Even with an impromptu firing of the four star “Runaway General” Stanley McChrystal; and an almost seamless replacement (and in management terms – demotion) of General David Petraeus from head of Central Operations Command to Afghanistan operations — oil spill still ravaging the Gulf, Congress hits a brick wall on extending unemployment benefits — the President still found an opening for financial reform and to chalk up a point for getting 90% of what the administration requested.

But so far, there seems to be debate about “victory” for financial reform — at least in the politico and pundit world.

The finance reform legislation has been described in many ways:

– historic reform since the Great Depression
– “missed opportunity” (to protect investors) per Arthur Levitt, chairman of the Securities and Exchange Commission from 1993 to 2001, and an adviser to the Carlyle Group and Goldman Sachs.
– “It goes too far.” (Republicans)
– “It doesn’t go far enough.” (Progressives)

I suppose the question is “How do you regulate risk?” especially when mega profits and the Wall Street culture are defined by risk. I suppose the big shots can only whine about and skirt around the details. Those of us who risk credit, borrowing, and small investment savings may have to look more closely at the following reforms the bill brings:

– New Consumer Protection Agency
– Free Credit Scores
– Stricter Mortgage Practices
– New Debit Card Rules
– Tougher Auto Financing Rules
– Wall Street Reforms

See ABC News breakdown here.