I asked subscribers to the Bankster list to rate the bank reform bill that just passed Congress. I appreciate the fact that some folks took the time to rank the three parts of the bill, which include: 1) the Consumer Financial Protection Bureau; 2) the derivatives chapter, and; 3) our favorite "too big to fail" section.

Those that took the time to rate all three sections of the bill averaged a "B" for consumer protection, "C" for derivatives, "F" for too big to fail. However, most Bankster subscribers gave the whole bill an "F." There was general agreement that the bill would not prevent the next crisis because it did not do enough about the financial institutions whose size, power and influence pose a threat to our economy. Bankster subscribers have always cared the most about the "too big to fail" issues and supported the reinstatement of Glass-Steagall, hard size caps on the big banks and other measures to break up the banks.

The state of New York has some of the cleanest drinking water in the country, but natural gas drilling is threatening water resources there. At issue is whether drilling companies know enough about how to protect groundwater sources from contamination by a drilling procedure called "fracking," the term used for the hydraulic fracturing of rock formations to make them produce more gas. Citizens also doubt whether existing rules and regulations can assure drilling companies will do enough to protect water sources, and whether there are enough qualified staff people to enforce current and future drilling regulations. In the Gulf of Mexico, drilling technology outpaced the industry's knowledge of how to cap an out-of-control well and clean up an environmental disaster caused by drilling activities. Similar problems exist with the natural gas drilling. Increasingly, land owners report that exposure to fracking chemicals has made them sick and that fracking contaminated streams and drinking water wells on their property, rendering them unusable. Gas companies fight having to reveal the secret cocktail of chemicals that make up their proprietary "fracking fluids," and fracking was exempted from the national Safe Drinking Water Act during the George W. Bush Administration, so there is little help for citizens trying to stop drilling companies from using the procedure. A Web site called "Clean Water Not Dirty Drilling" is urging people to contact the New York State Senate to ask for a "time out" on drilling until more is known about how to make the activity safer.