*Yes, but, even though the evidence shows the opposite, havent some in Congress said that Dodd/Frank and the Consumer Financial Protection Bureau are disasters? As the positive news about the CFBP and Dodd/Frank emerges, they have gone strangely silent. Of course, I know why theyve been saying D/F is a disaster. Theyre shilling for Wall Street. D/F attempts ot force big banks to pay for their own mistakes and it is meant to save the Americans people from having to bail them out again. It would seem that a lawmaker who represents the American people would be in favor of not forcing us to bail out the Big Banks when their employees own behavior places them in danger of failing. The same banks that received $800 BILLION, with no strings attached in 2008 are still up to their old tricks of creating new ways to make large amounts of money. The sad thing is that some members of Congress are in favor of us bailing them out again, ie, protecting them from our wrath. SB: Referencing the GAO report that Krugman cited, Matt added: A new report released Thursday by the Government Accountability Office confirms that America’s most underrated law, the Dodd-Frank Wall Street Reform and Consumer Protection Act, is working and making a real difference. In this case, “working” means reducing market perceptions that the largest banks will receive special subsidies from the government in the event of trouble, and therefore reducing the advantages those banks enjoy during normal times.
Posted on: Thu, 07 Aug 2014 04:44:56 +0000
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