There is a way to help failing banks and jump start the economy, that benefits average americans, rather that the 20% who control 90% of this nation's wealth. And its fairly easy to accomplish -- revamp the credit card industry.

Fed proposes to end unfair, deceptive credit card practices

Today, the Federal Reserve and other regulators have decided to take on the credit card companies. According to this AP report, changes are coming.

The proposed new rules would prohibit:

-Placing unfair time constraints on payments. A payment could not be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay;

Once again I'm reminded of just how stupid our financial leadership class really is. Laugh along with me:

But according to Craig Focardi, an analyst with TowerGroup, a financial industry consulting firm, federal bankruptcy laws passed last year could also help make it less likely that banks will push for foreclosures when consumers become delinquent with mortgages.

Focardi said that under the new bankruptcy law, secured creditors like mortgage lenders "have to share more of a debtor's income with credit card, automobile, and other consumer lenders that hope to increase collection recoveries" in a bankruptcy proceeding.