Hooray, Congress passed the Dodd-Frank regulatory reform bill into law last week! Now we can all start speculating about how ineffective, irrelevant and incomplete it is! Right? Um … right?
Here’s the unvarnished truth, folks: Nobody talking about the Dodd-Frank Act today has any idea whether it will really achieve its intended aim of creating a stronger financial system. Not the lawmakers who passed it, nor the special interests who drafted it; not the chattering classes who gabbed about it on CNN and CNBC all weekend long, nor your outside counsel who will keep gabbing about it while billing you $500 an hour. Nobody really knows what the consequences of this law will be—not even me, much to my dismay.
