by: the Common Constitutionalist
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As most are aware, the government’s response to the mortgage/banking crisis was the passage of the “Wall Street Reform and Consumer Protection Act,” commonly known as Dodd-Frank, for the namesakes and supposed authors of the bill, Chris Dodd and Barney Fwank.
Dodd-Frank was signed into law on July 21, 2010, by our dear former president Obama. Practically the day after passage, Republicans came forth en masse to protest the law and vow to repeal it.
Well – it’s been 7 years – how bout it.
Just yesterday Senator Orrin Hatch declared Dodd-Frank to be, “worse than Obamacare. I think it’s one of the worst bills that’s ever been passed through Congress.” Hatch added that, “To treat all these banks like they’re a bunch of crooks and you have to watch everything they do is, I think, beyond the pale.”
Naturally, those on the left are all a-twitter, insisting that the infinitely more competent federal government must continue to keep these “crooks” and incompetents on Wall Street in check. Without government intervention, Wall Street and Mortgage banking would look like the Wild West.
So who’s right and who’s wrong, and just why did we need the over-burdening Dodd-Frank law to begin with? read more