Sarah Wallace, the chair of our local savings & loan, on the new financial regulations:

"Here is the problem as I see it. First Federal lends to creditworthy folks who for decades have been well-served by bankers who understand their market and can think creatively to structure credit appropriately.It is what community bankers do. Going forward, we will no longer be able to evaluate loan applications based solely on the credit worthiness of the borrower. We will be making regulation compliance decisions instead of credit decisions. This is not in the best interest of the consumer."

Read the rest at The Wall Street Journal.

The kicker is that so often the regulation doesn't affect the worst offenders but the best operators.

Thanks Patrick.