I’m thoroughly dismayed with the debaters’ conclusions found in the Dodd-Frank pro/con article published in the July 26 issue. This debate reminded me of the inane antics in the movie “Dumb & Dumber.”
Each side posits that this law is not a complete fix – perhaps more akin to a ragged, old bandage in dire need of replacement. Each position has conveniently sidestepped the real problem and the easiest commonsensical solution. How often do we let Congress and bureaucrats implement vague and dubious solutions?
Congressional meddling is unacceptable. The powerful monetary influence exerted by the financial services industry simply precludes this option. The Gramm-Leach-Billey Act of 2000, which resulted in the 2008 recession, is proof enough. I suspect Sen. Mike Crapo’s “aye” votes were strongly influenced by his financial industry PAC supporters.
Bewildered bureaucrats have for years attempted to regulate the derivative markets (the problem locus). Due to their ineptitude, they have encouraged and abetted the financial services industry to fashion new regulations in this area. Talk about “the fox in the henhouse.”
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A practical solution would rescind the 2000 financial services and Dodd-Frank laws. Then, reinstate the 1933 Glass-Steagall Act in its entirety. End the dumb and dumber “one upmanship” drama now.
Mark A. Rinehart, Boise