Economics, U.S. Economy

Dodd-Frank and the expansion of crony capitalism

Peter Wallison, Alex Pollock, and others around here have done lots of spade work analyzing the myriad problems with Dodd-Frank (see here, here, and here for example).

In my interview with Cliff Asness of AQR Capital Management, he highlights one of the most troubling dynamics unleashed by the financial reform; namely, the way in which the expansion of arbitrary regulatory power at the heart of the law vastly increases the crony capitalism that undermines free enterprise.

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