Ah, yes…. the Post-Recession Finance Bill… aka the Dodd-Frank Bill. Now right there, you should either be having a touch of deja-vu, or be getting really, really scared.
Because the two guys writing this Finance Bill are the same two guys most responsible for the recession in the first place! Mr. “Fannie Mae is doing just fine, Mr. President” and Mr. “Freddie Mac is very stable, Mr. President” spent all of Bush’s presidency fighting off attempts to reform those two agencies.
Two years after the Sept. 15 meltdown (which somehow tossed the Bo D. right into the Presidency), Dodd & Frank step up (no one else did!) to write a bill that was advertized to Stop A Recession Like This From Ever Happening Again! – y’know, like the reforms enacted after the Great Depression have seemed to avoid a recurrence of a similar a monetary meltdown.
So, Dodd & Frank to the rescue! Or something….. The WSJ says about their bill:
The Dodd-Frank Layoffs
Wall Street Journal
What is the cost of overregulation? Bank of America appears to have provided part of the answer by announcing yesterday that the nation’s largest bank will cut 30,000 jobs between now and 2014. …
… After loose monetary policy had combined with insane housing policy to create a financial crisis, the Democrats who ran Washington in 2009 and 2010 enacted myriad new rules that had nothing to do with easy money or housing….
(hat tip From On High)
That’s right: nothing to do with the causes of the recession in the first place! But the Dodd-Frank Bill does hamper financial businesses through eight hundred pages of regulations. The Dodd-Frank Bill includes, for instance, regulations counting the number of minorities and women in financial jobs! As the WSJ says:
These layoffs are part of the bill for the last two years of Washington’s financial rule-writing.
The Number 1 reason for Republicans to take the Senate next year has to be to minimize and erase the effects of those two financial seditionists. It wasn’t enough for Dodd & Frank to tank the economy with irresponsible loans, & threats to banks that they’d better make those loans… afterward, they created a bogus law that further ties up & restricts financial companies from operating.
As long as these two clowns asshats keep their grubby hands in our nation’s cookie jar, there will be no prosperity.