Jamie Dimon, CEO of J.P. Morgan Chase, had an interesting go-round with Federal Reserve Chairman Ben Bernanke at an Atlanta conference. Dimon asked if Bernanke fears, as he does, that overzealous regulation will turn out to be “the reason it took so long” for banks, credit, businesses, and “most importantly job creation” to kick into high gear. Dimon was referencing the Dodd-Frank financial “reforms” that Obama signed into law – to cure all the ills that led to the financial collapse.
Ben Bernanke’s answer was stunning. He told Dimon that the Federal Reserve doesn’t have the “quantitative tools” to study the impact of all the changes in the financial markets the past three years. “It’s too complicated,” he said – adding: “It’s probably going to take a bit of time before we over time figure out where the cost exceeds the benefits and we make the appropriate adjustments.” Translation: “I have no idea!”
Let me help. Mr. Bernanke – if you want a “quantitative tool,” why don’t you ask the banks and financial institutions you deal with. If the Dodd-Frank law is hurting the economy. While you’re at it – ask plain old everyday business owners about the uncertainty over tax rates, Obamacare, and other heavy-handed regulations from the Obama Regime. You’ll get an earful, my friend
We know what it takes to get the economy moving. With so much historical evidence on economic expansion from the Reagan era available – anybody who doesn’t know … doesn’t want to know!