Peter Wallison writes,

The dominant theme of the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act is fear of instability and change…Where [non-bank] financial firms once focused on beating their competitors, they will now focus on currying favor with their regulator, which will have the power to control their every move. What may ultimately emerge is a partnership between the largest financial firms and the Federal Reserve–a partnership in which the Fed protects them from failure and excessive competition and they in turn curb their competitive instincts to carry out the government’s policies and directions.

This echoes my fear, which is that we have turned the entire financial system into Enron.