…would be good for Wall Street and good for you too.
Dodd-Frank is hope and change at its finest, let’s hope that Romney wins in November so that America can prosper again.
Yes, Romney-Ryan would help Wall Street — and Main Street, too
BY GABRIEL MALOR
Romney/Ryan would be good for Wall Street, sure. But we shouldn’t ignore how good a Romney/Ryan administration would be for Main Street too. Let’s consider the anti-prosperity effects of one of the President’s major legislative achievements, the Dodd-Frank banking bill.
Dodd-Frank was supposed to clean up Wall Street and prevent a recurrence of the Great Recession, in part by curtailing the “too big to fail” phenomena and completely overhauling the federal regulations that govern financial institutions. It was billed by the President as enacting “the strongest consumer financial protections in history.”
How’d that work out? Not that well, actually. It turns out, predictably, that the big banks are most capable of adapting to the new regulatory burdens of Dodd-Frank, while the smaller banks are getting squashed by compliance costs. The result is that the existing “too big to fail” banks are getting a lot bigger, and the smaller banks are struggling to survive.