Dodd-Frank will test both Romney and Obama
By Roy C. Smith, Kenneth G. Langone Professor of Entrepreneurship and Finance and Professor of Management Practice
... everyone agrees that Dodd-Frank was ambitious to a fault, and writing all the rules that it requires is both demanding and very complex.
Romney: has promised deficit reduction through reform of entitlements
His strategy denied George HW Bush the White House, handing it instead to a very fortunate Bill Clinton who won with just 43% of the vote. Perot argued that a deficit of 4.5% of gross domestic product was reckless and irresponsible. It is now 8%, which the Romney/Ryan duo hope might be enough to drive a significant number of worried voters to them.
But voters are also suffering from a decade of no growth, a shattered real estate market and high unemployment. The latest tick-up in the housing market is unlikely to make much difference.
Voters dislike the deficit, but many believe that America’s prolonged economic slump, which has weakened their financial security, is a greater problem.
A recent New York Times/CBS poll has showed Romney better able to “deal with the deficit” (51%-43%), but Obama was slightly preferred as being able to “handle the economy, taxes and unemployment”. Overall Obama was the choice of “likely voters” (49%-46%). The election is still close, but last week’s polls show that despite choosing Ryan as a running mate, Romney is falling further behind Obama.
Read full piece as published by Financial News.