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View Full Version : Another Dummazz Ex. Order



David G
02-04-2017, 02:52 AM
Today, Trump orders a rollback of regulations over Wall Street, including Dodd-Frank. Does he really think Americans have amnesia? That they’ve forgotten what happened when Wall Street turned the economy into a casino, and then, when its bets went sour in 2008, needed a giant taxpayer funded bailout? Does he really believe Americans forget losing their jobs, homes, and savings in the fallout? And that not a single bank executive went to jail?

By the way, the biggest banks are far bigger today than they were in 2008. Then, the five biggest had 25 percent of U.S. banking assets. Today they have 44 percent. If they were too big to fail then, they’re far too big to fail now. Getting rid of Dodd-Frank triples the odds of another financial crisis.

In his presidential campaign, Trump blamed Wall Street for being part of the Washington swamp – and pounded Hillary for being too close to the Street by taking big speaking fees from Goldman Sachs. But Trump has brought more big guns from the Street into his administration than in any previous administration – mostly from Goldman-Sachs.

Before he joined Trump as head of his economic council, Gary Cohn was president of Goldman Sachs. Trump’s right-hand man, Steve Bannon, was at Goldman Sachs. Other Goldman alums around Trump are Steve Mnuchin, Trump’s pick for Treasury; Jay Clayton, Trump’s pick for the Securities and Exchange Commission; and Dina Powell, another White House adviser.

A decade ago, Goldman Sachs really did defraud investors and rip off their customers (as of today it’s paid nearly $9 billion in government fines), and many of these people were there.

Hypocrisy piled on top of hypocrisy, lies on top of lies, payoffs to the powerful and privileged on top of more payoffs. And we haven’t even finished the second week. -- Robt. Reich

skuthorp
02-04-2017, 05:29 AM
Donald doesn't care, he won. He is not so much paying off as investing, and his appointees owe it all to him, personally.

Peerie Maa
02-04-2017, 06:36 AM
Drain the swamp? Feed the 'gators and snapping turtles more like.

LeeG
02-04-2017, 07:41 AM
I bet this really benefits the "forgotten"

https://www.washingtonpost.com/news/wonk/wp/2017/02/03/trump-wants-to-make-wall-street-bonuses-great-again/?utm_term=.1113944c97bd

In short, they want the financial system to be able to take more and bigger risks. They say we need to do this to get banks lending and the economy moving again, but it sets up an obvious question: why wouldn't going back, for the most part, to the way things were before the crisis lead to another one?

They don't say. They're too busy talking about how they're sticking up for the "forgotten man"—you know, the Wall Street trader who used to get a million dollar bonus, but has had to get by with just a couple hundred thousand lately. Call it Upper East Side populism.

Rich Jones
02-04-2017, 11:35 AM
Yep. Lets' go back to the good old days where the GOP once again trashes the economy. It's what they do best. No... that's not quite right. What they do best is trashing the economy and then convincing their clueless base that it's someone else's fault.

McMike
02-04-2017, 12:24 PM
If EOs are intended for the president's use in order to uphold the law; how is this action upholding the law? It's, in fact, circumventing the law and congress. This is scary.

peb
02-04-2017, 12:53 PM
Dodd-Franks is a bad bill. We should not have a few huge banks controlling 75% of bank assets. It was a huge failure of the first two years of the Obama administration. When they had congressional control and the timing of post financial near-disaster which provided political opportunity, they screwed it up horribly.
That being said, it should be fixed via the legislature and not executive order. Now, the executive order is broad, but vague, so it may do nothing more than tell Treasury officials to identify areas that need to be addressed for legislation. That would be fine. We will have to wait and see.

As for the reversal of making retirement advisors have a fiduciary responsibility to their clients, that is truly a bad move. The whining by brokers on that front is just that they don't want to be forced to do what they have been telling clients they were doing for years (but not often actually doing).

Norman Bernstein
02-04-2017, 12:58 PM
Dodd-Franks is a bad bill. We should not have a few huge banks controlling 75% of bank assets. It was a huge failure of the first two years of the Obama administration. When they had congressional control and the timing of post financial near-disaster which provided political opportunity, they screwed it up horribly.

The very same forces that you decry, when it comes to the fiduciary responsibility issue, were the same forces that were fighting tooth and nail against the very idea of breaking up the big banks. I'm pretty tired of hearing about what Obama supposedly had the power to do... he didn't. Democrats take as much money from those interests, as Republicans do... and there were limits to what Obama could have actually gotten away with.


As for the reversal of making retirement advisors have a fiduciary responsibility to their clients, that is truly a bad move. The whining by brokers on that front is just that they don't want to be forced to do what they have been telling clients they were doing for years (but not often actually doing).

That's why I'm waiting for a good laugh: their excuse for why it's good idea to NOT have fiduciary responsibility.