Friday, July 16, 2010

Financial Reform, R.I.P.

For those of you  out there that are really interested in what this new "supposed" financial reform bill actually meaans read this at Forbes:

So long Glass-Steagall. Hello Dodd-Frank--the most comprehensive rewrite of financial rules since 1933. This 2,319-page colossus--10 times the length of Glass-Steagall--took 1.5 years to produce and will cost $30 billion and many more years to implement. Will all this time and treasure make Wall Street safe for Main Street?


Dodd-Frank is a full-employment act for regulators that addresses everything but the root causes of the financial collapse. It serves up a dog's breakfast covering proprietary trading, consumer financial protection, derivatives trading, executive pay, credit card fees, whistle-blowers, minority inclusion and Congolese minerals. Dodd-Frank also mandates 68 new studies of carbon markets, Chinese drywalls, and person-to-person lending, and many other irrelevancies.

Read it all.

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