► Did Dodd-Frank regulation of banks and Wall Street cause JP Morgan losses? Print E-mail

Did Dodd-Frank regulation of banks and Wall Street cause JP Morgan losses?

Mitt Romney has explicitly stated that if elected president he would repeal burdensome regulations on banks and Wall Street that is better known as the Dodd-Frank Act.
During their dual comedy routines, Mitt and the GOP laughingly claim that government regulations of banks and Wall Street have stymied growth and employment. One of the right’s most accomplished comedians, Sean Hannity claimed that Dodd-Frank is the root of some of today’s economic problems by stopping banks from lending to so-called “job creators.”
Everyone is likely aware that JP Morgan just recently announced a loss of $2 billion as a result of the misconduct of one of its traders. This tragic loss of income to one of America’s greatest Job Creators could have been avoided had it not been for the unconscionable and burdensome rules placed on JP Morgan because of the Dodd-Frank Act.
History tells us that after Prohibition was enacted, illegal drinking increased. The increase came about because law-abiding citizens wanted to be a little naughty by visiting a local speakeasy. Once Prohibition was repealed illegal booze sales came to an abrupt halt.
The despicable restraints on job creators such as JP Morgan as a result of the Dodd-Frank Act are the root cause as to why we had the financial meltdown in 2008.
It cannot be disputed that if all banking and Wall Street regulations were repealed that there would be no more incentive for traders and bankers to engage in fraudulent conduct. Put simply, they are being enticed to engage in criminal or quasi-criminal conduct because it is prohibited by government regulations. Therefore, as was the case with Prohibition, once these onerous and unjustified regulations are repealed, fraud in the financial sector will cease to exist.
Lastly, the federal government has a moral and ethical duty to bail out JP Morgan by gifting it with a $2 billion check for the losses it unnecessarily incurred because of the Dodd-Frank Act. These funds could then be utilized to pay additional bonuses to the job creators working on Wall Street.
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