>Cliff Asness has a great piece on why the current state of financial reform is more about grabbing power than actually fixing any of the problems.
Instead of fixing Too Big Too Fail this reform package institutionalizes it. The government is taking no responsibility for their role in this crisis – letting Wall Street be the scapegoat. Don’t get me wrong, I’m sickened by wall street and the anti-capitalistic vampire it has become – but the financial reform bill simply seeks to punish wall street short term, while not really changing much.
We need real reform, we are getting a power grab. The funny thing is that most Democrats who are for it don’t know why they are for it and most Republicans who are against it don’t why they are against it – none of them have a clue.
There are simple things that need to be done, but the simpler the task the more difficult the political reality.
Don’t expect our financial structure problems to be solved anytime soon.
Scott Dauenhauer CFP, MSFP, AIF