Author: Stephanie Dhue, Correspondent

The largest financial firms made out under the government's asset guarantee program. That's the conclusion of the panel overseeing the program for Congress. Harvard Law School Professor Elizabeth Warren chairs the panel. She says while the program hasn't lost taxpayers money so far, it has fundamentally changed our system. Now all big financial firms have an implicit guarantee by Uncle Sam. Warren says reforming the financial regulatory system is our "only hope" to fix that moral hazard.

Warren has also championed a new Consumer Financial Protection Agency to keep banks honest. Congressman Barney Frank wants Warren to lead that agency, but her critics say she doesn't have any "real world" experience. Warren says she hates banks that cheat their customers. Watch the video clip below to hear some of her thoughts on how banks treat their customers. Then let me know what you think.

That old adage, "lies, damn lies, and statistics," popped into my head after finishing my story tonight. How much will a public health care plan cost? The House bill allows for $2 billion dollars to seed a public option plan. That money would pay for administrative start-up costs and initial reserves. The bill expects the plan to pay back that money over ten years. The American Academy of Actuaries and the Society of Actuaries figures it would take between $1 billion and $42 billion in the first ten years to start up a public plan. The wide range depends on how many people enroll, how high their claims are, and how much they pay in premiums.

Not too long ago, few people worried about financial firms being "too big to fail," but with hundreds of billions of taxpayer dollars going to bail out Wall Street, that's changed.

House Financial Services Committee Chairman Barney Frank (D-Mass.) is working with Treasury officials on a new proposal to give the government more authority to take over troubled financial firms. The proposal is still being worked on, but what we know so far is that it would give the government powers to seize troubled financial firms, throw out their management, change terms of existing loans and wipe out shareholder stakes.

The FCC today put forward a draft of so-called "net neutrality" rules. It's largely a battle among giants. The Commission is worried that internet providers, like AT&T, Verizon, and Comcast,can use their networks to block or slow down rivals web traffic. Companies like Google, Amazon, and Yahoo say the rules are needed to keep the Internet open for companies to innovate. But the internet companies say that's not the case. They say new regulation will choke off investment in broadband networks.

The issue is politically charged. President Obama promised net neutrality in his presidential campaign. Today, his presidential rival, Sen. John McCain, introduced legislation that would block the FCC from issuing new rules, calling the FCC's effort a "government takeover of the Internet that will stifle innovation."

AAs I blogged about this summer; I didn't cash in my clunker when Uncle Sam was offering $4500 to trash it. Part of the reason was that the dealers weren't making many deals. I suspect many potential home buyers are experiencing a similar phenomenon. Realtors in the DC area tell me people who can qualify for the tax credit are in bidding wars with each other over lower priced properties in their reach. Some realtors are cautioning their buyers not to worry too much about the credit, but to focus on if the home is really what they want. Buyers should make sure they can live with the home for at least three years, a sale before then means the credit has to be paid back.

The President today renewed his push for a new Consumer Financial Protection Agency. The idea is for one agency to be the watchdog over financial products. Lawmakers are trying to pass reform this year or early next. In the meantime -- buyer (and borrower) beware. Whether you're opening a bank account, investing, taking out a home loan, or using a credit card; it pays to understand what you're getting into.

Remember, the people you are doing business with are in the business of making money. No one is going to "give" you anything. And they may tell you something that contradicts the papers you're signing. Pay your bills on time and keep track of your account balance. Financial services companies make billions of dollars each year on late fees and overdraft charges. If you pay on time, companies can sometimes be forgiving if you ask for a break less than once a year.

Health care spending makes up 16% of the U.S. economy. Reforming the system won't happen overnight. But Democratic lawmakers are sure to add enough immediate benefits to make it pay off for them politically. You can see how the policy and political goals come together in the Senate Finance Committee bill (aka America's Healthy Future Act). People with pre-existing conditions will have immediate access to a high risk pool and get subsidies for coverage. After a couple of years small businesses and low income Americans get tax credits to buy insurance. There would be no tax penalties for employers or individuals until after the 2012 election.

I'm not a scientist, nor do I play one on TV, but when I hear of technology that sounds promising, I like to see it. Converting plastic into oil fit that bill. Last week I spent a couple of hours at Envion's demonstration plastic-to-oil plant at the trash sorting station in Montgomery County, Maryland.

Good thing it's not Smell-O-Vision -- the dump has a sweet/sour smell that at times was quite strong. I didn't notice any smell from the Envion generator, and the system is mostly contained.

Too see my primary care doctor for my regular check-up, I usually schedule the appointment 3 to 6 months in advance. But it's still possible see the doctor within one or two days for more pressing concerns. Adding more people to the ranks of the insured is sure to create some log-jams, but it may also open up more possibilities. Some doctors already have additional evening and weekend hours. Others are looking at team treatment, where doctors, nurses, dieticians, and pharmacists coordinate patient care. Also called a medical home, this type of coordinated approach, along with new technology, makes it easier to treat patients with chronic disease and multiple health issues.

Supporters of a Consumer Financial Protection Agency want to free regulators from the choice between "safety and soundness" of a financial institution and consumer protection. When red flags were raised to regulators about risky mortgage loans during the housing boom, they went ignored. Banks were making money and regulators were hesitant to cut off their ability to compete in the marketplace.

Many consumers were making money too, flipping houses or using the growing equity in their homes like an ATM.

The main argument for a Consumer Financial Protection Agency is that an agency focused only on consumers would have been able to put the brakes on unsustainable loans. Opponents worry the agency would go overboard and overly restrict consumer choice.