The Indiana Association of Mortgage Brokers worked with Rokita's office and lawmakers in drafting the new law, said the group's president, Mike Monaco of Merrillville.

"Make no mistake about it, we had one of the easiest entrance barriers in the country," Monaco said. He said many of the brokers who have lost their licenses likely already had left the business because of the housing industry downturn.

The low standards likely were among the factors leading to Indiana consistently having one of the 10 highest foreclosure rates in the nation, Monaco said.

When you add in the 143 brokerages who voluntarily gave up their licenses, the total number of mortgage brokerages in Indiana has shrunk by half since July 1st.

If you're interested in seeing a list of all the brokerages whose licenses have been revoked, you can click here (PDF).

40 percent of Ind. mortgage brokers lose licenses [BusinessWeek]
(Photo: stirwise )

From the economist's perspective, the question of whether we are spending too much on health care cannot ultimately be answered by looking at total expenditures relative to GDP or the federal budget. Rather, the question, whatever we spend, is whether we are getting our money's worth.

He suggested that in our current system, decisions were made with the idea that "someone else will pay for it," either the government, or private insurance.

"The best way to reduce the fiscal burdens of health care is to deliver cost-effective health care throughout the entire system," Bernanke said.

You can read the full text of his remarks here.

Challenges for Health-Care Reform [FED]
(AP Photo/J. Scott Applewhite, File)

According to the article, Richardson is likely in violation of a state law that prohibits unfair sales practices, as well as state laws "prohibiting discrimination on the basis of race or national origin in places of public accommodation." Even the group that Richardson claims membership in—Rhode Islanders for Immigration Law Enforcement (RIILE)—is trying to distance itself from Richardson:

"There's no way I can defend what he did. It definitely isn't the policy of RIILE to go around and use your RIILE card to intimidate people," said Gorman in a phone interview. "That's not something that RIILE would promote ... to make citizen's arrest."

Genao said he is still upset over the encounter, which he called "loud in tone." Richardson called it "a discussion."

"I told [Richardson] I'm a U.S. citizen by choice, whereas he was just born here," said Genao. "I have every right to be here. I told him his behavior was shameful. And he went on to say that a lot of these illegal immigrants are criminals and we have to stop them, and he said he did this for his country — because it's going downhill, because of all these illegal immigrants.

"What [Richardson] should have done was say, 'Thank you for shopping with me.' That's all he had to do."

(Thanks to ElizabethD!)

"Store owner asks to see shoppers' Social Security cards" [The Providence Journal]

• The CPSC would create a consumer complaint database that lists death, injury and illness reports, a provision absent from the House bill.
• State attorneys general would be allowed to seek injunctions for violations of federal law, but would not receive broad enforcement powers.
• Whistleblower protection would be extended to private-sector employees, and whistleblowers would be allowed to sue for damages up to $250,000.
• Maximum fines would rise from $1.8 million to $20 million—far less than the $100 million approved by the House.

Congress should arm state attorneys general with broad enforcement powers and authorize staggering fines that can threaten the reputation and wallet of any company. Still, the current compromise would give consumers more than the pitiful excuse for protection that we currently endure. Even if the bill passes in its current form, consumers need and deserve Commissioners who are willing to wield the tools Congress provides.

One reason the Times selected the book is that, unlike so many "problem" books, it provides a series of possible solutions at the end.

It includes some steps that should be widely popular, like giving doctors incentives to explain the risks and benefits of procedures more clearly than they do now. Research has shown that patients frequently decide against marginal care when they know the true risks and benefits. Malpractice laws would also need to be changed so doctors were not sued by patients who later changed their minds.

Other solutions would be more difficult—because medical evidence is often murky, because hospitals and insurers would fight to keep their revenues and because most Americans think it's the other guy who's getting unnecessary treatment. These are the reasons that presidential candidates don't focus on wasteful treatment.

But models for reform are out there. Hospitals that don't use the fee-for-service model, like those run by the Veterans Health Administration, are already getting better results for less money. They closely track their performance—that is, the health of their patients—and motivate employees to improve it.

• Boost the CPSC budget from $62 million to $147 million by 2015;
• Add 80 new staffers;
• Repair the CPSC's decrepit inspection facilities;
• Fund a full slate of 5 Commissioners;
• Increase civil penalties from $8,000 per violation to $250,000;
• Increase the maximum penalty for a series of violations from $1.8 million to a staggering $100 million;

Keep hitting refresh as we watch Congress go Scrooge McDuck and dive into the unlimited tower of gold.
(AP Photo/Charles Dharapak)

2:34: Hey, Commerce Committee. Your official webcast link has gone Strom on us. Please fix!
2:39: Ok, it's not video, but we have an audio link that will suffice for the moment. Grrr, the Senate Commerce, Science, and Transportation Committee is underwhelming us with their technology. C-SPAN3 had promised to cover the hearing, but something about Iraq is apparently more important than toys.

2:44: Durbin is showing a graph. The graph sounds exciting and vibrant.
2:46: He's decrying the decrepit labs. He's showing pictures of the labs. They sound messy. "Take a look at that, tell me if it inspires confidence." Le sigh. S. 2045 will toss $20 million towards improving the CPSC labs. Maybe Bob, our small parts guy, can afford a new friend; Meghann seems interested.
2:53: Success! Thank you Commerce ninjas, for restoring the video feed and saving us from firing off a concerned email to Chairman Inoye's Press Secretary!
2:54: Senator Pryor is imploring people to contact Congress is they have any opinion on CPSC reform. "Now is the time." If you want your voice to be heard, write to Congress.
2:56: The CPSC budget would jump to $80 million next year (FY08) and then rise by 10% annually to $147 million in 2015.
2:58: No more screwing around, Congress is going to legislate an outright ban on lead. The legislation would also enact the third party testing proposal that the toy industry wants to draw attention away from the fact that they design deadly toys.
2:59: Senator John Sununu (R-NH) is here. First time we've seen him at toy safety hearing. Maybe he's trying to gain some traction on a nice issue now that he's facing a strong challenger.
3:01: He thinks that the people at the CPSC do have the will to address toy safety. Um, yeah, we'd hope so. The problem isn't with the 400 staffers they have. It's that they have only 400 staffers. The bill would bump it up to 500, which is sill less than the 700+ staffers the Commission once enjoyed.
3:02: "I hope we don't question the commitment of these people." You seem to be the only one who is, Senator.
3:06: And she's picking up on the lead toys sent as an apology for the lead toys. Words not employed: ironic.
3:08: TRAGEDY! Bob, the small parts guy, is retiring at the end of the year! Oh no! We'll be left with no drop-test guy! The terrorists have won.
3:11: Claire McCaskill (D-MO) s here. She wants to know why the CPSC Inspector General wasn't on the case fast enough. She tried going to his website, but uh oh, he doesn't have one.
3:12: Only 3 IGs in the entire federal government don't have websites: the CPSC, the CIA, and the Capitol Police. Which one of these things is not like the other...
3:15: YES! "The irony of it being Thomas the Train is not lost on mothers. We thought it was getting back to the basics. There are no motors, no parts to put together. It's a track, with a simple rolling train, and my kids love 'em."
3:15: Onto the Commissioners. We wonder if they ever get tired of parading before these Congressional Committees.
3:16: Let's see if Nancy Nord is now willing to accept the piles and piles of money Congress is ready to throw at her Commission.
3:18: Nord is sounding like a Scalia originalist, wanting to get back to the original meaning of the CPSC authorizing statute.
3:20: She might, maybe, work with NIST (National Institute of Standards and Technology) to figure out the whole third party testing thing.
3:21: "We welcome the scrutiny and attention of Congress." Right.
3:22: She wants the CPSC to remain the gold standard for safety. The way that Mattel was the gold standard for manufacturing in China?
3:22: Moore is up.
3:23: Going straight to the holiday season and the one question on every parent's mind: "Are toys safe?"
3:24: 'The tools at the Commission are "glaringly inefficient" to address goods in the global marketplace.'
3:25: Nanotechnology? In Dockers pants? That's new to us. But Moore is worried that he doesn't have the resources to make a proper assessment. Dude, you're getting $150 million. You'll have plenty leftover for testing nanopants.
3:28: Senator Sununu is kicking off the questions.
3:31: Nord is worried about the construct of section 6(b), which she thinks is a good tool in the CPSC's tool chest. The section allows manufacturers to comment on the CPSC's rulemaking process.
3:34: Moore wasn't kidding about nanopants. Dockers is using nanotechnology in stain-resistant pants. Quoth Meghann: "Those are some science pants."
3:36: Sununu doesn't want to draw conclusions from the photo of the CPSC's hell-lab, and wants to know how the CPSC would use the $20 million to improve its facilities.
3:38: "That picture you saw of Bob, and the drop test, is the same test you would be seeing if we moved into our new laboratory." Not really, Bob only has a year left. So sad.
3:39: Klobuchar, on Nord returning for a third hearing: "They say third time's a charm. Hopefully not a lead charm. Sorry, I couldn't resist."
3:41: Onto McCaskill.
3:42: She's hitting on Nord's statement that her original budget request was sufficient. "Weren't you specifically asked if you needed more, and didn't you specifically say that you didn't?" Nord says: No. That conflicts with our recollection of the past hearings.
3:44: McCaskill: "I'm assuming today that you will say you need more"
3:45: Nord: "Give me more and we will spend it."
McCaskill: "You are the leader of this agency, do you believe you need more to protect the american consumer or not?"
McCaskill: "Are you requesting more resources to do your work?"
"Give me more and I will spend more."
McCaskill:"Are you requesting more money to do your work?"
McCaskill:"Yes or no."
-awkward pause-
Nord: "Give me more and I will spend more"
McCaskill: "Why can't you say you need more?!"
3:48: McCaskill: "I want to assure you for the majority of Congress, you won't get in trouble for saying that you need more."
3:49: Bill Nelson (D-FL) explaining: "The reason the Chairman of the CPSC, as a political appointee, is not allowed to ask for more, because she is under the orders of the White House budget office to only ask for what is approved by the White House budget. And this isn't the only agency that does this."
3:50: Nord: "I have never had a conversation like that with the White House." Everyone in the audience laughs. Ha, ha, ha.
3:55: Nelson is complaining that Barbie's Dream Kitty Condo is being sold on the internet. Nord claims she's on the case, and is asking Nelson's office for details. He says, "umm, ok, more than what I just gave you?"
Nord: "Well, where did you buy it?"
Nelson: "On the internet!"
Nord: "A web address would be helpful."
3:58: Now Nelson is hitting on the labs:
"This is CPSC. Does that please you?"
4:02: Nelson is done hating on Nancy Nord.
4:03: Onto Mark Pryor, author of the bill.
4:04: The CPSC is authorized for 420 employees, but has under 400. That's new.
4:05: They're trying to get to the OMB's budget cap of 401 for FY08. Unless Congress steps in and bumps it to 500.
4:10: What a terrible idea from Pryor: why not let the CPSC publicize any and all complaints on their website, regardless of their truthfulness. "Let the consumers decide."
4:11: Nord is rightly stating that this model, employed by NHTSA, is used much farther along in the process, when the agency is ready to issue a recall. The CPSC receives 30,000 complaints and many are not accurate.
4:15: We're done with this panel. Wow, we miss the Senate. So much better than the House's marathon hearings.
4:17: There may be votes soon, but they'll rock and roll until then. Time for the interest groups.

4:23: Ed Mierzwinski of U.S. PIRG is in love with the bill. He's sitting - for the moment - but we wouldn't be surprised to see him drop to a knee and propose.
4:24: Ah, one item not in his testimony? A concern? It's section 25, which calls for an immediate furniture flammability standard. Of course! "We care about burns, and we care about toxic chemicals." How versatile. He may want the section amended.
4:25: No, that's not Michael J Fox. It's Travis Plunkett of the Consumer Federation of America. He also supports the bill.
4:27: ... and the third party certification scheme, but would like to see it applied to voluntary standards created by the industry.
4:28: Hey, we like his thinking: "We want the cap on civil liberties entirely lifted."
4:30: He wants manufacturers to communicate with consumers via a registration card? That seems less than effective.
4:31: Alan Korn of Safe Kids Worldwide decided to share that he spends more time talking to Committee staff than he does to his own wife. Klobuchar chimes in: You can tell her you speak to her more than you talk to me.
4:32: Ew, horrible analogy. The CPSC is not in need of fertilizer, and this bill is not miracle grow.
4:35: Onto the representative of the National Association of Manufacturers. He's obsesses with safety.
4:38: This guy is putting us to sleep faster than the clerk during a quorum call.
4:39: He's opposed to something, one of the sections, but that monotone... it's too powerful.
4:40: Something about not letting the state AGs to sue under the statute? Too many suits? Less CPSC effectiveness? Maybe we'll close our eyes for just a minute.
4:41: He's opposed to the fines: "Today, all penalties are agreed to voluntarily." Um, right, they mean nothing.
4:42: Klobuchar is telling him to be quiet, something about waking up a pending vote.
4:45: Let's all take a coffee break and come back in 15 minutes while the Senators go vote.
5:19: We're back! Members of Congress can't estimate time.
5:23: Pryor again urges anyone with an opinion, or even better, legislative language, to get in touch with the Committee.
5:26: Pryor is defending the CPSC's current ability to impose criminal penalties. The Commission has only used the provisions once in 30 years.
5:27: Al Thompson of the Global Supply Chain Policy Retail Industry Leaders Association doesn't think the penalties will present a major problem.
5:29: The National Association of Manufacturer's guy thinks the standard has been lowered and will ensnare more directors and keep people from coming forward with useful data.
5:30: Klobuchar is interested in labeling and recall processes and wants a batch number or something similar applied to every toy.
5:31: Al Thompson is defending point of sale recall systems, the kind employed by Target and Walmart, and claims that they are looking at enhancing their tracking capabilities.
5:34: PIRG's rep is making the right point; recalls do not immediately result in stores removing problematic items from shelves. Under the new Act, the CPSC is in a better position to require manufacturers to take corrective action.
5:40: Pryor wants the panel to talk about letting people post their complaints on the internet.
5:43: N.A.M. isn't opposed to sharing information... with other governments or agencies. How off topic.
5:47: Pryor is telling a story. Back in his Arkansas days, his kids were playing with Star Wars lightsabers, when someone mentioned that they were recalled. In response, he created a site that aggregated data from the CPSC and NHTSA to serve as a one-stop shop for parents.
5:53: Klobuchar wanted to legislate the lead levels to save time and skip over the CPSC's rulemaking process.
5:56: Nobody has a problem with a legislated limit.
5:57: The hearing is over, the work will continue. If you have any suggestions, write to Congress!

From Reuters:

"To assure our success and allow additional time to gather input, I am cancelling plans for the rollout of all changes to our organizational structure," FDA Associate Commissioner for Regulatory Affairs Margaret Glavin said in an e-mail to colleagues about the food labs.

FDA spokeswoman Julie Zawisza said the statement did not mean the agency had canceled its intention to reorganize the labs. "We are evaluating how to proceed with the reorganization based on forthcoming recommendations" from a presidential panel on import safety and other input, she said.

FDA decides against closing food-testing labs [Reuters]
PREVIOUSLY: Congress Prepares The FDA For Battle With The Chinese Poison Train
(Photo: Dave-F)