Re: What you should know about the Dodd-Frank Act
08-07-2010 08:39 AM
Banks will figure out creative ways to get their money within or around the new law. There are some good intentions in the law, but too much of it was put into the hands of bureaucrats to determine what the regulations will actually say, rather than coding it into the law so it would have less subjectivity of interpretation.
In the long run its major benefit will probably be a small reduction in unemployment as all the new bureaucrats are hired to flesh it out. Whooops! That'll require higher taxes to pay them.