President Obama said today:
The reform that both parties have been working on for a year would prevent a crisis like this from happening again …
Is that true?
Well, the chief sponsor of the bill Obama supports – Chris Dodd – said:
This legislation will not stop the next crisis from coming.
Breaking up the big banks, appointing real regulators, decreasing leverage, separating traditional banking from speculation, and reining in derivatives will stop the next crisis from coming.
The proposed financial reform legislation won’t.