President Obama's proposal for a Consumer Financial Protection Agency has brought the long knives out on Capitol Hill.

Such a regulatory board is long overdue, according to Clark. People's trust in capitalism requires transparency. You need to be able to understand your options, whether you're talking about buying insurance or investment products or simply doing banking.

Comptroller of the Currency John Dugan is supposed to be watching out for the American people, but it often seems he instead wants to protect his buddies at the giant monster mega-banks.

It doesn't take a prognosticator to see that the unholy alliance of banks, brokerage houses and insurance agencies will litter Capitol Hill with money to shoot down the CFPA proposal. But the irony is that many of them are only alive because they've been pumped full of taxpayer bailout funds!

It is so past too late to have a CFPA. If one had existed through the latter 1990s and the early 2000s, we would not be in our current mess. Honesty, transparency and disclosure should be required.

As always, Clark invited Dugan to come on the show if he wants to offer rebuttal.