The Obama administration doesn’t seem to have a clue about how businesses grow. Its concerns lie elsehwere, with expanding the size and power of the administrative state. Yesterday’s passage of the gargantuan 2,300 page financial services legislation will contribute to nothing more than the growth of the government and its power over the lives of American citizens.
The bill is known as Dodd-Frank by virtue of financially sagacious co-authors Christopher Dodd and Barney Frank. The duo helped bring us the debacle of Fannie Mae and Freddie Mac. Now the duo returns as the kind of solons who can provide a little comic relief in what Charles Krauthammer calls Act One of the Obama administration.
If they are not quite the Rosencrantz and Guildentstern of Obama’s Act One, they’ll do for the time being. They make sure to leave Fannie and Freddie untouched in the bill. Rather, the bill authorizes Treasury to study ways of ending the conservatorship of Fannie and Freddie. If only the bill came with a laugh track.
Dodd lucidly explained the mechanics of his bill last month to interested observers. In Dodd’s explanation, the bill has a lot in common with the Obamacare legislation. We had to pass Obamacare, Nancy Pelosi explained, “so you can find out what is in [the bill].” By the same token, according to Dodd, “No one will know until this [legislation] is actually in place how it works.”
Well, as the artist formerly known as Cat Stevens used to sing, we’re on the road to find out.
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