Posted on 10/22/2011 8:20:02 PM PDT by SeekAndFind
fter a worldwide financial meltdown — and a $700 billion taxpayer-funded bailout — the need for common-sense financial reforms was clear. But now, even though the Wall Street Reform and Consumer Protection Act of 2010 (known as Dodd-Frank, after Rep. Barney Frank and me, its sponsors) is only beginning to take effect, critics are launching false attacks against the law in an effort to undermine it. Whether they are intentionally misleading or just misguided, they are wrong about the law’s purpose and impact.
1. Dodd-Frank is deepening the economic slowdown.
Critics who charge that the law is aggravating the recession have forgotten where our economic woes came from in the first place.
The 2008 financial crisis was devastating: Banks stopped lending to one another, the credit market froze, and our largest financial institutions neared collapse. Had Dodd-Frank been in place, the damage could have been contained. Instead, the financial crisis sparked a recession, cost Americans millions of jobs and trillions of dollars in savings, forced small businesses to close and drove homeowners into foreclosure.
Today, other challenges complicate our recovery: Our housing market is slumping, a gaping budget deficit threatens America’s fiscal future, and a sovereign debt crisis hangs over the world. But Dodd-Frank didn’t create these challenges.
Meanwhile, even though only 10% of Dodd-Frank’s provisions have been implemented so far, critics claim that the law perpetuates “job-killing uncertainty.” In fact, it was the uncertainty inherent in a non-transparent and reckless financial system that made Dodd-Frank necessary in the first place.
The truth is that this catastrophe was years in the making — caused by regulatory neglect and Wall Street gambling. We can’t expect to rebuild our prosperity overnight, but we can’t rebuild it at all if we let false political talking points undermine our efforts to restore confidence
(Excerpt) Read more at washingtonpost.com ...
Another sleazy RAT politician trying to cover his ass against We The People.
This crook should be in jail rather than writing op-eds.
Pray for America
Chris Dodd is a chip off his sleazy, no good, Nazi loving, America hating, fathers pathetic shoulder. He’s no better than his old man was and he’s worked to continue the destruction of our freedoms his worthless father started.
Thomas Dodd loved the Nazi’s so much he used their gun control law and introduced it here in the US back in 1967. It became known as the 1968 Gun Control Act and it is an abomination that needs to die a painful death. Every person that voted for that POS legislation in 1968 should be branded as a traitor having committed treason.
Christopher Dodd is no better and he’s definitely no smarter. He’s a traitor to our nation as much as his father was. But, as they say, the nut rarely falls far from the tree...
Invest in guillotines. This guy is at the top of the list.
Perhaps if you were to debate Newt on the merits of your law...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.