Don't get us wrong: we like free markets. Capitalism is good, if not great. We believe it's how most of the wealth (if not all) is made in America.
But there are some sectors of our economic system that need some regulation, and unfortunately, the financial industry is one of those. There is now a proposal to create a new federal watchdog group that will (probably, we say cautiously) help consumers. The House of Representatives and Senate still have to negotiate and create one bill that can be passed that will address the need for financial regulation. If this passes, it could prohibit big pay-off fees often charged when high-interest mortgages are paid off early, and also allow consumers to go to court when they disagree with a credit card company, rather than be forced into mediation.
If you'd like to read up on this proposed legislation, check out this article on Money.cnn.com:
http://money.cnn.com/2010/04/06/news/economy/consumer_regulator/index.htm
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