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Five Years Later, the Unfulfilled Promise of Dodd-Frank


Five Years Later, the Unfulfilled Promise of Dodd-Frank

Deirdre Fulton, staff writer

With several key promises of the Dodd-Frank Wall Street Reform and Consumer Protection Act still unfulfilled, "Americans cannot be comforted that Wall Street will not wreak havoc again," according to a new report from the watchdog group Public Citizen.


Financial regulation is an oxymoron.


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Even if fully implemented, Dodd-Frank would still be a far cry from the deeper regulations and reforms of capitalism that FDR & Congress put in place after Banksters back then brought on the Great Depression of the 1930's.

D-F, today, will allow Hedge Fund bank interlinks to remain absurdly under-regulated, and there will still be no full separation of deposit vs. investment banking ( ala the old Glass-Steagall law) --- just to name two gigantic loopholes that'll stay in place even under a 'fully implemented' D-F .
D-F's final composition and passage in 2010 (w/loads of amendments, even then, accepted from Wall Street and Bankster lobbyists) was almost entirely political window-dressing ; namely, a law whose most crucial parts were written by the same financial sector interests who'd brought on the 2008 crash itself, and who, along with their puppet class in Congress, created the image of reform -- no doubt to keep the plundering of working-class assets both "legally" viable and yet masked to the extent possible..

Whereas FDR, by openly/strongly/sincerely appealing to the general public for political support for what was then "radical reform", was able to put his era's oligarchs at least somewhat in their place for a time; in our current post Crash era no such thing has happened. Instead, a corporate dominated presidency, congress, and MSM, created the illusion of reform, of which D-F is the most loudly touted.

Possibly just now, increasing numbers of USAans are beginning to better see the elite-manipulated outlines of the fraud and dumb violence of the USA's degenerated political economy and its dishonest, ideology-driven epistemology -- thanks in part, if so, to the semi- clarifying Social Reality messages of Prez candidate Bernie Sanders.
Sanders, though, even if he wins the ostensible Top USA Civic Spot (which I think he actually might),will then need to become himself, and also help foster in mass-many others, a lot more personal and social consciousness than is in evidence, anywhere on Earth, today, if his election is to mean anything useful.

Hope springs eternal, I suppose --- unless you've read and agreed with too much Schopenhauer.



Thanks for articulating what would have taken me 20 minutes to compose.

May I add that in classic USA punish-the-victim style, Dodd-Frank DOES subject smaller "Main St. banks" to costly bureaucratic rules that make them ever less competitive with the too-big-to-fail Wall St. banks that controlled 25% of all banking assets in 2008 and control 44% of all banking assets today.


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