Now that the window dressing called financial reform has passed, the lobbyists are marching on regulatory agencies (what a surprise):

Nearly 150 lobbyists registered since last year used to work in the executive branch at financial agencies, from lawyers for the Securities and Exchange Commission to Federal Reserve bankers, according to data analyzed for The New York Times by the Center for Responsive Politics, a nonpartisan research group. In addition, dozens of ex-government lawyers, who are not registered as lobbyists, are now scouring the financial regulations on behalf of corporate clients.

This is your classic stage two for corporations to destroy any prayer's chance of legislation in the national interest. First they move laws they wish to destroy into regulations and studies. Next up is to decimate the interpretation and implementation of those regulations and of course generate counter "studies", otherwise known as lobbyist white paper spin.

Bloomberg is reporting on more economic fall out from the oil spill. The tourism costs, now at $22.7 billion, exceed the $20 billion put into escrow. 300,000 jobs will be lost.

Subcommittee Chairman Bobby Rush, an Illinois Democrat, said various studies estimate that the oil spill has put 300,000 jobs at risk, or 15 percent of the total in the region.

Roger Dow, president and chief executive officer of the U.S. Travel Association in Washington, gave the estimate in written testimony for a hearing today by the House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection on the impact of the spill on tourism. The figure comes from Oxford Economics, a U.K. consulting firm, and was based on 25 previous disasters, including oil spills, hurricanes and terrorist attacks.

The estimated cost exceeds the $20 billion BP has agreed to put into an escrow account to pay spill victims. Tourism generates $94 billion in revenues for Louisiana, Mississippi, Alabama and Florida, Dow said.

“This large and vital sector of the Gulf Coast economy is in jeopardy,” Dow said.

According to the BBC, BP has set aside, including the $20 billion escrow account, $32.2 billion for the gulf oil disaster clean up.

The consumer confidence index dropped 3.9 points to 50.4. Last month consumer confidence dropped a revised 8.4 points (54.3). (How can one revise a survey, unless you "seasonally adjust" for heat induced fussiness? It's a survey man, not raw economic data!) The only ones of the 5,000 people surveyed who think jobs are plentiful must be the delusional, 4.3%. Only 14.3% expect the number of jobs available to increase.

The Conference Board Consumer Confidence Index® which had declined sharply in June, retreated further in July. The Index now stands at 50.4 (1985=100), down from 54.3 in June. The Present Situation Index decreased to 26.1 from 26.8. The Expectations Index declined to 66.6 from 72.7 last month.

Consumers’ assessment of current conditions was more downbeat in July. Those saying conditions are “bad” increased to 43.6 percent from 41.0 percent, however, those saying business conditions are “good” increased to 9.0 percent from 8.4 percent. Consumers’ appraisal of the job market was also more negative. Those claiming jobs are “hard to get” increased to 45.8 percent from 43.5 percent, while those saying jobs are “plentiful” remained unchanged at 4.3 percent.

New Home Sales jumped 23.6% in June 2010. Why the jump? May's new home sales numbers were revised, from 300,000 to 267,000. Instead of a 32.7% plunge from April, we had a 40.1% decline from April to May. April 2010 annual rate was 440,000 single family new home sales.