The Dodd-Frank Act goes on for 2,319 pages. Like Nancy Pelosi's "pass it to find out what's in the O'care Bill" statement, Senator Dodd said, "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done." The Wall Street Journal reported on July 14, 2010, just one week before Obama signed Dodd-Frank into law that it will "unleash the biggest wave of new federal financial rule-making in three generations." It will require "no fewer than 243 new formal rule-makings by 11 different federal agencies." Regulation, of course, is what failed last time. The Fed had their people in the banks watching every day as the banks turned into casinos, and now we have Congress abnegating its constitutional obligation with their punting to regulatory agencies.
Don't say the writing wasn't on the wall for Dodd-Frank. Don't say it wasn't there for Mr. Hopenchange either.
HT: Lee Habeeb.
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