More BIG reform

Sen. Christopher Dodd is out with a 1,136-page plan to reform the financial system that has DOA written all over it. The Dems figure it could be starting point for crafting some kind of compromise by early next year. Good luck with that. From the NYT:

Even before it was made public, it had encountered sharp resistance from Republicans and powerful business interests in Washington. With only a few weeks left in the legislative session, it is all but certain that Congress will not deliver on President Obama's request to repair the financial regulatory system by the end of the year unless major compromises are quickly struck. Still, the long-awaited Senate plan is significant as a starting point for the lawmakers, who are increasingly talking about trying to complete legislation during the first three months of 2010.

Backseat musing: Too late at this point, but it's a shame that the White House insisted on pushing through health care this year rather than concentrate on this kind of legislation as a centerpiece for repairing the economy. Would have paired nicely with the stimulus efforts. Oh well...