Krugman: No finance reform is preferable...

To the watered-down crap Senate Democrats are likely to pass, due to skittish "centrists" and obstructionist Republicans. He notes the House has already passed a decent bill. I say even it could certainly be better; that said, it's "acceptable."

Anyway, here's why Krugman says it would be better to junk it all:

There are times when even a highly imperfect reform is much better than nothing; this is very much the case for health care. But financial reform is different. An imperfect health care bill can be revised in the light of experience, and if Democrats pass the current plan there will be steady pressure to make it better. A weak financial reform, by contrast, wouldn’t be tested until the next big crisis. All it would do is create a false sense of security and a fig leaf for politicians opposed to any serious action — then fail in the clinch.

Indeed.