The Dodd-Frank albatross/cover up

IBD:

One year ago, President Obama signed the Dodd-Frank Act into law, setting the U.S. on a collision course with economic mediocrity and a prolonged period of high unemployment.

With all of their infinite wisdom of economics and the global financial markets, congressional Democrats insisted they knew what they were doing when they drafted Dodd-Frank.

They told us they knew how to regulate one of the most complex industries on the planet. They told us that the U.S. needed to lead on financial reform and the rest of the world would follow. They told us it was necessary to get our economy moving again and to prevent future taxpayer bailouts.

Fast-forward to today and we now know they had no idea what they were doing. In fact, Dodd-Frank has only made things worse for our economy, our workforce and our financial markets.

Since the passage of Dodd-Frank, credit conditions continue to be tight, the securitization market is still frozen and massive regulatory overreach is making the cost of doing business at every level in the supply chain more expensive for main street businesses.

Not only that, but rather than ending "too big to fail," Dodd-Frank has codified it.

...

Dodd-Frank was part of a massive cover up by Democrats of their responsibility for the financial crisis caused by their policy of forcing lenders to provide mortgages to pwople who could not afford them. Rather than address the root cause of the problem, that both Dodd and Frank were responsible for, they tried to shift blame to the bankers who lost billions when the loans went bad and spread like a cancer that also destroyed what would have been good loans. The subsequent collapse of the housing market also destroyed the equity of many good borrowers. Dodd and Frank ignore the responsibility of Fannie and Freddie in this mess, because Democrats used them to monetize the bad loans they required. The Dodd-Frank bill is a travesty of blame shifting.