business.time.com — Though the Dodd-Frank Wall Street reform act was passed way back 2010, much of the law remains to be implemented. One reason for the lag between passage of laws and their implementation is that when federal agencies propose new regulations, they are required to first seek public comment.
Feb 14, 2012 View in Crawl 4
m3g4tr0nFeb 14, 2012
I'm all for the Volcker Rule. I don't believe that any bank is too big to fail, and should not receive a government bailout. That being said, they should be barred from playing the market with the taxpayer's money. Unfortunately Dodd-Frank doesn't go far enough. The Glass-Steagall Act should have been reinstated to prevent something like this for occurring on the same scale in the future.
inetroadkillFeb 14, 2012
Glass-Steagall really does need to be put back in force and the commodity markets need to be placed back under regulation as well.
Too big to fail is too big to be allowed to exist. No single entity should be allowed to grow to such an extend that its failure places the entire economy in jeopardy.
asfinktersezwutFeb 14, 2012
The main reason the Canadian economy and Canadian banks survived the economic crisis better than American banks is simply due to better regulation and restriction. Glass-Steagall was aadequate for its time, but needs serious updating for current financial markets and instruments. The American financial system would do well to examine what worked - and what did not - for the Canadian banking system as it is generally regarded as one of the healthiest in the world.
floorboardFeb 14, 2012
Canada's banking system is public and therefore no obscene bonuses for banking CEOs. They'd kybosh that in a heartbeat.
rixar13Feb 15, 2012
Reinstate Glass Stegall act...
jimsmmFeb 14, 2012
I have always respected Paul Volcker - he is a good man!
Donuts4UFeb 14, 2012
Markets can run without formal market makers, the small but consistent profit will attract informal money makers, despite losing the advantages of being a formal market maker. It makes sense that money will slow down, which is maybe a good thing. The various Big Bangs (deregulation) had benefits for a decade or so, but overall they put too much risk out there. Obviously.
I just hope someone keeps an eye on the impact of these changes and has a plan to correct the problems. Someone paying attention to the economy and communicating problems to lawmakers, before they blow up into a recession, would be nice for a change.
jqp123Feb 14, 2012
"Someone paying attention to the economy and communicating problems to lawmakers, before they blow up into a recession, would be nice for a change."
Nice in theory ... but you're assuming that the lawmakers themselves aren't part of the problem.
Donuts4UFeb 14, 2012
The only profession that does worse than lawyers in the stock market, are doctors.
Dugg :(
eraptorFeb 16, 2012
We need more Paul Volcker's to fix this economy and stand up to the weasels on Wall Street and in Congress.
witney_in_memoryFeb 15, 2012
Sll reforms it's a dust.
rixar13Feb 15, 2012
Reinstate Glass Stegall act...
netantFeb 15, 2012
So, where are the Libertarians, defending the Wall Street scumbags of the universe?
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