Clearly Dodd/Frank is the bestleast bad plan that could be had before the November elections. Any more tinkering will just make it worse, especially if it's to appease the clueless (or worse: at best they're monetarists or libertarians) Republicans.

Krugman quotes James Galbraith and I agree:

There need be no pretense that it will solve our underlying financial and economic problems. It will not. The purpose, in my view, is to get the financial system and the economy through the year, and into the hands of the next administration. That is a limited purpose, but a legitimate purpose. And it may be the most that can be accomplished for the time being.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith