The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008.
There’s just not the love for commodities that there used to be. In fact, John points out that the Market seems to be setting most fundamental rules aside for the moment. There is also a Human IPO (yeah. . . It’s exactly what it sounds like) and the potential for another bubble. John Ransom also talked with Louise Bennetts from the Cato Institute about Too Big to Fail.
People say government must "help the little guy, promote equality, level the playing field."
There’s a growing sense of alienation between Wall Street and Main Street. Much of the alienation has to do with the lack of the right type of oversight on money and markets. That lack of confidence, which is largely political in nature, cheapens the stock market.
Apparently ANY large financial institution’s employees can commit a crime, and, according to Holder’s theory of the law, the economic health of the country comes first. Justice just has to wait. Or be suspended all together, as long as those people are big and important enough.
One of the few issues which both the political left and the right agree upon is rooting out financial corruption by the banking industry. The latest banking scandal involves big banks submitting falsified data in order to keep their borrowing rates low.
Why aren't more people furious about the Libor scandal?
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.