Like many other New Yorkers beaten down by an interminably hot summer, I've been praying for a change in the weather. This isn't so different from what our market's after - a shift of sorts, a new climate that invites activity. Without that, we'll stay stuck.

The latest wind blowing from Washington is hardly the thing to do the trick. As I discuss in my piece, the Dodd-Frank act will not only be a drag on issuance, it contradicts the government's stated aim in a number of ways. The rating agency liability issue alone is likely to mire the market for some time.

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