Really I've read a lot of stories on this today, but my editor Aaron's post has some great commentary, and also has the video links should you actually want to see what he said :)

We need this reform, credit default swaps and such have to be regulated in some fashion. CDO's had a huge part in our economic crash. They were originally designed for a very specific high risk market, but being unregulated, everyone wanted to cash in on it. So of course they tried to... hence the crash of our financial system.

The American public is overwhelmingly for some kind of reform, as we've all seen the very banks we bailed out now posting huge profits. I actually like the one thing they are dropping, the tax on the biggest "can't fail" banks that creates a fund for such things, but doesn't cost us, the taxpayers.  I really can't understand the Republican opposition to this, as it does not add an "auto bail-out", it just requires the biggest banks to contribute if you will, to an insurance fund.

Politically, Republicans would be fools to oppose financial reform . The vast majority of the American public is  pretty pissed off at Wall Street right now, especially after the news of  outrageous compensation to some of the same people who led us into this crisis. No matter that they have now paid us back what we, the country gave to them, they still owe us.  I  would bet that  most of us would agree with that Repub lawmakers will feel a backlash if they vote against this legislation.

We the people want this done dammit!

Something needs to be done, I think everyone knows this... we really can't be held hostage by 'too big to fail banks.'  If a bank wants to enter the 'too big to fail' category, then they should pay into that fund so we don't have to bail them out again the next time they screw up as it would already be payed for through  their taxes.

Honestly Republicans are are pretty screwed with this vote, they need to vote for this because WE want it... and at the same time, it delivers another victory to the Dems.  Come November, people might actually remember those who voted for curbing Wall Street's excesses, and those who didn't.  Anyone who votes against this will face some backlash...

I really think we are tired of huge financial interests effectively running our lives and I think most of us would agree something needs to be done.  Running on the success of passing the Health Bill and the likely success of the financial reform bill, Obama and the Dems are actually looking good because, who honestly is going to vote against curbing Wall Street's excesses and expect to get re-elected come November?

Financial reform legislation is another total win for Obama, the Republicans dare not go lock step against reform.  We, as a people, are pissed at huge financial firms right now.  Many of the firms that we bailed out are now making huge profits, and paying some of the same people who crashed our economy huge salaries.  I know I would like to see them pay something back into the system that saved their asses, that enabled them to make huge profits while the economy as a whole is still struggling.  It just seems wrong that they made money as the economy tanked.  

Right or left, I think we can all agree that something needs to be done to control things like the derivatives that caused the 'too big to fail' bailouts. We all want this, for different reasons depending on your politics.  I'm not sure why it seems to be so hard to get some agreement on this.  Given the American public's current opinion of Wall Street, some serious financial reform will be passed. Hopefully it will actually help the people. :)

And I honestly think any of our legislators who seriously expect to be re-elected in Nov know this.....

 My 2cp....