Frank and Dodd's Rotten Financial "Reform" Bill

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Nicole Gelinas, a contributing editor to the Manhattan Institute's City Journal and author of "After the Fall," sums up the Barney Frank and Chris Dodd financial reform as a "compromise" that doesn't get to the heart of what needs to change. She says the bill needs to limit bank debt across the board and to force financial firms to trade derivatives openly, on public exchanges. "Congress hasn't done any of that. Its new derivatives rules are shot through with exemptions."

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