There’s a lot to feel optimistic about in 2015 in terms of the economy. There are still a few lingering issues that need to work themselves out, like the job market. Still, a lot of people on Main Street are just now feeling optimistic about the future. They say that the recession ended in 2010, but it’s taken much longer for Main Street to feel like things have improved.
Even as we all want to forget about the recession and focus on the future, I am convinced that we need keep an eye on what’s happening with financial reforms, such as Dodd-Frank. Wall Street is working hard to dismantle provisions that were put in place to keep our financial system sound.
The bankers had a good month in December. There are two situations I want to talk about in this post: First, the delay for banks in implementing the Volcker Rule, and second, the REPEAL (yes, the REPEAL) of the restriction on derivatives trades.
I am disturbed by this, but I’m not sure it’s that’s big of a deal. I’ll tell you more at the end of this post and in a follow up post.
But first, let’s talk about the delay in implementing the Volcker Rule.
The Federal Reserve has granted Wall Street a two year delay in implementing the Volcker Rule. In case you aren’t familiar, banks bought shares in thousands of private equity and venture capital funds before the 2008 financial crisis. The Volcker Rule, named … read more . . .