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Now welcome to the award-winning BestOfTheLeft podcast with clips today from the young Turks, real-time with Bill Mar, the Progressive magazine, Counter-Spin.

That's bullshit with Sam Cedar, The Daily Show, The Colbert Report, The Rachel Maddo Show, and The Jimmy Dorshow, with a bonus video clip for our iPhone app users from The Daily Show.

We've been talking about financial reform for months. We finally have a final bill that is going to be presented to the House and the Senate.

Everybody signed off on it. They actually all agreed to it at a little past five o'clock in the morning last night.

So they've been working on it feverishly for the last couple of days, and we have a deal.

So now it's got some good sides and some bad sides. First of all, let me start with the bad sides. Here's how Dylan Radigan summarizes it.

He says, these are the things that are not fixed. The cops, meaning the regulators and the rating agencies, working for the crooks.

And that's because Al Franken's got amendment. Al Franken's amendment got removed, for example, so that the rating agencies still work for the banks, which doesn't make any sense.

So that's among the problems. The banks are still too big to fail. I agree with them in that. If they didn't get chopped up, and if they fail now, we will still bail them out.

Obama says, no, we won't. I don't believe that for a second. I am going to get to the good news in a second.

The banks are still gambling with our deposits, because the Lancelink and amendment largely failed. I will explain that in a second.

Banks allowed to do market market, which Radigan calls market to myth, which is, I don't know if you know this, the banks are allowed to say, hey, this is what I think my assets are worth, which is of course absurd.

They used to be market to market, which was, hey, tell us what the real value of those assets are based on what the market is for that particular asset. Now they just make it up.

Okay, so it's absurd. They're all insolvent just based on that alone. So they still get to do that. And the banks are still getting trillions from the Fed, Fannie and Freddie, which is true.

And Fannie and Freddie were not tackled in this bill, even though the Republicans wanted to. And they meet some good points on Fannie and Freddie.

They also wanted to distract a little bit from the issue, but I probably would have accepted some of their points.

And on the Fed, well, the Fed is still doing exactly what it was doing, which is disastrous. They just recently printed a trillion dollars so they could buy the worst toxic assets in the world. That's also our money. So that's awesome.

So now the good parts. All right, it's not all bad. Okay, you do have the consumer protection agency. It's not exactly where it should be. It's not, you know, in its original form, independent, strong, et cetera.

Of course it got watered down and now at the end there was an exemption for the auto dealers, but it exists. So we'll see how it works later.

And then we had some late minute wins. We had a couple of things that were inserted in the bill were taken out. So shareholder control is back in. So now the shareholders will have more say in how they picked their board and their executives, et cetera, which is great, which is great.

And then another late win was the broker still have a fiduciary duty to look out for the best interests of their clients. That was going to get removed so that your brokers wouldn't have your best interests in mind.

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