Gee, no kidding! Greenspan says Dodd-Frank out of touch.

According to Financial Times:  "Dodd-Frank fails to meet test of our times"

By Alan Greenspan
Published: March 29 2011 18:31 | Last updated: March 29 2011 18:31

The US regulatory agencies will in the coming months be bedevilled by unanticipated adverse outcomes as they translate the Dodd-Frank Act’s broad set of principles into a couple of hundred detailed regulations. The act’s underlying premise is that much of what occurred in the market place leading up to the Lehman Brothers bankruptcy was excess (hardly controversial) and that its causes would be readily addressed by this wide-ranging statute (questionable).
The financial system on which Dodd-Frank is being imposed is far more complex than the lawmakers, and even most regulators, apparently contemplate. We will almost certainly end up with a number of regulatory inconsistencies whose consequences cannot be readily anticipated. Early returns on the restructuring do not bode well. "


There is more to the article, but FT frowns on cut and paste...  You can find them on the web.  They are a worthwhile publication you should consider purchasing a subscription.

Personally, I think it's the kettle calling the pot black... but then I never was a Greenspan fan in the first place!