Financial Reform Under Dodd-Frank

Under the Obama administration’s financial reform Act, Dodd Frank, the government can have what amounts to permanent bailout authority.

This, among a slew of other arbitrary powers. Bureaucrats still haven’t finished the final forms of regulation.

The government’s Treasury Dept. and the Federal Reserve, no longer as independent as it once was, can take over any financial institution that it deems at risk. This will be a political judgment call that reflects the classic state capitalistic, crony form of government, alien to what we have always referred to as the capitalism that made the U. S. different from Europe and similar societies.

With such politically-sensitive seizures, the government could actually affect existing contracts any financial company has, including those with employees; and certainly its shareholders who would have nothing to say about any takeovers.

Yes, much is probably unconstitutional taking of property, without due process or fair compensation. But then again, the administration hasn’t been overly stymied by such hindrances before. ( See the Earl J Weinreb NewsHole® comments.)