by Pam Martens and Russ Martens
Wall Street on Parade
The problem with stereotyping Republicans is that when they are screaming from the rooftops about a legitimate fraud, Democrats don’t believe them — even when the evidence is overpowering that they are right.
For years now, Republicans have been screaming that the Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law in 2010 by President Obama is a fraud on the public.
Few have examined Dodd-Frank’s failed promises as carefully as Wall Street On Parade. The legislation promised to rein in derivatives – it didn’t. It promised to end the future need for taxpayer bailouts of too-big-to-fail banks. It didn’t. It promised to institute the Volcker Rule to prevent banks from gambling with insured deposits. It didn’t. It promised to reform the practices of the ratings agencies that played a pivotal role in the 2008 collapse. It didn’t.