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It's great being retired ;waking up each morning, pouring myself a cup of coffee , and flipping on the TV to get the latest from Politico via MSNBC's “Morning Joe” and hearing the many guests give their opinion on the current events. Two of this morning's guests were Pulitzer Prize winners, Kathleen Parker and Tom Friedman. The main subject was the financial regulatory reform bill. I think Tom Friedman gave a great analogy on how this bill should be framed. He told a story about his friend, who owned a video store. His friend told him his store was losing a lot of money because people were stealing the videos. The store owner locked up the videos to fix the stealing problem but his sales went down. He suggested we take the same approach with Wall Street. We need to separate the banks from the speculative investment firms. Hedge funds can gamble all they want but they should be allowed to fail; without the slightest hope of being bailed out by the taxpayers. I think it was Kathleen Parker that pointed out that in 2008 Chuck Schumer and Rahm Emanuel went to Wall Street and convinced them that they can be just as business friendly as the republicans. This bill is pretty tough but not tough enough to affect campaign contributions.

It looks like senate minority leader Mitch McConnell has reversed himself and is now seeking bipartisanship. I guess the Frank Luntz language did not work because the bill does take steps to avoid another taxpayer bailout. It looks like the legislators will strip out the $150 and $50 billion escrow account, Wall Street would have been required to fund. The strongest provision in the bill for a failing Wall Street firm would be the immediate firing of their CEOs and making sure their shareholders do not profit from the loss. Steps would then be taken to liquidate the assets. This bill does not answered the “too big to fail” problem. We need to get this bill passed before the exaggerations takeover. i.e. The GOP's new TEA Party poster child, Senator Scott Brown of Massachusetts, made his first appearance on the Sunday talk shows and did a complete face flop. Brown suggested that the financial reform bill in its current form would hurt Massachusetts. He specifically referenced Liberty Mutual and Mass Mutual as companies that would be adversely affected, claiming that the bill would lose the country 25,000 to 35,000 jobs. Needless to say, Bob Schieffer laughed when he asked the senator if he had any proof of that. Senator stuttered a little bit, and then he said he had spoken to the CEO of that firm. A follow-up revealed that the CEO said their job losses came from the recession and he denied Senator Brown's assertion. I suspect senator Brown will vote for the bill.

MSNBC's Erin Burnett supplied some good economic news. Yesterday, she said manufacturing was up, retail sales are up, and the stock market is ginning along but this morning she quoted a Los Angeles Times report that mortgage defaults have plunged downward about 40%.

I'm glad I watched last night's Jon Stewart before I took my morning shower because I was rolling on the floor laughing, as he took on Bernie Goldberg, Fox News and John O'Hara, the author of “A New American Tea Party.” If you can catch it on YouTube, it will be worth your time because it puts it all in proper perspective.