Our Leaders

No one will know until this is actually in place how it works. But we
believe we've done something that has been needed for a long time. It took a
crisis to bring us to the point where we could actually get this job done.

Those words were said by Senator Dodd this morning. Forgive me if I am unimpressed. How does Dodd know that they got the job done if they don't know exactly how it will work? They mislead the public if they think they have solved the problem of bank failures and financial crises. We probably won't see a repeat of 2008, but problems will emerge again in some form.

And there will be, as always, unintended consequences of additional regulation. The costs of reform always flown down to the rank-and-file employee and the common investor and customer.