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      Money Talks: What Wall Street Reform Means to You

      While there's plenty of blame to go around for the housing bust and the ugly recession that followed, much of it lies here: on Wall Street.

      And now, two years after the recession started, we're supposed to have a law on the books that will prevent a repeat.

      Will it? Let's see what this law includes and what it doesn't..

      The new law provides an agency and the mechanism to seize and liquidate any bank: including those now deemed too big to fail.

      What it doesn't do, however, is establish any real limits on bank size.

      So super-banks aren't going anywhere.

      As far as consumer protection, the new law establishes a watchdog agency inside the federal reserve.

      What some wanted and didn't get, however, was a stand-alone agency.

      But make no mistake: wherever this watchdog resides credit card companies, mortgage companies, even payday lenders all face more regulation and probably a less profitable future.

      One of the main causes of the credit crisis that lead to the collapse of firms like Lehman Brothers and Bear Sterns was huge hidden bets on complex derivatives.

      These will become more visible and less risky going forward. Although not completely transparent.

      Bottom line? This new law definitely includes steps that could prevent similar crisis in the future.

      However, Wall Street Shananagans never happening again? If past is prolog... that's not something I would bet on.

      You want more information including details about how this law could affect you? It's right here at I'm Stacy Johnson.