As predicted, accusations of a sell-out...

That didn't take long. As I predicted, Simon Johnson's first word out on the Senate financial overhaul is to accuse the Dems of selling out because they dropped plans for a vote on the Merkley-Levin amendment to ban banks from proprietary trading.  Paul Krugman is skeptical,saying that the resttraints on the shadow-banking system are more important than the lack of action against too-big-to-fail banks.

I applaud Simon for his tireless efforts, and I agree on the prop-trading ban -- aka the Volcker Rule, which Obama belatedly but publicly endorsed with former Fed chairman Paul Volcker at his side.   But if your only take on the 1500-page bill is that one issue, you're losing perspective.