The Business Perspective on Dodd-Frank

Not a real shocker here it's a disaster that will create all sorts of compliance nightmares, and reduce US competitiveness vs overseas banking hubs like London and Zurich.  Worst of all it totally ignores Freddie and Fannie.

"Today, Fannie and Freddie are larger and weaker than ever, accounting for some 95% of all newly-written mortgages, and representing a $5 trillion asset base that, investors understand, is now fully if implicitly guaranteed by US taxpayers. US housing is still in such a fragile state that Congress dared not expose Fannie and Freddie to market forces or to force them to restructure. From September 2008 until today, they’ve sucked down about $145 billion in bailout funds, and each continues to lose about $10 billion per quarter. This is the ongoing cost to taxpayers of artificially supporting US housing. Nothing has changed, and the abusive and hyper-risky behaviors of the bubble years continue to this day, albeit in attenuated form."

Wonderful, Washington imposes massive regulation that it admits no one understands, grabs even more power and ignore key culprits in the crisis.  Then it has the audacity to call it Reform!