To: RetiredNow who wrote (113398 ) 5/11/2012 11:49:46 AM From: tejek Read Replies (2) | Respond to Rolling back the clock on Wall Street Steve Benen explained New York Times added that bank reformers are saying " we told you so It's also notable that Dimon, a former ally of President Obama, has moved to the right and started meeting privately with Mitt Romney, even attending GOP fundraisers. But this also seems like an appropriate time to also mention that Romney, if elected, intends to eliminate all of the new safeguards imposed on Wall Street, replacing them with, well, pretty much nothing . Republican Mitt Romney is pledging, if he is elected president, to repeal the Dodd-Frank financial regulations, a position favored by donors on Wall Street who have sent millions the candidate s way. But he is nearly silent on how -- without the regulation -- he would prevent Wall Street from once again engaging in the risky practices that helped cause the 2008 financial crisis. The gap in Romney s platform -- made more notable as, at every turn, he criticizes President Obama s handling of the post-meltdown economy -- has puzzled some economic specialists. Indeed, Romney not only wants to scrap the entirety of Dodd-Frank, created after Wall Street recklessness nearly collapsed the global financial system in 2008, the Republican also wants to eliminate Sarbanes-Oxley , created after the 2002 accounting scandals, including Enron. At a certain level, this seems like political suicide, though the Republican clearly doesn't see it that way. But Romney believes the public hates government regulation, too, at least as much as voters hate Wall Street, and he can win a national race while promising to eliminate safeguards and layers of accountability in our financial system.
