Nits and Grits

TBP has a good list of detailed reactions to the financial reform whitepaper. He's right on, which saves me the trouble of being. The main complaints are the lack of any action on the ratings agencies, the sanctioning of the too-big-too-fail idea rather than breaking up these institutions, the lack of a simple and straightforward cap on leverage, and the centralization of so much in the hand of so few (demonstratably fallible) regulators.

NC comments, and well as PK (though he has an interesting point here as well, which runs a bit counter to the grain I'm working).

UPDATE: Gretchen Morgenson has some circumspect observation at the NYT:

More than two years after the crisis began, “too big to fail” remains “too problematic to address” with anything other than more souped-up regulation. Given that earlier efforts at policing these entities failed so miserably, why should anyone think that a new-and-improved regulatory approach will fare better?