As Americans celebrated Labor Day and the freedom to provide for their families, let's hope they didn't spoil the holiday yesterday by pausing to consider whether government today is making their lives easier or more difficult.
Failure was built into Dodd-Frank from the beginning. Instead of writing laws that addressed the abuses that led to the crisis, it nearly always kicked the can down to agencies, instructing them to write new regulations.
If the guarantees work, private speculators, having driven the stock down, will clean up on the upside. And the bank's CEOs will continue to pocket the multi-million dollar salaries. Call it Wall Street socialism.