The Nation: How Wall Street Defanged Dodd-Frank -Battalions of regulatory lawyers burrowed deep in the federal bureaucracy to foil reform. Reform, we’ve got reform for them. Stop bailing out cronies with tax-payer money. There, problem solved. Unless your from The Nation. In which case the problem is a strong middle class that does not require any economic masters at the top.
This post was last modified on June 18, 2013
View Comments (5)
It took me a while to notice the "n" in the 4th word.
How Wall Street Defanged Dodd-Frank
This is easy to explain, the Banks wrote the Dodd-Frank bill. Did anyone really expect someone as corrupt as Chris Dodd and Barwny Fwank to write a bill curtailing their leading contributor's power?
D-F made things legal ex post facto, it was a giant subterfuge to make it look like they were addressing the problem while still maintaining the important carve outs.
Kip's comments are prescient.
"Wall Street did not defang anything, because it was only an illusion that Dodd-Frank had fangs."
But it does ensure new banks will have a helluva time getting started, which Wall Street engineered to avoid competition.
Progressives have two objections to your solution: it's simple, and even worse, it would work.