the dodd-frank wall street reform and consumer protection act, in classic reguatory parlance, has made it easier to evade government control because it introduced another level of complexity into the process of bank regulation.
the government folks in charge of drafting the statute did not take the time to do a comprehensive look at how all of these banking regulations interact and interplay.
the provision is loaded with all kinds of activist things like "you can't put money into blood minerals."
nobody writing the bill took the long long view of how these regulations were going to interact.
the long view comes from lawyers in our private sector charged with the responsibility of ensuring that their clients don't run afoul of these regulations.
they figure out ways and interconnects to drop regulatory requirements, or discover that "there is a gap between these requirements."
these attorneys know this statute much better than the people who wrote it.
the medicare act was written in the same manner.
attorneys for big interests will find many loopholes large enough to drive a news journal delivery truck through.
are safety nets needed to protect us little people? of course.
will these nets be sufficiently conceived so that people i live with daily are protected, and not, as usual, the big money interests?
i've few hopes or dreams these days, but i've learned the hard way that the sting of false promises is worse than no promise at all.
dr. reiner's rienzi