Today is the day when Senator Chris Dodd reveals his final package for Financial Reforms – it should be as interesting as the Microsoft reveal is also today on Web Standards. Redmond decrees what, how much and how quickly it will embrace both old[promised but never delivered] and new Web Standards its going to embrace including the crucial HTML 5 standards which have been largely embraced by Apple, Google, Mozilla and Opera among major Web browser vendors. See here for a brusque but largely accurate summary of the Financial Reform Wars – Wall Streets $400 million versus really effective reforms. Paul Krugman at the NYTimes has already gone on record saying that no reforms is better than partial/bad reform because partial reform will leave the illusion that we are protected against the next bubble when in fact we are not.
UPDATE: So far the news on the proposed reforms is reasonably positive from the NYTimes and Bloomberg-Business Week. Both reported significant new financial reforms. Here is the complete proposed bill.