"What would Milton Friedman and Adam Smith have thought of the Dodd-Frank Act?"
March 14, 2011
It's not too hard to guess, but Mark J. Perry and Robert Dell answer.
Supporters of the Dodd-Frank Wall Street Reform and Consumer Protection Act obviously believe expanded regulatory powers offer the best solution to reform, but they should consider that almost all previous major banking legislation has helped to create conditions that inevitably lead to the next banking crisis.
For more, see Arnold Kling's excellent "The Chess Game of Financial Regulation".