While one might be tempted to suggest that the many bad consequences of the Dodd-Frank Financial “Reform” bill are typical unintended consequences of do-gooder over-regulators who pander to voters with claims of evil, heartless, parasitic bankers.
The truth is that most bankers are hard-working honorable people, just like people in every other business (other than politics and union management.) More importantly, they are in one of the most competitive industries in America, and one which was already one of the most regulated in America prior to the disastrous Dodd-Frank mess, which imposes far more damage on the nation than any potential benefit.
The Financial Services Roundtable has a new “Fast Facts” paper about the impacts of Dodd-Frank, compiled from various independent studies. For ordinary Americans it is a nightmare.
It goes on and on. It is remarkable that anybody can support this legislation with a straight face, and we must hope that Mitt Romney wins the presidency and follows through on his promise to repeal it.
There is never — I repeat, never — a law which claims to regulate an industry, particularly one whose customers include the majority of Americans, which does not end up hurting consumers and investors far out of proportion to any claimed benefit for our “protection.”
Ross Kaminsky is a self-employed trader and investor and is a senior fellow of the Heartland Institute. He is the host of The Ross Kaminsky Show on Denver’s NewsRadio 850 KOA at 11 AM on most Sundays. You can reach Ross by e-mail at rossputin(at)rossputin(dot)com.
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