Monday, December 17, 2012

Dodd-Frank's "unintended" consequences

One of our favorite themes are post hoc claims that the destructive aspects of regulation are "unintended," when in fact they are foreseeable and in many cases foreseen. With regard to Dodd-Frank, a whole book about those, including this gem of a quotation:

During the final debates over the passage of Dodd-Frank, Texas Republican Congressman Jeb Hensarling observed that “There are at least three unintended consequences on every page of this legislation.”
If you see or ought to see consequences ahead of time, they are not unintended. Never let the politicians and the regulators deny their intentions when you catch them.

No comments:

Post a Comment

Web Statistics