In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act under the guise of “consumer protection.” But instead of addressing the root causes of the financial crisis, such as the government’s reckless efforts to expand housing affordability and implied guarantees to bail out large financial institutions, Dodd-Frank empowers the very regulatory establishment which created the environment that led to the financial crisis in the first place.
