Financial Reform passed yesterday, but there are a lot of criticisms about the bill. Quayle doesn’t think that all the issues that businesses have been discussing are addressed. “They’re writing FinReg 2 to correct the mistakes,” said Quayle.
Quayle is concerned that the administration is “not working to create jobs. This is not a job creator.” With all the uncertainty that the new powers to regulators is going to put people, companies have plans on hold. The uncertainty is not just for a few months; it could be years.
Greenspan had said there are 200 new rules and regulations. “It’s a whole new play book,” said Quayle. “If you’re in the business world, you don’t know what to do. You could have the smartest lawyers, but unless regulations are in place, you don’t know anything.” Quayle said the legislation is too broad and gives unprecedented power to regulators.
Quayle is concerned that the bill may freeze lending and make credit more difficult or expensive.
No Double Dip
When it comes to the economy, Quayle said "My sense is we won’t have a double dip, but it doesn’t mean unemployment won’t be high.” Pricing power will probably decrease and consumers are cautious because they don’t know if they’ll have a job next week.
The former VP loves that the American people have a real sense of optimism. Unfortunately, he says, “I don’t feel that anymore.”
The younger people need to come and say, “Look, it is my generation that is going to be paying these bills down the road, and we have to take it upon ourselves to reform.”
Can’t Lose Hope
Quayle believes there are opportunities, but there is still a gap. He is optimistic and thinks that, though the US won’t get back to where it was before, markets are going to be more positive in the future. Marginally, things will improve.
Crystal Lau contributed to this article.
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