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Five myths about Dodd-Frank (Chris Dodd defends the bill named after him)
Washington Post ^ | 10/22/2011 | Christopher J. Dodd

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 ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: chrisdodd; doddfrank

1 posted on 10/22/2011 8:20:06 PM PDT by SeekAndFind
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To: SeekAndFind

Another sleazy RAT politician trying to cover his ass against We The People.


2 posted on 10/22/2011 8:23:09 PM PDT by wjcsux ("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: SeekAndFind

This crook should be in jail rather than writing op-eds.

Pray for America


3 posted on 10/22/2011 8:57:45 PM PDT by bray (Join the Cain Mutiny, tell the IRS 9-9-9!)
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To: wjcsux

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...


4 posted on 10/22/2011 8:58:39 PM PDT by BCR #226 (02/07 SOT www.extremefirepower.com...The BS stops when the hammer drops.)
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To: SeekAndFind

Invest in guillotines. This guy is at the top of the list.


5 posted on 10/22/2011 9:17:10 PM PDT by VRWC For Truth (Throw the bums out who vote yes on the bailout)
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To: SeekAndFind
Perry wants to ditch Dodd-Frank:

"Perry, along with fellow Tea Party candidate Michele Bachmann, would eliminate the Dodd-Frank Wall Street Reform Act because it puts too much cost of compliance on small community banks."

Link to the source
6 posted on 10/23/2011 3:39:20 AM PDT by lahargis
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To: SeekAndFind
I'm still not convinced, Chris.

Perhaps if you were to debate Newt on the merits of your law...

7 posted on 10/23/2011 4:57:43 AM PDT by PalmettoMason ("The Constitution only gives people the right to pursue happiness. You have to catch it yourself.")
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To: SeekAndFind
This is like John Wilkes Booth attempting to justify his actions.
8 posted on 10/23/2011 5:17:31 AM PDT by gdzla
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