LiveWire

Alain41 says:

Link to German interview of Dallas Federal Reserve Bank President. This man’s views need to be more widely known. http://www.dw.de/temporary-fiscal-cliff-fix-only-postpones-clarity/a-16415740

“…the intention of the legislation we passed, called the Dodd-Frank Act …, was to end “too big to fail”. Instead the consequence has ensued: the largest banks have become even bigger – “too bigger to fail.” … My guess is that we are empowering a new bureaucracy rather than solving the problem…. This is what Mr. Volcker and the Volcker Rule intended to be. He’s the man by the way who is one of my mentors and we were trained by the same individual. We did have the Volcker Rule. I know Paul Volcker well. He will tell you the Dodd Frank Act made it so complicated even he cannot understand it….A temporary fix, which is what is being discussed now, may postpone falling off the cliff from an aggregate standpoint of GDP calculation. What it does not do is give businesses who hire people and put people back to work clarity. It postpones clarity. And I don’t know a single businesswoman or businessman that if there is a temporary fix, will say a-ha I will now go out and employ new people and expand my plant. They won’t do it until they know what the long-term rules are going to be because they won’t invest on an overnight or one-year basis….”