer debt finally going down because the collective American Credit Card is maxed out. But, some of us just haven't learned our lesson.

The Financial Services Industry is declaring ALL OUT WAR on President Obama's proposed Consumer Financial Products Agency. This agency's sole purpose is to look out for regular, ordinary consumers (you and me, and everyone else). The Financial Services Industry spent $373 million on lobbying in 2008 (in one year alone). Keep in mind, this is the industry most responsible for the state of the global economy right now and they don't want anything to change as far as consumer protection with financial products. But, this effort is not going unchallenged. Americans for Financial Reform, a coalition of more than 200 consumer groups, is mounting just as formidable challenge to Wall Street's efforts to maintain the status quo.

This affects every Virginian and every American. This is one issue that I will be writing about extensively. $373 million worth of lobbying members of Congress (Democrat and Republican alike) buys a lot of access. Please visit Americans for Financial Reform's web site to learn more about what Wall Street is trying to do and how regular consumers like you and me can fight these crooks. For me, Healthcare Reform and Financial Reform are the top priorities to restoring our shared prosperity. If we can get these two issues figured out, it kicks open the door to financing new "green" companies and jobs and also having a more healthy and productive workforce. But, the financial rule and regulations that protected us since the Great Depression and were dismantled, need to find their way back in one form or another.