June 13, 2013
Time to End 'Government-by-Crisis'
Three years and 9,000 pages of legislation later, our economy has yet to see any benefits from the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Originally hailed as the answer to our subprime mortgage crisis, Dodd-Frank has not only failed to resolve the issue of "Too Big to Fail" (for which it was originally intended), but also failed to deliver any of the savings claimed for it to consumers. What has this colossal piece of legislation done, you ask? Other than force the community bank and credit union industry into alarming rates of foreclosure, and increase bank fees across the board for consumers, not much. So how exactly did this massive bill come to be law? Robert Kaiser, a 50-year veteran of the Washington Post, has the answer in his new book: An Act of Congress. The problem, he says, is Washington. Although some have viewed Kaiser's reporting as a congratulation to Washington for "doing something," in fact, Kaiser's reportage...(Read Full Post)