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July 9, 2012

Wall Street Caused the Worst Economy Since the Great Depression, Not the Financial Reform Law

At 10 AM EST on Tuesday, July 10, the Capital Markets subcommittee of the House Financial Services Committee is holding a hearing on “The Impact of Dodd-Frank on Customers, Credit, and Job Creators.”  Dennis Kelleher, President and CEO of Better Markets, has been asked to testify and will begin as follows: 

“Customers, credit and credit markets, job creators, businesses, investors and consumers – all of Main Street and much of America, for that matter – have been devastated by a terrible economy that is a direct the result of the financial collapse and economic crisis that began in 2007, reached a peak in 2008-2009 and continues to this day.  Indeed, it was the worst financial collapse since the Stock Market Crash of 1929 and it is the worst economy since the Great Depression of the 1930s.” 

“While many played a role in the recent collapse and crisis, Wall Street is at the top of the list of those responsible because it caused that collapse and crisis by the reckless and irresponsible creation and distribution of toxic and often worthless securities, among their many other actions.”

“Unfortunately, Wall Street, many of the major financial industry participants, and their trade groups and other allies deny or minimize their role in the financial collapse and the economic crisis.  Moreover, they are trying to obscure and conceal the cost of the collapse and crisis.  Perhaps most importantly, they are also engaged in a comprehensive misinformation campaign that attempts to deflect the public debate away from the crisis and from Wall Street’s role in creating it to the new financial reform law and to the industry’s alleged burdens from the rules implementing the law.”

But the crisis wasn’t caused by too much regulation;  it was caused by deregulation of the only industry in the country that threatens our financial system and entire economy.  Nothing in the new financial reform and Wall Street re-regulation law could ever cause anywhere near the damage to jobs, our economy, our financial system, customers, financial markets and our country that Wall Street did when it caused the financial collapse and economic crisis.   

Moreover, for more than 100 years, industry has complained nonstop about regulation.  But, history proves again and again that these complaints are without merit, that the industry has adapted and that our country has prospered. 

His full written testimony is attached below.



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