All this bragging by the president of this amazing financial reform and then I read this in the Washington Times paper today:
But as it made its way through Congress under the leadership of Sen. Christopher J. Dodd, Connecticut Democrat, and Rep. Barney Frank, Massachusetts Democrat, the bill accumulated hundreds of provisions unrelated to its original mission while, critics say, failing to address major causes of the mortgage meltdown that led to the 2008 financial crash and bailouts.
A big omission was determining the fate of insolvent mortgage giants Fannie Mae and Freddie Mac, which played a major part in financing the housing and mortgage bubble and this year became the biggest liability for the government in the aftermath of the crisis.
Enactment of the 2,300-page bill marks only the beginning of a years-long process in which federal agencies will promulgate an estimated 533 new rules and conduct 60 studies with an eye toward regulating everything from Wall Street credit-rating agencies to the street-corner lenders who give workers advances on their payroll checks.
I don’t even know where to start in my complaining? Once again we have a 2,300 page bill that doesn’t even address the root problem. I am so sick of incompetent politicians.We will have 533 new rules by politicians who think they understand economics better than the private market. I’m all for financial regulatory reform…but they seriously missed the mark. How in the world do you not address the fundamental cancer? Can anyone say Fannie Mae and Freddie Mac?