Even news sources such as the Wall Street Journal and USA Today are heavily criticizing Senator Chris Dodd’s (R. Connecticut) financial protection bill, charging that “By elevating special interests over the rule of law, this bill represents crony capitalism at its worst” and even makes mention of payday lending by stating “The new bureau will write rules for every type of financial service, most of which (such as payday loans) have no conceivable connection with the crisis” which couldn’t be more true.

Yes, it seems that American’s need to brace themselves for the backlash of this 2,000 + page bill which seems to focus on anything but protection from, or reform of, those truly responsible for our current economic crisis.  The bill seems to avoid regulating the big mortgage firms that have already cost taxpayer’s billions, and instead it aims to regulate smaller financial products that are available to offer consumers the option to finance purchase they cannot afford to pay outright such as cars or dentist bills.

The bill will ultimately lead to more job losses at a time when we need to create jobs and stimulate our economy, at the same time it ensure bailouts of large financial institutions.  Although some Democrats argue that we as taxpayers will not see the bill for these bailouts, we have already heard that story while paying to bailout Wall Street once before and unfortunately cannot afford to do so again!

It’s good to see that many Americans, and media outlets, are beginning to show interest in Senator Dodd’s mis-led “attempt” at consumer protection.  We can only hope that it is not too late to turn the tide around and save our right to make our own decisions about credit, and that we can truly protect Americans from harmful mortgages and financial products, rather than protect big business at the taxpayers expense yet again.