We all know that the recovery from the financial crisis has been historically slow. Economists refer to Obamacare, the Fed’s monetary policies, and tax policies. What they all have in common is that they can be measured. It’s like the drunk looking for his car keys under the street lamp because that’s where the light is. We are literally ignoring the elephant in the room. Since the enactment of the Dodd-Frank Act, the US economy has not grown on average more than 2%. Before the act, the average was 2.5%. Dodd-Frank is the reason for the historically weak recovery. The costs and uncertainties it has imposed on the financial system have shocked the system into silence.
Wednesday, December 11, 2013
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