The 2008 financial crisis roiled the banking system
and swamped the global economy, leaving millions of Americans jobless,
underemployed or facing foreclosure. In its wake, Congress set out to
overhaul how the government oversees Wall Street. The result was a
sprawling law, the Dodd-Frank Act, which aims to prevent future crises
by giving the government new tools and restricting banks' activities.
The law may make future crises less likely, but it increases costs for
companies, especially banks, and their customers.
Where they stand:
hard-fought law was a big victory for President Barack Obama, and he
would defend it. With Obama's backing, government officials who are
putting the law into practice are more likely to adopt a tough stance.
Romney wants to repeal Dodd-Frank and start over, though he would keep a
few core elements that the financial industry supports — for example,
revised formulas that determine whether banks have enough solid cash to
fall back on in bad times. Romney also would make it harder for
financial oversight agencies to impose new rules."
I don't care if you're Republican or Democrat, what I do know is if the big banks have no regulation this whole mess will happen again, maybe not the same way, but something similar. The big banks are only out for the top of the pyramid folks (1%), they are not here to help the small guy, they are not our friends. If you are falsely lulled into believing otherwise you are fooling yourself.