John Ransom

 “Some of the most damaging behavior on Wall Street, some of the most unethical behavior on Wall Street, wasn’t illegal,” Obama told 60 Minutes as he pitched his own reelection December. “That’s why we had to change the laws.”

The change in laws Obama was talking about was largely the body of work known as the Dodd-Frank financial reforms.

Dodd-Frank however, epitomizes how a Democrat Congress, under this president, wrote and, in some cases, passed legislation that not only doesn’t address the problems the legislation was supposed to solve, but actually makes the problems worse.

Obamacare, Cap and Tax, stimulus spending, the bailouts, green investments, the absence of a budget while the president preaches fiscal discipline, are more examples of a do-worse-than-nothing mentality that the Democrats have taken to government with Obama as their high-priest.      

And getting past the ideological question of do you believe in Obama’s redistributive, class-warfare scheme, brings you to the answer to the other question pertaining to why he should not be reelected to office of president of the United States.

He has no idea how the country actually works. If he suddenly channeled Glenn Beck ideologically, he’d still be a terrible president.

Nothing is as characteristic of this president’s tenure, as his ignorant defense of the misguided, so-called banking reform measures that the Democrats took under the Dodd-Frank legislation currently being enacted. Nothing also better illustrates the Democrats lack of responsibility for how the financial system came apart.

Because, like it predecessor Sarbannes-Oxley, the attempt to reform financial markets under Dodd-Frank, reforms nothing and leaves the markets that much worse.   

It’s estimated that Dodd-Frank, after Obamacare, will be the most costly legislation in the history of the country, not just to administer, but also in real economic costs to our country’s GDP or economic output.   

And despite Obama’s claims, nothing in Dodd-Frank actually makes illegal any of the unethical or damaging behavior, taken either in Washington or Wall Street, which created the financial mess caused by the easy availability of credit for real estate purchases. Nor does Dodd-Frank make our banking system safer as Democrats claim.

Actually quite the contrary.


John Ransom

John Ransom is the Finance Editor for Townhall Finance.
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