The Obama administration and Senate leadership tell us that the "Dodd bill" pending in the Senate would create "the most sweeping financial reform since the Great Depression." If that claim were accurate, I would be one of the bill's strongest supporters.

In truth, the bill does almost nothing to change a dysfunctional regulatory system that drove three very serious banking crises in the past 40 years: the real estate collapse of 1972-1974, the banking and S&L crises of 1980-1991 and the financial panic of 2007-2009.

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