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Obama Stands At Crossroads On Financial Reform (Jesse Eisinger, ProPublica) The Dodd-Frank Act was "built mostly on legislation and ideas that were developed before the crisis, not after". This lack of insight was backed by the Obama administration and the nation "got a law of incremental tinkering with existing rules". And now that Republicans have control of Congress they want to 'untinker' as much as possible and some Democrats are likely to go along with that, too - certainly more than enough to replace the few Republicans in the Senate who are not lapdogs of the banks, such as David Vitter of Louisiana, John McCain of Arizona and Bob Corker of Tennessee (mentioned by Eisener). But what will be watered down is not what really would have resolved the problems that produced the Financial Crisis of 2008 if left at full strength. Eisinger writes:
Dodd-Frank is the Clement Attlee of legislation: a modest law with much to be modest about. This history and context needs to be understood to grasp what is happening now.
Eisener says the administration seems to be awakening.. Econintersect hopes so. The lap-dog-in-chief needs to break out of the kennel.
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