Download For Complete Dodd-Frank Act Article

From The Daily Capitalist

I am getting requests for a PDF download of the entire article, "The Dodd-Frank Wall Street Reform and Consumer Protection Act: The Triumph of Crony Capitalism." I had put a link at the bottom of the final Part 4 piece, but many of you missed it. So, here is where you can download the complete article as a PDF.

I would appreciate if you would kindly send this along to other people whom you think would be interested in it.

Thanks!

Comments

[MrBoompi]

I agree this financial reform bill falls short in many ways, but to call it a government takeover of the financial sector can't be taken serious.

Also, there was a serious lack of regulation both before and during the worst of the financial crisis, and this lack of regulation still exists today.  Would reinstating Glass Steagal or doing away the Securities Modernization Act result in more regulation or less?  Who cares.  Both should have been done regardless.

I agree the Federal Reserve allowed the housing credit bubble to form, but I haven't seen any politician but Ron Paul promote doing away with them. 

Our economy is hostage to a cartel of international banks and bankers and the elites who own them, operate them, and invest their money in them.  This legislation will do nothing to change that fact, so I can't agree it is a government takeover of anything.

[nmewn]

Jeff,

"The only reason the language in the Act was inserted to “prevent bailouts" was to attempt to placate the general public who believe that bailouts of TBTF companies was wrong. If the government really wished to prevent bailouts, they would have done so explicitly, but they didn’t. They believe bailouts are absolutely necessary to "save the economy."

The expectation of bailouts is what economists call a “moral hazard.” That is, if you bail
companies out it encourages risky behavior because of the knowledge that they will be bailed out. Capitalism, as many have pointed out, is a system of profit and loss. The loss part of that equation is essential to capitalism. Austrian economist Joseph Schumpeter called the failure of firms a process of “creative destruction.” Not only does failure wipe out the mistakes of a failed business, but more importantly it is a necessary signal to entrepreneurs, banks, and venture capitalist to not waste their valuable capital on similar ventures. If you remove the concept of loss from TBTF businesses, the signal are you sending is to encourage risk-taking with the taxpayers’ money."

Dead on as usual.

It's a long hard slog to convince generation's of people of what they inherently know to be true conflicts with what they were taught.

It's worth it. Thank you.

[Misean]

"I am getting requests for a PDF download of the entire article, "The Dodd-Frank Wall Street Reform and Consumer Protection Act: The Triumph of Crony Capitalism.""

Your in the insomnia curing business now, are you?

[LeBalance]

I got it over at DC, but I would like to thank you for the overview.