We did it:

A senior administration official tells CNN that on Friday, around midday, President Obama will officially announce his appointment of Elizabeth Warren as Assistant to the President and Special advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau.

This is a win for watchdogs:

It’s not hard to understand, and embrace, the excitement over her appointment. Here are six reasons Warren’s appointment is good for consumers:

She’s a strong middle-class advocate. In an interview with U.S. News in February 2009, Warren emphasized the importance of supporting middle-class families: "The financial system can't be stabilized without stabilizing families. If families continue to choke on debt they cannot pay, the whole system will continue to falter. ... The outcome of this recession will either be a significantly strengthened middle class—which has less debt and a stronger safety net, both on its own and through new government regulation—or the middle class we once knew will disappear. [In that case,] America will move to a two-class economy—a substantial upper class that's financially secure and then a very large underclass that lives paycheck to paycheck."

She’s a celebrity. How many bureaucrats have rap videos written for them? The fact that the government’s top consumer advocate is so well-known brings much-needed attention to consumer causes and concerns. If a no-name expert filled her position, the new bureau wouldn’t get nearly so much attention.

She believes in the value of good government policies. Government policy, says Warren, is what will determine the future of America’s middle-class. Now, she’s in a position to help shape those policies. In the 2009 interview, she said helping people keep their homes and jobs should be the government’s priority: “Stopping the tide of foreclosures would help a great deal. Both because it would keep some families out of complete economic collapse, and it would let others stabilize the value of their biggest asset, their homes. It would also stop the continuing deterioration of some communities, and it would be good for jobs,” she said.

She has widespread support in the consumer world. Here’s how Carmen Wong Ulrich, television personality and author of the forthcoming The Real Cost of Living puts it: “[Warren] is our Wonder Woman. Her appointment means we--American consumers, Main Street--have a hero in Washington. She'll be our voice and champion and fill a gaping vacancy in terms of keeping our financial lives under a watchful eye, while many others have been either blind or sleeping."

Warren’s smart and can put economic concepts in basic English. Here’s how she explained what caused the current recession to U.S. News: “This recession started years ago with declining wages and rising core expenses. Families tried to adjust by working more jobs and longer hours, depleting their savings, and taking on debt. Now, the American family is crushed by debt, and job problems will make the problem worse. ... The financial system can't be stabilized without stabilizing families. If families continue to choke on debt they cannot pay, the whole system will continue to falter.”

She’s real. A recent Washington Post profile reports that Warren grew up in a “cash-strapped” family in Oklahoma, got married as a teenager, and became a mother shortly afterwards. She slowly worked her way up in academia to her current spot as law professor at Harvard.

This is a win for activists as well. The lesson is simple: when we're united and we make our voices heard loudly and consistently, we win.

As usual, Paul Krugman is spot on:

What’s good? Resolution authority, which was sorely lacking last year; consumer protection; derivatives traded through clearinghouses; ratings reform, thanks to Al Franken; tighter capital standards for big players, although with too much discretion to regulators.

What’s missing? Hard leverage limits; size caps; not much in the way of restoring Glass-Steagall. If you think that too big to fail is the core problem, it’s disappointing; if you think that shadow banking is the core, as I do, not too bad.

There's still work to be done, but, as Krugman wryly notes, thanks to Lloyd Blankfein, we've taken a major step forward:

I think Ed Andrews has it right: not all it should have been, but better than seemed likely not long ago, thanks to a changed climate. Wall Street in general, and Goldman in particular, provided scandals at just the right time. Thank you, Lloyd Blankfein.

Something strange is happening in Washington. As the Senate haggles over Wall Street Reform, it's getting stronger, not weaker. That's not how Washington usually works. Usually, a stronger bill is introduced and as the lobbyists and special interests poor millions into Capitol Hill, the legislators cave in. It's not happening this time.

Consumer advocates have scored some surprising victories in the overhaul of financial regulations that's gaining momentum in Congress, but amendments to be considered in the coming days will go a long way toward shaping the sweeping measure...

So far, Wall Street's formidable lobbying power has not weakened the bill, as some observers expected. The Senate, for instance, soundly defeated a move by Republicans to limit the powers of a proposed Consumer Financial Protection Bureau.

Meanwhile, lawmakers approved an amendment that would allow the Federal Reserve to cap debit card fees that big banks charge merchants.

"We're winning more than we're losing," says Ed Mierzwinski of U.S. Public Interest Research Group. He partly credits a recent Securities and Exchange Commission lawsuit that accuses Goldman Sachs of failing to disclose key information about an investment it sold in 2007.

It's not just conditions, it is your pressure. So, keep it up. Keep calling your Senators and demanding that they continue to stand up to the Wall Street lobbyists and produce a strong bill that helps working families.

Big news:

Senate Republicans are prepared to end their stalling tactics on new banking regulations...

Looks like Mitch McConnell wants to go to the Kentucky Derby after all. Big win for Main Street. Big loss for the banksters.

The facts are in. Americans stand with Main Street, not Wall Street. We support tougher laws against the banksters who helped contribute to the worst financial crisis since the Great Depression. CNN:

According to an ABC News/Washington Post survey released Monday morning, 65% of the public supports stricter federal regulations on the way banks and other financial institutions conduct their business, with 31% opposed.

A majority of people questioned in a CNN/Opinion Research Corporation poll conducted last month also favored greater government regulation of banks and other financial institutions.

Taking a look at some of the provisions in the legislation, the ABC News/Washington Post survey indicates that nearly six in ten back increasing federal oversight of the way banks and other financial companies issue credit cards and make consumer loans, such as mortgages and auto loans.

By a margin of 2:1, the American people support tough new laws to reign in the out of control excesses of the Wall Street banksters. It's clear that the public is with us. Now, it's time for Congress to act.