There were 3 sets of false arguments on Dodd-Frank made by conservatives over the past decade, ones that would consistently come back no matter how well they were addressed. Mike Bloomberg has made all 3, and one has to question how well he'd see to those crucial reforms. (1/8)
This goes beyond any one statement. And in case you think I'm reverse-engineering this, here's material from 2017 to educate against these arguments under the new administration. I never thought I'd dust them off for a potential Democratic nominee. (/2) rooseveltinstitute.org/doomed-repeat-…
First is the big one, what Nocera calls the "Big Lie": the financials sector played no role in the crisis, that the GSEs, CRA, and Congress were the primary culprits. @JHWeissmann addresses it here. If you believe this then Dodd-Frank was unnecessary. (/3) slate.com/business/2019/…
@JHWeissmann I want to make sure you know how right-wing this argument is. On the FCIC panel designed to investigate the crisis, only 1 of the 4 Republicans signed onto the theory in a dissent. 3 others - including Keith Hennessey and Doug Holtz-Eakin - wouldn't. (/4) nytimes.com/2011/01/27/bus…
@JHWeissmann The 2nd is that Dodd-Frank is, in Bloomberg's phrasing, a "stupid law", made by amateurs not knowing what they are doing, and that the banks should have written it. It's an insult to the hard work and thought so many put in to getting this law done. (/5) nypost.com/2014/11/11/blo…
@JHWeissmann From new capital, to liquidation authority, to consumer protections, to derivative trading rules, Dodd-Frank reflects a huge amount of thought and work on how to rebuild financial markets. It's not a hodgepodge of amateurs as Bloomberg describes. (/6) buzzfeednews.com/article/matthe… 
@JHWeissmann 3rd is Bloomberg saying Dodd-Frank is unduly onerous, hurting bank profits too much. This was a headache to address, as D-F should have put more pressure on profits. But that even this level of reform is too much bodes poorly to building on D-F. (/7) huffpost.com/entry/bank-reg…
@JHWeissmann Imagine financial regulatory appointments being made by someone who thinks Dodd-Frank is "stupid", that it was made by idiots and had no justification. It would be an insult to President Obama's legislative achievements and point us in the exact wrong direction. (/fin)
