A new Supreme Court ruling allows a state's attorney general to protect consumers against giant monster mega-banks, according to an Associated Press report.

This case went to the Supreme Court because Comptroller of the Currency John Dugan believed that big banks should be above state law. The irony here is that Dugan is supposed to be defending consumers as part of his job. But he's obviously more interested in protecting his friends in the banking industry.

It's rare that Clark calls out an individual on the show, but Dugan is deserving in the consumer champ's mind. As always, the Comptroller is welcome to come on the show to defend his position.

This whole debate goes back to earlier in the decade when North Carolina wanted to protect its citizens against subprime mortgages. At that time, banks were making 2/28 ARM loans by the millions, where the payment was affordable for 2 years and then ballooned to exceed monthly income for the remaining 28 years. Talk about a sure recipe for disaster.

On top of that, banks fought true, clear disclosure of what you were agreeing to when you sign a mortgage!

The American Enterprise Institute, a Libertarian think tank, has published a one-page mortgage cheat sheet and a separate definition of terms to help clear up confusion. (Editor's note: You must be able to open up pdf files to access these.)

Banks benefit from the confusion surrounding mortgages because they can put you into a stinky deal. But you don't have to let them.

It is time for us to have 50 states as cops on the beat, through their attorneys general. Congrats to the Supreme Court on this decision.