Another Look at Unnecessary, Confidence Destroying Dodd-Frank

Former Chairman and CEO of Wells Fargo Bank Dick Kovacevich lays out what caused the 2008 financial crisis.  More importantly, he also tells why Congress’ answer to it, Dodd-Frank, makes the conditions worse, not better, especially for small business.

Video below...

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In the second video below the CNBC Squawk Box crew is joined by Bill Isaac, Fifth Third Bank Chairman and former FDIC Chairman, who agrees that Dodd-Frank was not necessary

“I can’t imagine being a small bank today under Dodd-Frank. It would be impossible to comply with Dodd-Frank and make any money.” – Dick Kovacevich. 

“We have exactly the wrong regulatory policies in place, it’s upside down.” – Bill Isaac  

 In our view Kovacevich hits nails on heads with his comment about confidence in the second video.  See if you agree. 

   

http://video.cnbc.com/gallery/?video=3000114740

Edit to add a third segment.  We did not realize that the second video cut off before important commentary by Bill Isaac, who says in clip three:  “If we don’t do something about Dodd-Frank it’s going to destroy the community banking system in the U.S. and that’s going to be a shame for all of us. … Dodd-Frank wouldn’t have prevented the last crisis, won’t prevent the next one – we do need sensible reform and it begins with the regulators. We have too many regulators – too many things drop through the cracks – we do need to have a much stronger, simpler regulatory system.” 

 

http://video.cnbc.com/gallery/?video=3000115483

Comment:  Support leaders who will repeal ObamaCare and Dodd Frank.  Fire those who won’t. 

Source:  CNBC