It is rare that a single law can have a significant adverse effect on the enormous U.S. economy. But there has never been anything like the Dodd-Frank Act. Signed into law by President Obama on July 21, 2010, its extraordinary effect in slowing the economy is coming into focus as its second anniversary approaches.
On June 30, 2010, however, the Democrat-controlled House voted along party lines to adopt the House version of Dodd-Frank. That was expected, of course, but two weeks later two Republican Senators—Scott Brown of Massachusetts and Olympia Snowe of Maine—announced they would vote for cloture in the Senate. These two votes virtually assured that the bill would pass the Senate and eventually become law. Almost immediately, GDP growth in the third quarter of 2010 began to slow. It has never recovered.
In short, like Fannie Mae, Freddie Mac, Social Security, Medicare, "Great Society" and every other enormous, failed government program, Dodd-Frank is guaranteed -- that's right, I said it: guaranteed -- to fail.
One day, hundreds of years from now, historians will look upon this era's Democrat Party with amazement. How could any political party, they will ask, continue to pile program upon program without seriously evaluating the results of their prior failures?
The answer is simple. In their craven, white-knuckled death grip on power, Democrats are willing to promise anything, no matter how destructive it will be to society as a whole.