Image via WikipediaDodd-Frank or Friedman-Smith? Like, duh!
Related source » More Equity, Less Government: Rethinking Bank Regulation
What would Milton Friedman and Adam Smith have thought of the Dodd-Frank Act?
[This related source is recommended in its entirety.] [h/t Newmark's Door]
“Supporters of the Dodd-Frank Wall Street Reform and Consumer Protection Act obviously believe expanded regulatory powers offer the best solution to reform, but they should consider that almost all previous major banking legislation has helped to create conditions that inevitably lead to the next banking crisis. A more market-based solution would be to simply regulate higher mandated equity standards in the range of 15 to 30 percent of total assets. In the tradition of Smith and Friedman, this approach would be a much more effective regulatory approach to curbing risk-taking, reducing systemic risk, and preventing a future banking crisis than 2,000 pages of Dodd-Frank.”
— By Mark J. Perry and Robert Dell, February 24, 2011 (american.com)
Another day; another no-brainer ignored by that dynamic duo of Congressional meddlers/peddlers of that which is unnecessary, unwarranted, and unwise. I am, of course, referring to the execrable duo, affectionately known as "The Crook and The Banking Queen", [thankfully, former] Sen. Chris Dodd (D-Conn) and [unfortunately, still] Rep. Barney Frank (D-Mass), respectively (but not respectfully).
Preying on the ignorance of craven entitlementalian masses (leftist liberals), this pissed duodenum could always be counted on to generate monstrous legislation that nobody read and to the everlasting detriment of everyone's well-being. This is why we give these morons the big bucks and the cushy jobs?
What a country ...
Post 1,584 The Arrogant Congressional Duodenum
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