Financial Reform

Ok, I have been trying to take a break from boring you all to death with economics, but here's an interesting article that is very critical of the financial reform bill. Since there is no chance in hell that I will be reading that 2000+ page bit of legislation, I will be taking his word (and the words of others) for it when he says that there are no measures that actually attack the problem of a lack of transparency. From what I have read elsewhere there will be increased reserve requirements, but what does it matter if you have to hold 20% or 30% of what is lent out if you have no idea of the true value of those assets?

I was relieved to see that none of these new regulations take place immediately, and also that they weren't so harsh as to cause a second crash in the market, but from what I have read, it really seems they could've made the bill 1/10th as long (so normal Joes could actually READ IT!) and twice as effective. It sounds like they are just going to make the new Minerals and Management Services for banks :\ Let's pray for a competently drawn up hierarchy with minimal conflicts of interest.

PS: Can someone please propose a maximum of 500 pages on any bill to be voted on? This is really absurd. If it's too long for me to even be willing to read, how are the legislators supposed to read it, digest it, and decide if the ENTIRE thing is worth voting yes or no on. Break it up into smaller chunks!

PPS: I'm still reading Crisis Economics, and that book just keeps getting better! GO GET IT!