Byline: PAUL KRUGMAN SYNDICATED COLUMNIST

Cross your fingers, knock on wood: It's possible, though by no means certain, that the worst of the financial crisis is over. That's the good news.

The bad news is that as markets stabilize, chances for fundamental financial reform may be slipping away. As a result, the next crisis will probably be worse than this one.

Let's look at the story so far.

After the financial crisis that ushered in the Great Depression, New Deal reformers regulated the banking system, with the goal of protecting the economy from future crises. The new system worked well for half a century.

Eventually, however, Wall Street did an end ...