“The old rules have been totally reversed,” said Brian Gardner, research analyst at Keefe, Bruyette and Woods. “The world we’re all used to living with – which is the House overreaches and the Senate cools it down – is not true.”
Paul Miller, of FBR Capital Markets, said investors and the financial industry haven’t fully grasped the full power of the legislation. He said the bill could have a material impact on bank earnings. “I’m shocked about how tough it’s gotten,” he said.
Meanwhile, some conservatives continue to insist that this legislation is actually a huge favor to Wall Street, so apparently the financial analysts who say this is going to cost wall Street a bundle are in on the ruse, too.