Senator Chrishopher Dodd's committee is assaulted by the lies and disinformation of GOP colleagues in the senate regarding Dodd's financial regulation legislation.

Obviously, the GOP doesn't want any financial regulation to pass as they try and maintain their tightrope balance between phony anti-bailout populism and doing the bidding of their Wall Street crony contributors.

However, there is a definite problem with the Dodd legislation: it's not bold, robust, or tough enough.  For example, there is no reinstatement of Glass-Steagall, a glaring, damaging omission.  

It definitely is not 21st century New Deal legislation.

Just as the health care bill does not fix the our terrible health care system, this financial "reform" bill does not fix this nation's horrific casino financial system and is not sufficiently strong enough to prevent another disastrous systemic crisis that could cripple this country and cause even more pain for regular Americans.

Nomi Prins writes at AlterNet that speculating banks still rule and lists ten ways that Dodd's bill is failing on financial reform.

"....banks are hiding their debt with the same old balance sheet magic they've been deploying for years and posting record new trading revenues—putting the economy at risk while creating no perceptible economic benefits.

"....banking businesses that are tied to the real economy are dying, but raw gambling disguised as finance is doing fine. Wall Street is making money by rolling the dice – again. All this risky activity seems to be going unnoticed in Washington. Without major reforms, the next crisis is going to be worse than the last. Because if you pump enough money into anything, it'll look good temporarily, and that seems to be all politicians in either party really care about. But without major reforms, the next crisis is going to be worse than the last.

"Senate Banking Committee Chairman Christopher Dodd's financial "reform" proposal (Barney Frank's wasn't much better) won't change the nature of anything Wall Street does. Dodd's needless watering down of a proposal to create a new Consumer Financial Protection Agency has been well-documented, so here is a list of 10 other problems Dodd's bill will not fix:

1) It won't make the biggest most "systemically important" banks (read: systemically destructive) any smaller.
2) It won't reduce the economic danger from rampant, overleveraged trading activities.
3) It won't change the nature, transparency, size, complexity or usage of the most heinous derivatives.
4) It won't prevent the creation of new toxic assets.
5) It won't contain the risk to the shadow banking system from hedge funds, private equity firms and venture capital funds.
6) It won't remove the conflicts of interest between banks that issue securities and rating agencies that rate them, and get paid a fee for doing so.
7) It won't contain systemic risk.
8) It won't wrest control of our economic future from the banks the Fed couldn't regulate over the past decade.
9) It won't constrain the Fed's future bailout operations.
10) It won't prevent bank failures by separating speculative banking from deposit-insured commercial banking a la Glass Steagall, but instead contains plans for resolving them, after the fact.

"None of this is reform. We're actually better off with no legislation than we are with this vapid 1,336-page opus—the false sense of security it creates will only encourage greater risk-taking. If the Dodd bill passes in its current version, we absolutely, unequivocally will see another system-wide crash that will invoke greater hardships on the country than the last collapse."