Former Fed Chair Alan Greenspan in today’s Financial Times:
The financial system on which Dodd-Frank is being imposed is far more complex than the lawmakers, and even most regulators, apparently contemplate. We will almost certainly end up with a number of regulatory inconsistencies whose consequences cannot be readily anticipated. Early returns on the restructuring do not bode well.
Greenspan goes on to note: “The act may create the largest regulatory-induced market distortion since America’s ill-fated imposition of wage and price controls in 1971.”
For those who have watched the financial reforms, this judgment (and much of the Greenspan’s comments) comes as no surprise.
Far more surprising:
Bill Murray has been cast to play FDR (brilliant choice)
Christine O’Donnell has a book contract (insert punch line here)