In his first term, President Obama passed two of the most sweeping expansions of federal power in history. The first, his federal takeover of the health care system, narrowly survived at the Supreme Court thanks to the refashioning of its mandate into a tax by Chief Justice John Roberts. The second , his federal takeover of the financial system, may not fare as well.
Bill Clinton got rave reviews for his speech at the Democratic National Convention. My wife said: “Clinton was great. He made Republicans look like liars and losers.” Clinton, now a sainted elder statesman, also gets credit for the booming economy of the ‘90s.
It’s been two years since President Obama signed the Wall Street-reform bill that has come to be known as Dodd-Frank. So has it succeeded in creating “safer and more modern rules of the road for the financial industry,” as Treasury Secretary Timothy Geithner claims?
A Wall Street Journal story by Robin Sidel looks at a troubling trend in the banking industry. No, not the JPMorgans of the industry losing $2 billion on bad bets, but on small community banks who don't have the word "billion" anywhere on their balance sheets.
According to her piece:
"A growing number of tiny community banks are deciding it's time to put out the 'for sale' sign … many executives of these small lenders are frustrated by costly, new regulations."
The Wall Street Journal reports: “Federal regulators are using powers they gained in the Dodd-Frank financial overhaul law to ramp up an inquiry into the recent trading blunders at J.P. Morgan Chase.” How dare a private company lose $2 billion. Losing money, after all, ought to be restricted to the federal government.
Have you ever stopped to think about how the breakup of AT&T revolutionized the information and communications technology (ICT) market? Most people probably haven’t, but in 1984, the end of the regulated monopoly ushered in an era of unprecedented competition and innovation.
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