I spent some time reviewing the much-discussed (proposed) legislation which appears destined to become law.  I have been struck by one thought:  If it were law since the year 2000, the only provision that would have prevented, or at least slowed down the 2008 financial crisis, was the new minimum underwriting standards for mortgages (by forbidding “No Doc” loans”).  Lenders must verify income, credit history and job status certainly would have prevented the worst cases of sub-prime and exotic mortgages from ever being written, or subsequently securitized by Wall Street.  Other than this provision, there is not a single element of the reform that would have prevented the last crisis. I suspect that anything else in this reform package is going to prevent the next one, either.