As automation destroys American jobs, and the future promises less need for human labor, we should be considering a national basic income for every citizen, rather than furthering the greatest wealth inequality since the Gilded Age.
Man-child Trump threatens us with more killing poverty as if we are the enemy.
Man-child Trump threatens us with more killing poverty as if we are the enemy.
48
He doesn't need to care or understand anything, but fulfill his campaign promises.
It appears that both the media and the political establishment cannot believe or accept this reality.
It appears that both the media and the political establishment cannot believe or accept this reality.
2
When will those who voted form him start to wonder about the promise of jobs realize that he has no plan at all. He still is caught up on the size of his Inaguration crowd, he has shut down the White House telepresence and now
is dismantling the safeguards put in place so that people's retirement and savings are now in jeprody. Trump fans wake up!
is dismantling the safeguards put in place so that people's retirement and savings are now in jeprody. Trump fans wake up!
19
Donald Trump inherited a healthy economy. That will be reversed at the end of his term. He is setting a trend to achieve that goal.
One cannot just comprehend what the new President is trying to do. He is so obsessed with all these Rules and Regulations. Right from the election campaign to assuming Office, the President has been on a 'chopping' spree - from the ACA, announcing intended action on several other regulations to the now Frank-Dodd financial related regulation.
Mr. Trump is concerned about his friends not been able to obtain loans from the banks. For sure, he is referring to his billionaire allies whom he has nominated to be in his Cabinet. Many others dealing in hedge funds and derivatives. It is pretty obvious that Mr. Trump is also thinking of himself and his business interests. This is where his real concern is. It is all a strategy to seek benefits to his business empire. One has to read between the lines.
Rules and Regulations are not for Mr. Trump. He would pick and choose, depending whether one benefits him or not. He blames the European Union, because, he was not able to gain access to do business. He prefers the Union to be dismantled. Hence his dislike to trade treaties.
Mr. Trump has yet to release his tax returns.
Mr. Trump's ill thought agenda to break up existing regulations is of much concern, and is troubling. There is no clear reasoning to this thought process. The Dodd-Frank deregulation will not stop here, may well spread to other areas.
One cannot just comprehend what the new President is trying to do. He is so obsessed with all these Rules and Regulations. Right from the election campaign to assuming Office, the President has been on a 'chopping' spree - from the ACA, announcing intended action on several other regulations to the now Frank-Dodd financial related regulation.
Mr. Trump is concerned about his friends not been able to obtain loans from the banks. For sure, he is referring to his billionaire allies whom he has nominated to be in his Cabinet. Many others dealing in hedge funds and derivatives. It is pretty obvious that Mr. Trump is also thinking of himself and his business interests. This is where his real concern is. It is all a strategy to seek benefits to his business empire. One has to read between the lines.
Rules and Regulations are not for Mr. Trump. He would pick and choose, depending whether one benefits him or not. He blames the European Union, because, he was not able to gain access to do business. He prefers the Union to be dismantled. Hence his dislike to trade treaties.
Mr. Trump has yet to release his tax returns.
Mr. Trump's ill thought agenda to break up existing regulations is of much concern, and is troubling. There is no clear reasoning to this thought process. The Dodd-Frank deregulation will not stop here, may well spread to other areas.
12
"Remember what I did for you when I was president?" That will very likely be the phrase heard echoing off of the board room walls when Trump leaves office. The key words here, paraphrased in this article are "friends of mine that had nice businesses." We have an individual who is working to accumulate favors and personal debts, to cash in on at some later date. We've heard it before, it's just good business. Speculating, that "Mr. Trump may believe that ending Dodd-Frank will lead to more jobs" is hard to swallow, particularly when he's already stating openly that he's just trying to extend a more generous line of credit to his pals.
25
Another poison pill to boost an economy needs to be considered. One that has been used for centuries; armed conflict. Trump's administration is looking for a fight to demonstrate they're the new ones in the neighborhood and tough. Senators McCain and others can try to calm allies, but the Trump administration has made it clear they're drawing lines and egging someone, anyone, to cross. Maybe South Korea, China, Iran .... Doesn’t really matter who, just as long as they can prove their point.
No doubt, Trump will extract a price before coming to the aide of any allies ["until they pay their fair share"], but he will expect them to come to his aide. Will they, as they see him as he is? Trump is planning to build the American economy by going it alone, but we have to export something ... even if it's armed conflict.
No doubt, Trump will extract a price before coming to the aide of any allies ["until they pay their fair share"], but he will expect them to come to his aide. Will they, as they see him as he is? Trump is planning to build the American economy by going it alone, but we have to export something ... even if it's armed conflict.
14
I feel tricked. This piece promises to clarify the relation between financial regulation and jobs, but fails to deliver. "History reveals..." tells the reader nothing about this relationship. It has the false ring of Trump's weak reasoning.
4
Don the Con, as usual, projects his own miserable business experience on others, by suggesting that his plutocrat "pals" somehow can't get any loans. No, the real problem is that he has been unable to swindle anyone else in this country into loaning him money for his endless failed business ventures, and instead resorted to seeking money from Russian mobsters and bankers - among the myriad of reasons why he will never release his business or tax records for fear of being exposed to the world as the con and fraud that he has always been. In the meantime, all of the thieves and crooks in high places, whose reckless use of, as Don the Con crows, "OPM" (other people's money) crashed and burned our economy and destroyed the personal financial lives of millions of Americans, will now be free to rape and pillage American citizens with complete impunity. It isn't that Don the Con "doesn't understand" - it is that he doesn't care at all, doesn't have the intellectual or emotional gravitas or maturity to educate himself, and is solely interested in personal gain. Once a fraud, always a fraud. God help this nation. 2/4, 10:41 AM
26
Ruining the Dodd-Frank Act is not the real problem, though it would be stupid to drop it. The real problem is President Trump. I would be wasting everyone's time to note, one by one, his mistaken election to a job he knows nothing about except to enrich himself and have a golden statue placed in midtown Manhattan.
30
This is a major test for the business community as to whether they can see anything but their own profits. Clearly DJT cannot and he's willing to wreck the economy for them. The business heads at the table have to think very, very hard if they want to be seen benefiting from the self-indulgent manipulation of DJT and his petty rule proposals, including the immigration order.
The risk of gathering under his cloak is that people, and other politicians, will not forget that they abandoned good practices for gain. Bankers specifically have not shaken the taint of the financial crisis so to grasp this proposal too quickly and too closely is to show remarkably poor judgment.
Buckle up, we're in for another really bad ride with no one at the controls.
The risk of gathering under his cloak is that people, and other politicians, will not forget that they abandoned good practices for gain. Bankers specifically have not shaken the taint of the financial crisis so to grasp this proposal too quickly and too closely is to show remarkably poor judgment.
Buckle up, we're in for another really bad ride with no one at the controls.
24
Trump and Bannon's thoughts, thinking, actions and beliefs in just 2 weeks have clearly shown just how easily without question or stricture a person or people can undermine not just a people and nation but even the people of other nations and possibly even the entire world by the edicts and orders that they can blithely make and execute.
People hired to head agencies they want to destroy or compromise and a Congressional Majority focussed on passing Legislation that has no intent to help protect or provide prosperity to the majority of Americans but which is singlemindedly designed to only help narrow selfish Business interests to such degree that they will actually hurt, hinder endanger and compromise the Health, wealth, and security of most of the people as they do their bidding as they their actual conscience in themselves are ridding.
How easily are the foundations and institutions laws and edifices of the Republic so fragile and able to wreak such wanton havoc from just one or so few and little experienced in the ways of leadership and power and yet so completely able to so much so worst and broad in scope and reach with harm.
What a House of Cards overrun by abusive ill conceived intent.
It is an embarrassment to see what little seen is done and how weak so much and many show none of the promise that they have yet to make as they take advantage of their easy to make things happen power taken over by selfish needs and greedy actions as the entire edifice collapses
People hired to head agencies they want to destroy or compromise and a Congressional Majority focussed on passing Legislation that has no intent to help protect or provide prosperity to the majority of Americans but which is singlemindedly designed to only help narrow selfish Business interests to such degree that they will actually hurt, hinder endanger and compromise the Health, wealth, and security of most of the people as they do their bidding as they their actual conscience in themselves are ridding.
How easily are the foundations and institutions laws and edifices of the Republic so fragile and able to wreak such wanton havoc from just one or so few and little experienced in the ways of leadership and power and yet so completely able to so much so worst and broad in scope and reach with harm.
What a House of Cards overrun by abusive ill conceived intent.
It is an embarrassment to see what little seen is done and how weak so much and many show none of the promise that they have yet to make as they take advantage of their easy to make things happen power taken over by selfish needs and greedy actions as the entire edifice collapses
31
Just as we recover from the last republican administration pushing deregulation, the people put in another republican pushing deregulation. Now he can destroy the economy again. The people never learn that deregulation doesn't work.
64
If Trump really wants to go to war and fix the world financial system with one blow, he should invade the Cayman Islands, and ... Malta? Cyprus?
No, no, cant do the latter; that's where Putin hides HIS money. Well, that might give Trump leverage against whatever P has on him.
No, no, cant do the latter; that's where Putin hides HIS money. Well, that might give Trump leverage against whatever P has on him.
12
In his latest Tweet, DJT essentially conflates "the country" with his own person. He does not even consider the possibility that the rest of us exist, or that there is a Constitution that places legislative authority squarely in the hands of elected lawmakers -- not one of whom has the power to enact unilateral statutes. Increasingly, DJT's words and actions point to some kind of cognitive disorder that, as a minimum, manifests as paranoia. He excludes any inputs that are not congruent with his own preconceived notions and attacks experts articulating reasonable conclusions simply because it displeases him to be disagreed with. This is an untenable situation. Steps must be taken to remove from office someone with a clearly diseased brain.
15
Again, trickle down economics. Voodoo economics is back. With a future greedy vengeance. It is fantasy to state that business is wary of the removal of Dood- Frank.
We need to see those tax returns.
We need to see those tax returns.
17
It’s really very simple. Capitalism isn’t inherently bad, but the way people use it can be. Capitalism doesn’t have a conscience, but the people who engage in it should have one. The problem is that they often don’t. The lure of profit can compromise even the strongest scruples. Therefore, because capitalism doesn’t have a conscience, it is absolutely necessary to impose a de facto conscience on the process in the form of regulations so that people don’t use it unfairly or in a manner that exploits other people. To put it another way, capitalism exists to contribute to a functioning society – and not the other way around as the neoliberals claim where society exists to foster capitalism.
The Democrats need to grow a backbone when it comes to dealing with Trump: take off the gloves, play dirty, a scorched earth strategy. Boycott, refuse a congressional quorum, barricade the House and Senate chambers, sue – whatever it takes. This is what I expect from the people I elected.
The Democrats need to grow a backbone when it comes to dealing with Trump: take off the gloves, play dirty, a scorched earth strategy. Boycott, refuse a congressional quorum, barricade the House and Senate chambers, sue – whatever it takes. This is what I expect from the people I elected.
15
The way Trump picks his cabinet -- based on wealth instead of competency and integrity -- it's too bad that Bernie Madoff is in jail.
9
The actual Poison Pill, I believe, is the massively unhealthy psychology of the present Oval Office occupant. A similar concern is expressed in the following excerpt from a letter of written before the inauguration by three medical doctors, specialists in psychiatry--and ignored. Unhealthy behavior, decisions and judgment, as we are observing, uncontrollably comes from an unhealthy mind. Thus,attempting to make sense of or expect more from a mind that's transparent in it's dysfunction, is an exercise in utter futility.
"We are writing to express our grave concern regarding the mental stability of our President-Elect. Professional standards do not permit us to venture a diagnosis for a public figure whom we have not evaluated personally. Nevertheless, his widely reported symptoms of mental instability — including grandiosity, impulsivity, hypersensitivity to slights or criticism, and an apparent inability to distinguish between fantasy and reality — lead us to question his fitness for the immense responsibilities of the office. We strongly recommend that, in preparation for assuming these responsibilities, he receive a full medical and neuropsychiatric evaluation by an impartial team of investigators."
"We are writing to express our grave concern regarding the mental stability of our President-Elect. Professional standards do not permit us to venture a diagnosis for a public figure whom we have not evaluated personally. Nevertheless, his widely reported symptoms of mental instability — including grandiosity, impulsivity, hypersensitivity to slights or criticism, and an apparent inability to distinguish between fantasy and reality — lead us to question his fitness for the immense responsibilities of the office. We strongly recommend that, in preparation for assuming these responsibilities, he receive a full medical and neuropsychiatric evaluation by an impartial team of investigators."
11
The Dodd-Frank restrictions are more technical than I can grasp. There are many things that the Finance industry keeps complicated to the average person. The 2008 banking crisis did not make sense to me; how could a few defaulted mortgage accounts, about 5% more than normal, cause so much disaster? Well, it was obviously the mortgagee that caused the problems. It is always the little guy. The great boom in finance over the last 20 years has paralleled the development of "financial instruments" like "Credit Default Swaps" which nobody outside the financial industry really understands, yet the market in these instrument had been huge. If Dodd-Frank was a good solution I wouldn't know, so I would have to take your word on it. I am certainly skeptical about the objection of banks, but they are too big to fail!
This is a parable about how the little consumers (as opposed to people or citizens) or more properly cows that consume the grass of goods and yield the milk of profits, are treated like the serfs of the Middle Ages. Are we also to give our savings to the Banks to invest for us for our retirement and Medical care? We give them $100 and they give us 5% return while they make 30% return. Income inequality?!? Are we to be fooled again in our own democracy?
This is a parable about how the little consumers (as opposed to people or citizens) or more properly cows that consume the grass of goods and yield the milk of profits, are treated like the serfs of the Middle Ages. Are we also to give our savings to the Banks to invest for us for our retirement and Medical care? We give them $100 and they give us 5% return while they make 30% return. Income inequality?!? Are we to be fooled again in our own democracy?
5
Please:
Just view the award winning video called "Inside Job"
You can find it on Netflix or YouTube. It is one of the most spectacular documentaries you will ever see. It reviews the facts leading up to the 2008 financial disaster. Greed and lack of regulation and too much power in the hands of our financial sector.
And you understand why President Trump does not know what he is doing and how we must stop him.
Seriously: please view the video.
Just view the award winning video called "Inside Job"
You can find it on Netflix or YouTube. It is one of the most spectacular documentaries you will ever see. It reviews the facts leading up to the 2008 financial disaster. Greed and lack of regulation and too much power in the hands of our financial sector.
And you understand why President Trump does not know what he is doing and how we must stop him.
Seriously: please view the video.
11
It is becoming more and more obvious that we need a change in spirituality if we want to turn our country around. I am NOT talking about religion. I am talking about manners and decency, about being my brother's keeper, about lifting others up rather than 'whats in it for me.'
Our old attitude of 'me first,' has led directly to Trump and the mess we find ourselves in. This is not working. We need to recognize this and begin a change. We are like someone in a row boat who is only rowing on one side, we keep going around in circles, all the while insisting that we are making progress!! If we all rowed together, we might actually go somewhere.
Our old attitude of 'me first,' has led directly to Trump and the mess we find ourselves in. This is not working. We need to recognize this and begin a change. We are like someone in a row boat who is only rowing on one side, we keep going around in circles, all the while insisting that we are making progress!! If we all rowed together, we might actually go somewhere.
5
If roll back of what little financial regulation we have precipitates another trillion dollar 2008 style meltdown, one thing is certain, Trump Inc will look in it's rear view mirror and find a way to blame Obama. Just like he blamed Hillary Clinton for his five year birther lie when he couldn't get away with it any longer.
13
There's no secret that you can make money if someone else is paying the bills.
Regulation is there so that there is an equal playing field for both the business and the consumer. Regulation also protects the planet, the system, everything from predatory practices. Regulation creates confidence in all participants that if they put into the system, that they can get out of the system equally.
Take away all that, and only a few benefit. ( usually the ones that are connected to people at the top )
Take away all that and the bills that come due may be too large to pay.
Regulation is there so that there is an equal playing field for both the business and the consumer. Regulation also protects the planet, the system, everything from predatory practices. Regulation creates confidence in all participants that if they put into the system, that they can get out of the system equally.
Take away all that, and only a few benefit. ( usually the ones that are connected to people at the top )
Take away all that and the bills that come due may be too large to pay.
13
This administration will be known by historians as "the big stupid"
12
Earlier The Times reported that Jamie Dimon said "Don't rollback Dodd Frank, but don't issue more new regulations". Given that billions were already spent to implement Dodd Frank, what a waste if it were to be rolled back. The money was spent.
Does Dodd Frank, impose regulations by capitalization size (or distinguishing those ruled systematically important), like the SEC requires the biggest companies to comply with the most regs and the smallest to be given the most leeway? Republican arguments seem to cite small business issues without calling for some rollback on only small businesses.
Does Dodd Frank, impose regulations by capitalization size (or distinguishing those ruled systematically important), like the SEC requires the biggest companies to comply with the most regs and the smallest to be given the most leeway? Republican arguments seem to cite small business issues without calling for some rollback on only small businesses.
6
All this does is allow the American Banks to give him money so he can invest in his bad business actions that , the banks stopped giving him. That is why he is in bed with the Russians.
9
Why does this newspaper and many of its readers think that the American people can be protected from their own stupidity by ever-increasing government regulations? If you can't figure out that buying a house for $X and then mortgaging it for $3X is a bad idea, all the government regulations in the world won't help you. People will always figure out a way to out-stupid themselves.
4
The only thing trump or anyone in the government should be doing about our poor abused friends in the financial area is reimplementing glass-steagal. it protected us for 70 years until the unholy alliance of bill Clinton and the repubs got rid of it and unleashed the incompetent wolves of Wall Street and the banks on the unsuecting American public, the crooks then got bailed out at our expense after they made a mess of it. I'm giving djt a fair hearing on most issues but this financial dereg stuff has to be stopped at all costs. The consumer watch dog agency has to be strengthened along with financial regulations, not the other way around.
11
The so-called president* could not wait to roll back on enforcement of Dodd-Frank, having sold this to his crowds solely as a path to jobs for them. They never saw the contradiction between "drain the swamp" and returning to WS its unique right to extra-legal takings from the livelihoods of ordinary Americans. A central weakness of our economy is what I call a capital glut. There is just too much money chasing too few bona fide investments. The baby boomers' retirement funds, combined with the much greater capital piles of the 1% et al, have created an endless sea of money. Now Trump will add to it with more tax cuts. The result will be the same as last time: shaky, even criminal investment schemes.
*Reference to his calling the federal judge a "so-called judge."
*Reference to his calling the federal judge a "so-called judge."
12
It becomes more clear every day that the "bubble" The Con Don and his mafia-style cronies inhabit is indeed an alternate reality. They are brainwashed to believe that what THEY think - the supposed masters of the universe - is the "right" thing.
Hundreds of Millions of people protesting across America and around the world do not agree and are speaking and acting immediately and cooperatively to stop them in their tracks at every turn and in every societal segment that wants to preserve/restore democracy and social/economic justice in America. Millions of people around the world are joining the efforts.
The same Robber Barons who champion "America's Greatness" are the ones who are trying to destroy it but WE - The People - are not going to allow it.
Not in OUR America. Not Now. Not Ever.
Hundreds of Millions of people protesting across America and around the world do not agree and are speaking and acting immediately and cooperatively to stop them in their tracks at every turn and in every societal segment that wants to preserve/restore democracy and social/economic justice in America. Millions of people around the world are joining the efforts.
The same Robber Barons who champion "America's Greatness" are the ones who are trying to destroy it but WE - The People - are not going to allow it.
Not in OUR America. Not Now. Not Ever.
11
It should be noted that Canada never deregulated her banks and never went through a financial crisis in 2008. As a result, BOTH Canadian median household income AND median household net worth are now higher than in the US.
11
Trump continues to gamble with other people's lives.
His own economic duresses (losing money, having to find loans from foreign banks, are nothing compared to those of the Ordinary Folk when hardship hits.
He's never had the debt collector's phone calls.
Or been evicted from his house. Or had to explain to his kids there is no food in the house. Or why dad, or mum, can't find work.
Let's hope this deregulations doesn't have the disastrous consequences that it possibly portends.
His own economic duresses (losing money, having to find loans from foreign banks, are nothing compared to those of the Ordinary Folk when hardship hits.
He's never had the debt collector's phone calls.
Or been evicted from his house. Or had to explain to his kids there is no food in the house. Or why dad, or mum, can't find work.
Let's hope this deregulations doesn't have the disastrous consequences that it possibly portends.
2
So it took donald trump 2 weeks to get around to repealing Dodd-Frank, opening the door to another Wall Street joyride on investor dimes. Any bets on how long it will take before it all starts unraveling again?
I wonder what would happen if everyone got out of the market now.
I wonder what would happen if everyone got out of the market now.
2
As a person who doesn't have a dog in this daily fight against Trump I will ask a practical question...If you manage to chase Trump out of office you get Pence who is smarter and ten times more conservative than Trump. His VP would be the same.
You may want to think this through and perhaps begin to compromise on a few issues. Have you thought this through?
You may want to think this through and perhaps begin to compromise on a few issues. Have you thought this through?
In theory, many of the regulations of the Obama-era seem logical, however it is always the unintended consequences that stifle capital creation and contribute to greater instability. As the owner of a small financial services firm in Manhattan I can say without question the greatest unintended consequence has been the amount of time we must spend on new compliance rules that have almost no basis in reality... it has limited our ability to hire new workers and expand out business. Additionally, the lack of liquidity that is most certainly a consequence of recent regulation leaves the public markets - both equity and debt - particularly vulnerable to shock. I would argue the financial system is on shakier ground today's than it was a decade ago.
2
We all know Trump and his administration will crash the economy. We just don't know when.
10
You have to realize that Mr. Trump saw the housing crash as an opportunity and so did some of his advisers. Mr. Mnuchin, Trump's choice for United States Secretary of the Treasury has been called the foreclosure king. These rich people will plot to take even more wealth from the middle class, until there is a serf class desperate to survive.
9
Lies, lies and more lies while jamie and his crowd suck up. This country is doomed.
3
Geez, I just read an article in this months Rolling Stone written by Mark Binelli who grew up in the Detroit area, where most of the Democrats voted for Trump. This is statistically the area that won it for Trump. More importantly, they voted for him because they never recovered from the Great Recession and he said, visiting the area seven times, that they would all get their jobs back with high wages.
Now we Democrats tend to look down on Trump Nation, but these guys are really hurting and are one of us. They used to make 25-50 per hour and now tend bar or flip burgers. They believed him, and since Hillary only came there once, and told the truth they rejected her. These are not evangelicals that voted for him to eliminate choice, make LGBT marriage illegal again, and supplant the Constitution with the bible, these are people like us that have really got the short end of the stick. These people WILL notice that it is going to get a lot worse now. Democrats need to speak up in TV, on social media, and simply go to these areas, otherwise it's 1984 and Soylent Green.
Now we Democrats tend to look down on Trump Nation, but these guys are really hurting and are one of us. They used to make 25-50 per hour and now tend bar or flip burgers. They believed him, and since Hillary only came there once, and told the truth they rejected her. These are not evangelicals that voted for him to eliminate choice, make LGBT marriage illegal again, and supplant the Constitution with the bible, these are people like us that have really got the short end of the stick. These people WILL notice that it is going to get a lot worse now. Democrats need to speak up in TV, on social media, and simply go to these areas, otherwise it's 1984 and Soylent Green.
11
It is a foregone conclusion that the "temporary" ban on travel and immigration from seven predominantly Muslim countries will become permanent. The damage this will do to our economy is incalculable but very likely.
When the few remaining friends we will have left in the international community realize the repercussions in their own countries from associating with this racist neo-Nazi in the White House, they, too, will pull back. And then the global market and global financial community, which Trump has so blithely announced that we don't need, will stop investing in the United States.
And when our economy crashes - which credible economists have repeatedly predicted will happen under the Trump economic policies - Steve Bannon will see his plan play out exactly as scripted, and Donald Trump will blame what's left of our free press. I, a registered Democrat, just wrote to John McCain and asked him to please do something to keep Donald Trump from starting WWIII with his Twitter account.
The scenario outlined above is both very likely and very preventable, through the removal of Donald Trump by impeachment and conviction, or resignation through pressure from Congressional leaders who surely by now must realize we have a mentally unstable person in the Oval Office. Trump's bizarre and wildly inappropriate conduct at the National Prayer Breakfast should have even the most obdurate members of Congress worried.
When the few remaining friends we will have left in the international community realize the repercussions in their own countries from associating with this racist neo-Nazi in the White House, they, too, will pull back. And then the global market and global financial community, which Trump has so blithely announced that we don't need, will stop investing in the United States.
And when our economy crashes - which credible economists have repeatedly predicted will happen under the Trump economic policies - Steve Bannon will see his plan play out exactly as scripted, and Donald Trump will blame what's left of our free press. I, a registered Democrat, just wrote to John McCain and asked him to please do something to keep Donald Trump from starting WWIII with his Twitter account.
The scenario outlined above is both very likely and very preventable, through the removal of Donald Trump by impeachment and conviction, or resignation through pressure from Congressional leaders who surely by now must realize we have a mentally unstable person in the Oval Office. Trump's bizarre and wildly inappropriate conduct at the National Prayer Breakfast should have even the most obdurate members of Congress worried.
8
And....the swamp drain is officially clogged.
8
Until America can review President Trump's income taxes, Congress has no right to pass any economic regulations or laws.
15
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market."
trump cares about enriching himself, his assets, and, at times his friends. That's it. The rest are just tossed-off lines, almost one-liners. And as we will all shortly find out, he will be an unmitigated and uniquely huge disaster for our country and probably other countries as well. We will become much poorer, sicker (no more regulating what companies can dump in our water), weaker, despised and pitied by the rest of the world. All our own doing.
trump cares about enriching himself, his assets, and, at times his friends. That's it. The rest are just tossed-off lines, almost one-liners. And as we will all shortly find out, he will be an unmitigated and uniquely huge disaster for our country and probably other countries as well. We will become much poorer, sicker (no more regulating what companies can dump in our water), weaker, despised and pitied by the rest of the world. All our own doing.
8
Is this part of his destruction of Obama's legacy? I used to feel sorry for all those people who voted for him and for what would happen to them when it became apparent that he would do nothing for them, in fact would make their lives harder. Now, after two weeks of his insane presidency, I'm not so sure they're not getting what they deserve for being as careless and unheeding as he is.
The trouble is, the rest of us are going along for the ride. Can nothing stop this man?
The trouble is, the rest of us are going along for the ride. Can nothing stop this man?
4
I thought it was Congress's responsibility to enact legislation (or repeal it), not the administrative branch, i. e., the President? It's not just trump that needs to read the Constitution. Congress needs to get its act together and do some reading. Government by tweet and executive order just won't do.
10
I imagine trump figures if he's made it with multiple bankruptcies, numerous failures, and generally poor business acumen, the rest of the country should fare well. Of course, none of us were born to a wealthy power player family that gave us one heck of a nest egg to start with and multiple bailouts along the way. There is a slowly rising legal tsunami offshore that will drown the trump empire and much of the country with it. Trump will wind up in a palace in a third world nation that has no extradition treaty with the US. Russia looks like the leading candidate.
8
One of the problems is ... and I'll try to say this as respectfully as possible ... that Trump's supporters really don't understand what Dodd-Frank is, or even what the Consumer Financial Protection Bureau is. Let's face it, financial policies are enough to make one's eyes glaze over. The average American, of either party, is doing pretty well if they can understand their own mortgage. (Many can't, which is why they had problems with adjustable rates and balloon payments.)
It would be helpful if someone could publish a sort of primer on what Dodd-Frank and the CFPB actually do for the common citizen. Lacking a clear explanation, many Trump voters simply hear what they want.
Trump says his friends can't get loans? His friends are losing jobs? Hey, their friends can't get loans or jobs either! He really does relate to them! Never mind that his friends are Wall Street Bankers. See, he's keeping his campaign promises! Their confirmation bias won't let them see that, in fact, he's doing the exact opposite.
Unfortunately, American voters need things explained to them in language they can understand.
It would be helpful if someone could publish a sort of primer on what Dodd-Frank and the CFPB actually do for the common citizen. Lacking a clear explanation, many Trump voters simply hear what they want.
Trump says his friends can't get loans? His friends are losing jobs? Hey, their friends can't get loans or jobs either! He really does relate to them! Never mind that his friends are Wall Street Bankers. See, he's keeping his campaign promises! Their confirmation bias won't let them see that, in fact, he's doing the exact opposite.
Unfortunately, American voters need things explained to them in language they can understand.
4
Trump's knee jerk response to news is deplorable.
The man can not think through the most simple of things; the connectedness between things and rules and laws and ideas is beyond his grasp.
A "Tweet" is the limit of his mental focus.
The man can not think through the most simple of things; the connectedness between things and rules and laws and ideas is beyond his grasp.
A "Tweet" is the limit of his mental focus.
3
Where, oh where, are those doughty members of Congress so determined to stop the flow of Executive Orders that they thought were illegally usurping the role of Congress and undermining the Constitution? Oh, that's right: They're pretty much all still there. Two things have changed: the President; and the thoughtful, responsible, constructive nature of the Orders he signed. Clearly, then, the GOP members of Congress do NOT care about the place of Executive Orders within the concept of balance-of-powers; what they care about is the crest of the wave of chaos they think they'll ride to the fulfillment of their own ideological fantasies. The situation is very, very dangerous, as anyone with an eye on the bigger pictures of nation, human lives, and the world can clearly see.
3
Why isn't there a true patriot in the IRS who will leak Agent Orange's tax returns. Then we'll see the real motivation behind his "banking policy."
Would love to hear from his " working man" supporters now.
Would love to hear from his " working man" supporters now.
3
Because having a clueless clown in the WH is a good thing, not.
2
Dodd-Frank tries to prevent the milking of the American taxpayer. It limits financial sector profits and the risks of trouble but protects the public. When the banks get into trouble, the government should stand by and let the equity holders suffer the losses for the risks they took. Instead, the government makes sure that the equity holders suffer no consequences; the taxpayers do. Accordingly, the banks and equity holders make money before the collapse, then get to hang onto their assets after the collapse, with the taxpayer forking over the money to protect their profits. So, a Dodd-Frank-less government participates in this scheme to put the consequences, not on the risk-taker, the equity holder, but on the taxpayers. State socialism triumphant.
Trump did not say he was rolling Dodd Frank back completely, the order directs the Treasury secretary to initiate a review and consult with regulatory agencies to identify changes to Dodd-Frank. It will not take effect immediately and awaits Senate confirmation of Trump’s Treasury Secretary nominee Steve Mnuchin.
I expect better from the Times. I can get this kind of biased opinion from WAPO.
I expect better from the Times. I can get this kind of biased opinion from WAPO.
Oh my gosh, it's time for the Republicans to cue up their spin machine to dupe Republican voters into believing this is all about the little guy. This would be hysterical if it wasn't so tragic. Clearly another trickle down policy decision that will enrich the top and not trickle anywhere except to the Cayman Islands. The Democrats better hurry the heck up to catch the Great Conservative Rhetoric Machine, because the country is heading down the drain. Make no mistake, the Republicans know this thing will make huge money for a small group, then greed will blow it up and wreck the economy. But that serves them too, because the Rhetoric Machine has already wrapped the anticipated failure of this into a neat bundle they will hang around Obama's neck-or better still Hillary, cuz, you know, the influence she exerted on the economy as Secretary of State. There actually is no fix for stupid.
4
"Fool me once, shame on you; fool me twice, shame on me! Fool me thrice, ...?"
We have already seen the destructiveness of deregulation, under Reagan, & under Bush II. Regulations protect all Americans from insidiously invidious & egregious exploitation from the market place, within the workplace, as well as act as a deterrence to corporations which otherwise would pollute our air, our water, & our earth. Oklahoma has had more earthquakes during just the past few years because of unregulated fracking than in all of recorded history prior.
I recall when, during the late 1960s, every city I drove through in the Northeast was opaquely shrouded in polluted smog. Today, the air is transparent as it should be.
And now, after the Great Recession of 2008, Trumpence & the Conservative GOP-TP want to eviscerate every single governmental oversight mechanism that exists which was designed to ensure that Big Banks do not engage in such risky behavior as to threaten the health and safety of our economic system.
This is folly. One does not simply eradicate life-saving measures & substitute a "remedy" which will inevitably lead to another Great Recession or Depression. It would be wise to remember that during troubled economic times, that the very wealthy never suffer (economically). They simply buy up everything that has been foreclosed.
In Frank Capra's "It's a Wonderful Life," George Bailey tells his customers, "Potter isn't selling; Potter's buying...."
Welcome to Pottersville!
We have already seen the destructiveness of deregulation, under Reagan, & under Bush II. Regulations protect all Americans from insidiously invidious & egregious exploitation from the market place, within the workplace, as well as act as a deterrence to corporations which otherwise would pollute our air, our water, & our earth. Oklahoma has had more earthquakes during just the past few years because of unregulated fracking than in all of recorded history prior.
I recall when, during the late 1960s, every city I drove through in the Northeast was opaquely shrouded in polluted smog. Today, the air is transparent as it should be.
And now, after the Great Recession of 2008, Trumpence & the Conservative GOP-TP want to eviscerate every single governmental oversight mechanism that exists which was designed to ensure that Big Banks do not engage in such risky behavior as to threaten the health and safety of our economic system.
This is folly. One does not simply eradicate life-saving measures & substitute a "remedy" which will inevitably lead to another Great Recession or Depression. It would be wise to remember that during troubled economic times, that the very wealthy never suffer (economically). They simply buy up everything that has been foreclosed.
In Frank Capra's "It's a Wonderful Life," George Bailey tells his customers, "Potter isn't selling; Potter's buying...."
Welcome to Pottersville!
5
Nobody should be surprised at the economic ignorance of a man who had to file for Chapter 11 bankruptcy on 4 of his properties and amassed close to a trillion dollars in debt during the 1990s that has exempted him from paying any taxes.
Mr. Trump was a sleazy, reckless adventurer in the real estate market who fought any regulations that stopped him from getting what he wanted.
He saw and still sees any regulation as a hindrance to amazing more wealth for the Trump Empire at the expense of everyone else.
The American people and worker should not expect anything from this ignorant, bullheaded man. He is all smoke and mirror about what he promises you.
And they will learn that in a bad way if the Dodd-Frank Act is repealed and the lesson again that those who forget the past are doomed to repeat it.
Mr. Trump was a sleazy, reckless adventurer in the real estate market who fought any regulations that stopped him from getting what he wanted.
He saw and still sees any regulation as a hindrance to amazing more wealth for the Trump Empire at the expense of everyone else.
The American people and worker should not expect anything from this ignorant, bullheaded man. He is all smoke and mirror about what he promises you.
And they will learn that in a bad way if the Dodd-Frank Act is repealed and the lesson again that those who forget the past are doomed to repeat it.
6
Instead of wasting time and digital ink on who will pay for a wall that will never be built and being reactionary to every executive order, perhaps more time should be spent on what is expected to come next.
It is widely believed that President Trump will soon be declaring a Tax Holiday, allowing corporations to repatriate cash tax free that is currently held in overseas tax shelters . For years, many companies have taken advantage of the low interest rates provided by the Fed to issue bonds to raise cash in order to pay cash dividends to its shareholders. While we are sure to hear how a Tax Holiday will be beneficial to all, the real benefit will be when corporations use the repatriated cash to pay off these loans and bonds.
While a change to US Corporate Tax Policy should be addressed, there is no reason to make it retroactive (by executive order) allowing corporations to repatriate the cash they have kept overseas for decades, unless the cash is used to the benefit of all (for example to build new factories in the United States).
It is widely believed that President Trump will soon be declaring a Tax Holiday, allowing corporations to repatriate cash tax free that is currently held in overseas tax shelters . For years, many companies have taken advantage of the low interest rates provided by the Fed to issue bonds to raise cash in order to pay cash dividends to its shareholders. While we are sure to hear how a Tax Holiday will be beneficial to all, the real benefit will be when corporations use the repatriated cash to pay off these loans and bonds.
While a change to US Corporate Tax Policy should be addressed, there is no reason to make it retroactive (by executive order) allowing corporations to repatriate the cash they have kept overseas for decades, unless the cash is used to the benefit of all (for example to build new factories in the United States).
2
Perhaps if some courageous White House aide could substitute one of Trump's myriad poison pill solutions to perceived problems, and replace it for Trump's hair-growth potency meds. the world would be able to sleep much better.
That's a "Repeal and Replace" program I could get behind.
DD
Manhattan
That's a "Repeal and Replace" program I could get behind.
DD
Manhattan
3
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge. . ."
Does not understand or does not care. That sums up how he has chosen to govern the nation, and the Bizarro World where up is down and wrong is right continues to flourish in the Trump White House.
I haven't experienced this much anxiety over the direction my country is going since Watergate.
Does not understand or does not care. That sums up how he has chosen to govern the nation, and the Bizarro World where up is down and wrong is right continues to flourish in the Trump White House.
I haven't experienced this much anxiety over the direction my country is going since Watergate.
7
Trump made a "pledge?" Ha ha ha ha ha.
9
I covered the subprime mortgage / 2008 financial crisis for The Boston Globe. One mother was persuaded to give up her family's public housing (rent $100) to buy a house with a $1200 monthly mortgage-she couldn't make the first payment. Immigrant neighborhoods around Boston were trashed by high-flying loans that led to foreclosures. Nefarious subprime companies that no longer exist were set loose on unsuspecting borrowers. Financial behemoths were speculating with clients' money, including one that transferred losses from its own accounts to client accounts. And, of course, who can forget the nerve-wracking near-collapse of the financial industry over several weeks and the soaring unemployment that follows? Unbelievable the Trump administration has forgotten that since he lived in NYC yet talking about letting the financial industry go into overdrive again.
9
What do you expect Trump to do.
He inherited [did not earn but inherited] a pile of dough from his father.
He would be worth more today if he had invested that money in a stock index fund.
So much for the myth of his financial genius.
He won the GOP nomination and general election by pandering to hatred and prejudice and making impossible promises to displaced workers that he can not keep.
He ran against a weak candidate in HRC who wrote off the displaced workers. States like Pennsylvania, Ohio, Michigan Wisconsin voted against her and so she lost.
Now Trump is president.
Now as president Trump never having held public office doesn't know what to do.
His campaign tactics will not restore jobs.
The only thing he can do is cater to the financial community and pander to prejudice about Muslims to inflame his base in the hope they will be distracted from realizing Trump has no plans to help them.
I am fearful of what will happen when his base realizes TRump has played them for fools and that Trump's rhetoric will not help them.
He inherited [did not earn but inherited] a pile of dough from his father.
He would be worth more today if he had invested that money in a stock index fund.
So much for the myth of his financial genius.
He won the GOP nomination and general election by pandering to hatred and prejudice and making impossible promises to displaced workers that he can not keep.
He ran against a weak candidate in HRC who wrote off the displaced workers. States like Pennsylvania, Ohio, Michigan Wisconsin voted against her and so she lost.
Now Trump is president.
Now as president Trump never having held public office doesn't know what to do.
His campaign tactics will not restore jobs.
The only thing he can do is cater to the financial community and pander to prejudice about Muslims to inflame his base in the hope they will be distracted from realizing Trump has no plans to help them.
I am fearful of what will happen when his base realizes TRump has played them for fools and that Trump's rhetoric will not help them.
9
I agree with most the authors points but it is likely that there will be short term benefits of increased lending which the administration will be more concerned about since it will solidify the base rather than the increased long term risk which may not rear its head for many years. Hopefully these actions will be done with some memory of 2000 and 2008 but I am not optimistic. At the very least the CFPB should be preserved.
Thank you, NYT, for your investigative reporting on Labor Secretary candidate Puzdner. His past should be a warning, especially his business relationship and representation of a lawyer who stole money from a Union pension fund and then tried to blame it on regulations.
Now Trump wants to deregulate Wall Street again by doing away with Dodd-Frank regulations that were put in place to avoid another financial crisis. The Republicans and their backers -- Wall Street and corporations - have no shame. Now that new cabinet of billionaires is at the helm, the middle class will suffer tremendously as a result of their continued greed. The billionaires are now in control of our government's institutions, and through deregulation will be able to put in effect trickle-down economics which make the rich richer.
We can't expect the US government which is now controlled by Republicans and billionaires to do what is right. The only arrow left in the quiver is boycott, because the oligarchs will take heed only when their profits decline. The boycott is in the hands of the people and the oligarchs can't control it. So let's boycott, big time.
Now Trump wants to deregulate Wall Street again by doing away with Dodd-Frank regulations that were put in place to avoid another financial crisis. The Republicans and their backers -- Wall Street and corporations - have no shame. Now that new cabinet of billionaires is at the helm, the middle class will suffer tremendously as a result of their continued greed. The billionaires are now in control of our government's institutions, and through deregulation will be able to put in effect trickle-down economics which make the rich richer.
We can't expect the US government which is now controlled by Republicans and billionaires to do what is right. The only arrow left in the quiver is boycott, because the oligarchs will take heed only when their profits decline. The boycott is in the hands of the people and the oligarchs can't control it. So let's boycott, big time.
3
The repeal of Dodd Frank regulations returns the robber barons to their glory days. Even Trump bragged in two thousand and seven that he would make a killing if the housing market went bust. Boom and bust is the bread and butter of the rich gambler class. Only the rest of us are hurt. So Trump is only doing what comes naturally breaking his word to his poorer supporters and sucking up to his cronies.
4
There is no excuse for ignoring the many signs Trump was out for himself. Which of the storms Trump creates will hurt the most? Republicans ruin economies and Dems bail them out - a tragic but predictable phenomenon
4
The editorial notes that: "Travis Kalanick, the chief executive of Uber, the taxi-alternative service, on Thursday announced that he would not attend the White House meeting and would leave the president’s business advisory council because of his dismay with that order." From what I have read in other media accounts, Kalanick left because of a revolt by users of Uber who refused to used that service because of Kalanick's participation in the council. Your characterization implies that Kalanick's decision was based on conscience rather than the bottom line.
2
Everybody wants to know how long they have before they are run over by cars that drive themselves.
1
"Under Dodd-Frank, the financial system has become more stable and more responsive to human and economic needs."
Really? Then why do we still allow High Frequency Trading which does absolutely nothing for price discovery, which is what the "market" is supposed to do.
HFT enriches a few dozen individuals who front run the trades of millions.
Really? Then why do we still allow High Frequency Trading which does absolutely nothing for price discovery, which is what the "market" is supposed to do.
HFT enriches a few dozen individuals who front run the trades of millions.
1
It can still be a stabilizing influence but not perfect.
2
Once again, Trump chooses destruction over improvement, because he isn't capable of being a leader, only a destroyer.
But first, of course, Trump (Bannon) must set up others to take the fall (ego-blinded billionaires suckered by flattery).
I'm amazed (well, maybe not), that Dimon, Nooyi, Schwartzman and their ilk are taking the bait.
But first, of course, Trump (Bannon) must set up others to take the fall (ego-blinded billionaires suckered by flattery).
I'm amazed (well, maybe not), that Dimon, Nooyi, Schwartzman and their ilk are taking the bait.
3
Look at this photo to the left. Trump looks like a cat chairing a panel of canaries.
2
Trump is not unlike a 7 year old tinkerer who disassembles a watch with no clue on how to put it back together.
P.S. And he doesn't care because he can't tell time. SAD
P.S. And he doesn't care because he can't tell time. SAD
8
Just making the USA great, back to 2008! (aka: "Bailing out the big boys"). What is it like to have no compass?
5
Who on Trump's staff or in his cabinet is an actual economist who can provide the voice of reason? I see many businessmen, who understand the role of corporations. But I don't see a bona fide economist who can help formulate sensible macro-economic policy.
6
What people are learning about the so-called job creating businessman, is that he was a realtor, real-estate man, not an industrialist or wall street executive; he doesn't know economy or economics,
Trump has turned the Whitehouse into a new television show, a new edition of the old Ted Mack's Amateur Hour, only now it's Trump's new television show, Donald Trump's Amateur Hour........and the ratings are looking too good.
Donald, maybe you'd better call Arnold.
Trump has turned the Whitehouse into a new television show, a new edition of the old Ted Mack's Amateur Hour, only now it's Trump's new television show, Donald Trump's Amateur Hour........and the ratings are looking too good.
Donald, maybe you'd better call Arnold.
5
Let the rollercoaster begin its slow roll towards the infamous deep drop when passengers scream and wish that they had never paid for their tickets; meanwhile the carnival barker who lured them to the ride counts his coins and considers his next tweet from his tower.
2
Have we learned nothing from 2008?
Have we learned absolutely nothing??
Have we learned absolutely nothing??
5
It seems Trump has already forgotten the "forgotten people" he said he would not forget on January 20.
Let them eat cake ---the gluttonous rich are sickening.
Off with their heads!!!
Let them eat cake ---the gluttonous rich are sickening.
Off with their heads!!!
5
Narrowing It Down- When "this guy" first said, "Make America Great Again," it occurred to me to ask, "What exact day he is referring to?" or "What ERROR in our great history?" Someone might joke about it; The day before Columbus landed or some other (pick your own). Now, I'm thinkin' he means "some time right before our (celebrated) "Recession of '08)." Tomorrow instead of having a football game party, have a Super Toilet Bowl Party, by flushing down a copy of the Dodd Frank. Which team do you want to win?
2
Give the conman some credit. Repealing Dodd-Frank and creating yet another Great Recession is good for the 0.01%. Who else made astronomical new wealth while the rest of us lost homes, jobs, and increased our debt over the last 8 years?
5
Here's an idea that will have a YUGE impact on and make a BIGLY statement to the rich man's rigged stock market game - all Americans with 401Ks and 503Cs or any other retirement funding should pull their money out of the NYSE (New York Stock Exchange) and put their money into more stable investments, such as treasury bonds or private stock markets like IEX (60 Minutes did a piece on them) that have total transparency. That will send a message like no other and we won't be headed for another Great Recession/Depression which Don the Con seems to want for some strange reason. Maybe because he'll profit from that, too, like his bankruptcies?
This is a terrible idea. The only real victims will be those of us relying on our retirement savings for...uh-retirement. Also, in many cases the investment options in many defined contribution plans do not allow much choice.....and to convert to cash and other slowly growing vehicles will impact on what the saver has 20-30 yrs hence. Instead, fight the dismembering of D-F. Don't shoot yourself in your retirement foot! Focus on protesting.
1
“We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money,” Mr. Trump said in the State Dining Room during his meeting with business leaders. “They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”
Isn't it great to know that Pence's Poodle makes decisions that:
1) are based on the anecdotal evidence of the experiences of his wealthy friends (no "losers" in his circle) who are mysteriously oppressed by Dodd-Frank; and
2) use the power of his office to take care of his "friends" (oh, let's be honest -- he is a bridge burning narcissist and has no true friends).
Isn't it great to know that Pence's Poodle makes decisions that:
1) are based on the anecdotal evidence of the experiences of his wealthy friends (no "losers" in his circle) who are mysteriously oppressed by Dodd-Frank; and
2) use the power of his office to take care of his "friends" (oh, let's be honest -- he is a bridge burning narcissist and has no true friends).
3
More than likely the banks are using Dodd/Franks as a pretext for not lending to his "friends".
1
One would think that a conservative would favor rules and regulations aimed at creating economic stability. The reverse seems to be true. I don't understand the aims of the Republican Party. The only thing I can come up with is that they are bought and paid for by the oligarchy.
4
Trumps' deregulation of financial markets sets America up for another financial disaster. How is this making America Great Again? It will continue to help the wealthy prey on others. Please Vice President Pence and others; how does this fit into a just Christian ethos of "Love One Another as Thyself"?
2
"The main problem is not too few jobs, but wages have been too low for too long." Is the NYT saying that the millions who have quit looking, or who have had to settle for part-time employment, or who have had to work multiple part-time jobs to make ends meet is not a real problem in this economy? And just why have low wages lasted "too long."? Instead of examining these issues we are told to keep moving along the same track of "stability." President Trump has made the creation of living-wage jobs the primary focus of his administration. He deserves the chance to achieve this goal without the reflexive condemnation that is so fashionable in these pages.
how will deregulating financial institutions help raise wage? seems you are eager to defend a bad idea. It is not true that companies cannot borrow. I agree that we cannot conform to low wages, but maybe target the cost of living for those with low wages. childcare, insurance. this will only help his friends, and will not translate into higher wages.
3
His secretary of labor opposes minimum wage. Let alone an increase in it. I see no evidence that Trump has any interest in creating living-wage jobs. Where do you see it? In deregulating Wall Street speculation again? In opposing health care and minimum wage? In using tax payer money to pay for the wall? Where?
3
Welcome to the Second Gilded Age (or, the Third, if you count the tech boom of16 years ago). Next, the BoyKing D will pardon all of those executives who went to jail long ago. Don't be surprised if Bernie Madoff is released on good behavior.
At my tender age of 72, I have seen too many recessions since I came out of college. Recessions have made a mochery of my career plans, my family plans and my retirement plans. Let's not forget the so-called "stagflation" of the 1970s that spelled doom for President Carter. Greed in the energy and real estate sectors were the driving forces of that recession.
President Reagan brought in the libertarian economist, Alan Greenspan, to form the Greenspan Commission which followed the vapourous advice of conservative econ' professor, Arthur Laffer, with his Laffer Curve and Trickle-Down theories. This was all supposed to be the silver bullet of economici revival. It was for a while but it was just a ruse to benefit Wall Street elite. This was Pandora's Box on steroids. it helped to launch NAFTA which also sounded good at the time. That was before manufacturers realized they could fire millions of employees and ship their jobs to India, Mexico, China ... thus, plumping up profits like a liferaft to schmooze the investor class which, in turn, caused upward spiikes in share prices which, and no surprise here, altered the nature of executive compensation packages forever.
Trump is poisoning his voter base. They drank his Koolaid before.
At my tender age of 72, I have seen too many recessions since I came out of college. Recessions have made a mochery of my career plans, my family plans and my retirement plans. Let's not forget the so-called "stagflation" of the 1970s that spelled doom for President Carter. Greed in the energy and real estate sectors were the driving forces of that recession.
President Reagan brought in the libertarian economist, Alan Greenspan, to form the Greenspan Commission which followed the vapourous advice of conservative econ' professor, Arthur Laffer, with his Laffer Curve and Trickle-Down theories. This was all supposed to be the silver bullet of economici revival. It was for a while but it was just a ruse to benefit Wall Street elite. This was Pandora's Box on steroids. it helped to launch NAFTA which also sounded good at the time. That was before manufacturers realized they could fire millions of employees and ship their jobs to India, Mexico, China ... thus, plumping up profits like a liferaft to schmooze the investor class which, in turn, caused upward spiikes in share prices which, and no surprise here, altered the nature of executive compensation packages forever.
Trump is poisoning his voter base. They drank his Koolaid before.
2
To be accurate sir, you actually saw fewer recessions in the 50 years you've been out of college than the 50 years that preceded your graduation.
Recessions are a necessary and healthy part of a functioning economy. They penalize the poor allocation of capital and reset expectation.
Recessions are a necessary and healthy part of a functioning economy. They penalize the poor allocation of capital and reset expectation.
1
I am not certain Dodd-Frank strikes the right balance between oversight and the ability to provide financial services to consumers. But I am far less optimistic that the gang Trump has assembled will do anything that benefits the public more than it lines their own pockets. As is the developing trend with Trump, it may not be simply what he does that is the problem, but how he does it, and execution goes a long way to determining results.
The other lesson of this episode is the way in which unelected, administrative officials in fact write laws through the administrative rule process. Dodd-Frank is the law, but the execution of it turns on the administrative rules written by executive branch bureaucrats. The Administrative State is quite powerful, as is the judiciary, and this is why the stakes in elections for the executive branch are so incredibly high. This is simply a fact of the modern world, not a partisan issue.
The other lesson of this episode is the way in which unelected, administrative officials in fact write laws through the administrative rule process. Dodd-Frank is the law, but the execution of it turns on the administrative rules written by executive branch bureaucrats. The Administrative State is quite powerful, as is the judiciary, and this is why the stakes in elections for the executive branch are so incredibly high. This is simply a fact of the modern world, not a partisan issue.
2
I wonder if all those business owners who are making massive amounts of money in today's economy will go along with it and allow working class people to suffer again...or are they in need a fifth mansion in another country?
All those people who voted for Donald Trump because he was going to be a champion of the little guy...so many people conned...once again.
We tried to warn them.
All those people who voted for Donald Trump because he was going to be a champion of the little guy...so many people conned...once again.
We tried to warn them.
5
Just more proof that #notmypresident isn't a populist by any stretch of the imagination. Those angry white guys will find out soon enough, the jokes on them.
3
Healthy, higher capitalization of banks is the result of regulation. Rolling back these rules will lead to another crash and recession, and will give the oligarchs a another opportunity to profit from the misfortune of the vulnerable, by stealing their homes for a 27 cent mistake. You trumpsters ain't seen nuthin yet. Whatever misfortune befalls the trumpsters, and the non-voters, will garner no sympathy from the rest of us. You will get what you asked for.
6
You are right, but you should follow the example of Justin Trudeau who has decided to work with Trump and of Theresa May who went on the same path.
Instead you have concentrated on insulting Trump and criticizing him at every step.
Did he not come and talk to you, NYT board? You should have taken advantage of that opportunity to build bridges. Then your advice would have some weight.
Instead you have concentrated on insulting Trump and criticizing him at every step.
Did he not come and talk to you, NYT board? You should have taken advantage of that opportunity to build bridges. Then your advice would have some weight.
1
Talk about being bullied. Poor Canada. As for the Brexit crowd, the world is shrinking faster than they can cut themselves off from it.
2
And to think we're supposed to expend energy and time "understanding" the people who voted for Trump and a full Republican Congress, and therefore this (which we knew was coming).
Might as well ask me to understand why a hen would vote for a fox to guard her house. Why? Because the fox didn't have a private email server like the rooster did?
I'll never understand that level of ignorance and stupidity, and honestly, I don't care to.
Might as well ask me to understand why a hen would vote for a fox to guard her house. Why? Because the fox didn't have a private email server like the rooster did?
I'll never understand that level of ignorance and stupidity, and honestly, I don't care to.
5
The problem is more complicated than NYT's concern re wages. There are many factors contributing to a broken system - including inadequate education for young people, lack of proper skills training for workers displaced by automation or globalization, and a preoccupation with short-term profitability vs long-term investment. On the financial side, Dodd Frank reforms that handicapped small and medium size financial institutions need reworking, but it would be irresponsible to strike limits on reckless speculation by the large institutions. Hopefully, as Treasury and the other regulators generate the analysis/recommendations tasked by the Executive Order, they will be able to provide some sound economics to the tone deaf populism coming from the White House.
He obviously doesn't approach a problem with a solution based on facts. After all he has a "big brain" and just knows what to do. Anyone that believes he cares at all about the little guy is a fool
2
he doesn't even know what a fact is!
2
Impeachment is the answer. Trump is carrying enough baggage that he should be run out of town . . . before he destroys the town.
5
The fact that you're still talking about a "recovery" almost 9 years after the 2008 crash proves there hasn't been one.
2
And let's add to this: Trump is also trying to eliminate a regulation that requires financial planners to put the best interest of their client before their own. He just gets worse and worse.
4
Mr Trump is not a deep thinker. This allows Mr Bannon to get Mr Trump to do his bidding. Mr Bannon would like to see the end of the Republic. This is just another example of the continuing attack on the pillars of our government and our society. It is sick, but there it is.
4
It's not only a matter of stability but also one of maintaining confidence, which is vital to the successful functioning of a modern economic system whose growth is predicated on investment and clear, robust rules of the game, so that the rights and responsibilities of all involved are seen to be fair and enforceable. Those who fail to learn from the failures of the past are imbecilic enough to repeat them, yet smart enough to protect themselves from the consequences of their greed by shifting the ultimate economic destruction they create onto the defenseless who voted for a championship that was never to be.
3
Day in and day out we continue to witness the President of the United States who 1) knows little or nothing about the history or practices of the decrees he issues; 2) what he signs is a confused mix of what he hears from dinner guests and Fox news and 3) has no connection to how the order will be implemented. Trump's approach to governing has set this country on a dangerous path---both domestically and nationally---I actually think Americans are beginning to understand this---even in the rust belt. I pray that Trump's governing style or lack thereof, doesn't end up sending young men and women into harm's way for what was a comment made on Fox or a tweet he didn't like.
4
For every new executive order, President Trump should rescind two executive orders.
7
It's not trickle-down anymore, folks. You're getting the full flow of the hose now.
3
The so called leaders of business seem to be in accord with trump on most issues, and will not challenge his policies even though they should recognize the dangers of trump for the economy and the country. But the prospects for gain for these greedy, grasping entities are too great to pass up. When the economy goes belly up as it surely will under trump, these businesses know they can count on a hand out. We are headed for a recession if we are lucky, but I am predicting a depression based on the last time Republicans controlled congress, presidency and the courts.
4
I would like to see a list of all the executive orders Mr. Trump has signed, with a one-line descriptor of what each one does.
3
A key point in Trump's pitch is ,"his friends in the business world can't get loans".. One has to remember who those "friends" may be. Trump had to go to China and Russia to get loans because of his miserable business record. I would imagine that Trump's friends are just as bad a risk.
Trump wants those borderline underworld friends of his to be able to get back in the biz of ripping people off, just as trump has done for the past forty years.
Trump wants those borderline underworld friends of his to be able to get back in the biz of ripping people off, just as trump has done for the past forty years.
6
Let's all try to REMEMBER who they MAY be...
1
I'd strongly recommend that the Editorial Board provide deeper explanations for their arguments. I agree that this move by Trump will surely only benefit the financial industry. But by not providing a detailed argument, the Board essentially assumes all of its readers agree with the premise and thereby stands no chance of changing anyone's contrary opinion. Please, if you stand a chance of influencing change during this administration, build clear arguments assuming your audience needs to be convinced.
1
This is a disappointingly weak editorial on a very serious issue. Not only should the Editorial Board provide deeper explanations on the impact of Mr Trump's unwinding of Dodd-Frank, but the Business section ought to as well. The Deal Book piece is a shallow as this editorial.
Dismantling Dodd-Frank, which many argue needs strengthening, not weakening, will only benefit the banks who felled the economy, not average Americans. We've been here before to disastrous consequences.
Financial literacy has long been a neglected area in American education so few people understand the broader implications of such regulations. As one of America's premier news sources, The Times needs to do more than write pieces that simply delineate a story, as the Deal Book piece does, or speak against a ruling as this editorial does, it has a duty to readers to educate and elucidate.
Dismantling Dodd-Frank, which many argue needs strengthening, not weakening, will only benefit the banks who felled the economy, not average Americans. We've been here before to disastrous consequences.
Financial literacy has long been a neglected area in American education so few people understand the broader implications of such regulations. As one of America's premier news sources, The Times needs to do more than write pieces that simply delineate a story, as the Deal Book piece does, or speak against a ruling as this editorial does, it has a duty to readers to educate and elucidate.
1
This from a fraud who stiffs his contractors, won't show his tax returns, won't divest himself of his shady business ties, lies at every turn and left Atlantic City with bankrupt casinos. So much for his job creation skills. He's also given us a demonstration of his "diplomatic" skills by making enemies of friends and friends of enemies. All that's left is for him to destroy the nation's economy, like he did Atlantic City's, and start a couple more wars. The emoluments clause offers a clear and legal path for his removal if only Congress would grow a spine.
3
I too feel that weakening Dodd-Frank is a very bad proposal, and self-serving for not just Trump, but the entire financial sector. That said, I also think that your editorial appeal is emotional, but not factual enough to the point of being able to rally the public around it. People have very short memories, and need to be reminded with detail information, just what this country went through during the financial crisis, and how long it's taken to get to where we are now economically.
2
Trump know exactly what he's doing. Most of his voters know nothing about Dodd-Frank or financial regulation. Fox news will tell them that jobs will begin to fall from the sky like rain. And they will notice the stock market going up and expect that some of this paper wealth will trickle down to them.
And of course it won't happen. But our divide electorate believes that one party is better than another--emphasis believes. They believe that taxes are too high--and they are for the middle class.
They believe that Obama was only looking out for black people, but not them. They believe that immigrants have been taking 'our' jobs.
They believe that crime is everywhere, even though it's been going down everywhere for years. And most of all they are comfortable and hopeful that all these beliefs fit neatly under Trump's 'make America great again' umbrella.
Trump is a salesman and a con man. While he has put on quite a show in the last two weeks he's accomplished little. But average voters see all this activity as him 'keeping his word' and once again believe that change is coming for them to.
Meanwhile the billionaires club is salivating over his proposed deregulations. The cost of business is about to go down and that means more profit for them.
Hopes and belief's are very powerful, especially when no one else is offering an alternative. Trump knows what the Democrats have become and a bully always knows how to exploit weakness.
And of course it won't happen. But our divide electorate believes that one party is better than another--emphasis believes. They believe that taxes are too high--and they are for the middle class.
They believe that Obama was only looking out for black people, but not them. They believe that immigrants have been taking 'our' jobs.
They believe that crime is everywhere, even though it's been going down everywhere for years. And most of all they are comfortable and hopeful that all these beliefs fit neatly under Trump's 'make America great again' umbrella.
Trump is a salesman and a con man. While he has put on quite a show in the last two weeks he's accomplished little. But average voters see all this activity as him 'keeping his word' and once again believe that change is coming for them to.
Meanwhile the billionaires club is salivating over his proposed deregulations. The cost of business is about to go down and that means more profit for them.
Hopes and belief's are very powerful, especially when no one else is offering an alternative. Trump knows what the Democrats have become and a bully always knows how to exploit weakness.
2
I don't know why he has to do this at all. These banks and investment houses easily found a way around Dodd-Frank, simply by renaming the financial instruments they used to crash the system. Now, I suppose, they don't have to be creative about it anymore. Heads, they win; Tails you lose. What a racket.
The man - I call him #45 - is unhinged and perhaps one day we may all recognize the fact and find a way to get rid of him. But our problems don't end there, because Pence will step into void and, therefore, nothing changes. It could get worse, actually. But until the balance of power is returned - until one House of congress is controlled by the opposition while the other and the White House are controlled by republicans - this savaging of the American citizen will continue.
The man - I call him #45 - is unhinged and perhaps one day we may all recognize the fact and find a way to get rid of him. But our problems don't end there, because Pence will step into void and, therefore, nothing changes. It could get worse, actually. But until the balance of power is returned - until one House of congress is controlled by the opposition while the other and the White House are controlled by republicans - this savaging of the American citizen will continue.
2
President Trump's rolling back Dodd-Frank is like much of his rhetoric and actions, trying to travel back in time. It would be better to look at the enormous changes in the economy and increased risks to the financial system since the 2008-2009 crisis. The world has changed a lot.
As for ensuring financial stability, Tim Geithner's article in the current issue of Foreign Affairs is not reassuring - "Dodd-Frank included reforms designed to limit the discretion available to the Fed, the FDIC, and the Treasury to act without congressional approval. In particular, Congress has restricted the government’s ability to act as a lender of last resort, guarantee liabilities, and safely unwind failing firms. Together, these constraints threaten to leave the United States even less prepared to deal with a crisis than it was in 2007."
As for ensuring financial stability, Tim Geithner's article in the current issue of Foreign Affairs is not reassuring - "Dodd-Frank included reforms designed to limit the discretion available to the Fed, the FDIC, and the Treasury to act without congressional approval. In particular, Congress has restricted the government’s ability to act as a lender of last resort, guarantee liabilities, and safely unwind failing firms. Together, these constraints threaten to leave the United States even less prepared to deal with a crisis than it was in 2007."
We have a working class that entrusted its hopes to a billionaire oligarchy. Americans cannot expect anything different from this administration.
3
Fool 'em once and you can just keep foolin 'em, agin an agin.
1
The only "corporation" that can't get credit from the banks is, surprise! surprise!, the Trump empire. That's right. Only one bank in the entire WORLD will lend any of the Trump enterprises money and that is a foreign bank: The deeply troubled and investigated Deutsche Bank, whose ties to Moscow are troubling and who is owed over half a billion$ (actually over $600 million) by.....Donald Trump!
Meanwhile the FEC has just announced that well over $12.5 million in campaign donations went DIRECTLY into The Donald's pocket. That's right. All those poor, hard-working red hats who scraped together $10 or $15 bucks to give to the campaign? Well, 2 million of you had hour hard-earned money go STRAIGHT into the billionaire's pocket. Maybe he'll buy some more gold-plated toilets and faucets for his mansions and private planes.
So if there ever was a self-serving totally corrupt President, it's the man currently holding the title.
Meanwhile the FEC has just announced that well over $12.5 million in campaign donations went DIRECTLY into The Donald's pocket. That's right. All those poor, hard-working red hats who scraped together $10 or $15 bucks to give to the campaign? Well, 2 million of you had hour hard-earned money go STRAIGHT into the billionaire's pocket. Maybe he'll buy some more gold-plated toilets and faucets for his mansions and private planes.
So if there ever was a self-serving totally corrupt President, it's the man currently holding the title.
4
Trump is one of the world's foremost experts at being too big to allow to fail.
2
The only business "friends" that have had trouble getting money from US banks are the Trumps. He doesn't have any friends. That's why they had to get it from the Russians. You figure it out from there. We'll have to pay the price for HIS issues.
5
If we follow this policy, doesn't standard economic analysis prove it wrong. Just like blindly following the political mantra of lower taxes, blindly loosening financial regulations tends to enable a few people to make money with a little less effort or investment. Unless you believe that everyone wants to make the most amount of money as possible, then reducing any friction enables all to make their desire target a little more easily. This will reduce investment and effort - lowering overall economic activity in the longer term.
Regulatory policy has more implications than just a political mantra, there are longer term economic impacts that need to be considered.
Regulatory policy has more implications than just a political mantra, there are longer term economic impacts that need to be considered.
2
Alan Greenspan, said that he didn't "realize" that banks could not or would not self regulate. What has changed since the signing of Dodd Frank, nothing.
Under Trump, we will have the Great, Great Recession (he makes everything yuge)!
Under Trump, we will have the Great, Great Recession (he makes everything yuge)!
6
What the editorial board will never have the capacity to understand due to it's "progressive" dogma and bias is that the housing bubble had little to do with bad actors in the financial arena, and a whole lot to do with government intervention ala Barney Frank and company.
A bad diagnosis led to a bad remedy and thankfully there are those who can see through the smoke screen placed by the NYT eb and others. They can correctly diagnosis the problem and enact more effective remedies.
A bad diagnosis led to a bad remedy and thankfully there are those who can see through the smoke screen placed by the NYT eb and others. They can correctly diagnosis the problem and enact more effective remedies.
Yes, this dismantling of Dodd-Frank most certainly with its "loose credit" policy lead once again to high risk loans and end up being a "poison pill" for Main Street. And when the inevitable happens, I hope the American people will insist that President Trump and his oligarch cronies are no longer "Too Big To Jail" nor "Too Big Too Fail." Bernie Sanders may prove to have been prophetic in his demand to "break up the big banks." This time around we should demand that part of the revised Dodd-Frank bill end with a warning: "If you fail, there will be jail without any hope for bail."
1
But wait, the President went to the Wharton School where he learned big words and got big grades. That proves that he has big thoughts about making the economy bigger by finally allowing big business to once again engage in big rime fraud.
Haven't we seen this play before?
Haven't we seen this play before?
2
JOBS. JOBs. JObs. Jobs. jobs. job. jo. j........
What Donald John Trump wants is a poison pill for every policy, person and business that does not enhance or profit his personal and corporate income tax positions along with enhancing and profiting his personal and corporate business holdings, financing, accounting, contracts, contacts, debts and future deals.
Which is why Trump will never disclose any of those records nor divest and liquidate everything and place the funds in a blind trust invested in U.S. Treasury Bonds. Nor do his supporters care to know. While Congress is a den of corrupt corporate plutocrat oligarch thieves and cowards that will not impeach and remove Trump from office nor push to invoke the 25th Amendment and/or the emoluments clause to cut off his foreign profits.
America is a divided limited powered democratic republic. America is not a business. And Trump's business is mostly a privately held royal real estate enterprise that he enhanced with a mass media entertainment sector. Trump is no Warren Buffet, Bill Gates, Steve Jobs nor Mark Cuban. The only jobs Trump cares about are his and his families acolytes.
Which is why Trump will never disclose any of those records nor divest and liquidate everything and place the funds in a blind trust invested in U.S. Treasury Bonds. Nor do his supporters care to know. While Congress is a den of corrupt corporate plutocrat oligarch thieves and cowards that will not impeach and remove Trump from office nor push to invoke the 25th Amendment and/or the emoluments clause to cut off his foreign profits.
America is a divided limited powered democratic republic. America is not a business. And Trump's business is mostly a privately held royal real estate enterprise that he enhanced with a mass media entertainment sector. Trump is no Warren Buffet, Bill Gates, Steve Jobs nor Mark Cuban. The only jobs Trump cares about are his and his families acolytes.
3
The very fact that Jamie Dimon was present should be enough to make anyone who lived through the recent recession suspect. And I read where Trump praised the jobs report as proof he is turning things around! He spent the past year claiming the improving jobs reports while Obama was President were fake numbers! Does this man live in a parallel universe?
3
How much is enough, Donald? A trillion? An infinite number of trillions? My nation? My heroes?
My country?
…
How much?
More for you. Less for others, those most in need.
Right?
Always … more
… more … more and … still … MORE…
Moneymoneymoneymoney…
Ours has been a greedy nation from the git go:
Slaves.
Indians.
bison.
Clean water
Nuclear weapons and nuclear Waste and
STILL moreandmore and moreandmoreandmore…
Oil.
Gasoline.
Diesel.
Spewing into the air God knows what…
moreandmoreandmore…ANDmoreandmoreandmore’n…andmore’n
MORE!!!
More and more
MUNNEEeeee….
What corner of Hell were you born in? The poor corner where you had to watch The Rich Devil corner-owners bathe in heaps of greenness?
Then, when perfectly plump and perfectly blonde and perfectly obese along came duh debel ’n’ …
he hatched you in manhattan.
And you built a giant middle finger and let the world know
You wuz comin’!
My country?
…
How much?
More for you. Less for others, those most in need.
Right?
Always … more
… more … more and … still … MORE…
Moneymoneymoneymoney…
Ours has been a greedy nation from the git go:
Slaves.
Indians.
bison.
Clean water
Nuclear weapons and nuclear Waste and
STILL moreandmore and moreandmoreandmore…
Oil.
Gasoline.
Diesel.
Spewing into the air God knows what…
moreandmoreandmore…ANDmoreandmoreandmore’n…andmore’n
MORE!!!
More and more
MUNNEEeeee….
What corner of Hell were you born in? The poor corner where you had to watch The Rich Devil corner-owners bathe in heaps of greenness?
Then, when perfectly plump and perfectly blonde and perfectly obese along came duh debel ’n’ …
he hatched you in manhattan.
And you built a giant middle finger and let the world know
You wuz comin’!
4
The law of the jungle is bad for business.
Just look at any place on earth without the rule of law.
Economies do not function in places where is no regulation and enforcement.
Dodd-Frank is needed in exactly the same sense as traffic lights, cops and courts are needed. Without it, there is chaos.
Deregulation is chaos.
Just look at any place on earth without the rule of law.
Economies do not function in places where is no regulation and enforcement.
Dodd-Frank is needed in exactly the same sense as traffic lights, cops and courts are needed. Without it, there is chaos.
Deregulation is chaos.
1
"How White Trash America Unwittingly Committed Suicide: Voting for Donald Trump": A great title for the book--don't ya think?
3
Trump promised to take on Wall Street and drain the swamp. I guess that was his version of fake news.
1
Enough already of the cheer leading about the lukewarm Obama recovery, during which wages did not rise, workers were forced to take part-time jobs and more folks joined the welfare rolls. Your case that the so-far unannounced reduction in financial regulations will be a poison pill for the recovery is weak, vague and unsubtantiated. While Fortune 500 companies have had relatively easy access to capital, that is not the case for small and start-up business that account for a large portion of new jobs.
8
In reply JL Durham, NC
President Obama inherited the worst financial crisis since the depression of the 1930's, brought on by reckless bankers who have never been punished for bringing our economy to the brink under the lax management of the last republican president. The recovery, which you term lukewarm, was in fact rather robust given the constraints of a Republican Congress which was much more concerned with cutting spending and/or creating temporary deficits than with helping people keep their homes and businesses.
President Obama inherited the worst financial crisis since the depression of the 1930's, brought on by reckless bankers who have never been punished for bringing our economy to the brink under the lax management of the last republican president. The recovery, which you term lukewarm, was in fact rather robust given the constraints of a Republican Congress which was much more concerned with cutting spending and/or creating temporary deficits than with helping people keep their homes and businesses.
2
And wages will rise under Trump? With a secretary of labor who opposes minimum wage? With a Vice President who oversaw a larger drop in manufacturing wages in his home state than ,any other states?
But let me guess - when the next recession hits, you will still blame Obama because the current recovery was only lukewarm. Not the republican president, congress, senate, or all the republican state houses (which never seem to get the blame for the sorry economy in some of those states - why do they not bear responsibility for the decline in coal and steel jobs?)
But let me guess - when the next recession hits, you will still blame Obama because the current recovery was only lukewarm. Not the republican president, congress, senate, or all the republican state houses (which never seem to get the blame for the sorry economy in some of those states - why do they not bear responsibility for the decline in coal and steel jobs?)
2
Hi. Small business owner here (5 employees). It has never been easier to borrow money - you just have to be able to demonstrate the reasonable ability to pay it back. The purpose of a business loan is not to rescue a business that can't repay the debt, it is to provide financing to those that can.
3
He would cut off his nose to spite his face!
1
Land of the thief, home of the slave. WEB DuBois.
Let the pillaging begin!
Let the pillaging begin!
2
First those jobs were only fair, and who knew that Dodd Frank made productive jobs rather than unproductive ones that are basically a waste. Now we need regulation, but not to those extent, and if you don't know much about investing you probably should have an index fund not an advisor. This paper has several good people who tell you this.
There is only one thing that Trump believes in, and that has nothing to do with helping other businesses grow or increasing the number of American jobs. The only thing Trump cares about is how much his actions will enrich his own bank accounts. He is in this game to rob the American people of as much wealth as he possible can, and there is no one who can stop him. At least, not for the next four years. But Trump represents the absolute worst of crony capitalism at work. Gordon Gecko would be dumbfounded at how good Trump is at this.
5
Why do you take Trump at his word and believe that he was actually concerned about putting Americans back to work, when everything he has ever done in his life was designed to gain advantage over others, reap profits, avoid taxes, and game every system he has ever played? When the jobs promises don't come through, Trump and his propaganda ministries and FOX will blame it one the mess Obama left them, welfare waste, and bloated federal government. It's worked before, it will work again.
3
To Trump, who knows virtually nothing about virtually everything, the US is just a rubber ducky to be played with in the tub.
6
Next logical step from the Trumpsters in the interests of "mercy."
Pardon their hero, Bernie Madoff.
Pardon their hero, Bernie Madoff.
3
For the hurting working class who put Trump in power, only to see Trump call for repeal of Dodd Frank while flanked by Wall Streeters, this should be the moment they start feeling like Trump University graduates.
8
Clearly Mr. Trump and his advisors have not wrapped their heads around the fact that we do have a Democray based upon checks and balances. Congress and the Courts will have a final say on his Executive Orders. For now, the mute Congress is watching as he has creats public relation issues that he and he alone owns. Their silence may cause them to be pushed back on their heels in the mid-term elections. Consumer protection laws, environmental laws and fiduciary responsibilities are pillars of our representative Government . The Coche Brothers and Steve Bannon believe that Government should function like a business. That the President is the CEO , this belief has "trickled" down to the local level. We have a Government that is " Of the people, by the people, for the people shall not perish from the earth." Not for, by and of the business, one religion or one group of citizens.
2
Until we call Trump out EVERY time he lies, he will continue to take us down a path of destruction. When Trump claims that businesses "can't get any money from the banks," the media need to point out that this is FALSE! This is not a mistake or untruth, it's an outright LIE intended to mislead the public. All media outlets need to point this out because (unfortunately) too few people read the NYT. Trump stole the election by lying about everything and everything, and he will continue to do so unless the media (which he constantly undermines--wonder why?) and lawmakers (there must be some with integrity?) start to tell it like it is. Until that time, he will continue to slash regulations so he and his cronies can line their pockets, all the while lying by telling the public he's doing it to create jobs and "make America great again."
4
Wrong NYT. There are thousands of small businesses who have been cut off from credit. I personally have spoken with bankers who say it is simply not profitable to make a loan of less than $300K because of Dodd-Frank. Of course the executives at the meeting with Trump yesterday have no trouble getting credit. And our economy can continue to putz along at a 2% growth rate as long as only the big firms are "winning" (as Trump would put it). But his election was about reviving growth for the small business owners in places other than New York and San Francisco, who have been completely cut off from credit in the so-called Obama recovery.
10
Please give me your resources for these claims. Thanks.
2
Very sad to see titans of industry giving a con artist any air time. Perhaps because many of them have conned their way to the top. Dodd-Frank was a god send. I intend to go into more and more cash as dump will tank the stock market by 2019.
3
Mr. Trump doesn't care about creating jobs. He cares about his own financial success. Everything he has done has been with an eye to frightening his gullible followers into turning blindly to him to solve their problems. They now believe that ANYTHING he does will help them and will undoubtedly blame someone else for their increasing financial woes, caused by their own disgusting hero.
2
Trump is not the sharpest brick in the pile. As was frequently pointed out during the campaign, his fortune came directly from his father and, if he had merely stuck his money in an indexed mutual fund and had the sense to leave it there rather than gambling it away on "deal" after "deal," he would be worth multiples of what he claims to have now.
His expenses include millions yearly to lawyers to keep him out of trouble, if not exactly out of jail, because he was and is too dumb to know or to accept that he didn't need a single one in the first place. Had he merely taken Daddy's millions and parked half of it in an indexed stock fund and half in a similarly managed bond fund, he would never have paid an attorney a dime to bail him out with serial bankruptcy proceedings.
I predicted in these sidebars last year that the business plan he followed as a private citizen is the same one he would foist on the American public if he got the chance. The miracle is not that Trump "got" rich that way, the miracle is that he managed to stay rich, but much less so than he would be if he had just lived life as a trust fund playboy.
His expenses include millions yearly to lawyers to keep him out of trouble, if not exactly out of jail, because he was and is too dumb to know or to accept that he didn't need a single one in the first place. Had he merely taken Daddy's millions and parked half of it in an indexed stock fund and half in a similarly managed bond fund, he would never have paid an attorney a dime to bail him out with serial bankruptcy proceedings.
I predicted in these sidebars last year that the business plan he followed as a private citizen is the same one he would foist on the American public if he got the chance. The miracle is not that Trump "got" rich that way, the miracle is that he managed to stay rich, but much less so than he would be if he had just lived life as a trust fund playboy.
2
Hey. What could go wrong? After pulling out of the recovery for eight years, let's go back to the same conditions that caused the Meltdown in the first place. This Bull In A China Shop, Shoot From The Hip Governance should fix everything. Besides, it's just all about making money, isn't it? One wonders who Donald will blame when the other foot drops. Meanwhile, all his nervous supporters are defending him with their fingers crossed in this Loose Cannon Presidency.
What's the future look like? Who cares, as long as we make the most money possible. All you Losers get out of the way. May God bless all of the billionaires and corporations.
Brace for impact. We're going down.
But hey, I made America great again, at least for a short while. It was beautiful.
What's the future look like? Who cares, as long as we make the most money possible. All you Losers get out of the way. May God bless all of the billionaires and corporations.
Brace for impact. We're going down.
But hey, I made America great again, at least for a short while. It was beautiful.
2
Begin impeachment proceedings. Republicans who go along to get along with Trump's dangerous and illegal edicts should be voted out in 2018. Let them know that they are running on his record now.
1
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market."
Trump neither understands nor cares because he's still operating in his exploitative and extractive business mode that focuses on building personal wealth with no concern for anyone or anything else. He hasn't transitioned to a balanced presidential view that serves the spectrum of interests. He's demonstrably incapable of such a transition and is presidential in title only.
Trump neither understands nor cares because he's still operating in his exploitative and extractive business mode that focuses on building personal wealth with no concern for anyone or anything else. He hasn't transitioned to a balanced presidential view that serves the spectrum of interests. He's demonstrably incapable of such a transition and is presidential in title only.
3
Put these points in tweet form with "Trumpese" speech so Trump's base can understand how much it helps them.
Help them realize he will be selling them out to help the 1% who have taken their jobs.
Help them realize he will be selling them out to help the 1% who have taken their jobs.
1
We know that Trump his been unable to get loans for his businesses from US banks, presumably because with his history of repeated bankruptcies he is a poor risk. (This is why he has turned to loans from Russian oligarchs.) So now he wants to allow banks to invest in risky enterprises. I wonder why.
His saying "my friends in the business world can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank,” is like an embarrassed patient saying to his doctor, "I have a friend who has this sexual problem...."
His saying "my friends in the business world can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank,” is like an embarrassed patient saying to his doctor, "I have a friend who has this sexual problem...."
3
Trump can't borrow money from the banks because he's declared bankruptcy six times.
Most businesses have not declared multiple bankruptcies and can easily borrow.
This is yet another instance of Trump projecting his own behavior onto others.
Most businesses have not declared multiple bankruptcies and can easily borrow.
This is yet another instance of Trump projecting his own behavior onto others.
3
Pence's poodle seems to be biting all the wrong people.
1
It should never be as simple as "regulate/don't regulate" or "pro-bank/anti-bank." For every household that was sold easy credit and then foreclosed before 2008, in the clamp-down that came afterward other households were denied credit due to more stringent threshholds. Example, a young couple I know who wanted to lower their mortgage interest and payments as rates fell were denied a refinance because they were still carrying law school debt - even though their overall incomes and financial situation had greatly improved: and how stupid was that? Or, just an end-run way for their bank to protect profit, and not the customer, even under regulation. If at the same time businesses were struggling to get credit, maybe in all fairness that also needs to be explored - but without totally gutting the attempt to stop letting Wall Street bankers gut everybody else.
I hope Congress can give some muscled pushback while also remaining open to updating - we are not still in 2008, things have changed, staying stuck in the past serves no one; maybe it is time to look at the strengths and weaknesses and make some fixes. I hope that more CEOs will refuse to be part of a return to corporate piracy by being more ethical, as a matter of course and a lesson learned.
I hope Congress can give some muscled pushback while also remaining open to updating - we are not still in 2008, things have changed, staying stuck in the past serves no one; maybe it is time to look at the strengths and weaknesses and make some fixes. I hope that more CEOs will refuse to be part of a return to corporate piracy by being more ethical, as a matter of course and a lesson learned.
Another market crash like real estate- in Donalds own words:
"Gee, I hope it does collapse because then I can go in and buy some and make some money."
"Gee, I hope it does collapse because then I can go in and buy some and make some money."
5
It has not taken long for Mr. Trump to prove that he is no friend of the people who voted for him. He talks a decent game, but when it comes time to stand up, he stands on the side of the gilded set where he has lived. His caring about working people is thinner than onionskin, his bonds with the rich thicker than the largest sequoia. None of this is a shock; the only surprise is that he was not willing to maintain the act for at least a while.
2
There is no decency in Trump's MO.
1
Herbert Hoover said, "I'm the only person of distinction who has ever had a depression named for him." Maybe the Democrats should have branded the 2008 financial meltdown as the "Bush/Cheney Depression", or the Obama years as the "Obama Recovery." Somehow...someway the Democrats have to be able to explain the nuances and reasoning of why regulations like Dodd-Frank are necessary. Herbert Hoover would be in agreement with this.
1
I just don't understand why Republicans fail to see taxation and spending, the bread and butter of fiscal policy, as a gigantic flywheel that stabilizes the economy.
1
C'mon NYT, how about some investigative reporting? How many of those "Business Leaders" sitting around the table in the above photo received bonuses in 2009 thanks to the TARP funds?
3
NYT, why waste time pointing out the djt's incompetence, harm to the economy, his supporters? Recall: the djt bragged he could shoot somebody on 5th ave and not lose his supporters. His best idea to stimulate the economy is to intimidate Ford into building coal-burning cars.
Alternative-facts prevail. Lies are truth. When unemployment goes up, we will be told it is down; the djt's supporters will celebrate. When bankers make more money off investors, we will be told look how incomes are up; the djt's supporters will celebrate.
We have a djt for president and nearly half our population are djts.
Alternative-facts prevail. Lies are truth. When unemployment goes up, we will be told it is down; the djt's supporters will celebrate. When bankers make more money off investors, we will be told look how incomes are up; the djt's supporters will celebrate.
We have a djt for president and nearly half our population are djts.
Why are the regulations that brought the country to it's currently improved state from that of the Great Recession need to be rolled back? One reason may be that these same business leaders perhaps see more clearly than others that a next Greater Recession may be in the cards and want to get as much as quickly as possible before it hits. And one question; why is requiring that an invest advisor work for the benefit of clients and not for themselves be a bad thing that must be stopped?
1
Unfortunately there was no comment space available the first time the Times reported that Trump said that "his friends in the business world “can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank."
"My friends". Right. Besides the idea of oligarchs like Trump having actual friends I think most will know that by "friends" he means "I" just like anyone else who says "i have friends..." when they don't want to admit it's themselves they are speaking of.
It's been reported that Trump cannot get loans in the US and has had to turn to foreign banks, Russian, for his financing. One of the reasons he has not wanted to provide tax return information which would reveal his financial ties and beholding to Russia. It would seem that Trump would like the standards lowered to allow his businesses, that he is isolated from, could get loans again.
"My friends". Right. Besides the idea of oligarchs like Trump having actual friends I think most will know that by "friends" he means "I" just like anyone else who says "i have friends..." when they don't want to admit it's themselves they are speaking of.
It's been reported that Trump cannot get loans in the US and has had to turn to foreign banks, Russian, for his financing. One of the reasons he has not wanted to provide tax return information which would reveal his financial ties and beholding to Russia. It would seem that Trump would like the standards lowered to allow his businesses, that he is isolated from, could get loans again.
1
He could come out of this the richest man in the world. There is no separation between his power and interests so he can shape policy for maximum enrichment. Who says he is dumb?
The saddest part is that this time we can see it coming. And rather than pulling us back from it, they're pushing us in head first.
1) The 'great recession' was caused because the housing market had a downturn and people who thought they would make money on their home loans found out they were 'upside down' and they bailed on their debt.
2) These people bailed on their debt because they already had risky credit.
3) These people were granted loans during the Clinton era's push to ensure everyone, even risky credit people, could participate in the great American dream.
4) This push was instituted by the Govt. through Fannie Mae and Freddie Mac...
OK - Now that we have at least started off with some semblance of realistic history... where did Wall Street's greed come in? Wall Street bought up those risky loans in packages and then resold them as derivatives. Basically, in gamblers parlance, they rolled a seven at the craps table and then took all their money and put it back on the line thinking they were going to roll a seven again. The housing market went down and all the credit risky people bailed on their loans and Wall Street rolled a 12.
As far as the Frank-Dodd act... it hinders business. Unfettered Capitalism is good for business - period. (Until it is not. Until Wall Street is allowed to roll a 12 with other people's money.) Frank-Dodd was a poorly put together set off handcuffs that went way beyond its mandate. Does Wall Street need to have some boundaries laid out for it, sure. But the Frank-Dodd act was an over reactive abortion of a rule.
2) These people bailed on their debt because they already had risky credit.
3) These people were granted loans during the Clinton era's push to ensure everyone, even risky credit people, could participate in the great American dream.
4) This push was instituted by the Govt. through Fannie Mae and Freddie Mac...
OK - Now that we have at least started off with some semblance of realistic history... where did Wall Street's greed come in? Wall Street bought up those risky loans in packages and then resold them as derivatives. Basically, in gamblers parlance, they rolled a seven at the craps table and then took all their money and put it back on the line thinking they were going to roll a seven again. The housing market went down and all the credit risky people bailed on their loans and Wall Street rolled a 12.
As far as the Frank-Dodd act... it hinders business. Unfettered Capitalism is good for business - period. (Until it is not. Until Wall Street is allowed to roll a 12 with other people's money.) Frank-Dodd was a poorly put together set off handcuffs that went way beyond its mandate. Does Wall Street need to have some boundaries laid out for it, sure. But the Frank-Dodd act was an over reactive abortion of a rule.
1
Hey voters, his "friend" are not our friends. He is not "draining the swamp," but helping to line the pockets of those in the upper class.
He will not implement policies that help the middle class. Is anyone surprised by this? Please read and understand the issues before you vote in 2018 and 2020. And if you vote for Repub$, be aware that they will implement policies that help the upper class, not the rest of us.
He will not implement policies that help the middle class. Is anyone surprised by this? Please read and understand the issues before you vote in 2018 and 2020. And if you vote for Repub$, be aware that they will implement policies that help the upper class, not the rest of us.
1
Trump, the NYT editorialists point out correctly today "has been lucky enough to inherit an economy that added 11.5 million jobs during President Obama’s tenure, the fourth-highest tally of the 12 administrations in the post-World War II era."
What?
I"ll wager that less than 15% of the 2016 Presidential electorate - Republican, Democrat and Unenrolled - would have said that was a "true" statement.
The now Liar in Chief and the feckless GOP Congress simply shouted along with him over and over that there were "no jobs", "a terrible economy", and economic "disaster" everywhere. The relentless 8-year Obama-is-the-devil-incarnate narrative.
And it worked. We are watching the dismantling of our country and the legions of non-Oligarchs on whose shoulders Trump road to power will be the first to be devastated.
What?
I"ll wager that less than 15% of the 2016 Presidential electorate - Republican, Democrat and Unenrolled - would have said that was a "true" statement.
The now Liar in Chief and the feckless GOP Congress simply shouted along with him over and over that there were "no jobs", "a terrible economy", and economic "disaster" everywhere. The relentless 8-year Obama-is-the-devil-incarnate narrative.
And it worked. We are watching the dismantling of our country and the legions of non-Oligarchs on whose shoulders Trump road to power will be the first to be devastated.
His friends can't get loans ? Really ? Some of his friends maybe like say Steven Baldwin, but I would bet the ranch most if not all of his friends can get bank loans. All he did was make it possible for the banks to pick the pockets of the poor and middleclass again with consequence. It will take generations for America to recover from this ethically challenged failed business man's policies.
As I look at the picture accompanying this article, just one phrase comes to mind: super predators. At the center sits Trump, a serial bankrupt, who amassed his current wealth by transforming debt and failure into tax write-offs, and leveraged government subsidies and tax concessions into vast profits. Of course Trump and his cronies would like to create another real estate bubble, rack up out-sized profits, and flaunt their huge bonuses. Once the party ends, ordinary Americans will again be left pay the tab and to pick up the pieces.
Trump and his pals know there will not be a second term. He's getting his while the getting is good. Last week he threw the base a couple of bones -- a border wall and a Muslim ban. This week, it's filet mignon and porterhouse steaks for his friends in the 1%.
Trump and his pals know there will not be a second term. He's getting his while the getting is good. Last week he threw the base a couple of bones -- a border wall and a Muslim ban. This week, it's filet mignon and porterhouse steaks for his friends in the 1%.
3
Let's be clear. Donald Trump's policies did not add those jobs. Barack Obama's policies did. I'm sure the Donald will take credit for them however.
We had been hoping to retire in about 4 years...I fear that plan is going out the window with this administration's reckless managing of the financial system. How can his base believe for one minute that he or the people sitting around the tables care about them and their savings? These very wealthy people care about their own and have no intention of developing jobs for people in my part of the country. The past two weeks has been a national nightmare. He and his talking heads are a national shame.
Trump only understands what he has "heard", and what he has heard is that Dodd-Frank is bad. He thinks Dodd-Frank is the reason he has difficulty in getting financing for his projects. After all, he IS Donald Trump so it must be regulation and not his abysmal bankruptcy and risk record that causes the problem.
80
You write Trump doesn't understand or doesn't care about dismantling the financial regulations. Wrong, he does understand. He does understand that in the next 4 years he wants to amass as much money as he can. Our country is in the hands of lunatics. They are their to ruin what was achieved in the last 250 years.
It's time people like George Bush, senior and junior,
Carter, Clinton, Obama and other of equal stature get together and openly oppose this Trumpanian disaster for the sake of the nation. When the President of United States hangs up on a leader of the other nation that too our ally Australia some thing has gone terribly wrong. We need to stop this now
It's time people like George Bush, senior and junior,
Carter, Clinton, Obama and other of equal stature get together and openly oppose this Trumpanian disaster for the sake of the nation. When the President of United States hangs up on a leader of the other nation that too our ally Australia some thing has gone terribly wrong. We need to stop this now
3
Looks like we're headed for the 2008 financial meltdown all over again, greed taking precedence before everything with this White House. The GOP congress did not allow Dodd-Frank that much heft anyway, but now we're assured catastrophe for the average citizen. You want to see some real "carnage"? Thanks to Trump, it's on the way.
2
Not since Richard Nixon has the term "crook" been appropriate for a president, but that is exactly what Trump is, a crook! He made his money gaming the tax system and the bankruptcy system, stiffing blue collar contractors, and lying his way into loans using gifted money from his father. He has no clue how business works. His business model is to yell and scream until he gets his way, workers be damned.
4
Does Donald Trump expect the Trump Organization to now gain easier access to credit in the United States instead of having to seek it overseas? The P.T. Barnum of a president has sure played his supporters as suckers.
2
Doesn't understand and doesn't care, see the top reader recommended post.
Most Trump voters are still living in Great recession 2.0, it's why they voted for him. Working class Americans have been losing ground since 1980 or so. The real problem is explaining to them that they have to vote in real (Social) Democrats so it is worthwhile to sign a Union Cards, and we can fight all the battles of the 1930's over again.
That $9 an hour at Walmart (26 hours a week) just does not support a life, and Big Box stores do NOTHING to support local economies, it is a giant pump to move money to places like Bentonville (Adjacent to Rogers).
Climate Change, World War III, or Financial Crisis 2.0?
Choose your apocalypse.
Most Trump voters are still living in Great recession 2.0, it's why they voted for him. Working class Americans have been losing ground since 1980 or so. The real problem is explaining to them that they have to vote in real (Social) Democrats so it is worthwhile to sign a Union Cards, and we can fight all the battles of the 1930's over again.
That $9 an hour at Walmart (26 hours a week) just does not support a life, and Big Box stores do NOTHING to support local economies, it is a giant pump to move money to places like Bentonville (Adjacent to Rogers).
Climate Change, World War III, or Financial Crisis 2.0?
Choose your apocalypse.
5
I'm completely confused by Trump's comments on wanting to help "the average worker" and his promise to "destroy" Dodd-Frank. The markets are essential to our economy but if we learned one, and only one thing, in the last 10 years its that business cannot regulate business. If left to their own devices, they will put the entire country at risk.
Regulations are just there to keep bad actors in check. There is plenty of room, within the rules, to create businesses and make money....let's stick with that.
Regulations are just there to keep bad actors in check. There is plenty of room, within the rules, to create businesses and make money....let's stick with that.
5
Trump and Bannon are like the character at the end of Fight Club - they truly want to see the whole system come crashing down so they can rebuild it in their utopian image.
The 20th century saw enough actual carnage caused by leaders pursuing utopias that we don't need to guess how this will end.
The 20th century saw enough actual carnage caused by leaders pursuing utopias that we don't need to guess how this will end.
3
Perhaps Trump's friends who can't get loans have poor credit records (like his own) and therefore present too much of a risk for the banks to loan them money. Everything this clown touches is a "DISASTER" waiting to happen because he is quite simply clueless. God help us.
3
Stupid is as stupid does.
1
With another Republican President, another large chunk will be carved out of the foundation of our economy.
If the Republicans don't say enough is enough than only big business is left to protect it's goose.
Don't believe Trump's lies, we need Dodd-Frank more than ever after seeing his Wall Street cronies take their seats on his team.
America has it's problems, but deregulating financial institutions is economic suicide.
Here we go again.
If the Republicans don't say enough is enough than only big business is left to protect it's goose.
Don't believe Trump's lies, we need Dodd-Frank more than ever after seeing his Wall Street cronies take their seats on his team.
America has it's problems, but deregulating financial institutions is economic suicide.
Here we go again.
1
There was a time when laws were passed, amended and repealed by the legislative branch of government. With all these executive orders being issued at an unprecedented level, Trump is rendering the legislative branch superfluous and is instead dictating new laws and policies. There is a name for one who dictates, but the word escapes me at the moment.
2
Donald Trump's friends can't get a loan?
1
Pledge…smedge…it's all blather to con the voter into supporting you. All the candidates made "pledges" to their constituents, promising a rosy-fingered dawn of a new day for America. Hillary promised jobs (while backing the TPP), equality (while backing higher incarceration rates for blacks), Donald promised to make America great (again), all the while planning to undercut the last remaining bulwark against total corporate greed and rapaciousness left, even in it's weakened state. They are all con men and women, and, more importantly, they are all corporatists and multi-millionaires (Clintons) or billionaires (Trump). They owe everything they have to the monied class of racketeers and pirates running the show from behind the curtain, and will do anything - even destroy the middle class and poor (a bunch of deplorables) - in the process.
Only Bernie had a message that actually meant anything - and we know what happened to him, now don't we.
Only Bernie had a message that actually meant anything - and we know what happened to him, now don't we.
1
@Johndrake. St. Bernie was and is a grumpy old man who never tried to get along with, or work with, a single colleague in an effort to accomplish anything beneficial for anyone. He has spent 35 years in Congress and doesn't have his name on a single solitary piece of legislation that helped the working man and woman, or anyone else.
The Republican smear machine would have ripped him a new one if he had been the nominee. They would have referred to him as the "commie Jew" and the deplorables would have gone into a frenzy of joy over it.
Hillary beat Bernie Sanders in the primaries by 3 million votes. Then she went on to beat President Asterisk by another 3 million votes in the general. The thinking that leads people to believe that somehow Bernie could have beaten Trump when he couldn't beat Hillary leaves me shaking my head.
We progressives tend to live in our liberal bubbles just like the right wingers live in their right-wing bubbles. This country is not as liberal as we are. This country does not elect Socialists to the Presidency. Can we please (please) move on from lamenting Bernie and focus on resisting and obstructing President Asterisk?
The Republican smear machine would have ripped him a new one if he had been the nominee. They would have referred to him as the "commie Jew" and the deplorables would have gone into a frenzy of joy over it.
Hillary beat Bernie Sanders in the primaries by 3 million votes. Then she went on to beat President Asterisk by another 3 million votes in the general. The thinking that leads people to believe that somehow Bernie could have beaten Trump when he couldn't beat Hillary leaves me shaking my head.
We progressives tend to live in our liberal bubbles just like the right wingers live in their right-wing bubbles. This country is not as liberal as we are. This country does not elect Socialists to the Presidency. Can we please (please) move on from lamenting Bernie and focus on resisting and obstructing President Asterisk?
3
It is human nature to make the personal political. Perhaps it is President Trump himself who had trouble borrowing from banks because of the financial instability of the "empire" he had built--borrowing trouble that pushed him into the arms of secret foreign financiers who may or may not be attempting to influence his policies. The only evidence that could exonerate the President from the claim that his policies are shaped by his own business exigencies is not available to the American public because the President's tax returns are not being released. The lack of transparency hurts not only President Trump but the general faith in American democracy.
But remember, Trump gushed about how much he personally benefitted from the 2007-2008 economic collapse. We know Trump doesn't care a whit about anyone but himself, and even there he only sees his own value in terms of how much money he makes and how many cameras are in his face.
Put two and two together, from Donald Trump's perspective, which for him is all that matters, it makes sense that he'd be doing away with what he might be perceiving as preventing another huge windfall for himself via economic crises for the very working Americans he claimed in his campaign to care so much about. You know, the ones to which he marketed his bogus Trump U. and took their money as well.
I just cannot blame Trump for anything. It was very clear who Donald Trump is. The blame is with the people who voted for him by ignoring the overt signs of his very troubled personality, and the Electoral College. Both are broken.
Put two and two together, from Donald Trump's perspective, which for him is all that matters, it makes sense that he'd be doing away with what he might be perceiving as preventing another huge windfall for himself via economic crises for the very working Americans he claimed in his campaign to care so much about. You know, the ones to which he marketed his bogus Trump U. and took their money as well.
I just cannot blame Trump for anything. It was very clear who Donald Trump is. The blame is with the people who voted for him by ignoring the overt signs of his very troubled personality, and the Electoral College. Both are broken.
A slight re-statement of your "Mr. Trump either does not understand or does not care" change that "or" to an "and" and you have it all.
So President Doomkopf doesn't want financial advisors to act in their client's best interest? Unbelievable! Why would anyone use a financial advisor?
He is doing the same thing with the citizens of this country. He isn't acting in our best interests, only his own and evangelical bigots. He is a national security risk!!
He is doing the same thing with the citizens of this country. He isn't acting in our best interests, only his own and evangelical bigots. He is a national security risk!!
3
It's a stunning series of double standards. A hail storm of Executive Authority that the same Republicans referred to as treason when Barack Obama signed an Executive Order. They even sued him.
But not a peep from them this time, as Trump and his Republican enablers are now fully unrestrained.
With Trump falsely claiming Dodd-Frank regulations obstructed lending to businesses, we learn that commercial-bank lending is actually at a 70-year high, climbing upwards --and steadily-- since 2010.
The fact-free administration, free-wheeling its way to our next session of financial instability, as bankers once again run unfettered. His influential top adviser from Goldman Sachs rewarding banking friends with heaping amounts of deregulation.
Next up, a pardon for Bernie Madoff?
But not a peep from them this time, as Trump and his Republican enablers are now fully unrestrained.
With Trump falsely claiming Dodd-Frank regulations obstructed lending to businesses, we learn that commercial-bank lending is actually at a 70-year high, climbing upwards --and steadily-- since 2010.
The fact-free administration, free-wheeling its way to our next session of financial instability, as bankers once again run unfettered. His influential top adviser from Goldman Sachs rewarding banking friends with heaping amounts of deregulation.
Next up, a pardon for Bernie Madoff?
2
We've got Avarice fleecing the government for rent at every turn who has; nominated fellow rich and shameless 1%'ers to lead the money departments; nominated destroyers with vested interests in eliminating the watchdog departments (EPA, FDA, et al) they've been nominated to lead and who nominated Betsy DeVos to kill public education and eliminate an educated and easily informed populace for the next century.
That's a whole bottle of poison pills for the 'Recovery.'
That's a whole bottle of poison pills for the 'Recovery.'
2
Mr. Trump is an attention-seeking, adulation-craving, insecure little man. He has just enough self-awareness to know, on some deep, primal level, just how inferior he is.
All three of the above-mentioned factors will guide his policy-making. This will be bad news for the country, and will eventually result in his leaving office, through impeachment, the 25th Amendment, or losing his re-election campaign.
I'd bet the ranch on that, if I had a ranch.
All three of the above-mentioned factors will guide his policy-making. This will be bad news for the country, and will eventually result in his leaving office, through impeachment, the 25th Amendment, or losing his re-election campaign.
I'd bet the ranch on that, if I had a ranch.
2
Every institution affected by Dodd-Frank has a moral obligation to continue to abide by its directives, even if Trump is successful in ultimately convincing the Republicans in Congress to repeal it.
While this is no doubt a pipe dream, we can at least hope that Democrats in Congress find an effective way to get the message out to voters of all stripes that repeal of Dodd-Frank is going to make them sitting ducks -- again.
While this is no doubt a pipe dream, we can at least hope that Democrats in Congress find an effective way to get the message out to voters of all stripes that repeal of Dodd-Frank is going to make them sitting ducks -- again.
1
I believe the explanation for Trump's moves lay in his immediate circle of friends who have their own business interests and are smart enough to convince our ignorant President that they are coincident with America's interests. Yes, Trump is a nice guy at heart, but just an uneducated boob.
1
We are going to repeat the economic arc of 2001, as a growing economy left behind by an outgoing Democratic president is ripped to shreds and turned into a recession by a clueless Republican one. Get ready.
3
I keep hoping that something Trump does will be blatant enough for his most dedicated fans to realize he is not a man of the people, but an "elite" in a populists disguise.
Every once in a while the real Trump peeks out of a rip or tear in his populist suit, and he can't help himself - calling the titans of Wall Street - the ones he promised to "stand up to" but now hires and - by the photo - sits down with -as "my friends". Of course they are. He grew up with them, went to the same schools, their kids go to the same schools, they bump into each other at tony restaurants and society events.
I bet some in that room have ponied up 200 grand for a "membership" at the "Winter White House", Mar-a-Lago, paying for the benefit of intimate access to the President as he spends his weekend there - well, this weekend. Paid memberships to the White House for the elite - what a marketer.
I'm sure there's not a single "Make America Great" hat wearing, "Lock Her Up" sign waving, reporter "scum" calling" rally attendee that he has ever broken bread with. We know he hasn't signed any Executive Orders getting government regulations "off the back" of his small business, or to help him get a loan.
Do you get it yet rally guy? It was a con. You are not his friend. All he wanted - and still wants - from you is your vote - and your adoration. If he loses either, you will return to being his "deplorable".
He will never think about you again as he works for his real "friends".
Every once in a while the real Trump peeks out of a rip or tear in his populist suit, and he can't help himself - calling the titans of Wall Street - the ones he promised to "stand up to" but now hires and - by the photo - sits down with -as "my friends". Of course they are. He grew up with them, went to the same schools, their kids go to the same schools, they bump into each other at tony restaurants and society events.
I bet some in that room have ponied up 200 grand for a "membership" at the "Winter White House", Mar-a-Lago, paying for the benefit of intimate access to the President as he spends his weekend there - well, this weekend. Paid memberships to the White House for the elite - what a marketer.
I'm sure there's not a single "Make America Great" hat wearing, "Lock Her Up" sign waving, reporter "scum" calling" rally attendee that he has ever broken bread with. We know he hasn't signed any Executive Orders getting government regulations "off the back" of his small business, or to help him get a loan.
Do you get it yet rally guy? It was a con. You are not his friend. All he wanted - and still wants - from you is your vote - and your adoration. If he loses either, you will return to being his "deplorable".
He will never think about you again as he works for his real "friends".
2
"Mr. Trump either does not understand or does not care..." is a phrase that we'd better get used to reading.
2
The only good news about the repeal of Dodd-Frank is that Michael Lewis gets a shot at writing "The Big Short — the Sequel."
The original is a epic tale of the moneyed-class's greed — which we've come expect — but also its myopic stupidity. As long as the big banks were placing bets that paid off in the short term, all was fine. The ratings agencies who were hired and remunerated by the banks painted the rosiest picture possible of home loans that were doomed to fail.
The loans were rated AAA because very few in the financial world examined the actual credit worthiness of the mortgage holders. Common sense and fiduciary responsibility were ignored by lenders who should have known better. Folks — perhaps the new populists who found Trump so appealing as a candidate — got mortgages they could never pay back.
The really smart people — Michael Burry of Scion capital, hedge fund manager Steve Eisner and college kids from Cornwall Capital — were disgusted by the banks' duplicity. These shorts did their research and eventually made a killing by betting the loans would go bad, which they did.
To loosen regulations on banks today is to fantasize that water will finally flow uphill. It won't. A little bit of greed will lead to a whole lot more.
It looks like Trump's lust for money has already gotten the best of him. And he had the hypocritical nerve to claim that it was only Hillary who was cozy with Wall Street.
The truth: Donald's in bed with the bankers.
The original is a epic tale of the moneyed-class's greed — which we've come expect — but also its myopic stupidity. As long as the big banks were placing bets that paid off in the short term, all was fine. The ratings agencies who were hired and remunerated by the banks painted the rosiest picture possible of home loans that were doomed to fail.
The loans were rated AAA because very few in the financial world examined the actual credit worthiness of the mortgage holders. Common sense and fiduciary responsibility were ignored by lenders who should have known better. Folks — perhaps the new populists who found Trump so appealing as a candidate — got mortgages they could never pay back.
The really smart people — Michael Burry of Scion capital, hedge fund manager Steve Eisner and college kids from Cornwall Capital — were disgusted by the banks' duplicity. These shorts did their research and eventually made a killing by betting the loans would go bad, which they did.
To loosen regulations on banks today is to fantasize that water will finally flow uphill. It won't. A little bit of greed will lead to a whole lot more.
It looks like Trump's lust for money has already gotten the best of him. And he had the hypocritical nerve to claim that it was only Hillary who was cozy with Wall Street.
The truth: Donald's in bed with the bankers.
4
This presidency won't be the shortest in American history, but may it be mercifully short. Impeach him. End this disgrace.
2
"Mr. Trump either does not understand or does not care..."
The number of things that Mr. Trump doesn't understand or doesn't care about would fill volumes.
The number of things that Mr. Trump doesn't understand or doesn't care about would fill volumes.
3
Yet another....in an endless supply of negative stories about our new president. Seems he can't catch a break from the NY Times, A.K.A.---the "Donald J. Trump Hate Machine".
Financial regulations imposed by the Obama Administration--like everything else they did, went very much overboard. The patient had a wart, they amputated an arm. Thousands of small community banks--the type of banks my company uses, have been forced out of business or to merge, because of the onerous, overly burdensome, punitive requirements of Dodd-Frank.
Is there a single admission, or suggestion in this column, that financial regulations may have gone too far--or tended to put a strangle-hold on certain financial institutions? Is there a suggestion that the regulations perhaps could use commonsense updates? Nope. None of that. It wouldn't serve the purpose of this publication--which is to be an anchor around the neck of the new president--at all cost.
The Editorial Board is on the wrong side of history. The Big Government, liberal policies, which have strangled our economy, and destroyed the fabric of our society--particularly in our inner cities, HAD TO CHANGE. Someone like Donald Trump HAD TO EMERGE to restore our American values--the ones that built this nation.
Progressive media outlets complain about each breath he takes. Combined with the protests and university riots, it's emblematic of just how corrosive and anti-American liberalism has become. Trump is the antidote.
Financial regulations imposed by the Obama Administration--like everything else they did, went very much overboard. The patient had a wart, they amputated an arm. Thousands of small community banks--the type of banks my company uses, have been forced out of business or to merge, because of the onerous, overly burdensome, punitive requirements of Dodd-Frank.
Is there a single admission, or suggestion in this column, that financial regulations may have gone too far--or tended to put a strangle-hold on certain financial institutions? Is there a suggestion that the regulations perhaps could use commonsense updates? Nope. None of that. It wouldn't serve the purpose of this publication--which is to be an anchor around the neck of the new president--at all cost.
The Editorial Board is on the wrong side of history. The Big Government, liberal policies, which have strangled our economy, and destroyed the fabric of our society--particularly in our inner cities, HAD TO CHANGE. Someone like Donald Trump HAD TO EMERGE to restore our American values--the ones that built this nation.
Progressive media outlets complain about each breath he takes. Combined with the protests and university riots, it's emblematic of just how corrosive and anti-American liberalism has become. Trump is the antidote.
1
Two things come to mind when I stop and consider his nonsense:
1. Reminds me of the Fred Neil song where he sings "they will drop the big one the day my ship comes in". The 'big one' is now on everyone's mind, the rational ones that is.
2. Also, the Wall St Casino is saddled with 'regulations' that could more correctly be labeled as 'protections'. Distinction pointed out by another commenter. I recall a Hunt brother explaining why he stayed away from the stock market (paraphrased), "I avoid the stock market because it is like playing poker over the phone and the guy on the other end holds the deck".
Trump and the GOP keep trying to take us all down. Someday, and maybe soon, they could succeed.
1. Reminds me of the Fred Neil song where he sings "they will drop the big one the day my ship comes in". The 'big one' is now on everyone's mind, the rational ones that is.
2. Also, the Wall St Casino is saddled with 'regulations' that could more correctly be labeled as 'protections'. Distinction pointed out by another commenter. I recall a Hunt brother explaining why he stayed away from the stock market (paraphrased), "I avoid the stock market because it is like playing poker over the phone and the guy on the other end holds the deck".
Trump and the GOP keep trying to take us all down. Someday, and maybe soon, they could succeed.
2
I see IBM represented in the photo. Does she blame her recent years of losing performance on Dodd-Frank?
There were economists that predicted 2008 & their argument is easy to understand. The first thing to realize is that the federal deficit measures the flow of money FROM the federal government TO the private sector.
The first chart at http://www.slideshare. net/MitchGreen/mmt-basics-you- cannot-consider-the- deficit-in-isolation shows what happened.
In the 1990's spending & the deficit were reduced. The flow of money out of the federal sector was reduced.
Simultaneously the flow of money into the private sector was reduced. Then in about 1996 money began to flow out of the private sector, out of the country in fact. In about 1998, Money started flowing into the federal sector. This is the Clinton surplus. Money was rapidly flowing out of the private sector.
In 2001, the Bush administration started, & we had deficits again, but our trade deficit was really large. Except for a brief period in 2003, the Bush deficits were not large enough to compensate for the money going out of the country. Money still flowed out of the private sector.
People then turned to banks to get money. Private debt exploded. But the banks could create only so much money.
Finally in 2008, the economy crashes. Now there were other factors which contributed to the 2008 crash. e.g. high inequality meant the Rich had excess money to speculate with, but the cumulative effect of money leaving the private sector from about 1996 to 2008 & the resultant huge increase in private debt was the main cause.
The first chart at http://www.slideshare. net/MitchGreen/mmt-basics-you- cannot-consider-the- deficit-in-isolation shows what happened.
In the 1990's spending & the deficit were reduced. The flow of money out of the federal sector was reduced.
Simultaneously the flow of money into the private sector was reduced. Then in about 1996 money began to flow out of the private sector, out of the country in fact. In about 1998, Money started flowing into the federal sector. This is the Clinton surplus. Money was rapidly flowing out of the private sector.
In 2001, the Bush administration started, & we had deficits again, but our trade deficit was really large. Except for a brief period in 2003, the Bush deficits were not large enough to compensate for the money going out of the country. Money still flowed out of the private sector.
People then turned to banks to get money. Private debt exploded. But the banks could create only so much money.
Finally in 2008, the economy crashes. Now there were other factors which contributed to the 2008 crash. e.g. high inequality meant the Rich had excess money to speculate with, but the cumulative effect of money leaving the private sector from about 1996 to 2008 & the resultant huge increase in private debt was the main cause.
You forgot something when you quoted Mr. Trump about how his friends couldn't borrow any money and then referred to the people gathered around him. These are not his friends, even if they would prefer less regulation. His "friends" if indeed there are any in the normal use of the word, are the grifters and the crooks of the business world. Remember he is the guy who the banks won't lend to anymore. He is still the guy who runs his businesses (read yesterday's article about the kind of trust he is using) and he wants money for his personal gain from them.
1
@Ceilidth: Trump doesn't have any friends. He may think he does, because he defines "friends" as "people who worship me" and he thinks legions of people worship him. His friendlessness is part of his cluelessness.
He does not understand how things work, How everything is connected when it comes to government and the world. The nuances. Everyone around him has their own insane agenda. They can't grasp If you do this, this and that will happen. They contradict themselves by the hour. He did the same thing on the campaign trail, but I guess people including the press got a kick out of it. This man is an imbecile. And the people around him are not deep thinkers, to put it mildly. Some how .. some way he has to be removed from office because we and the world will not last four years. They are turning what were minor problems, or no problems into major difficulties for everyone every where. And when they do something like roll back a regulation that overall is working, it is a blatant give over to oil companies or banks. They are going backwards fast and creating chaos and confusion in a world that cannot take it. The stupids have taken over and anybody with any sense does not want to leave themselves in this man's hands.
Orange, NJ
Orange, NJ
3
Congress should study history to learn what happens when financial regulation is weakened. We don't need a repeat of 2008.
2
You don't even want to know how many rube Congresscritters are pining for the Rapture.
One question; did you really expect Mr. Trump to do ANYTHING he pledged to do?
He is wealthy (How wealthy is anyone's guess), has a Cabinet of Uber wealthy folks and if he deregulates as much as he seems to want to do, he and his Wall Street criminal friends become even MORE wealthy.
Better to start predicting how soon us "P.M.T."s, "Poor Miserable Taxpayers", will have to be called upon to bail out this not so new crowd of "Banks Too Big To Fail/Jail".
All in all, a wonderful time to be a one percenter!
He is wealthy (How wealthy is anyone's guess), has a Cabinet of Uber wealthy folks and if he deregulates as much as he seems to want to do, he and his Wall Street criminal friends become even MORE wealthy.
Better to start predicting how soon us "P.M.T."s, "Poor Miserable Taxpayers", will have to be called upon to bail out this not so new crowd of "Banks Too Big To Fail/Jail".
All in all, a wonderful time to be a one percenter!
1
The people of the USA were too stupid even to look this malodorous gift horse in the mouth.
1
There seems to be a lot of "If the facts don't prove the planned narrative, don't change the narrative to fit the facts, change the facts to fit the narrative" coming out of the Trump administration.
2
Horrible but expected. The standard Republican playbook, and judging by Trump's cabinet picks, we knew he was going to give the country to oil, finance and business, and that he will crush workers, but many of those same workers will cheer him on as he increases the defense budget, cuts social welfare to minorities, women and the poor, and gives more power to corporations.
3
Perhaps Trump grew up with tales of how great the USA was before 1900: capitalism free and unfettered.
Financial panics were also the order of the day. Free-market purists forget that little detail. Put your money somewhere safe and hold on. The Big Crash is coming.
Financial panics were also the order of the day. Free-market purists forget that little detail. Put your money somewhere safe and hold on. The Big Crash is coming.
68
Wealthy people like a boom and bust economy. They can buy assets for cents on the dollar(Ross). And they can buy low and sell high and sell high and buy low. Or they just declare bankruptcy(Trump).
Regular people want steady growth and asset values.
Dropping financial regulation will only help the wealthy and hurt regular people.
Regular people want steady growth and asset values.
Dropping financial regulation will only help the wealthy and hurt regular people.
3
Privatize Social Security, repeal Dodd-Frank - what could go wrong? Best put your money you have under the mattress.
Jerry W NYC
Jerry W NYC
1
As a practicing CPA for forty years I lost count of the number of clients I have seen ripped off by so called "Investment Advisors". My advice to clients, and anyone else is as follows:
1) First work with a Fee Only (will not sell you ANY product and works for an hourly fee) planner who will recommnd plan and broad assets allocation goals .
2) Use a low cost broker to effectuate the purchases and/or sales needed to implement your financial plan.
3) Work with the Fee Only planner to monitor things.
1) First work with a Fee Only (will not sell you ANY product and works for an hourly fee) planner who will recommnd plan and broad assets allocation goals .
2) Use a low cost broker to effectuate the purchases and/or sales needed to implement your financial plan.
3) Work with the Fee Only planner to monitor things.
1
Here we go again! Yippeee! The candy store for greedy opportunists and grifters is open again.
Back to the halcyon days of the Bush Administration where regulators thought their main mission was to encourage banks to expand their businesses. Banks would self-regulate because it was in their long term self- interest. The market would weed out the weak. Risk management? Risk management stifles business. Who needs it? Who needs increased capital for increased risk? We need that capital to make loans to Trump's friends.
Wrong then and still wrong.
Once again, we will see properly managed financial institutions make a killing while the weaker ones bottom fish, make money and then and end up belly up.
Dodd-Frank is not perfect legislation. But it is headed in the right direction. Its effectiveness is precisely why Trump wants to gut it.
Those who think it won't make a difference if it disappears because it didn't go far enough do not understand the legislation and regulations and modern banking.. And for those who think that the Great Recession was caused by the Community Reinvestment Act, that Heritage Foundation Kool-aid is way past its expiration date.
One question for Trump supporters: What contractually binding promises for increased employment has Trump exacted from his " friends" and from banks and other companies he benefits by loosening protections and granting tax breaks? None!
Back to the halcyon days of the Bush Administration where regulators thought their main mission was to encourage banks to expand their businesses. Banks would self-regulate because it was in their long term self- interest. The market would weed out the weak. Risk management? Risk management stifles business. Who needs it? Who needs increased capital for increased risk? We need that capital to make loans to Trump's friends.
Wrong then and still wrong.
Once again, we will see properly managed financial institutions make a killing while the weaker ones bottom fish, make money and then and end up belly up.
Dodd-Frank is not perfect legislation. But it is headed in the right direction. Its effectiveness is precisely why Trump wants to gut it.
Those who think it won't make a difference if it disappears because it didn't go far enough do not understand the legislation and regulations and modern banking.. And for those who think that the Great Recession was caused by the Community Reinvestment Act, that Heritage Foundation Kool-aid is way past its expiration date.
One question for Trump supporters: What contractually binding promises for increased employment has Trump exacted from his " friends" and from banks and other companies he benefits by loosening protections and granting tax breaks? None!
I think Trump probably had trouble getting bank loans after his bankruptcies and banks bailed him out, right? Who knows what twisted thinking goes into this but I know many banks have lobbied for its repeal. They are dying to give bad loans again. Trump is issuing so many "decrees" by executive order he is acting like a King with No Clothes. The death of the consumer protection agency and the recent repeal of Obama's ruling that financial advisers have to have their clients' interests at heart, not their own, are a "disaster," one ofTrump's own favorite words. He is the DISASTER. And after our country collapses, Steve Bannon will take over.
you profitmost with a future signal when investing in the markets, regulation would not effect you, same with the banks, if they had the right tool.
I remember writing a comment back in 2008 that "Democrats will, once again, pull your chestnuts out of the financial fire you've created and get us back to a place where Republican businessmen can start proclaiming "I'm my own man" and undoing it all again." Looks like that moment has arrived.
1
Why are all those "business leaders smiling?
Excuse me, it was those greedy public employees that brought about the financial collapse! You know, teachers, police, firefighters...! NOT bankers!
3
"There’s nobody better to tell me about Dodd-Frank than Jamie [Dimon, CEO of JPMorgan Chase], so you’re going to tell me about it. But we expect to be cutting a lot out of Dodd-Frank, because, frankly, I have so many people, friends of mine that have nice businesses that can’t borrow money, they just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank. So we’ll be talking about that, Jamie, in terms of the banking industry."
Well, we know that U.S. banks stopped lending HIM money because of his many business failures, bankruptcies, and refusal to pay debts. If his "friends" can't get loans, it just might be because of those pesky rules that require stupid stuff like collateral, liquidity, reserves, oversight, audits, etc.
The bankster's motto: privatize the profits, socialize the losses; we're too big to fail.
And the gall to cite Jamie Dimon as the D-F expert. The fox guarding the hen house. Why not ask, say, Mr. Frank?
Well, we know that U.S. banks stopped lending HIM money because of his many business failures, bankruptcies, and refusal to pay debts. If his "friends" can't get loans, it just might be because of those pesky rules that require stupid stuff like collateral, liquidity, reserves, oversight, audits, etc.
The bankster's motto: privatize the profits, socialize the losses; we're too big to fail.
And the gall to cite Jamie Dimon as the D-F expert. The fox guarding the hen house. Why not ask, say, Mr. Frank?
127
Can a pardon for Bernie Madoff be far behind?
1
It won't happen because Hillary didn't win.
When the banks go bust can I stop paying my mortgage? Should I withdraw cash from the bank and put it under my mattress? Will cash be worth anything?
Making rich people richer and leaving the middle class and poor people to struggle with low pay jobs and minuscule interest income from money market accounts from savings is the stuff that incites revolution.
Don the Con ran as a populist who was going to protect the forgotten man. He has surrounded himself with one-percenters and now wants to dismantle the law that is designed to prevent another Great Recession -- the economic and real estate collapse that caused so much damage to the "forgotten man". Wall Street can't believe its good luck! With Dodd Frank gone, Goldman Sachs and the rest of Wall Street can return to the risky days of casino banking where they operated with very high leverage and took massive speculative market positions. Trump's statement that his business friends can't borrow money because of Dodd Frank is a big LIE. There is plenty of available credit in the markets right now. Don the Con is a liar. The man who tells you his inaugural crowd was the biggest ever can't be believed about anything -- he has no credibility.
President Trump's rollingback (read destruction) of the Dodd-Frank Act is the thin edge of the catastrophic economic recovery wedge. The "Poison Pill for Recovery" as you put it. Our street-smart but unlettered and unfit President inherited an economy under President Obama that added 11.5 million jobs - financial stability and low unemployment - a platform for the 45th President to build upon. Instead, Trump's repeal of Dodd-Frank is demented as his executive order banning (Bannoning?) Muslims from 7 Middle Eastern countries from entering America the Beautiful. Repealing Dodd-Frank will not revive the job market. Wages have been too low for too long and only by raising wages throughout American industry will our economy at last help the lowest earners into economic well-being - a utopian dream if President Trump continues smashing our society - economy, melting-pot and all but the wealthiest of the plutocrats - to smithereens with his executive orders that spell catastrophe for the US during Trump's - hopefully very brief - administration.
Trump does not have any idea of economic policy or any other government affairs. He made the poor and middle class working people bigl time. He and the Republican Party is for the rich and by the rich. His cabinet has 4 billionaires and rest are multimillionaires. Mr.Trump is still active with his own business. To him, corruption is part of business and forget about legality or ethics or ordinary people are short changes. By deregulation Mr.Trump and his party will drive us to recession and Wall Street corruption. His voters will be very much disappointed . We all going to suffer.
To the middle Americans that support Donald Trump, I ask you to consider what you have done. Look at the picture of all the people sitting around the table while he signs an order that allows all these big corporate entities to have unfettered control of the market place. Did you enjoy losing your job, losing your house, watching your pension collapse, and your future unravel? Did you enjoying watching your taxpayer dollars bail out all the big financial corporations at YOUR expense? Did you enjoy watching these corporations' contriteness as they rewarded their CEOs with big bonuses while you were collecting unemployment which has long since run out? Did you notice that not a single labor or consumer advocate was at that table looking out for YOUR interest. And these regulations have been so harsh that, despite them, Wells Fargo was opening thousands of illegal accounts in customers' names without their consent. And pharmaceutical companies are gouging you with absolutely no pushback of consequence from anyone. Trump is your hero. He's saved a couple of thousand jobs ( Uh, 248,000 created in Obama's last month in office). Well while Wall Street, Donald Trump, and his buddies in the White House are wining and dining at your expense, maybe, just maybe they will think to toss a little scrap under the table to you. Nice Going.
196
I am aware of and FULLY honest about President Obama's imperfections and missteps. Things much easier to see in hindsight as Monday morning quarterbacking generally easier than on the field playing. Specifics for another time – here I speak to the overall picture:
Someday President Obama will formally get his justly deserved high place in our History. I say “formally” because most Americans (about 60%) and the World (about 70%) recognize the overall exceptional goodness of that man/President and the progress he at least tried to make.
The “establishment” will catch-up especially in light of the current massive tragedy in the making – a tragedy our hatefulness (of HRC), childish impulsiveness, apathy, and/or stupidity in voting or NOT voting spawned.
An illiberal tragedy in which few will fare OK or better, most will fare with palpable malaise, and more than a few will fare with to the core devastation.
DJT never has been a friend of the worker or the macro economy or the downtrodden. Why should he be now? He's a self aggrandizing egotistical conman.
Citizen on the street in Italy circa 1930: "Oh but he's so religious - he even gave the Church State's Rights ... and don't the trains now run on time ... and don't our children speak so much better .. and can't we now freely vacation in Ethiopia. And the Germans just adore us!"
Study History and think about it and WAKE UP.
Someday President Obama will formally get his justly deserved high place in our History. I say “formally” because most Americans (about 60%) and the World (about 70%) recognize the overall exceptional goodness of that man/President and the progress he at least tried to make.
The “establishment” will catch-up especially in light of the current massive tragedy in the making – a tragedy our hatefulness (of HRC), childish impulsiveness, apathy, and/or stupidity in voting or NOT voting spawned.
An illiberal tragedy in which few will fare OK or better, most will fare with palpable malaise, and more than a few will fare with to the core devastation.
DJT never has been a friend of the worker or the macro economy or the downtrodden. Why should he be now? He's a self aggrandizing egotistical conman.
Citizen on the street in Italy circa 1930: "Oh but he's so religious - he even gave the Church State's Rights ... and don't the trains now run on time ... and don't our children speak so much better .. and can't we now freely vacation in Ethiopia. And the Germans just adore us!"
Study History and think about it and WAKE UP.
1
Oligarchs "can't get any money". Just add it to the list. Just one item in the news of the day. It's early.
Impeach.
Not my president, not ever.
I deplore. Him; them; every one who wore the stupid hat or stupidly pulled a lever.
Look what you have done. Shame. Go ahead and circle your wagons; it's good practice for what's coming. Because of what you have done.
Impeach.
Not my president, not ever.
I deplore. Him; them; every one who wore the stupid hat or stupidly pulled a lever.
Look what you have done. Shame. Go ahead and circle your wagons; it's good practice for what's coming. Because of what you have done.
4
I am not afraid of Muslims or Mexicans or
refugees. I am afraid of the trump administration.
When a citizen lives in fear of those elected by the populace
, those for whom my tax dolllars pay , that is what
a dictatorship is called.
The president serves the people, not vice versa.
Donald is not a king even if he believes
himself to be. In the meantime the American
empire crumbles before our eyes.
I can honestly say I am ashamed to be American.
refugees. I am afraid of the trump administration.
When a citizen lives in fear of those elected by the populace
, those for whom my tax dolllars pay , that is what
a dictatorship is called.
The president serves the people, not vice versa.
Donald is not a king even if he believes
himself to be. In the meantime the American
empire crumbles before our eyes.
I can honestly say I am ashamed to be American.
7
A Billionaire is gonna care? My only anxiety is when to dive into Bonds and when should I leave the US?
Stupid Dems speak volumes when a 4 word motto would be so much more powerful. How many words were on Trump's hat?
Stupid Dems speak volumes when a 4 word motto would be so much more powerful. How many words were on Trump's hat?
How many times does Financial HOLOCAUST have to
Occur in America before Serious Laws and
Consequences become THE NORM ?
Mob Rule in Markets really Stinks!
Occur in America before Serious Laws and
Consequences become THE NORM ?
Mob Rule in Markets really Stinks!
1
He is truly a mile wide and an inch deep. I doubt he understands much about any of the regulations he is trying to dismantle. The little man behind the curtain is simply role playing. He is trying to be whatever he believes the people in the room want him to be. He is desperately seeking applause and accolades. At the prayer breakfast, the thrice married philandering liar is the "champion of religious freedom and christianity". With business leaders, the goof who has a trail of bankruptcies, business failures, litigation and massive debt now has the answer to all of their (nonexistent) problems. To the military, the draft dodging chicken hawk is going be their hero. ad infinitum, to coal miners, factory workers, civil rights groups, police...
I don't fault the people who fell for it and voted for him. He has been practicing this con for most of his life. I do hope all of my countrymen wake up and see him for what he really is. There are some encouraging signs.
I don't fault the people who fell for it and voted for him. He has been practicing this con for most of his life. I do hope all of my countrymen wake up and see him for what he really is. There are some encouraging signs.
1
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market. " No doubt both - as is the case with all of his policies.
2
He doesn't care. The march back to the pre-FDR era, when bankers, polluters, developers and tough guys were free to advance their economic interests regardless of the public consequences. Jobs? Just a sky-hook to lower the curtain over the give-away of our public and private lives to unbridled capitalism.
Care? What he cares about is strengthen the base of true believers through getting the government out of American's lives and setting them free to survive or fall. Effectively ending public education, urban development, environmental and financial regulation, public guarantees for needed medical care, and old-age security is a triumph. Not a triumph for jobs, Not a triumph for achieving the goal of "Making America Great Again." It is a triumph for those same Milton Friedman's "19th Century free marketeers" that brought us a world from which we fought to better for our children. It is a triumph for those swamp creatures whose 1%'er lives lives are lived on the backs of ordinary and extraordinary citizens.
Where is the 21st Century version of Charles Dickens? Our moral conscience, our public conscience, needs to be rekindled. Else wise, Trump' great revolution will succeed.
Care? What he cares about is strengthen the base of true believers through getting the government out of American's lives and setting them free to survive or fall. Effectively ending public education, urban development, environmental and financial regulation, public guarantees for needed medical care, and old-age security is a triumph. Not a triumph for jobs, Not a triumph for achieving the goal of "Making America Great Again." It is a triumph for those same Milton Friedman's "19th Century free marketeers" that brought us a world from which we fought to better for our children. It is a triumph for those swamp creatures whose 1%'er lives lives are lived on the backs of ordinary and extraordinary citizens.
Where is the 21st Century version of Charles Dickens? Our moral conscience, our public conscience, needs to be rekindled. Else wise, Trump' great revolution will succeed.
1
All the uncertainty and disruption caused by this blunderbuss slob will destroy confidence in the US economy. The man is a nihilist with a torch, and the longer you wait to cut him off, the more he will burn.
4
Reverse Glass-Steagall, and watch the economy grow. Increase allowable margin rates, and watch the economy grow. Allow numerous new investments from junk bonds to derivatives, with highly leveraged trades, and watch the economy grow.
The watch Long Term Capital Management disappear a few billion in a few months, and re-think the leverage margins.
But quietly restore high leverage under Bush, and let the SEC surrender the responsibility to the banks to monitor the risk of leveraged bundled mortgage securities, and watch the economy soar.
Then fail, and nearly start another Depression.
We write the regulations because without them, we allow people to strip the collective wealth out of the system, like a mountaintop mining, and leave the slag and desecration for the rest of the world to handle.
Trump is irresponsible and so is Congress. Hop in your bunker folks and wait for the next boom and bust. And hope it doesn't happen right before you need you savings for college or retirement.
The watch Long Term Capital Management disappear a few billion in a few months, and re-think the leverage margins.
But quietly restore high leverage under Bush, and let the SEC surrender the responsibility to the banks to monitor the risk of leveraged bundled mortgage securities, and watch the economy soar.
Then fail, and nearly start another Depression.
We write the regulations because without them, we allow people to strip the collective wealth out of the system, like a mountaintop mining, and leave the slag and desecration for the rest of the world to handle.
Trump is irresponsible and so is Congress. Hop in your bunker folks and wait for the next boom and bust. And hope it doesn't happen right before you need you savings for college or retirement.
123
Well it did happen to me right after my job was eliminated and I was too old to get another job. In 2008 my retirement saving were diminished by half, causing the financial insecurity I feel today. Today I feel even more insecure and afraid. What will this administration and the reprehensible Republican congress do to my Social Security that I rely on more than I thought I would and my Medicare? Thank you Trump voters, especially those who find themselves as financially insecure as I do. Good luck to all of us. The wealthy need not worry; they are set no matter who's in office. Was it Pogo who said "we have met the enemy and they are us."
ps A Republican 'friend' commented to me that my financial problems were do to smoking. Yes blame the victim and I would have to smoke a heck of a lot to equal what I lost. (yea I know smoking is bad for you, but I'm nervous.)
ps A Republican 'friend' commented to me that my financial problems were do to smoking. Yes blame the victim and I would have to smoke a heck of a lot to equal what I lost. (yea I know smoking is bad for you, but I'm nervous.)
So Trump "either does not understand or does not care" about the effects of repealing safeguards for banks? How naive are you? As Upton Sinclair famously said, "It is difficult to get a man to understand something, when his salary depends on his not understanding it." Change the word "salary" to the word "election" and there it is...
2
If only the American people would not have such short memories maybe they would stop shooting themselves in the foot. Dubya aka the last Republican President left behind him a complete mess yet the people of flyover country believed that the lucky spermer narcissist had their backs? Attribute it to short memories or ignorance what they have done is put a wolf I. Charge of the hen house. I pray that the intelligent Americans RESIST 45 FULL FORCE 24/7 365.
1
There's too much focus on whether Trump creates jobs. Let's not forget: Hitler promised jobs and he delivered on his word. He turned the German economy around remarkably well. The problem was that the jobs came with the rest of his agenda.
2
I knew he was vacuous, but Dodd-Frank bad legislation. Let's face it, it did not go far enough. But in a true Obama Admin style, something is better than nothing. Too long yes. Whose fault was that? The perps(banks) with their lobbying and hectoring from the peanut gallery.(should have been from a jail cell but that boat left) This might work, if they can cut through the other missions thrown out by the Idiot In Chief. But rue the day this law falls. Grab your wallet Hillbilly America cause your dough will be gone.
1
As the Washington Post and others have noted, he feeds on fear.... and lies. Really, really bigly ones.
Normal people tune it up when it needs a tweak.... he blows it up, to the cheers of pyromaniacs. Ooooh, look at my Big Boom !! Obama didn't have such big booms !
And neither we nor the press can avert our gaze.... as we wonder what's gonna blow next....
But Presidents need to be stewards. You don't toss your child out the window when it gets a 'B'.
He's a madman and he, and his fellow pyros, make me sick for the shameful waste of solid, reasonable progress that marks his every move.
Reason ? Just so much weakness to Mr. Hairclub.... I don't fear him.... I loathe him for the harm he does.
He's not a friend to the nation, the world, or those who have suffered. He's a distraction, a liar, a cheat, a fool, and a very dangerous megalomaniac.
Calling Congress.... Calling Schumer.... , Bernie, Pelosi, McCain, Collins, others.....
How many babies need to be tossed out the window before you say 'Enough' !! ??
You're our elected officials.... You're democracy, now...
Normal people tune it up when it needs a tweak.... he blows it up, to the cheers of pyromaniacs. Ooooh, look at my Big Boom !! Obama didn't have such big booms !
And neither we nor the press can avert our gaze.... as we wonder what's gonna blow next....
But Presidents need to be stewards. You don't toss your child out the window when it gets a 'B'.
He's a madman and he, and his fellow pyros, make me sick for the shameful waste of solid, reasonable progress that marks his every move.
Reason ? Just so much weakness to Mr. Hairclub.... I don't fear him.... I loathe him for the harm he does.
He's not a friend to the nation, the world, or those who have suffered. He's a distraction, a liar, a cheat, a fool, and a very dangerous megalomaniac.
Calling Congress.... Calling Schumer.... , Bernie, Pelosi, McCain, Collins, others.....
How many babies need to be tossed out the window before you say 'Enough' !! ??
You're our elected officials.... You're democracy, now...
4
Simply more proof that the fake President is nothing more than a man/child puppet dolt - who is in way over his head.
As Paul Krugman likes to say "Thanks, Comey."
As Paul Krugman likes to say "Thanks, Comey."
3
Students, our topic today is the relationship between financial regulation, panics and economic recession in U.S. history:
Panic of 1796/1797: U.S. recession
Panic of 1819: U.S. recession
Panic of 1837: U.S. recession
Panic of 1857: U.S. recession
Panic of 1873: U.S. recession
Panic of 1884: U.S. recession
Panic of 1893: U.S. recession
Panic of 1896: U.S. recession
Panic of 1901: U.S. recession
Panic of 1907: U.S. recession
Panic of 1929: U.S. Great Depression
1933: Financial regulation (passage of Glass-Steagall Act)
1999: Financial de-regulation (repeal of Glass-Steagall Act)
Panic of 2008: U.S. Great Recession
2010: Financial re-regulation (passage of the Dodd-Frank Reform Act)
2017: Proposed financial de-regulation
What conclusions do we take from this information?
Panic of 1796/1797: U.S. recession
Panic of 1819: U.S. recession
Panic of 1837: U.S. recession
Panic of 1857: U.S. recession
Panic of 1873: U.S. recession
Panic of 1884: U.S. recession
Panic of 1893: U.S. recession
Panic of 1896: U.S. recession
Panic of 1901: U.S. recession
Panic of 1907: U.S. recession
Panic of 1929: U.S. Great Depression
1933: Financial regulation (passage of Glass-Steagall Act)
1999: Financial de-regulation (repeal of Glass-Steagall Act)
Panic of 2008: U.S. Great Recession
2010: Financial re-regulation (passage of the Dodd-Frank Reform Act)
2017: Proposed financial de-regulation
What conclusions do we take from this information?
5
This student concludes that a poorly regulated business and financial community (plus the absence of effectively high marginal tax rates) leads to boom and bust economy.
Also, that the public doesn't get enough education in history and economics.
Also, that the public doesn't get enough education in history and economics.
1
WHAT financial de-regulation occurred from 1796 (!!!) to 1929, though? your list doesn't give any examples. It sounds pretty much like recessions happen every 10-20 years no matter what you do.
Also the "re-regulation" of Dodd Frank has only benefitted the wealthy, big business, and the 20,000 stock market -- not the average worker, who is still taking it in the shorts.
Also the "re-regulation" of Dodd Frank has only benefitted the wealthy, big business, and the 20,000 stock market -- not the average worker, who is still taking it in the shorts.
1
Gosh, mind the gap between '33 and '99 teacher, ok?
Off the gold standard in '73?
How about '87?
Off the gold standard in '73?
How about '87?
hello, Mr Bannon, where are you? You blamed the Jamie Dimon's of the world for crashing the economy and leaving the middle class in the lurch. Now your overlord is going to let them do it again. Starting with icing the fiduciary standard meant to protect retirement savings for the little guy since the business world cut everyday employees loose to figure out retirement in the 90s. A big wet kiss to the financial industry that you supposedly despise. So much for mr economic populism. You're just another sell out.
3
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge-and his opportunity-to fully revive the job market."
Does not understand or does not care? I believe it is reasonable to assume both.
Does not understand or does not care? I believe it is reasonable to assume both.
6
You whiners sure don't know your history. Or maybe the truth is just too inconvenient.
In 1998, the Clinton administration revoked the Glass-Steagall Act, which since the Great Depression had prevented commercial banks and investment banks from having anything to do with each other, let alone be merged into single institutions. Soon, they were. And those institutions obeyed the new federal law that made lenders give mortgages to people who couldn't afford mortgages by lending them the money, then chopping all those bad-by-definition loans into millions of bits, gluing them into new "instruments" called derivatives that no one could make sense out of, and getting that worthless paper off their hands by peddling it to clueless investors. The inevitable result - the collapse of 2008.
Dodd-Frank is such a weak shadow of Glass-Steagall that it is worthless. Ask all the Jamie Dimons of the banking world, who have raked in billions with criminal schemes like his "London whale", paying only a tiny fraction of their bank's profits, not their own loot, in fines, and never, heaven help us, going to jail for their crimes.
I know that you whiners are committed to convicting Trump for crimes he hasn't committed yet, but maybe he has swept aside a worthless piece of Obama trash so he can establish a control that really works. At least, let's wait and see before we hang him high.
Shall we?
In 1998, the Clinton administration revoked the Glass-Steagall Act, which since the Great Depression had prevented commercial banks and investment banks from having anything to do with each other, let alone be merged into single institutions. Soon, they were. And those institutions obeyed the new federal law that made lenders give mortgages to people who couldn't afford mortgages by lending them the money, then chopping all those bad-by-definition loans into millions of bits, gluing them into new "instruments" called derivatives that no one could make sense out of, and getting that worthless paper off their hands by peddling it to clueless investors. The inevitable result - the collapse of 2008.
Dodd-Frank is such a weak shadow of Glass-Steagall that it is worthless. Ask all the Jamie Dimons of the banking world, who have raked in billions with criminal schemes like his "London whale", paying only a tiny fraction of their bank's profits, not their own loot, in fines, and never, heaven help us, going to jail for their crimes.
I know that you whiners are committed to convicting Trump for crimes he hasn't committed yet, but maybe he has swept aside a worthless piece of Obama trash so he can establish a control that really works. At least, let's wait and see before we hang him high.
Shall we?
2
"I know that you whiners are committed to convicting Trump for crimes he hasn't committed yet..."
From the "LOCK HER UP!" side over a perfectly legal, and turns out safe, private email server.
From the "LOCK HER UP!" side over a perfectly legal, and turns out safe, private email server.
"...maybe he has swept aside a worthless piece of Obama trash so he can establish a control that really works."
Nice dream, but the president has given no indication whatsoever that he is even leaning that way, let alone holding some super-great awesome new secret plan up his sleeve. I don't think that this is a situation where all you have to do is wish real real hard upon a star and have your dreams come true. Sad.
Nice dream, but the president has given no indication whatsoever that he is even leaning that way, let alone holding some super-great awesome new secret plan up his sleeve. I don't think that this is a situation where all you have to do is wish real real hard upon a star and have your dreams come true. Sad.
Crony capitalism on the scale of the friends of Trump in the room signals a recession of grand scale. These guys welcome recession stupid. Cheap labor, bargains galore, even weaker regulations! Historians should offer crash courses on the impact of recession on the super rich.
2
Why should he? The people who elected him won't notice.
He bans immigrants from countries that have never supplied terrorists and leaves immigrants from countries that have. "Protection!"
He wants to lower taxes on the rich and even more on the super rich. "Populism!"
He has clear and overt conflicts of interest despite rules and laws that were set up to avoid even the appearance of conflicts of interest. "Drain the swamp!"
He cheats on his wives, steals from his customers, sends soldiers to die, then is hosted by supposedly conservative evangelical Christians. "My Mom read me her bible!"
When PT Barnum said, "There's a sucker born every minute," he was talking about Trump's philosophy of life.
And the people who voted for him are deliriously happy at what a great job he is doing cleaning up Washington.
He bans immigrants from countries that have never supplied terrorists and leaves immigrants from countries that have. "Protection!"
He wants to lower taxes on the rich and even more on the super rich. "Populism!"
He has clear and overt conflicts of interest despite rules and laws that were set up to avoid even the appearance of conflicts of interest. "Drain the swamp!"
He cheats on his wives, steals from his customers, sends soldiers to die, then is hosted by supposedly conservative evangelical Christians. "My Mom read me her bible!"
When PT Barnum said, "There's a sucker born every minute," he was talking about Trump's philosophy of life.
And the people who voted for him are deliriously happy at what a great job he is doing cleaning up Washington.
2
Trump's ear is taken by whomever is standing closest to him, and his brain inputs nothing but that. Right now it's Goldman-Sachs and Steve Bannon who enthrall the "Great Oz", ala Trump. He will act to please them until they are either pushed aside by some other ingrates, or beaten down by a Congress with some ethics or common sense. Until then we can expect more of the same, fine inspiring "greatness" from Mr. Trump.
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market."
Unfortunately, its those who voted for Trump who neither really understood nor cared.
Unfortunately, its those who voted for Trump who neither really understood nor cared.
4
Mr. Trump has now reached his most cherished goal, to be able to watch his own bank account grow and grow and to let the peons of America pay for it. He's no better than any of the other despots of the world. At least he will have to protect America better now to keep those rubles, er, dollars rolling. We who live under the NATO umbrella have taken notice and can sleep better now.
1
All the flurry in signing these Executive Orders, rolling back protections and improvements [read healthcare] for the ordinary citizen.
Nominating to head our agencies the very people who want to dismantle them.
When is Trump going to write that Executive Order and demand the GOP Congress to enact the legislation to invest in and rebuild our crumbling third world infrastructure?
Wasn't that one of Trump's big promises to his voters?
So far all he's been doing is dismantling our government and the health and economic protections of ordinary citizens.
Nominating to head our agencies the very people who want to dismantle them.
When is Trump going to write that Executive Order and demand the GOP Congress to enact the legislation to invest in and rebuild our crumbling third world infrastructure?
Wasn't that one of Trump's big promises to his voters?
So far all he's been doing is dismantling our government and the health and economic protections of ordinary citizens.
1
When Donald Trump was running for president, he had disproportionate support from the wealthy looking for more tax cuts and from the heads of international corporations looking for tax-free repatriation of funds currently offshore.
As we know, candidate Trump also had disproportionate support from angry, white working-class voters who believed his claims to be a populist.
In spite of clear evidence that Mr. Trump and Republican leaders are interested in shifting more tax burden on workers, those voters resist accepting that they were manipulated by campaign rhetoric to vote in November against their personal economic interests.
This editorial is correct about the connection between Dodd-Frank and employment. The connection, however, though very real, is indirect. There is no straight line to follow.
If America’s working people cannot see the very direct and obvious connection between the Trump love of crony capitalism and the falsity of his proclaimed populism, how can we expect them to grasp the more subtle threat of a Dodd-Frank repeal?
As we know, candidate Trump also had disproportionate support from angry, white working-class voters who believed his claims to be a populist.
In spite of clear evidence that Mr. Trump and Republican leaders are interested in shifting more tax burden on workers, those voters resist accepting that they were manipulated by campaign rhetoric to vote in November against their personal economic interests.
This editorial is correct about the connection between Dodd-Frank and employment. The connection, however, though very real, is indirect. There is no straight line to follow.
If America’s working people cannot see the very direct and obvious connection between the Trump love of crony capitalism and the falsity of his proclaimed populism, how can we expect them to grasp the more subtle threat of a Dodd-Frank repeal?
119
But....but...Hillary had had a private email server!
1
Hardly a surprise. He just stumbled on some Orwellian 15 minutes of hate by exciting his "base" to their base instincts "lock her up" "build a wall" etc etc. Propaganda. A bit of window dressing with some ill conceived exec orders to pander to his base while going ahead and doing the real business of following the orders of the extreme right wing of the GOP.
On rolling back Dodd Frank and on the EPA - this is actually the act of a reckless despot. So clearly against the interests of the citizenry - and our children.
The only good thing is that when the next financial calamity hits, which it will and all the sooner and worse it will be without Dodd Frank, we can blame Trump, and even his crazed mob of followers will have to see the truth.
Janet Yellen. Wait for a few more months- a bit further into his presidency - then pull the trigger.
On rolling back Dodd Frank and on the EPA - this is actually the act of a reckless despot. So clearly against the interests of the citizenry - and our children.
The only good thing is that when the next financial calamity hits, which it will and all the sooner and worse it will be without Dodd Frank, we can blame Trump, and even his crazed mob of followers will have to see the truth.
Janet Yellen. Wait for a few more months- a bit further into his presidency - then pull the trigger.
4
You wrote: "So clearly against the interests of the citizenry - and our children."
My younger sister, on Facebook, was arguing with an friend, and I use that term lightly, and she asked that very question. "Scott. Think about your children." And people are surprised to hear me say that I am not looking forward to becoming a new grandfather in a few months!
My younger sister, on Facebook, was arguing with an friend, and I use that term lightly, and she asked that very question. "Scott. Think about your children." And people are surprised to hear me say that I am not looking forward to becoming a new grandfather in a few months!
1
Mr. Trump claims he's a smart guy but he folded like a lawn chair to Big Pharma as well this week totally destroying his major campaign promise on negotiating drug prices. The LA times head lined "The $2.5-billion mistake: A gullible Trump bought into Big Pharma's inflated claim about drug R&D costs http://fw.to/6nJcuFg
Something is very wrong with our President he says one thing and does another. He can't be trusted on anything. He not only sold out seniors. he stabbed the house republicans in the back as well. Without negotiated drug prices healthcare goes in the toilet and republicans lose their majorities in congress. Mr. Trump don't care its part of his alternative reality mind set. God help us "all".
Something is very wrong with our President he says one thing and does another. He can't be trusted on anything. He not only sold out seniors. he stabbed the house republicans in the back as well. Without negotiated drug prices healthcare goes in the toilet and republicans lose their majorities in congress. Mr. Trump don't care its part of his alternative reality mind set. God help us "all".
2
Two points.
Every time the reactionaries are allowed to try a laissez fair economy it blows up in their face and leaves the rest of us poor and picking up the pieces. The Roaring Twenties, Reagan and his twin recessions, and of course 'W'. Remember our history. These guys can't manage an economy: just steal from it.
You can't just 'rollback' Dodd-Frank. It is law and can not be changed by presidential fiat. To get real changes made he will have to go through Congress. Easy you say under reactionary party control. Not really. Everyone has a different look on this and their would be plenty of disagreement on their side as well as a filibuster from the Dems in the Senate.
More hot air and frighting imagery from president tweety bird.
Every time the reactionaries are allowed to try a laissez fair economy it blows up in their face and leaves the rest of us poor and picking up the pieces. The Roaring Twenties, Reagan and his twin recessions, and of course 'W'. Remember our history. These guys can't manage an economy: just steal from it.
You can't just 'rollback' Dodd-Frank. It is law and can not be changed by presidential fiat. To get real changes made he will have to go through Congress. Easy you say under reactionary party control. Not really. Everyone has a different look on this and their would be plenty of disagreement on their side as well as a filibuster from the Dems in the Senate.
More hot air and frighting imagery from president tweety bird.
133
This is what we get when a president is surrounded by yes people. Where are the advisors? My jaw continues to remain on the floor while the child in the white house barks out orders that were clearly never researched or challenged by his staff. Does anyone know if he took a copy of the constitution from Yates office? It would do him some good to pin it onto a wall and look at it continuously prior to sending out any more executive actions. PPPPFFFFTTTT.
1
Wow New York Times. You're starting to sound like Bernie supporters. Better late than never, I guess.
3
I feel like we are all trapped in Spockian ways of thinking about Trump by trying to analyze the logic in obviously illogical conduct. The vast majority of people wo voted for an overtly obvious malignant, lying, ignorant, huckstering, infantile narcissist not because of anything logical but because of pure emotion and that emotion was hate - self hatred as well as hatred of anyone different from themselves.
To try and look at anything Trump does in logical terms is a fools errand. The insane have taken over what is arguably the somewhat insane nature of the human experience and right now our focus needs to be less on what made Trump and his followers so maliciously crazy and more on how we take back control of the insane asylum.
To try and look at anything Trump does in logical terms is a fools errand. The insane have taken over what is arguably the somewhat insane nature of the human experience and right now our focus needs to be less on what made Trump and his followers so maliciously crazy and more on how we take back control of the insane asylum.
2
We're at a pivotal crossroads. Trump is so singularly unqualified by background and temperament that people are nervous. Many hope he will shoot himself in the foot. He'll probably do that, but the collateral damage to the people of this country could have tragic results in human terms.
We march forward or slide backwards. In the 1950s, Senator Joe McCarthy led a crackdown on alleged Communist sympathizers, which resulted in numerous people in Hollywood, union activists and university professors being questioned before the HUAC. Some were imprisoned. The lines between alleged Communist sympathizers and people in line with McCarthy were sharply drawn.
We have plenty to worry about Trump's hands on Dodd-Frank. He's a man-boy who wants what he wants when he wants it to benefit himself, with many of us being losers.
The McCarthy scenario seems anathema to our 21st century world. I was a small child. It was not that long ago.
Trump's combined political inexperience and his narcissism make it difficult to assess what he might do. We've seen him be erratic.
Like McCarthy, he fears and demonizes otherness. Like McCarthy, he's single-minded. Like McCarthy, the potential for collateral damage is real. Like McCarthy, he always succeeds in achieving his goal.
We march forward or slide backwards. In the 1950s, Senator Joe McCarthy led a crackdown on alleged Communist sympathizers, which resulted in numerous people in Hollywood, union activists and university professors being questioned before the HUAC. Some were imprisoned. The lines between alleged Communist sympathizers and people in line with McCarthy were sharply drawn.
We have plenty to worry about Trump's hands on Dodd-Frank. He's a man-boy who wants what he wants when he wants it to benefit himself, with many of us being losers.
The McCarthy scenario seems anathema to our 21st century world. I was a small child. It was not that long ago.
Trump's combined political inexperience and his narcissism make it difficult to assess what he might do. We've seen him be erratic.
Like McCarthy, he fears and demonizes otherness. Like McCarthy, he's single-minded. Like McCarthy, the potential for collateral damage is real. Like McCarthy, he always succeeds in achieving his goal.
89
"Many hope he will shoot himself in the foot." He already has! It makes no difference to a Trump supporter and it makes no difference to all but a very few Republicans. The Trump supporters want to believe. The Republican legislators only want reelection money.
I guess banks and other financial institutions are incapable of turning a profit without ripping off their customers. SO SAD!!
121
Sad is when your puppy gets sick. This is criminal.
Can we just quit now and start over? The poison has spread so far I can't imagine how we proceed. I can't believe a thing that Trump says. Now I'm supposed not to believe the "Liberal" press? Like the NYTimes.
I thought that law school would at least teach me to discern fact from fiction. That didn't work.
Am I supposed to believe a pack of lies? Is that my only choice?
I'm not a moralist, I don't really care whatever other people say or do. Just leave me alone, at least in terms of morality and personal stuff. Treat people with dignity. That seems to be beyond Trump, the Don Rickles of politicians.
Or Howard Stern.
I'm old, I don't belong, I get that. But does this Orange( or whatever color) Haired One get to take everything? For the pure fun of it? See, I've sunk to name calling,
I don't see a way back to decency. Mr. Trump, you've won.
America, you're Fired.
I thought that law school would at least teach me to discern fact from fiction. That didn't work.
Am I supposed to believe a pack of lies? Is that my only choice?
I'm not a moralist, I don't really care whatever other people say or do. Just leave me alone, at least in terms of morality and personal stuff. Treat people with dignity. That seems to be beyond Trump, the Don Rickles of politicians.
Or Howard Stern.
I'm old, I don't belong, I get that. But does this Orange( or whatever color) Haired One get to take everything? For the pure fun of it? See, I've sunk to name calling,
I don't see a way back to decency. Mr. Trump, you've won.
America, you're Fired.
3
Funny that you would say that he's "been lucky enough to have "inherited" an economy..."That's at least the second time in his life that he got a good head start...just like W. But let us not digress as Gail would say.
The point I want to make is that you're cutting him way too much slack when you wonder if he does not understand this or may believe that when trying to explain why he would scrap Dodd-Frank. He says and does really foolish things, but he isn't an idiot or the complete idiot he would have to be for him not to understand what he is doing. He knows.
The sooner everybody realizes that, the better the resistance can get organized
The point I want to make is that you're cutting him way too much slack when you wonder if he does not understand this or may believe that when trying to explain why he would scrap Dodd-Frank. He says and does really foolish things, but he isn't an idiot or the complete idiot he would have to be for him not to understand what he is doing. He knows.
The sooner everybody realizes that, the better the resistance can get organized
3
The United States of Amnesia cannot be reminded of how unfettered financial speculation leads to major upheavals. The moneyed class knows that if it all implodes again John Q. Taxpayer is standing by.
One wonders if the Trumpian 'base' is beginning to wake up to the historic betrayal that their Hero is cooking up for them. You have to hit that particular donkey especially hard with the plank.
One wonders if the Trumpian 'base' is beginning to wake up to the historic betrayal that their Hero is cooking up for them. You have to hit that particular donkey especially hard with the plank.
3
Obviously this President lacks dramatically of intelligence ( even of common sense), the ability to comprehend the complexity of life in general and to understand political and economic connections specifically. He doesn´t even have the skill or discipline to follow up and think through the consequences when his simple advertising messages are put into action ( not coordinated with anybody who might have an idea about the whole field). He seems to see advice as insulting and doesnt allow anything than his own interpretation of the world. Thats a real disaster. And all these head over heels decisions dont only influence the US, which would be bad enough, but also the EU (and the rest of the world) .The financial crisis ( which began in the US, but was managed fairly well by Obama in the US and Merkel in the EU) is not quite settled here and the deregulation wont make the situation better, no matter what rules we have here, we are interconnected. 4 years of this? OMG!
Dear New York Times & New York Times Editorial Board-
Re: Adult in the Room
Do you realize you are able to help steer Trump, but when you, for example, write about the doctor's hair-growth prescription with attendant headline, and put Joshua Kushner on the first page and above-the-fold, the Time's influence is undercut? Would you be able to pay attention if furious? Nonetheless, the Editorial Board is always extraordinarily instructive, as far as I can tell. Thank you for this!
Re: Adult in the Room
Do you realize you are able to help steer Trump, but when you, for example, write about the doctor's hair-growth prescription with attendant headline, and put Joshua Kushner on the first page and above-the-fold, the Time's influence is undercut? Would you be able to pay attention if furious? Nonetheless, the Editorial Board is always extraordinarily instructive, as far as I can tell. Thank you for this!
1
The article about the doctor and the hair-growth prescription were not simple cheap shots, vulgar and pretty much eradicated any idea that the NYT or the left are "classier" or "going high when Trump goes low" -- but a serious violation of HIPPA patient privacy laws. Would you want YOUR doctors going public to tell your ENEMIES every embarrassing detail of your medical records? How does knowing Trump takes Propecia (a perfectly legal, harmless medication) in any way benefit the national discussion about HIS POLICIES???
And you have opened the door to the next POTUS having the same kind of scrutiny of THEIR personal medical records: what would the left have said if we were shown that Hillary took hormone replacement pills? or had urinary incontinence? or would they see that it was a horrible, ugly, pointless invasion of her privacy?
And you have opened the door to the next POTUS having the same kind of scrutiny of THEIR personal medical records: what would the left have said if we were shown that Hillary took hormone replacement pills? or had urinary incontinence? or would they see that it was a horrible, ugly, pointless invasion of her privacy?
1
Although I think the Editorial Board is attuned - perhaps always - to importance of what's said by them, all too often the writers follow the herd, truths are embellished, and even slants are enjoyed by this powerful group as self-righteous vengeance. One gets the sense it's a stable of young writers there. Sadly, there is no room for this now. WWIII anybody? Need I say more?
The banksters are getting free rein to loot our financial system again. After the crash, they will escape with millions even if prosecuted, while smaller investors will lose.
Trump and his ilk, of course, are hoping for prices to crash so they can swoop in and buy more real estate and other devalued properties. Vulture capitalists.
Trump and his ilk, of course, are hoping for prices to crash so they can swoop in and buy more real estate and other devalued properties. Vulture capitalists.
Mr. Trump consulting the bank executives on Dodd-Frank is akin to the warden asking the prisoners what kind of jail bars they would prefer. For their unbridled greed which led to the 2008 financial collapse many of these executives deserve to be behind bars. Even now they will not hesitate to pull any trick to cheat their customers to line their pockets, for example Wells Fargo. But then it is no surprise Mr. Trump is comfortable in their company, he is the one who started that "University".
As for the gleeful republicans who will parade in for the photo-op when this Dodd-Frank is dismantled, contempt is too nice a word. They have once again proved that they are not for the people, just for themselves.
As for the gleeful republicans who will parade in for the photo-op when this Dodd-Frank is dismantled, contempt is too nice a word. They have once again proved that they are not for the people, just for themselves.
153
The GOP doesn't really care about the nation, its voters, its needs, and the Constitution. Any sex worker on the streets could do a better job.
What lousy idea does Trump and his collaborators not embrace? Why do they hate this country?
2
David Henry,
They hate this country because these are people who have such a profound self- hatred all they know is hate (fear). They are sadist addicts as a result. Hurting others feels good to people like this. It is a high.....at least momentarily and then repeat, repeat.
March on April 15 2017
taxmarch.org
They hate this country because these are people who have such a profound self- hatred all they know is hate (fear). They are sadist addicts as a result. Hurting others feels good to people like this. It is a high.....at least momentarily and then repeat, repeat.
March on April 15 2017
taxmarch.org
The Dodd-Frank act was, of course, some members of Congress trying to partially undo the damage it did when it voted to repeal the Glass-Steagall act. It was sadly, also an admission by Congress that it did not have the intestinal fortitude to re-enact Glass-Steagall.
Wall street, apparently not happy enough to be able to gamble with other peoples money also wants the government to be there for another bailout when its had a very bad month and cannot pay its gambling debts.
As for our idiot King Donald and his Svengali, they become more of an embarrassment every day and will soon need a war in order to try and rally the country to their side.
Wall street, apparently not happy enough to be able to gamble with other peoples money also wants the government to be there for another bailout when its had a very bad month and cannot pay its gambling debts.
As for our idiot King Donald and his Svengali, they become more of an embarrassment every day and will soon need a war in order to try and rally the country to their side.
142
Recall that it was the revered Bill Clinton who chose to abolish Glass-Steagall, a most unwise idea.
Much truth being spoken in these comments. And well written and carefully developed. Now, be brave commenters, send these thoughts to the president, your representatives and the captains of industry. You will need to put your name, address and even your phone number and email on these missives if you expect to be taken seriously. The members of congress and the executive branch will not even allow you to email them if you don't include this identifying information. Let's see exactly how serious you are? I do it. At least once a week. It is the best option to express your thoughts and perhaps get some change.
Our coveted financial services industry were licking their chops when the Founding Fathers only mistake, the Electorial College. deposited Donald into our lives. And so the idea that he would threaten Dodd-Frank really shouldn't surprise anyone. No doubt The Consumer Financial Protection Bureau is next, all with the blessing of the Den of Thieves that is the U.S. Congress.
The next four years might be the most consequential in our nation's history. The Very Big Problem is that all three branches of government are controlled by the Very Worst People.
So it's less than even money that he will either be impeached before the Depression or the Depression will impeach all of us, rich and poor.
The next four years might be the most consequential in our nation's history. The Very Big Problem is that all three branches of government are controlled by the Very Worst People.
So it's less than even money that he will either be impeached before the Depression or the Depression will impeach all of us, rich and poor.
The first thing about the financial system is that it was not truly reformed after 2008. The banks dug in and were able to preserve the leverage model where they can control $10 to $30 of assets for every $1 of capital. (This is like buying a $3m house on $100K down - something banks don't allow citizens to do, by the way, because it isn't safe).
The banks had to accept more restrictive rules (Dodd-Frank) as the cost, but were willing to do so because their top priority was to preserve the leverage model, without which most of their speculative activities would cease to be profitable. The long-term plan was always to hunker down, survive years of DF and then push to have it rolled back at some more auspicious future date.
That time has now arrived. While it is happening under a Trump administration the fact is that it was on the cards anyway. This was always the banks long game.
A repeat of 2008 is eminently likely, sooner or later, and with or without DF, because the financial system still carries way too much risk. To be fair to Trump (sickening as that may be), he is basically just tagging along with the inadequate policies of Obama and the Europeans. Real reform (which DF is not) will only come after the next crash.
The banks had to accept more restrictive rules (Dodd-Frank) as the cost, but were willing to do so because their top priority was to preserve the leverage model, without which most of their speculative activities would cease to be profitable. The long-term plan was always to hunker down, survive years of DF and then push to have it rolled back at some more auspicious future date.
That time has now arrived. While it is happening under a Trump administration the fact is that it was on the cards anyway. This was always the banks long game.
A repeat of 2008 is eminently likely, sooner or later, and with or without DF, because the financial system still carries way too much risk. To be fair to Trump (sickening as that may be), he is basically just tagging along with the inadequate policies of Obama and the Europeans. Real reform (which DF is not) will only come after the next crash.
Do we need any more reason to bring about the removal of Trump from office in one way or another.
A serious an immediate effort to impeach Trump must begin now.
An impeachment effort could well lead him to resign.
Such a result would save us from his chaotic behavior and the dangerous inclinations he demonstrates on a daily basis.
Trump is what he is and that is a self-centered person interested only in his own affairs, his personal financial survival, his business practices, and his own aggrandizement.
For the rest of us he will only prove to be a disaster - sooner or later.
His lack of understanding of what Dodd-Frank is all about is indicative of his total lack of fitness for an office that requires his obligation to be the president of ALL the people.
In addition remember that sitting presidents can be sued as citizens.
So any one person or any group with an inkling of a case - step up immediately as a patriotic duty. (My check will be in the mail.)
Trump needs to be distracted posthaste - with his feet held to the fire.
An end to his political survival and his term in office must be the only goal.
The "greatness" of America depends on it.
A serious an immediate effort to impeach Trump must begin now.
An impeachment effort could well lead him to resign.
Such a result would save us from his chaotic behavior and the dangerous inclinations he demonstrates on a daily basis.
Trump is what he is and that is a self-centered person interested only in his own affairs, his personal financial survival, his business practices, and his own aggrandizement.
For the rest of us he will only prove to be a disaster - sooner or later.
His lack of understanding of what Dodd-Frank is all about is indicative of his total lack of fitness for an office that requires his obligation to be the president of ALL the people.
In addition remember that sitting presidents can be sued as citizens.
So any one person or any group with an inkling of a case - step up immediately as a patriotic duty. (My check will be in the mail.)
Trump needs to be distracted posthaste - with his feet held to the fire.
An end to his political survival and his term in office must be the only goal.
The "greatness" of America depends on it.
4
How many times must it be said that regulations do not sprout out of the ground autonomously. They are the direct CONSEQUENCES of infractions, crimes, abuses, frauds. If you want to be protected from harm, we must have a way to indicate that if you commit a crime, you will pay for it. These indications we call laws, in other words, regulations. There is a sure, quick cure for regulations: Stop cheating, stop polluting, stop misinforming customers, stop using harmful products. We will be happy to remove the regulations.
2
As with all of Trump’s proposals his threats to take an axe to Dodd Frank is based on laughably fallacious simplicity and bloviating, hollow rhetoric sprinkled with headline grabbing hyperbolic promises. “Trust me to put money back in the hands of the job creators. I’ll kill Dodd Frank and instantly all companies will begin churning out widgets and hiring as never before. It will be amazing!” he says.
Well here is what the Dodd Frank law does:
1. It places new limits on risky speculation by commercial banks,
2. It establishes a Consumer Financial Protection Bureau to prevent predatory lending practices.
3. It establishes capital and liquidity requirements for major financial institutions
4. It establishes the Interagency Financial Oversite Council to oversee the likes of non-banks like AIG
5. It sets up derivative trading controls to prevent the free for all of default swap gaming.
6. It allows the FDIC to prevent disastrous accumulation of wealth in mega banks without plans to liquidate in an orderly fashion.
Well here is what the Dodd Frank law does:
1. It places new limits on risky speculation by commercial banks,
2. It establishes a Consumer Financial Protection Bureau to prevent predatory lending practices.
3. It establishes capital and liquidity requirements for major financial institutions
4. It establishes the Interagency Financial Oversite Council to oversee the likes of non-banks like AIG
5. It sets up derivative trading controls to prevent the free for all of default swap gaming.
6. It allows the FDIC to prevent disastrous accumulation of wealth in mega banks without plans to liquidate in an orderly fashion.
1
The Times is being deceitful about why Travis Kalanick decided to leave Trump's business advisory council. He quit because his employees were in open revolt. Just when it is more important than ever that there be sane and wise counsel to counterbalance the hotheads in the Administration, the diehards among Uber's employees have chosen to put their spite and sour grapes ahead of the interests of the country. (Disclosure: I did not vote for Trump). If that sounds familiar, it is because the Times has been equally irresponsible.
As for Dodd-Frank, the Times believes that that legislation has repealed the business cycle and has stabilized our financial system. But if Dodd-Frank deserves any of the credit for today's "stability," it has done so by giving us one of the most long drawn-out and painful recoveries in decades. Yes, our economy has been stable in the same sense that a corpse is stable. The Times can call that being "responsive to human and economic needs," if it wants. But it won't find anyone to support that view among the workers who suffered through job loss and prolonged unemployment -- and depressed wages. Take a bow, Times!
As for Dodd-Frank, the Times believes that that legislation has repealed the business cycle and has stabilized our financial system. But if Dodd-Frank deserves any of the credit for today's "stability," it has done so by giving us one of the most long drawn-out and painful recoveries in decades. Yes, our economy has been stable in the same sense that a corpse is stable. The Times can call that being "responsive to human and economic needs," if it wants. But it won't find anyone to support that view among the workers who suffered through job loss and prolonged unemployment -- and depressed wages. Take a bow, Times!
1
WHISTLEBLOWERS: we need you to make public Trump's tax returns, Russian connections, actual health concerns.
You can be anonymous and leak to respected media.
SCOTUS: time to step up on this provably-tainted election. You already have the facts supporting the same. Declare a state of emergency. We already know this election is not the will of the people. Trump and Pence must be replaced by holding a new presidential election.
Let's lead the world and demonstrate how a true democracy works by admitting and solving our problems caused by this tainted election fiasco.
You can be anonymous and leak to respected media.
SCOTUS: time to step up on this provably-tainted election. You already have the facts supporting the same. Declare a state of emergency. We already know this election is not the will of the people. Trump and Pence must be replaced by holding a new presidential election.
Let's lead the world and demonstrate how a true democracy works by admitting and solving our problems caused by this tainted election fiasco.
1
And how does this help "the little guy" or "the little gal"? Trump!
1
Big, money-center banks can cope well enough and supply themselves with the extra capital and compliance staff to meet Dodd-Frank regulations.
Small and mid-size regional banks, on the other hand, are being really hobbled by D-F controls and regs. They can't meet the demands D-F makes on their not-vast resources. And so small businesses, who borrow regionally, *cannot *get *loans.
That's why D-F needs substantial modification. Small business is having a terrible time.
Small and mid-size regional banks, on the other hand, are being really hobbled by D-F controls and regs. They can't meet the demands D-F makes on their not-vast resources. And so small businesses, who borrow regionally, *cannot *get *loans.
That's why D-F needs substantial modification. Small business is having a terrible time.
8
This is a point the Times should look into. There are two principal ways to monopolise an industry. The first is ruthless competition on prices and product quality so that the least cost firm can drive the rest out of business. That was the original model for US businesses, and the reason for all the regulations and suits against AT&T and its Bell Labs.
The second is to control or create a resource or some other essential item for continued business operation, and use it to raise your rivals' costs until they give up. In an earlier era pattern agreements with unions were an effective way to do this: the low cost firm paid high wages that other firms had to match, so their margins were squeezed.
Paying higher wages is no longer necessary. Propose active regulations that work on a one-size fits all model, and you raise every firm's fixed costs: they need a legal department keeping in active contact with the regulator . . .
The smaller the firm, the greater the impact. This works very well in pharma, the regulator being the FDA. It worked well in utility regulation, and still does, where the vehicle was the state and federal commissions. It works well with environmental regulation . . .
If the comments above are correct, then the big banks found a way to cripple their smaller rivals with a burden that only they can carry.
Since the big banks are uninterested in local knowledge and local businesses it certainly harms entrepreneurs and small businesses.
The second is to control or create a resource or some other essential item for continued business operation, and use it to raise your rivals' costs until they give up. In an earlier era pattern agreements with unions were an effective way to do this: the low cost firm paid high wages that other firms had to match, so their margins were squeezed.
Paying higher wages is no longer necessary. Propose active regulations that work on a one-size fits all model, and you raise every firm's fixed costs: they need a legal department keeping in active contact with the regulator . . .
The smaller the firm, the greater the impact. This works very well in pharma, the regulator being the FDA. It worked well in utility regulation, and still does, where the vehicle was the state and federal commissions. It works well with environmental regulation . . .
If the comments above are correct, then the big banks found a way to cripple their smaller rivals with a burden that only they can carry.
Since the big banks are uninterested in local knowledge and local businesses it certainly harms entrepreneurs and small businesses.
1
The most important goal of the current Administration is to make Billionaires into Trillionaires.
And to make sure absolutely nothing gets in the way.
And to make sure absolutely nothing gets in the way.
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I guess I can understand why a reasonable person might think the Dodd-Frank reforms were too cumbersome. I'm not that person, but...
On the other hand, who on earth could think that your financial advisor should not be obligated to put your interests first? The Republicans are sweeping this away with their Dodd-Frank "reforms". Who are they helping? Not me and not you, I bet.
What we have here is oligarchic crony capitalism. We deserve better.
On the other hand, who on earth could think that your financial advisor should not be obligated to put your interests first? The Republicans are sweeping this away with their Dodd-Frank "reforms". Who are they helping? Not me and not you, I bet.
What we have here is oligarchic crony capitalism. We deserve better.
We can have full employment with many more Americans working and getting paid. Jump on the roller coaster: we would also get more recessions, deeper recessions and lots of wild and illegal activities by business people, stock traders, investment banks and on Wall Street generally. You wanna have a party? Be ready for the hangover.
During and for a time after my college years, I lived and worked in Texas, my family home state by parents and long ancestry. There, it is believed if you do anything at all that might just slow down business, you must be a communist or in league with the devil. As long as Daddy has a job, don't touch a thing. On crossed telephone lines, I once overheard a conversation of two people plotting to dump toxic wastes in the Texas outback and it struck me as being pretty close to "the Texas way": whatever you can get away with is super fine.
The point is this: reasonable regulation sets the boundaries by which business can thrive. Without guidelines, the jungle bred instincts of corporate lions come out like Dracula's fangs on a full moon night. In its rawest form, business is about trying to destroy others so you can have more, or it all, for yourself.
I hate stupid regulations. I hate being told by a banker that he can't even consider my needs. But, remember this: business people have a very narrow view of life. Anything that makes my job harder is bad. Most don't stop to realize that rules also make their lives better when they work within them.
During and for a time after my college years, I lived and worked in Texas, my family home state by parents and long ancestry. There, it is believed if you do anything at all that might just slow down business, you must be a communist or in league with the devil. As long as Daddy has a job, don't touch a thing. On crossed telephone lines, I once overheard a conversation of two people plotting to dump toxic wastes in the Texas outback and it struck me as being pretty close to "the Texas way": whatever you can get away with is super fine.
The point is this: reasonable regulation sets the boundaries by which business can thrive. Without guidelines, the jungle bred instincts of corporate lions come out like Dracula's fangs on a full moon night. In its rawest form, business is about trying to destroy others so you can have more, or it all, for yourself.
I hate stupid regulations. I hate being told by a banker that he can't even consider my needs. But, remember this: business people have a very narrow view of life. Anything that makes my job harder is bad. Most don't stop to realize that rules also make their lives better when they work within them.
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Just like a kid in a candy shop. Eating everything he can with no regard to the consequences. Maybe cuz he didn't have to listen to anyone when he owned the business? Welcome to politics! The government was created OF THE PEOPLE, FOR THE PEOPLE, and BY THE PEOPLE, " Abraham Lincoln
Please print this out and put it in your office and look at it routinely.
Thank you,
America's PEOPLE
Please print this out and put it in your office and look at it routinely.
Thank you,
America's PEOPLE
1
Business "Leaders" = Masters of Mankind Waiting to Be Bailed Out
Workers Unite!
Workers Unite!
2
[[Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market.]]
Yeah. I'm going to go ahead and place my bet on "doesn't understand."
I was sick of the Clintons by '08 and I thought Obama's adoption of the "Team of Rivals" concept was a bit too clever.
But after the fact, I have to acknowledge that it was just clever enough of Obama to bring in people who actually had experience running a government. This government. Our government.
Also, in retrospect, it was nice to have someone in office who had...what's that word?...oh, yeah!...a soul.
I hope all those red staters who voted for Trump and all those blue staters who stayed home get exactly what they deserve.
Yeah. I'm going to go ahead and place my bet on "doesn't understand."
I was sick of the Clintons by '08 and I thought Obama's adoption of the "Team of Rivals" concept was a bit too clever.
But after the fact, I have to acknowledge that it was just clever enough of Obama to bring in people who actually had experience running a government. This government. Our government.
Also, in retrospect, it was nice to have someone in office who had...what's that word?...oh, yeah!...a soul.
I hope all those red staters who voted for Trump and all those blue staters who stayed home get exactly what they deserve.
2
As usual the NYT speaketh in haste, ignoring history unless it suits their purpose of demonizing their enemy #1, and asking all the wrong questions. First, Trump's actions pale in comparison to the repeal of Glass-Steagall, the real cause of all financial crises since 1999, championed by Bill Clinton and executed by cronies Rubin, "I snooze you lose" Greenspan and others. Can the EB fish-out an editorial from 1999 taking Clinton to task for his foolhardy act? No, not that one. No. Trump is on record wanting to reinstate GS. That's the second good question to ask, is GS repeal on the agenda? The third question to ask is, what is Ms. Nooyi doing at the table? Why, flashing her gender and diversity of course. Otherwise, the CEO of a soda producer ruining the health of millions daily has no business bearing down on national policy. So is that what it is? Will accept White House invite, any invite, even if just to make Trump look culturally accommodating? You know, there's a word for that. Not saying. Ask Trump.
3
Donald says ...."my friends can't get money"...."and it's because of Dodd-Frank."
Who is so gullible as to swallow this bogus assessment by Donald? Who are these friends of yours, could you be more specific? Mr. Multiple Bankruptcies whose own finances cannot be revealed. It isn't because there's no money available, not with interest rates at all time lows. Perhaps the banks, after investigating these friends of Donald, discovered they had credit ratings as poor or worse than Donald's.
Mary Barra, the CEO of GM, was seated next to Trump. She lived through the days when GM's stock tanked and she inherited a company that survived due to a government bail-out. Today GM is performing well under her leadership. It would be interesting to hear her thoughts on eliminating the Dodd-Frank regulations and if she and Donald compared notes on rescuing bankrupt companies. Ms. Barra with GM and its 215,000 employees and Donald and his fond memories of Atlantic City.
Who is so gullible as to swallow this bogus assessment by Donald? Who are these friends of yours, could you be more specific? Mr. Multiple Bankruptcies whose own finances cannot be revealed. It isn't because there's no money available, not with interest rates at all time lows. Perhaps the banks, after investigating these friends of Donald, discovered they had credit ratings as poor or worse than Donald's.
Mary Barra, the CEO of GM, was seated next to Trump. She lived through the days when GM's stock tanked and she inherited a company that survived due to a government bail-out. Today GM is performing well under her leadership. It would be interesting to hear her thoughts on eliminating the Dodd-Frank regulations and if she and Donald compared notes on rescuing bankrupt companies. Ms. Barra with GM and its 215,000 employees and Donald and his fond memories of Atlantic City.
220
Actually, I think his "friends" have nothing to do with it, it's all about him. The fact that he could no longer get loans from any U.S. bank due to his multiple bankruptcies and obvious con games is certainly the motivation for him now wanting to cozy up to the banking industry. If he lets them rip off consumers and the little guys again, then maybe they will loan to his company again! And having failed to divest himself of ownership of his company, he is all in for favorable treatment from the banks. Welcome to Wells Fargo untamed.
1
When Donald says ...."my friends can't get money"....", he's clearly referring to himself, since he's the only friend he has. Besides, it's likely that he's getting plenty of money, from various Russian sources. It's most likely that his wanting to smash Dodd-Frank is more of a bone to toss to the mainstream Republican financial elite.
1
You guys continue to miss the real point. The issue is not Dodd Frank. The issue is not immigration. The issue is not our relationship with Iran. What is happening is that our country is in the hands of a madman.
The issue is how to get him out of office while we are all still alive.
If the GOP leadership does not impeach Donald Trump, then the GOP leaders are disloyal to the nation, and history - if anyone survives Trump to make history,- will not forgive them.
The issue is how to get him out of office while we are all still alive.
If the GOP leadership does not impeach Donald Trump, then the GOP leaders are disloyal to the nation, and history - if anyone survives Trump to make history,- will not forgive them.
3
In 2003 I had the opportunity to tour a financial institution's loan servicing unit situated in a large city in the Midwest. It was a true cube farm with rows and rows of employees working to cheat borrowers and foreclose on their homes. The homes would then be handed off to their 'real estate owned' department and sold for a profit. Disgusting, yet my only function was to take a look see and then advise our firm not to become involved in a partnership. Whenever I saw one of their branches in my travels I always thought of that pit room full of people trained to confuse and deceive the borrower. The bundling of junk loans was the other aspect of the lending scheme and this lender had mostly bad loan to value paper. I am glad to report that lender no longer is in business. Repeal of the Dodd Frank regulations will be a disaster for our economy and for consumers.
What Trump is proposing should be considered a criminal offense.
What Trump is proposing should be considered a criminal offense.
331
Hyperbole only serves to diminish your "argument".
The verdict is still out on Pres. Trump's performance. My gut tells me that a lot of Mr. Trump’s voters will learn that running a personal business where he bent every rule on the book allowed by the law to succeed is different from running the most powerful country on earth. His supports would probably not care that his presidency may well end in abject failure because like a lot of them believed that Mr. Obama is a Muslim not born in USA and out to destroy America, they will still call Pres. Trump genius and greatest president ever. “Alternative facts” ring a bell?
Just imagine if Pres. Obama issued some of these executive orders Pres. Trump has issued, the sky would have been falling on FOX News and right wing media. Pres. Obama executive orders were mainly because obstructive GOP members and later GOP Congress never wanted him to achieve anything. Pres. Trump has the whole congress. Why all these seemingly unlawful executive orders in the first two weeks?
It is laughable watching the media talking how Mr. Obama was not able to bring the country together, ignoring the fact that Republican did not see that in their interest or their follower would like and trust Mr. Obama. The media enabled Mr. Trump when he was fomenting birther lies by putting him on television for rating. It looks like he has been rewarded thus far however it’s possible that winning the presidency might well turn out to be the punishment for that atrocity he committed on Pres. Obama. Time will tell
Just imagine if Pres. Obama issued some of these executive orders Pres. Trump has issued, the sky would have been falling on FOX News and right wing media. Pres. Obama executive orders were mainly because obstructive GOP members and later GOP Congress never wanted him to achieve anything. Pres. Trump has the whole congress. Why all these seemingly unlawful executive orders in the first two weeks?
It is laughable watching the media talking how Mr. Obama was not able to bring the country together, ignoring the fact that Republican did not see that in their interest or their follower would like and trust Mr. Obama. The media enabled Mr. Trump when he was fomenting birther lies by putting him on television for rating. It looks like he has been rewarded thus far however it’s possible that winning the presidency might well turn out to be the punishment for that atrocity he committed on Pres. Obama. Time will tell
3
Conventional wisdom is not always right. You assert that deregulatory senitment preceded and precipitated the financial booms and busts of recent decades, citing Dodd-Frank as a cure. This assertion is questionable. First, the US has gone through at least ten banking panics in its history. It is not clear the most recent ones were fundamentally different from the ones that came before. Second, Dodd-Frank was least common denominator legislation. As Senator Sanders noted, it is far more likely that the repeal of Glass-Steagall, permitting the rapid consolidation of huge financial institutions into gargantuan ones that were too big to fail, was a more important factor in the banking crisis of 2007-2009 than the banking transactions regulated by Dodd-Frank. I know you believe he was not specific enough on how to do this, but if AT&T could be broken up, the huge banks can be broken up. No serious effort was made by President Obama or Congress to address this banking concentration in Dodd-Frank or any other legislation. Third, the interconncectedness of the world's financial sytem and the high concentration of assets in a handful of firms makes it virtually impossible for one country to regulate effectively its financial industry. The very concentration and connectedness is most of the problem.
The chance of Dodd-Frank alive or dead preventing the next banking crisis is wholly illusory. Trump has some truly horrible policy ideas and behavoirs. This isn't one of them.
The chance of Dodd-Frank alive or dead preventing the next banking crisis is wholly illusory. Trump has some truly horrible policy ideas and behavoirs. This isn't one of them.
28
What a load of nonsense!
Glass-Steagall was one of the many banking reforms that happened as a result of the Great Depression. We learn from each crisis. Perhaps crises can't be eliminated but they can be mitigated. From the last crisis, we learned about capital and risk. Increased capitalization requirements and risk management is one way of mitigating.
Breaking up the banks, nationalizing banks are perhaps good long term solutions. But even Sen.Sanders knows that getting from here to there requires interim actions.
Glass-Steagall was one of the many banking reforms that happened as a result of the Great Depression. We learn from each crisis. Perhaps crises can't be eliminated but they can be mitigated. From the last crisis, we learned about capital and risk. Increased capitalization requirements and risk management is one way of mitigating.
Breaking up the banks, nationalizing banks are perhaps good long term solutions. But even Sen.Sanders knows that getting from here to there requires interim actions.
So with nothing ready to replace the imperfect and watered down Frank-Dodd, tearing down this regulatory framework will be without serious consequence? While we may have have 10 banking panics in US history, only two in my lifetime, the one in the mid-80s and the Great Recession significantly derailed my financial and professional life. I am still rebuilding after this last one and can only just now see the light at the end of the tunnel. Now, after obtaining a second graduate degree in order to remain gainfully employed, and purchasing a reasonably priced home with my husband who has not seen a pay increase in 10 years (interrupted by 10 months of unemployment), I am now wondering why we even bothered? Frank-Dodd was not perfect, but I know if made obtaining a home loan a much more rigorous and tightly monitored process, and that's a good thing.
This action of rolling back the Dodd-Frank act along with the other executive orders signed by President Trump in his short tenure is a shameful, reprehensible and unconscionable abuse of presidential power at the expense of the people. I thought we lived in a democracy having a voice…where the welfare and concerns of the people mattered to those we elected.
Unfortunately not…..the transparency of ”Make America Great Again” is all too evident; money, special interest and creating chaos precedes the needs of the American people. It is time these elected officials be held criminally accountable for their actions and the games they play with American lives. How much more chaos and damage will this President inflict before America wakes up…..especially congress.
Unfortunately not…..the transparency of ”Make America Great Again” is all too evident; money, special interest and creating chaos precedes the needs of the American people. It is time these elected officials be held criminally accountable for their actions and the games they play with American lives. How much more chaos and damage will this President inflict before America wakes up…..especially congress.
3
More regulation is the need, to cover the vast tracts of financial activities, where a London whale once roamed free. The grey zone of derivative markets, the currency markets, etc remain unmapped territories. Instead we have efforts to simply undo the good work already done, not make it better. Business leaders making common cause to limit the coverage of regulation is understandable.
Coming just a day after the call to undo Johnson era act was made, makes this measure even more ominous.
But there are contrarian pulls as well. Multi-nationals face severe exit risks from other markets, if they cosy up to nationalistic fever. Given the relative unpopularity of the divisive President in urban domains, market image risks in domestic markets are also very high. Losing legitimacy to sound credible in the high ground of idealistic and ethical pitch is also an immeasurable loss, which is risked by proximity to Trump Presidency. Such damages are not easilty undone.
It is more likely that this machination to undo this regulation may not receive support from the business leaders who are supposed to benefit from its destruction.
Coming just a day after the call to undo Johnson era act was made, makes this measure even more ominous.
But there are contrarian pulls as well. Multi-nationals face severe exit risks from other markets, if they cosy up to nationalistic fever. Given the relative unpopularity of the divisive President in urban domains, market image risks in domestic markets are also very high. Losing legitimacy to sound credible in the high ground of idealistic and ethical pitch is also an immeasurable loss, which is risked by proximity to Trump Presidency. Such damages are not easilty undone.
It is more likely that this machination to undo this regulation may not receive support from the business leaders who are supposed to benefit from its destruction.
42
But her EMAILS!
6
Trump is so similar to former Iranian President Ahmadinejad that they could be twins: Both took decisions unilaterally, polarized the nation, invited global derision by shooting from the mouth and endangered their nation by appointing hardliners (= warmongers) to every cabinet post.
A return to 'Laissez-faire' economics is the last thing the U.S. needs. The U.S. economy needs 'tweaking', not 'disrupting'. Trump's opponents need not do anything: He is self-destructing before our eyes.
A return to 'Laissez-faire' economics is the last thing the U.S. needs. The U.S. economy needs 'tweaking', not 'disrupting'. Trump's opponents need not do anything: He is self-destructing before our eyes.
4
One needs a Trumpian translator to understand what DJT says. Basically the statement is:
My businesses can no longer borrow money in the US because of Dodd-Frank.
Plain and simple that is. It's all about him after all.
My businesses can no longer borrow money in the US because of Dodd-Frank.
Plain and simple that is. It's all about him after all.
29
His businesses can't borrow money in the US because he doesn't pay anyone back and Wall Street long ago gave up on him after his bankruptcy shenanigans. Even though I was quite familiar with Trump having been exposed to him for decades, I took the time to read a few bios of him. I never had any intention of voting for him, but I wish more voters had done the same as it might have changed their views of him as a "great manager" and highly successful businessman. Mitt Romney was right when he called him a fraud and a con artist; Romney should have listened to himself.
@Joe Sabin. Upon reading this editorial, "MY" businesses... was my first thought. Running for president was a business strategy for Trump to try to rescue his falling business profits which we the people can't know for sure unless he releases his tax returns - which he won't.
2
Trump's loose coalition of voters was very loose. What does Rudy Giuliani have in common with a 50-yr old unemployed steelworker or with a virulent right-wing Christian? Some in that coalition wanted Trump to shake things up, and they're delighted that he's doing that. The kind of shake-up we see now has more in common with the black-clad protesters at DC or Berkeley. The big anarchists are now in the White House. Trump may not know this but Bannon does.
66
Even anarchists have more social consciousness than nihilists do. Bannon is a nihilist.
This is not such a loose coalition. Karl Rove was an evil genius for reviving the fascist coalition. It consists of three pillars: one, the truly rich and business interests, who are promised rich rewards in exchange for putting up with the crazies; two, the true believers, now including the religious right and extreme gun rights advocates; and three, the lower middle class, who are told to scapegoat some group or groups as the cause of their misery. This will not end well.
Rudi has to live out the rest of his life knowing that only he could have issued the order to withdraw the firefighters from the doomed World Trade towers on the advice of their architect.
I sure hope the Democrats have another President Obama waiting in the wings, to pick up the pieces after the billionaire class destroys our economy again.
The American Empire, grafted onto the Trump Empire...what can go wrong?
(Greece, Rome, the Soviet Union...so many empires fallen to the greed of the few who destroyed the spirit of the many).
Hugh Massengill, Eugene Oregon
The American Empire, grafted onto the Trump Empire...what can go wrong?
(Greece, Rome, the Soviet Union...so many empires fallen to the greed of the few who destroyed the spirit of the many).
Hugh Massengill, Eugene Oregon
48
This is just cuckoo. (Surprise, surprise.)
Going to just drive the economy back into the ditch?
And yet, expect the wealthiest to capitalize/profit on the top end first, before the crash catches all the Main Streeters again?
Didn't we just spend the last 8 years settling down that absurd roller-coaster?
This is just cuckoo.
Going to just drive the economy back into the ditch?
And yet, expect the wealthiest to capitalize/profit on the top end first, before the crash catches all the Main Streeters again?
Didn't we just spend the last 8 years settling down that absurd roller-coaster?
This is just cuckoo.
30
There is a simple lesson here that Trump and his band of merry CEOs know only to well; remove stricter oversight and regulations on their cash cow companies and the profits will flow. The question is how are these profits distributed? Over the past several decades we have our answer. Into the pockets of the major executives and their subordinates. One of the major gripes of the working man is that their wages have flattened and stagnated. Latest stats show minimal to no growth in a wager earners checks. Some enterprising group of reporters should do a side by side analysis of the explosive growth of the total renumeration packages of Trump's billionaire Cabinet members and their ever toiling workforce. It would make for some eye popping stats. The carrot Republicans put in front of workers noses is make companies more profitable and you the average worker will benefit; it never happens. But workers continue to chase the carrot.
25
Easy credit is a driver of bubbles. By easing up on banks, he is allowing the 'casino' to begin again, with expected eventual effects being another bailout and a crushing recession as the credit binge eventually ends, but in the interim, huge payouts to banking executives and traders.
22
Yes, but the bubble initially looks like it's good for the economy and the resulting crash usually doesn't show up for years. By then, Trump will be in his second term and he can lead the charge to fix the problem by having the 99% send what little they have left to the banksters. 2008 all over again only worse.
Seems the more trumps' s actions are questioned and attacked, the more he doubles down on sticking it to the people. Guess he figures if he can squeeze some profit for himself to pay off some of those debts he owes, to people and countries we don't know about because he won't release his taxes, his stint in the Oval Office will have been to his benefit.
26
The idea that he would use the money he makes to pay off debts while playing president and turning the actual governing over to his cast of deplorables is a laugh. The only way he discharges debt is through fake bankruptcies. The goal is always to get the sucker to pay, only now all of us are the suckers.
Separating Trump from his profits and rich friends is like trying to separating a pig from his mud. This so-called businessman (re; Trump University) is a menace to the economy and to working people with his juvenile attitude and need to be in the spotlight all the time, coupled with his total lack of international diplomacy, is heading this country towards a sinkhole.
34
You mean Trump lied when he said his friends have trouble getting money from banks? I am shocked, SHOCKED!!
23
Me too............and devastated.
Maybe he was telling the truth for a change and they, like him, filed for bankruptcy one time too many. i wouldn't be surprised. Failed businessmen standing together hoping to steal their way into more failed ventures
Dodd-Frank may not hold back most businesses; but I wouldn’t be surprised if it has interfered with many of Trump’s own deals. It’s not compatible with the alternative truths, refusals to reveal ordinary information and the general level of weirdness that come with Mr. Trump’s manner. No wonder it’s at the top of his hit list. We’ll know when he releases his tax returns.
26
if you can profit from risk, you should be allowed to speculate.just make sure you can afford the loss if it happens.
2
Unfortunately, we are too intertwined to not suffer from the mistakes other fools make.
As a former banker, albeit investment banking, I can say categorically that this latest shenanigan by Trump is complete bunk, and nothing more than a put option bought for zero cost from the sucker American taxpayer. Because when, not if, the house of cards that will be rebuilt when regulations are killed, that put will be exercised, and taxpayers - powerless given our ignorance, richly deserving victims of our racism, paranoia, xenophobia - will once more pay for the recklessness that will further enrich the plutocracy. He's not draining any swamp - he's building a sewer. And we're all going to drown in it, sooner than later this time. This is the unwinding of a nation. But, hey, the scheme works, just like it always has (as one look at history's charts demonstrates), and the Robber Barons once again own all three branches of government. Who's the fool? The art of the deal, and all that.
77
Makes perfect sense for a guy who considers bankruptcy a business plan.
48
Another serious recession would create more unemployment and poverty and be a breeding ground for the New Political Order that Bannon [and his puppet, Trump] have in mind. Naturally, they will need someone to blame and the one talent that Trump's administration seems to have is finding someone to blame.
19
Jesus died for the sins of these narcissists. They are categorically blameless.
Yeah, it's obvious to me that they want that outcome. The lesson of his entire campaign was, "the American people are terrified of another recession, and many feel they haven't exited the last one." If he had integrity, that would motivate him to ensure it wouldn't happen again. But in this dystopian scenario, he knows exactly what will throw the people into such a blind panic they will agree with literally anything.
If he can't get his Reichstag fire moment with Muslims, he can certainly get it with poverty.
If he can't get his Reichstag fire moment with Muslims, he can certainly get it with poverty.
The ads for the Democrats almost write themselves. Can you imagine how effective an ad that pointed out the Republicans have just eliminated a rule that requires your financial adviser has to put your interests in front of theirs when they are handling your retirement accounts? And couple that with another ad that points out they keep trying to eliminate legislative ethics offices, both federally and at the state level? You might need some anecdotes to help illustrate what that all means but it should be very effective, even in the red states that have a lot of underemployed and undereducated white voters.
11
I am sorry Philip the non-rich Republican voter is A) distracted by social issues that the Republicans use to bait the hook, and B) cannot see that "good for businesses" typically translates as bad for them as employee, consumer, retiree, and the environment in which they live.
Laws like Dodd Frank are thoroughly unnecessary when the institutions they regulate are poppulated wholly by people of Integrity and adhere to ethical policies. Lawmakwer forced to see through the pain of their constituents that this is not the case created regulations to compensate for the worst of human nature.
Trump himself, who embodies most of the qualities which drove financial figures to act as they did plus a few more, sees what most would call evil as commendable. By eliminating regulation he is merely giving giving financial managers of his persuasion an opportunity to develop their God given talents, which the will.
As we can consider protections wrought for our benefit toast, the question is when to flee the market, because we are heading for an abyss.
Trump himself, who embodies most of the qualities which drove financial figures to act as they did plus a few more, sees what most would call evil as commendable. By eliminating regulation he is merely giving giving financial managers of his persuasion an opportunity to develop their God given talents, which the will.
As we can consider protections wrought for our benefit toast, the question is when to flee the market, because we are heading for an abyss.
11
One cannot be a conventional banker when monetary policy that is supposed to maintain a stable value of money is mis-applied to try to maintain a stable level of employment, which is the responsibility of Congress to manage with fiscal policy.
Do not be surprised if there is another financial calamity within the next four years. And, of course, the middle and working classes will feel the brunt of the disaster.
15
The "leader" of our democracy is rich beyond my dreams and does not care a wit to anything except his fortunes. Very obvious. Tra la la let the rest figure it out.
9
So, here we go again: Financial de-regulation, a brief boom as markets run wild, an epic collapse, followed by reversion to Democratic power, followed by Republican obstruction, a slow recovery, and the convincing a dense public that Democratic policies are the problem. The dreary stupidity of the American electorate never changes.
Will the White House give hard working Americans enough warning of when they should cash in their 401(k) plans ahead of the coming Trump crash?
11
Trump knows exactly what he is doing: enriching his buddies and himself.
9
Remember that the Dodd Frank is an disaster for community banks. You need to understand there are parallel banking systems in this country: (1)the community banks and small regionals who are fighting to stay alive due to the onslaught of regulations from the clueless regulators (2) The banking behemoths like Chase, Goldman Sachs etc. who deserve all the regulations and bashing that they get. They were important actors in the financial crisis but the community banks had nothing to do with it. Yet the community banks are being hammered by the Regulators because the Regulators can push them around in ways they can't with the big guys. I live with this stuff every days and it is no fun.
5
Simple remedy for this was to exempt community banks. A Democratic regulator proposed this. Barnie Frank agreed. Republicans could have fixed this but they didn't. Go figure.
Sounds reasonable Ed, but with data or references, it is a little hard to believe. I agree that we need more money in the private sector, but excessive private debt has been responsible for all of the depressions (and 2008) this country has ever suffered. Usually the private debt is caused by federal surpluses which suck money out of the private sectpr so people turn to banks,
The federal government has balanced the budget, eliminated deficits for more than three years, and paid down the debt more than 10% in just six periods since 1776, bringing in enough revenue to cover all of its spending during 1817-21, 1823-36, 1852-57, 1867-73, 1880-93, and 1920-30. The debt was paid down 29%. 100%, 59%, 27%, 57%, and 38% respectively. A depression began in 1819, 1837, 1857, 1873, 1893 and 1929.
The federal government has balanced the budget, eliminated deficits for more than three years, and paid down the debt more than 10% in just six periods since 1776, bringing in enough revenue to cover all of its spending during 1817-21, 1823-36, 1852-57, 1867-73, 1880-93, and 1920-30. The debt was paid down 29%. 100%, 59%, 27%, 57%, and 38% respectively. A depression began in 1819, 1837, 1857, 1873, 1893 and 1929.
I meant to write "withOUT data or refernces".
I am a Repbulican but find it hard that after the housing slum where many lost their houses that we now have Trump who is lining his pockets and McConnell or Ryan lost voices nothing is spoken lets get on what we can swindle is this Republican politics. Shame on these elected officals time will creep up on them.
But how can financial advisers get the wealth that they crave if they can't steer their customers to investments for which they get kickbacks?
6
You got it in a nutshell. Trump could not care less... even if Dodd-Frank were a complete cure for cancer, it would not matter.
6
The US is a true Democratic Experiment. They were so intrigued by the Authoritarian Rulers from around the world, they went ahead and installed one themselves, to learn first hand about it.
4
They must be celebrating big league in Rustbeltland now that Donald's friends might be able to get loans again.
12
To quote from "The Origins of Totalitarianism," by Hannah Arendt;
"In the process of realization, the original substance upon which the ideologies based themselves as long as they had to appeal to the masses (such as) the exploitation of workers...is gradually lost, devoured as it were by the process itself:...the workers lost under Bolshevik rule even those rights they had been granted under Tsarist oppression....(T)he real content of the ideology...which originally had brought about the 'idea'...is devoured by the logic with which the 'idea' is carried out."
"In the process of realization, the original substance upon which the ideologies based themselves as long as they had to appeal to the masses (such as) the exploitation of workers...is gradually lost, devoured as it were by the process itself:...the workers lost under Bolshevik rule even those rights they had been granted under Tsarist oppression....(T)he real content of the ideology...which originally had brought about the 'idea'...is devoured by the logic with which the 'idea' is carried out."
5
No reasonably well-informed person looking at President Trump’s personal financial history -- his multiple bankruptcies, his oft-repeated practice of leaving his investors with empty bags, his participation in the destruction of Atlantic City, his involvement in swindle operations like Trump University, his slippery way with taxes -- would entrust him with holding a bag of peanuts; let alone strengthening the financial institutions of this country. Luckily for President Trump -- but unluckily for the rest of us -- his supporters do not constitute a group of well informed people.
3
Since Dodd Frank Act is an act of Congress, President Trump cannot change it or do away with it by himself. He needs Congress to act first.
1
The same congress that seems intent on pushing through their agenda no matter how much the country is harmed? They know how good they have it. Don't bet on them stepping in any time soon.
The question is not the extent to which Mr. Trump's friends in the business world would be affected by the roll-back, it is how Trump will benefit. The press needs to keep following the money.
2
I am far from an expert on financial regulation, but it seems that there is a simpler, realistic alternative to Dodd Frank. Instead of limiting the risks banks can take, requiring greater capitalization, etc., we could take the approach of limiting the harm big banks can do. That means breaking them up so they are no longer too big to fail. The stuation now is that the government still must implicitly backstop the big banks because of their ability to take the economy down with them. And if the government is going to be in this position, it is only logical and fair that it regulate the banks to minimize the chances of their failure and its potential liability. If the big banks were smaller, less regulation would be required. But history has shown over and over again that if banks are too big to fail, they will take excessive risks, leading to disaster, unless prohibited from doing so.
5
government by the wealthy, for the wealthy....... and even undercutting the requirement that financial advisers to put the interest of their clients first.,,...there is going to be another financial disaster .... but Trumpie will probably be out of the White House on the eve of the next crash.
paves the way for more shady mortages, more bubbles, it all happening all over again. Inflation on the way. Markets have nowhere to go but down. Irrational exuberance or irrational foolishness?
He can sign all the directives he wants, however it takes congress to roll back a law. The headlines should read all GOP congress people along with the president are trying to destabilize the country, vote them out of office in two years.
4
If these jobs weren't listed in the classified section of the local newspaper, they shouldn't be counted. Otherwise you are wetting our heads again and telling us its raining out.
From a Trump point of view, this is smart. It will make it easier for his businesses to get loans and then declare bankruptcy so he doesn't have to pay them back. That's how he has run his business and intends to keep running it. And the banks will gladly comply because once they get into trouble again they know they will be bailed out. Trump is right - the whole system is rigged.
4
What you in the U.S call the recession is called the GFC - Global Financial Crisis - in the rest of the world. What you do in the world's most powerful economy has powerful repercussions everywhere. For example, unemployment among young people in Spain hit over 50 percent after the housing bubble burst. It’s still almost 43 percent. In other words, an entire generation was lost thanks to the U.S.'s laissez faire attitude to economics. Now it looks like we’re back to your boom-and-bust system.
1
Add this to Trump's insanity.
2
Trump is doing everything he can possibly do, to take this country back to 2008, when people lost their jobs, homes, and ended up in unemployment lines. And if that isn't betraying the very people who put him in the White House, I don't know what is? Ironically, people are still standing behind him. When are they going to wake up and see him for what he is?
2
You guys need to get out into the real world and understand the affect that Dodd Frank has had on private business lending for small and medium size businesses. Dodd Frank has regulated banks to the point where they only want to loan to public companies or loans based on someone's security account.
This country needs commercial banks to be in the business of making commercial loans to fuel the growth of the economy. It's that simple. The government can't hire enough people by using debt to make the economy go, that is pretty easy for even progressives to understand.
This country needs commercial banks to be in the business of making commercial loans to fuel the growth of the economy. It's that simple. The government can't hire enough people by using debt to make the economy go, that is pretty easy for even progressives to understand.
"The government can't hire enough people by using debt to make the economy go, that is pretty easy for even progressives to understand."
Why is that Sally? I thought we can print as much money as we need. And if we spend it on jobs so it gets to the people who need it and will spend it, we will be producing more goods and services to soak up the extra money so we will not get excessive inflation.
After WWI we reduced the federal debt by 38% by 1929. And then what happened?
After WWII we increased the debt by 75% by 1973. The period 1946 - 1973 is known as the Great Prosperity.
Why is that Sally? I thought we can print as much money as we need. And if we spend it on jobs so it gets to the people who need it and will spend it, we will be producing more goods and services to soak up the extra money so we will not get excessive inflation.
After WWI we reduced the federal debt by 38% by 1929. And then what happened?
After WWII we increased the debt by 75% by 1973. The period 1946 - 1973 is known as the Great Prosperity.
Thank you President Trump. I had hoped you would first move against 'carried interest', as you had promised.
The Republican party exists to serve the financial interests of the 0.1%, period. Everything they do is in either direct or indirect service of that mandate.
1
Maybe we could get Bernie Madoff back on the scene! That really helped the economy! If only those darn regulators had not shut him down!
Someone needs to explain to Trump's angry working class white base -- many of whom are angry because they lost their life savings in the housing meltdown -- that their golden boy is trying to undo the protections that would keep fat cat bankers from ripping them off again in another 5 or 10 years!
4
Lock him up - he's putting the same greedy execs in charge of dismantling consumer protections. Never hasten man conned so many.
2
Translation for the flyover rubes who voted for this guy... You've been used to elect a man who wants to make bankers rich while you cover their bankruptcies with your pathetically meager wages. Congratulations.
2
The president is setting the stage for a war (with Iran) close to the time of his re-election. Hey, what better way is there to re-elected? Obama administration made this country great again. Here we are, Making America Worse Again!
This is undoubtedly true, but you leave out what a boon it will be to Russia. Weakening the American economy would be a big gift to Crooked Donald’s pal Putin. And a weaker American economy probably wouldn’t displease the Chinese either, given their clear intention of playing a bigger role on the world stage. This will be Crooked Donald’s second gift to China after the scuttling of the TransPacific Partnership.
1
Yes Donald, Joe Smoe is most concerned about those pesky regulations on Wall Street. We in the 99 are all about making sure Wall Street has free reign. That's why those people in Pennsylvania and Michigan voted for you.
2
I ready to play the big short.
...and the captive conservative churchmen will preach that the Trump calamities to befall their congregations are God's Will.
To be fair, his understanding is not much worse than the 62 Million enablers who voted for his slogans without any understanding if how the world works. They'll need the elites to fix it for them in 4 years, but don't expect any thanks for it
1
The most pressing problem is not jobs but income inequality. Relmoving the well considered restraints of Dodd-Frank will not lead to additional job creation but to increased income inequality - if at all it creates more wealth - but in this Faustian bargain, the wage earning middle class will be left with all th risk and none of the rewards.
2
I believe that, unfortunately, it is not either, but rather both that Mr. Trump does not understand AND does not care about the consequences of rolling back Dodd-Frank.
JP Morgan has over $2 billion in liabilities. They seem to be able to borrow plenty.
1
I think it is telling that his anecdotal (as always) evidence for his opinion refers to his close friends. First of all, that is a straight up admission of corruption, using his position to enrich himself and his cronies. Second, it proves (as we have known for a long time now) that his is unable to step out of his out point of view or think of the big picture, as evidenced by the serious unintended consequences of essentially everything he has done in office. He entirely lacks any moral compass, empathy, and critical thinking. Should be one heck of a ride...
1
This is what Trump meant when he talked about "draining the swamp"? When will Trump voters wake up and see that they have opened the door to an unprecedented kleptocracy?
1
So, we, the United States, now head for bankruptcy economically, in spirit, in humane action, in world leadership. We cease to be a beacon in progressive civilization.
"The rich have been doing it to the poor since the beginning of time." - Carl Fox (Martin Sheen) in the movie Wall Street.
Mr. Trump comes from a segment of society which has a knee-jerk negative reaction to anyone telling them what to do, i.e., regulation. That perspective dovetails nicely with a segment of the right-wing working class, whose dislike of government comes with a strong "don't tread on me," understood to mean, don't tell me what to do.
The latter never get that some regulations can actually be helpful to them and/or good for their own health and well being. The GOP move this week to end an Obama order, which prohibited coal producers from dumping their discard in local waterways, will not hurt the folks on 5th Ave or in Palm Springs. Rather, those effected will be the very working class folks who want the gov't out of their lives. Ten, twenty or thirty years from now news organizations will be doing features on the harm done to them, their children and grandchildren. They will be asking why the government let this happen to them (gov't will again be deemed bad and useless). The wealthy will remain unharmed...
The latter never get that some regulations can actually be helpful to them and/or good for their own health and well being. The GOP move this week to end an Obama order, which prohibited coal producers from dumping their discard in local waterways, will not hurt the folks on 5th Ave or in Palm Springs. Rather, those effected will be the very working class folks who want the gov't out of their lives. Ten, twenty or thirty years from now news organizations will be doing features on the harm done to them, their children and grandchildren. They will be asking why the government let this happen to them (gov't will again be deemed bad and useless). The wealthy will remain unharmed...
16
"History has affirmed that bolstered economic activity in the wake of major financial deregulation is a prelude to disaster for anyone whose economic well-being depends on jobs, wages and salary. Which means most Americans."
The country is going so well, why not destroy it? It's been a full 9 years since the Great Recession, so why not trigger another? Of course Trump doesn't care because greed is his thing, the only thing he understands.
When banks are free to plunder and pillage, they will. It's really pretty simple. Oh, they might pick another industry on which to build collapse. We could play a parlour game: which area of loose lending will it be? Housing--nah, too recent. Cars? Doubt it--even that one is too obvious.
But you can be sure, something will pile up the profits in some sort of financial scam that revs everyone up before a crash.
If Trump has sufficient attention span, I advise he watch or see again the artistic memoirs of that period: "Inside Job"; "The Big Short"; "the Wolf of Wall Street" and the like.
It's really not much fun to watch bankers get drunk on profits when the real hangover affects the common man--workers, the elderly reliant on their SS and their savings.
Donald you're a teetotaler: resist Dodd Frank Repeal.
The country is going so well, why not destroy it? It's been a full 9 years since the Great Recession, so why not trigger another? Of course Trump doesn't care because greed is his thing, the only thing he understands.
When banks are free to plunder and pillage, they will. It's really pretty simple. Oh, they might pick another industry on which to build collapse. We could play a parlour game: which area of loose lending will it be? Housing--nah, too recent. Cars? Doubt it--even that one is too obvious.
But you can be sure, something will pile up the profits in some sort of financial scam that revs everyone up before a crash.
If Trump has sufficient attention span, I advise he watch or see again the artistic memoirs of that period: "Inside Job"; "The Big Short"; "the Wolf of Wall Street" and the like.
It's really not much fun to watch bankers get drunk on profits when the real hangover affects the common man--workers, the elderly reliant on their SS and their savings.
Donald you're a teetotaler: resist Dodd Frank Repeal.
46
14 Day Review
Cabinet: Business guys who committed wage theft, foreclosed on more than 60,000 homes, made deals tied to pay-offs to foreign governments; a politician tied to insider trading on bills he introduced, another who regularly sued the agency he will run, a moderate racist in charge of law/civil rights; an Education Secretary who never volunteered in a public school, wants to privatize tax dollars without accountability and owns a fake therapy business for attention and memory; a mega-wealthy wrestling owner in charge of small business.
Advisers: a anti-establishment white supremacist and a closeted, self-loathing Jew.
Errors: The Bowling Green massacre, Frederick Douglass' recent work, the inaugural crowd size, killing consumer fiscal protections and corporate regulations, killing an 8 year old American child--100,000 visas canceled—do you feel safe?
How long before a backlash builds? Before somebody realizes these frenzied moves make America look petty, weak? How many will die at America's closed gates?
In a botched raid with military dead and wounded, a $76 million aircraft suffered friendly fire: security is undermining the very freedoms it claims to protect!
Shoe companies lost $450 million in savings they pledged to create American jobs before the job creator killed the TPP.
Summary: inflated white privilege and virulent forms of racism/power are being rejected (a 1000 workers at State!) except by blind followers--and Congressional leaders!
Cabinet: Business guys who committed wage theft, foreclosed on more than 60,000 homes, made deals tied to pay-offs to foreign governments; a politician tied to insider trading on bills he introduced, another who regularly sued the agency he will run, a moderate racist in charge of law/civil rights; an Education Secretary who never volunteered in a public school, wants to privatize tax dollars without accountability and owns a fake therapy business for attention and memory; a mega-wealthy wrestling owner in charge of small business.
Advisers: a anti-establishment white supremacist and a closeted, self-loathing Jew.
Errors: The Bowling Green massacre, Frederick Douglass' recent work, the inaugural crowd size, killing consumer fiscal protections and corporate regulations, killing an 8 year old American child--100,000 visas canceled—do you feel safe?
How long before a backlash builds? Before somebody realizes these frenzied moves make America look petty, weak? How many will die at America's closed gates?
In a botched raid with military dead and wounded, a $76 million aircraft suffered friendly fire: security is undermining the very freedoms it claims to protect!
Shoe companies lost $450 million in savings they pledged to create American jobs before the job creator killed the TPP.
Summary: inflated white privilege and virulent forms of racism/power are being rejected (a 1000 workers at State!) except by blind followers--and Congressional leaders!
59
The Trump witch hunt: his Exxon-run State Department cancelled all the visas of foreign residents, including those already living and working in the country legally (without notice!), creating turmoil and disruption that threatens security by its disruption!
These mass actions without review (Congressional or agency) or notice, targeted at specific groups are moving the country dangerously toward fascism.
(We are way beyond the disgruntled voter--that ignorance is being exploited to weaken America so its public treasury (the world's largest!) can be robbed and pilfered and its safety nets destroyed, until America collapses, trapped and imploded [remember excess creates waste!] by a flag-wrapped vision of power, excess, and hate that marks the reign of a supremacist Rasputin and a narcissist despot.)
These mass actions without review (Congressional or agency) or notice, targeted at specific groups are moving the country dangerously toward fascism.
(We are way beyond the disgruntled voter--that ignorance is being exploited to weaken America so its public treasury (the world's largest!) can be robbed and pilfered and its safety nets destroyed, until America collapses, trapped and imploded [remember excess creates waste!] by a flag-wrapped vision of power, excess, and hate that marks the reign of a supremacist Rasputin and a narcissist despot.)
1
Two weeks into his administration and Trump has already ravaged the political, humanitarian and ethical landscape. Has the man ever passed an apple cart without upsetting it? It doesn't take a weatherman to tell which way the wind is blowing. Financial regulations are for suckers who repay their debts. Much easier (and cheaper) to default, refinance and start skipping out on your obligations all over again. What's good for Trump, must be good for the country, right? Undoubtedly, our President will default on his duties, again, just in time to skip out of office with much more money than he came in with. The cycle of Republican administrations pillaging the economy alternating with Democratic administrations repairing the damage, seems to be repeating.
59
This time the Democratic Party looks entirely crushed and impotent.
"Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market. " He doesn't care about anything except enriching himself. Period.
30
Not true. He cares even more about receiving unceasing public flattery and adoration.
Is the editorial board really arguing that the "Disclosure of Payments by Resource Extraction Issuers", just voided by the Congress, would have improved the economy? Regulations are death by a thousand cuts. Trump is doing the right thing, as is the Congress.
1
So - banks are perfectly rational actors who have the best interest of their customers at heart, and we should just get with the program? Like, it's outrageous to consider a financial adviser is making decisions in her client's best interest instead of her own, right? Because no financial adviser would ever take advantage of their customers.
"Death by a thousand cuts" richly deserved. Time for American's to pull our money out of these frauds and put them into credit unions.
"Death by a thousand cuts" richly deserved. Time for American's to pull our money out of these frauds and put them into credit unions.
Oh, so now you are in favor of companies bribing countries in order to ruin the ecology of the world, ebmem. I should have figured.
It's quite embarrassing that DJT graduated from the Wharton school and still has a limited grasp on economics.
18
False: he did not graduate from Wharton.
He took a few classes and never received degree.
He was kicked out of private school and sent to
a military academy for assaulting a teacher, as a teenager.
So much for his education.
He took a few classes and never received degree.
He was kicked out of private school and sent to
a military academy for assaulting a teacher, as a teenager.
So much for his education.
Trump University will soon roll out courses on how to get rich, bigly, in the "new and improved" economy.
8
You write: "Mr. Trump either does not understand or does not care that rolling back Dodd-Frank will undercut his pledge — and his opportunity — to fully revive the job market. "
Remember, we are in the age of "alternative facts." Mr. Trump perfectly understands that rolling back Dodd-Frank will do exactly what he wants it to do. Do not doubt that for a moment. Whatever Our Dear Leader says is correct.
Remember, we are in the age of "alternative facts." Mr. Trump perfectly understands that rolling back Dodd-Frank will do exactly what he wants it to do. Do not doubt that for a moment. Whatever Our Dear Leader says is correct.
3
He and his gop cronie simply don't care. this is a policy designed to benefit predatory financial interests an that is ALL that they care about when it comes to the economy. They can shout about the "free market" and hide behind every Elmer Gantry that preaches against "socialism" from behind a gilded pulpit, but their actions say it all. Yes, trump voters, he really does care about you.., or not.
10
President Trump doesn't care if unemployed people get jobs. He will say that he does to get elected, but that's it. He's filled his cabinet with the ultra-wealthy rich Goldman Sachs white guys, like himself. The rollback of regulations is a reward for them. I mean, he said it himself!"Some of my friends were having trouble getting loans." What he didn't say was "Some of my friends want to create Financial Instruments-aka worthless loans etc, make a fortune, and stick the taxpayer when the system goes bellyup, again!"
22
It looks like resistance to Trump is going to do for the sensible, caring and patriotic populace what Obama paranoia did for the gun industry, times ten. I myself was content in the past to be an informed voter, not any longer. I propose to call the resistance movement the Sunshine Party, sunshine being the best disinfectant and extremely popular.
14
I believe that reality means nothing to Trump. He lives in his own TV alternative reality with people like Stephan Bannon and Kellyann Conway, and the happy voters that like him. Perhaps that is what they mean by Alt-right, Alternative reality, "alternative" facts, and anything that is a tweetable or presentation moment, whatever the truth. It is all show, all spectacle, all an act, where truth has lost it's center. That is why , whatever the papers say, editorials say, become grist for his mill. I just saw the news aggregate sites and Trump is on every photo. He is winning, folks, and we can whine, yell, or stand silent. But we are gonna suffer, for sure.
14
I am not sure why this is actually considered as "The news that's fit to print". Our gauche and very amateur president insists on being taken seriously, regardless of the lowest ratings for any incoming president in history, and he still deceives himself and a few last minute followers that he is the Man! Evidently, that means that the 48 or so percent who voted for him no longer trust or support him. My and many others' wishful thinking is: Goodbye Donald ASAP! Go grab some pu--y elsewhere, and stop making normal New Yorkers look so bad. In case you did not realize it, pu**y grabbing is no longer cool in today's society, which only a 70 year old man would not yet know about.
Wake up and put up with the notion that the "bad dudes" (the press) estimate that you have just ruined the future career opportunities of your own daughter Ivanka (herself a bankruptcy leftover) and her husband, who still has beef with Christie for locking up his father for evidently wildly illegal actions.
And you think you will change the world?
Wake up and put up with the notion that the "bad dudes" (the press) estimate that you have just ruined the future career opportunities of your own daughter Ivanka (herself a bankruptcy leftover) and her husband, who still has beef with Christie for locking up his father for evidently wildly illegal actions.
And you think you will change the world?
16
The scary thing about Trump isn't that he doesn't know what he's doing, he simply doesn't care. Rolling back dodd-frank serves one purpose and that's too ensure that Trump and those like him can make a lot of easy money. He's rich so if this decision causes yet another recession he won't be hurt, he'll just buy low and profit off of other peoples suffering.
The Republicans who are enabling Trump don't answer to voters they answer to the wealthy and to business leaders who want to make a buck without any pesky restrictions that get in the way. These restrictions are in place to protect us from them. We can't count on people who sign Grover Norquists pledge not to raise taxes.
The only way to stop this nonsense is to vote Republicans out of office in the midterms. Once that happens Democrats and Independents will need to step up and clean up Trump's mess before any real damage is done. Voters need to keep pushing back so we can restore some much needed balance to our country. Our children will thank us.
The Republicans who are enabling Trump don't answer to voters they answer to the wealthy and to business leaders who want to make a buck without any pesky restrictions that get in the way. These restrictions are in place to protect us from them. We can't count on people who sign Grover Norquists pledge not to raise taxes.
The only way to stop this nonsense is to vote Republicans out of office in the midterms. Once that happens Democrats and Independents will need to step up and clean up Trump's mess before any real damage is done. Voters need to keep pushing back so we can restore some much needed balance to our country. Our children will thank us.
39
With his track record of bankruptcies, Trump still won't be able to borrow $$ from any but a Russian bank. Unless Jamie Dimon wants to give him a new line of credit as payback for eviscerating Dodd Frank. That's entirely possible, knowing the two players in that Kabuki Dance.
My parents' cozy retirement was nearly shattered in 2008. Never again.
It's time to get my money out of the market and under a mattress.
It's time to get my money out of the market and under a mattress.
19
Send it outside the US, like the 1%ers do.
Along with Dodd-Frank we'll lose the Consumber Protection Bureau. Really. Financial institutions want the right to cheat you, and they're going to get it. If their business depends on cheating--what kind of business is that? Government exists to protect citizens from the bad guys, and there are some in that industry that are very bad. Cheating will be legal.
36
Our Congress apparently exists to auction off captive consumers to rentiers.
@susaneber. Donald Trump has spent his entire adult life cheating people. It was perfectly predictable -- in fact, it was predicted -- that he would want our government to replicate and to encourage the lying, cheating, and grifting that are the very core attributes of his sorry, fetid, malignant character.
Has it really only been a little over two weeks? I feel like we're living in Dante's 9th circle of hell.
Has it really only been a little over two weeks? I feel like we're living in Dante's 9th circle of hell.
We have the best Congress money can buy.
The first time I saw The Big Short I sort of got the idea. The second time I saw the film I understood the magnitude of the crime. Only one small fish went to jail. The big banks are fewer in number and each is still Too Big to Fail.
Ditching Dodd-Frank once again would have the taxpayer underwriting the "dark markets" and casino like behavior of these gigantic enterprises.
Thank you DT for being so clear about your program - just another item to add to the list. This will help keep the opposition focused and motivated. We will outlast you and prevail.
Ditching Dodd-Frank once again would have the taxpayer underwriting the "dark markets" and casino like behavior of these gigantic enterprises.
Thank you DT for being so clear about your program - just another item to add to the list. This will help keep the opposition focused and motivated. We will outlast you and prevail.
27
Zero percent interest rate policy is a deadly trap that becomes impossible to escape because rates don't even cover default risks and the loss of value of the principal when rates rise is precipitous.
A. Doesn't understand
and
B. Doesn't care
and
C. Wouldn't put us out if our coat was on fire.
and
B. Doesn't care
and
C. Wouldn't put us out if our coat was on fire.
293
And clearly his pants are on fire. Hope those who saw him as a savior are paying attention. Nah, they don't get it.
2
And how will these changes affect Trump’s businesses? We need to see those tax returns.
557
The Times must beat that drum. We must see his tax returns.
1
We are beyond waiting for the tax returns. We need to regain control of our country, before we cannot. This goes well beyond President Trump. This goes across Democrats, Republicans, and every other label we have.
All of our Senate government officials need extreme vetting before they vote on anything else.
All of our Senate government officials need extreme vetting before they vote on anything else.
JNan, come on. That's never going to happen. But, his mental status is going to get us in a (2,3?) wars - BIGLY!
The guy doesn't care. He likes to impress rich people and curry favor from them in hopes they will ask him to be in their club. It's part of his narcissism. These people, sitting around the table smiling and sucking up to him as he puts a sledgehammer to economic stability, have no shame, or only care about themselves as well. Amazing.
548
Perhaps he cares about value, when you spend billions and get little to no benefit those things get eliminated.
I saw some of the meeting on CNBC and I couldn't agree with you more. Can't remember the last time I saw so many fake smiles. I wonder how many of those people in the meeting had to excuse themselves to go vomit. It made me sick.
Keep in mind his True Believers ask for this.
Trump is only the puppet. Too bad he, Bannon, spicer and Conway do not come with Pinocchio's nose.
8
'Doesn't understand and doesn't care' could be said of many important things which the current President seems hell bent on wrecking. Perhaps someone ought to make a prime-time soap opera about the benefits of such things, that way he might actually take it in.
1
The principle tool of the fabulist is deflection. Otherwise known as lies, told to distract.
In this case it's doubly dubious because Trump is the one who can't get bank loans. Trump is the serial Bankrupt. We're not supposed to remember that.
It's all going to catch up with him. Keep up the good work.
In this case it's doubly dubious because Trump is the one who can't get bank loans. Trump is the serial Bankrupt. We're not supposed to remember that.
It's all going to catch up with him. Keep up the good work.
7
It has been happening time and again; the Republicans come and mess up everything from economy to social order, and then Democrats will come back to fix it and put it back in order, only to be messed up again. Only a rich society can afford these games, while the World looks bewildered.
6
I wonder if the fools who elected Trump will even notice how quickly Trump is selling them out to Wall Street.
7
So the white house needs $50 flower arrangements every three feet?
Trump's supporters don't know that he is a betrayer and has no intention of keeping those promises that help the little guy and gal with jobs and income.
1
Do you remember those happy days when Hillary was in bed with Wall Street because of a few speaking fees? Crooked Hillary! Can't be trusted to stand up to Wall Street.
And in actual news, today Trump eliminates banking regulation because some of his friends can't get business loans. Will his supporters please wake up and smell the slime?
And in actual news, today Trump eliminates banking regulation because some of his friends can't get business loans. Will his supporters please wake up and smell the slime?
11
Who are you kidding? Trump doesn't give fig about consultation and discussion but confrontation and uproar, as he terrorized any who oppose him. He is a dictator pure and simple in his style, purely driven by his need for constant attention even that of his opponents. We have hired a ill discipline egoist to rule the nation and we will bear the consequences as the Republican Party concedes without judgment and leads the parade of 'umble' servants bowing and scarping before the master of us all.
2
Let's be honest: President Trump gives about 30 to 60 seconds of thought to his proposals (think last Fridays ban, no ban, "All I talked about in the debates was a ban") and this makes sense. If it has some unintended consequences he'll address them as he chases his tail.
2
Study the Parthenon and you'll see there are lots of pillars holding up the roof and frieze. The reason there are so many is because it takes more than one. Just wanted you to know that to set your mind at ease about the building automatically collapsing.
Based upon his first two weeks, as he signs Executive Order after Executive Order, Trump is acting like the neo-dictator he is. He apparently believes that he can run the country as he did his businesses: Make decisions; turn the implementation of them over to people to carry out; and be accountable to no one. He's not just "reckless", he's a threat to our democracy.
Don't bother wasting words warning him or his followers. He believes he was elected to tear down the System, and his followers are swooning with rapture as he does just that. There is no compromising with him or his agenda - it's
His way or the highway". So the only alternative is for those who love democracy to stand fast against him and his toadies in Congress, and look in every nook and cranny for the "smoking gun that surely exists that could bring about his impeachment.
Don't bother wasting words warning him or his followers. He believes he was elected to tear down the System, and his followers are swooning with rapture as he does just that. There is no compromising with him or his agenda - it's
His way or the highway". So the only alternative is for those who love democracy to stand fast against him and his toadies in Congress, and look in every nook and cranny for the "smoking gun that surely exists that could bring about his impeachment.
6
Business ethics and world view of President Trump do not correlate strong enough yet for these Business leaders to associate with him without paying a price. Already, one pioneer has exited.
To tone up the new administration and move away from the serious vulnerabilities created by a series of contrarian measures taken, perhaps requires these business leaders to bear in silence, particularly for those hoping for learning curve impact to kick in and saner counsel to prevail. But, dog's tail, as the Indian saying goes, is unlikely to straighten.
Timing of distancing from these creeping interventionist, crony capitalism, as opposed to legal free enterprise taken for granted since several decades, may have to be caliberated with care.
To tone up the new administration and move away from the serious vulnerabilities created by a series of contrarian measures taken, perhaps requires these business leaders to bear in silence, particularly for those hoping for learning curve impact to kick in and saner counsel to prevail. But, dog's tail, as the Indian saying goes, is unlikely to straighten.
Timing of distancing from these creeping interventionist, crony capitalism, as opposed to legal free enterprise taken for granted since several decades, may have to be caliberated with care.
dodd-frank made us banks recapitalize so they could meet their commitments. i don't see why this is a bad thing.
2
It seems that the editors do not realize the damage done to community banks and main street business that Dodd- Frank has done and continues to do. This legislation should have been repealed long ago.
wes. could you please supply some data and perhaps some references so we might believe you.
This is just an opinion. Lets look at DF years - only rich could borrow at almost 0% and banks used "safe assets" requirement by DF to roll back consumer lending and commercial lending to small businesses. How good was this for the economy? Banks borrowed $$$$$$, and then invested most of $$$$$$$ into the stock market and other risky assets to get returns without violating DF. The Main Street was left with zilch.
1
If he would instead listen to the business community......."
Key words in your editorial. Trump will not listen to anyone but the voices inside him. We have all seen that on display every day for the last year or so. He's running on his instincts and listens to no one, including Bannon.
Some think Bannon and maybe Pence point him in certain directions. Don't think so. He knows what he believes are in his constituents minds and it's jobs and no more immigrants.
Most all of these executive orders in the last two weeks meet those two criteria in some way. He cares less about anything else.
And he will gut any regulations that he feels are hindering his goal of jobs creation and the halting of all immigration, Muslims, Asians, Latinos, etc.
We’re all in for some very scary times.
Key words in your editorial. Trump will not listen to anyone but the voices inside him. We have all seen that on display every day for the last year or so. He's running on his instincts and listens to no one, including Bannon.
Some think Bannon and maybe Pence point him in certain directions. Don't think so. He knows what he believes are in his constituents minds and it's jobs and no more immigrants.
Most all of these executive orders in the last two weeks meet those two criteria in some way. He cares less about anything else.
And he will gut any regulations that he feels are hindering his goal of jobs creation and the halting of all immigration, Muslims, Asians, Latinos, etc.
We’re all in for some very scary times.
This idea that Donald Trump cares about creating jobs is just totally bizarre to me. The man suffers from narcissistic personality disorder - of course now we all suffer from his NPD, but that's beside the point - he is biologically incapable of caring about anything other than feeding his own ego, and for a simple minded man like Trump, that's just how many zeros he's added to his bank account. Nothing more. Nothing less.
Chapter 11 in Trump's Make America Chaotic Campaign,
Sign another executive disorder without the appropriate cabinet secretaries on the job yet - labor and treasury. DUMB.
A really interesting investigative article would be to find out who the friends are that seek loans, how much, what they would spend the money on and how their easier access to money would help the average Trump voter. And I mean really interesting!
Sign another executive disorder without the appropriate cabinet secretaries on the job yet - labor and treasury. DUMB.
A really interesting investigative article would be to find out who the friends are that seek loans, how much, what they would spend the money on and how their easier access to money would help the average Trump voter. And I mean really interesting!
1
I'd love to be a fly on the wall of some of those limos leaving that meeting. I bet those REAL tycoons don't think much of Trump.
6
Financial deregulation, trumpeted by the irresponsible, and unscrupulous bully at the helm (White House), will lead us again to the vicious corrupted practices of some lending institutions, of which we are still trying to fully recover. Why should this "Ugly American" be allowed to thrash the economy so laboriously edified by Obama? Only a crazy loon in a fabled mythical story could get away with ruining such a delicate edifice; once you withdraw its foundation via sensible regulation, the whole building will come crashing down. Santayana's wise words still hold: "those that won't learn their mistakes from history are doomed to repeat them". And Trump must have a really really short-term memory in this case. Unless anybody thinks he is doing it with malicious intent and/or personal enrichment.
2
A Trump tweet this afternoon -- We must keep "evil" out of our country!
That's when I saw it. The quotation marks -- "evil" -- gave it away. Tweeting "evil" is Trump's true inner being's way of screaming out that he's being possessed by the devil. Like when Regan would cause her body to write out cries for help in The Exorcist.
Maybe all we need is a priest specializing in exorcism. Surely there's no other plausible explanation for this.
That's when I saw it. The quotation marks -- "evil" -- gave it away. Tweeting "evil" is Trump's true inner being's way of screaming out that he's being possessed by the devil. Like when Regan would cause her body to write out cries for help in The Exorcist.
Maybe all we need is a priest specializing in exorcism. Surely there's no other plausible explanation for this.
6
Dodd-Frank really didn't do anything other than force financial institutions to sit on their money. It needs to be relaxed- not tossed completely- but certainly fined tuned. The fact of the matter is- no piece of legislation will ever level the playing field. There will always be winners and losers and the top .001% will continue to pull the strings. Hillary would be "fine tuning" Dodd-Frank in her administration too so this really isn't a big deal. Just more NYT grist for the anti-Trump mill.
3
Sometimes it helps to reverse the narrative as a way to get to the truth: Trump actually fully understands what he is doing in rolling back Dodd-Frank, knows this will make the rich richer and the poor poorer. As for creating jobs, what does he care in that he doesn't actually need one? He is that selfish a human being.
12
Fox News must broadcast a fair and balanced report on why all those pesky financial regulations must go .....
You know, to help the little guy understand those evil Democrats haven't been looking out for them.
You know, to help the little guy understand those evil Democrats haven't been looking out for them.
7
He doesn't care, period. He never cared, ever, except about himself. The rubes who thought he had any intention of helping them will somehow, someway, find excuses for him rather than admit, even to themselves, that they voted for the end of our republic.
10
Once again the Times is giving us a polite, reasoned, "please don't do it" editorial regarding another clueless trump directive. I agree with the editorial but we're in a different era now. We have an unhinged president who seems intent on destroying the existing world order. W gave us an unnecessary war and nearly a global financial melt-down. The only reason it wasn't worse is Barack Obama became president at exactly the right time. trump seems to be following the path laid by W. He's signaling another unnecessary war is coming (Iran) and another round of unrestrained speculation by U.S. financial entities is back. It's not just the mega-banks this time; it's the unregulated hedge fund industry. I'm sure the "think tanks" can game out a war with Iran but what happens if trump's policies lead to a global depression. Then what? Can we please get some bigger thinking at the Times regarding the impact of trump's crazy ideas?
485
You can't be serious: the financial meltdown was brought about by the snowball that started rolling by the "Affordable House Goals" of the Clinton era.
If you were alive and beyond a certain age back then, you probably would be among those who criticized anyone railing against those provisions as being "against the poor people buying houses".
If you were alive and beyond a certain age back then, you probably would be among those who criticized anyone railing against those provisions as being "against the poor people buying houses".
How do you game a war with Iran? The best laid battle plans generally get lost in the first actions. Iran is not Iraq. Israel will want to get involved in any Iran war. Are you going to set up safe zones in Syria and convert them to air force bases to bomb Iran?
I presume going to war with President Trump as leader will happen on a whim with no advance planning. This would be a really big unnecessary war. The Roman Emperor Valerian was captured and used as a footstool by the Persian ruler Shapur. This is not an historical faultline that should be re-activated.
Stream of consciousness brought on by the revealing of a horrible possible future event by Mr Cunningham.
I presume going to war with President Trump as leader will happen on a whim with no advance planning. This would be a really big unnecessary war. The Roman Emperor Valerian was captured and used as a footstool by the Persian ruler Shapur. This is not an historical faultline that should be re-activated.
Stream of consciousness brought on by the revealing of a horrible possible future event by Mr Cunningham.
What do you want the Times to do? Go into an hysterical rant? It's enough to establish an historical record, so no one can claim, like in 1930's Germany, that he DIDN'T KNOW.
2
I am deeply worried about this executive order, which I imagine will open floodgates to further deregulate the financial sector. I was still a student when the financial crisis happened in 2008-2009, so I cannot personally comment on the level of devastation some people have experienced during the crisis, but one of the direct benefits I have personally experienced with Dodd-Frank Act is the Consumer Financial Protection Bureau (CFPB) which was formed because of this act. This particular organization personally helped me two times in the past five years to fight back against unfair practice of banks and financial institutions who did not take responsibility for their obvious negligence and malpractice until the government got involved. In both of these occasions I experienced, I tried every avenue I can to dispute the issue, but nothing happened until I filed the official complaint with the CFPB. This organization actually gets stuff done. I really hope that the CFPB continues for the sake of the American people.
541
Trust me, it wasn't pretty!
Well said, thank you CJ.
I expect it to be reduced, its responsibilities that are required to be sent to other portions of the government. Did you take your business somewhere else?
1
With bitter past personal experience of finding state regulations irksome in expanding his own business as he really wished it to be, how could Trump as the US president now miss any opportunity to let the financial regulatory rules go away, and instead rework the unbridled crony capitalism in the US to realise his own, and his business friends' wild business dreams? The cleverly crafted executive order that would dilute the Dodd-Frank Act, and undo the Fiduciary rules also is nothing short of inviting another 2008-like financial and economic catastrophe on the American people by their own business obsessed new President Trump.
29
While certainly right, Krugman failed to point out that the new jobs created are lower-paying jobs like being a greeter at Walmart. Look for an "adjustment" in the future as corporate chiefs get richer than they already are and the lower-level employees catch it in the shorts.
As they say, the rich get richer while everybody else get the crumbs.
As they say, the rich get richer while everybody else get the crumbs.
23
I don't believe that to be true as a general statement - but even so - any job is way better than NO job.
@Henning Kilset: I wonder if you'd say "any job is better than NO job" if you lost a $40K job at Carrier, and were now a $7.25 an hour greeter at Walmart, as your home fell into foreclosure and your family evicted.
It's not smart for the Trump administration to be so stupid. The good news is that will become more and more evident before too long. The bad news is that a sluggish economy isn't good for anyone.
42
Trump followers wear rose colored glasses and blinders. They'll never see what he's doing and never want to blame him because then they'll be revealed as dupes.
This administration is low on intelligence and big on marketing, huge on smoke and mirrors but devoid of morals and ethics. It's baffling that this guy got the Christian vote. Dodd Frank isn't Glass Steagall but if it's weak that was by the design of corporatists in Congress protecting the oligarch.
http://ourfinancialsecurity.org/wp-content/uploads/2017/01/Dodd-Frank-an...
http://ourfinancialsecurity.org/wp-content/uploads/2017/01/Dodd-Frank-an...
166
The "President" got the Christian vote to block a liberal from appointing Scalia's replacement. Period. And he knows it. So do they.
2
The last time the Republicans held this much power, and were this drunk on power, was 1928. Within three years, we were in the midst of the deepest depression this country has ever experienced.
Wanna take bets on how long it will take this bunch of clowns to burn the house down?
Wanna take bets on how long it will take this bunch of clowns to burn the house down?
522
And this US depression led to the global economic depression that "was the factor that pulled down most other countries" (Wikipedia)
That is "burn our house down" while they will have stashed their wealth and retreated to comfort à la Thiel in New Zealand. We are entering ever more outrageous times, as soon as Trump will have consolidated the oligarchic foundations the baton will be passed to Pence and the newly enfranchised church pulpits adding a theocratic veneer to assuage the masses while Betsy DeVos fits blinders focussed-to-furrow ensuring these same masses are sufficiently dumbed down to not think of licensing the guillotine from the French.
1
In macroeconomic terms, an increase in taxes followed by an equal increase in spending (i.e, there is no increase in the federal deficit, and therefore no increase in the federal debt) increases the GDP and reduces unemployment. It is called “the balanced budget multiplier” (you can Google it!), BBM.
Conversely, a reduction in taxes followed (or preceded) by an equal reduction in spending reduces the GDP, and therefore increases unemployment.
In this particular case (repeal of the ACA), the reduction in taxes benefits higher income people who have a relatively low “marginal propensity to consume” (Google it!), MPC, and negatively affects lower income people, who have a relatively higher MPC. The net effect is that a reduction in taxes and an equal reduction in spending will decrease the GDP by an amount larger than the reduction in taxes. The effect on the unemployment rate will be larger than predicted by the BBM.
Will the repeal of the ACA be the trigger for the next recession/depression? Or will it be the border tax on Mexican and/or Chinese imports? Or will it be the repeal of Dodd-Frank?
How long will it take for the country to be plunged into a depression? (a) two years (b) four years (c) eight years (d) over eight years?
It will all depend on how large are the tax and spending cuts. The larger they are the sooner and deeper the recession/depression.
GWB managed to do it in eight years, but he started with a stronger economy and made no significant spending cuts.
Conversely, a reduction in taxes followed (or preceded) by an equal reduction in spending reduces the GDP, and therefore increases unemployment.
In this particular case (repeal of the ACA), the reduction in taxes benefits higher income people who have a relatively low “marginal propensity to consume” (Google it!), MPC, and negatively affects lower income people, who have a relatively higher MPC. The net effect is that a reduction in taxes and an equal reduction in spending will decrease the GDP by an amount larger than the reduction in taxes. The effect on the unemployment rate will be larger than predicted by the BBM.
Will the repeal of the ACA be the trigger for the next recession/depression? Or will it be the border tax on Mexican and/or Chinese imports? Or will it be the repeal of Dodd-Frank?
How long will it take for the country to be plunged into a depression? (a) two years (b) four years (c) eight years (d) over eight years?
It will all depend on how large are the tax and spending cuts. The larger they are the sooner and deeper the recession/depression.
GWB managed to do it in eight years, but he started with a stronger economy and made no significant spending cuts.
Ah, let's help some billionaires make another billion, so they can continue to skim real value off the economy. Endless moolah, casino parties galore on Wall Street.
As if we didn't already have too many geniuses ready to crash our economy. And Trump's record on business is nothing to write home about. I've put the details under Luettgen; not nice, not nice at all. He sure was good at losing other people's money, and to cap it all, he then sued them for giving it to him. Then, he let Putin's oligarchs prop him up.
Honesty? That's too old fashioned. Just burn our earth all up, dump your poisons everywhere, and run away somewhere safe. Unfortunately, that would be nowhere. Though Thiel's hideaway will work for a bit there will be no refuges in the end from this accelerated sixth extinction. Fact, mark my words. We need to get on it, and fast, but instead the deceivers are in charge, skimming value away as fast as they can.
As if we didn't already have too many geniuses ready to crash our economy. And Trump's record on business is nothing to write home about. I've put the details under Luettgen; not nice, not nice at all. He sure was good at losing other people's money, and to cap it all, he then sued them for giving it to him. Then, he let Putin's oligarchs prop him up.
Honesty? That's too old fashioned. Just burn our earth all up, dump your poisons everywhere, and run away somewhere safe. Unfortunately, that would be nowhere. Though Thiel's hideaway will work for a bit there will be no refuges in the end from this accelerated sixth extinction. Fact, mark my words. We need to get on it, and fast, but instead the deceivers are in charge, skimming value away as fast as they can.
125
The deceivers were running the country for the last 16 years.
1
@Susan Anderson:
"She lost, already! We get it, you hate her beyond sense and reason. Point taken."
You wrote in your response to @Mark Thomason, however, it seems you missed his point entirely.
His message was directed at people just like you, and the editorial board, who are needlessly politicizing Dodd-Frank, while conveniently hailing U3 as a great victory & overlooking the secular trends that brought it to generational lows.
Simply counting the under-employed, including those that work multiple part time jobs as counted in the U6 metric, and we have a more reasonable view of the economy. An unemployment rate at about 10%.
Trump has said as much for a long time, and pragmatists don't disagree with him on that matter.
"She lost, already! We get it, you hate her beyond sense and reason. Point taken."
You wrote in your response to @Mark Thomason, however, it seems you missed his point entirely.
His message was directed at people just like you, and the editorial board, who are needlessly politicizing Dodd-Frank, while conveniently hailing U3 as a great victory & overlooking the secular trends that brought it to generational lows.
Simply counting the under-employed, including those that work multiple part time jobs as counted in the U6 metric, and we have a more reasonable view of the economy. An unemployment rate at about 10%.
Trump has said as much for a long time, and pragmatists don't disagree with him on that matter.
1
What a curious delusion. The rationalization of our excessive regulation, much of it stemming from Carl Sagan’s “billions and billions” of pages of Dodd-Frank-inspired rules, is intended to and likely will set our economy free to create demand for millions of new high-paying middle-class jobs paying good benefits. And if you combine it with other Trump initiatives, such as pressuring corporations to invest in America, sweetening that argument by better-aligning tax policy with our strategic growth interests, and renegotiating trade deals to keep as many of those jobs within our borders … then his actions appear positive indeed.
But, then, such a worldview requires that you NOT consider business to be below dead-animal-pickup for purposes of personal nourishment. And I know that’s hard for liberals to do.
Yet it was a deft segue from economic matters to the views of SOME business leaders on the president’s recent executive order on immigration and refugees. But business leaders are not charged with national defense and security (OR with conduct of foreign affairs), so their views on the subject, while they have every right to hold them, have about as much heft as Meryl Streep’s or Julia Louis-Dreyfus’s – those views plus about $10 will buy you a Richard Cordray Pez dispenser on Amazon.
Why don’t we wait and see what Trump plans to do on Dodd-Frank? Rolling-back doesn’t mean eradicating. But a VERY heavy pruning will create good jobs, not kill them.
But, then, such a worldview requires that you NOT consider business to be below dead-animal-pickup for purposes of personal nourishment. And I know that’s hard for liberals to do.
Yet it was a deft segue from economic matters to the views of SOME business leaders on the president’s recent executive order on immigration and refugees. But business leaders are not charged with national defense and security (OR with conduct of foreign affairs), so their views on the subject, while they have every right to hold them, have about as much heft as Meryl Streep’s or Julia Louis-Dreyfus’s – those views plus about $10 will buy you a Richard Cordray Pez dispenser on Amazon.
Why don’t we wait and see what Trump plans to do on Dodd-Frank? Rolling-back doesn’t mean eradicating. But a VERY heavy pruning will create good jobs, not kill them.
14
Prescription, as noted elsewhere: fresh air and sun.
Lots of us do business. We like honest business; clearly you prefer the kind that deceives.
By the way, here's some background on Trump's business history:
"Donald Trump was a stock market disaster: Trump Hotels & Casino Resorts reported losses of $647 million from 1995 through 2004"
http://www.marketwatch.com/story/donald-trump-was-a-stock-market-disaste...
"Donald Trump's Many Business Failures, Explained" http://tinyurl.com/jh32bq5 (Newsweek)
Thousands of lawsuits, some helping him cheat his contractors and suppliers. His bank, Deutschebank, has been implicated in some dubious dealings lately, especially exporting Russian money. And it seems clear that oligarchs close to Putin have invested heavily in Trump.
That school? Seems to have been fraudulent.
You don't want fraud protection because?
Lots of us do business. We like honest business; clearly you prefer the kind that deceives.
By the way, here's some background on Trump's business history:
"Donald Trump was a stock market disaster: Trump Hotels & Casino Resorts reported losses of $647 million from 1995 through 2004"
http://www.marketwatch.com/story/donald-trump-was-a-stock-market-disaste...
"Donald Trump's Many Business Failures, Explained" http://tinyurl.com/jh32bq5 (Newsweek)
Thousands of lawsuits, some helping him cheat his contractors and suppliers. His bank, Deutschebank, has been implicated in some dubious dealings lately, especially exporting Russian money. And it seems clear that oligarchs close to Putin have invested heavily in Trump.
That school? Seems to have been fraudulent.
You don't want fraud protection because?
171
Mr. Luettgen:
Why do you object to the requirement that financial advisors put the needs of their clients first.
Why do you object to the FCPB.
How do either of these adversely affect economic growth.
Why do you object to the requirement that financial advisors put the needs of their clients first.
Why do you object to the FCPB.
How do either of these adversely affect economic growth.
85
I'm still waiting for The Donald to invest in America by bringing back the jobs he outsourced to China and Mexico, among other places. Which do you suppose he'll do first- bring back those jobs, release his tax returns, find the three million "illegals" who voted for Hillary or win the hundred-yard dash at Tokyo in 2020?
95
The old system, pre-Dodd-Frank and Great Recession, worked pretty well for guys like Trump. You could borrow big money against a lousy real estate deal, that high risk loan would then be bundled in a big pool of other crummy loans and a rating agency could then be bribed to give it a AAA rating, so that a bunch of pension managers would suck them up like watered down drinks at happy hour. Cool deal.
But now that the banks can't dump the loans on unsuspecting investors, they won't lend to guys like Trump anymore.
But most of them didn't have the option to go to the Russians for money.
But now that the banks can't dump the loans on unsuspecting investors, they won't lend to guys like Trump anymore.
But most of them didn't have the option to go to the Russians for money.
431
Hillary made more money for the Russians than all previous Presidents put together. She also personally made a fortune just putting her imprimatur on the Uranium One deal. But please don't learn any lessons from this past election.
1
L’Osservatore flogs alternate facts
Politifact did the research in http://www.politifact.com/truth-o-meter/statements/2016/jun/
They found:
1. The State Dept was only 1 of at least 9 agencies that approved the sale.
2. It is likely that the people who gave the money to the Foundation had sold their stock when the approval was given.
3. Practically ALL the donations were made well before anyone had any idea that Hillary would be appointed SOS.
They rated the statement that the Clinton Foundation recived money because of the deal "mostly false."
Politifact did the research in http://www.politifact.com/truth-o-meter/statements/2016/jun/
They found:
1. The State Dept was only 1 of at least 9 agencies that approved the sale.
2. It is likely that the people who gave the money to the Foundation had sold their stock when the approval was given.
3. Practically ALL the donations were made well before anyone had any idea that Hillary would be appointed SOS.
They rated the statement that the Clinton Foundation recived money because of the deal "mostly false."
4
Multi-million dollar loans secured by commercial property are not "bundled" into securities. With very few exceptions, only home loans are bundled. The Donald credit is so bad he can't even get a loan from a bank. Deutsch Bank made loans to him in the past, but no more. In fact, it's ironic that probably none of the people at this forced round table would lend him a penny. Most of them would rather be elsewhere, but are afraid of the twitterer in chief's reaction if they declined.
1
Low wages is because of too few jobs. Those unemployed workers are now so long term unemployed, so discouraged, so underemployed that they are no longer counted as "unemployed" in the official measure of unemployment issued by the Labor Department as U-3.
However, the Department does issue numbers that include them, called U-6. In that measure, unemployment was always high and is still high. That is why wages are depressed.
This defense of Dodd-Frank come from the same people who failed to support doing more, failed to acknowledge that Dodd-Frank was far from enough to solve the problem they'd now like to blame on Trump. They supported Hillary's refusal to really fix the problem, and now blame the continuing problem on Trump.
To be clear, we need to re-instate the old rule, from the Depression, that really did prevent this problem, and which was removed by Bill Clinton, when he signed repeal of the Glass-Steagall Act, which Hillary refused to reinstate.
Dodd Frank by itself is not enough, but creates new problems without solving the real problems created by Clinton repealing Glass-Steagall.
However, the Department does issue numbers that include them, called U-6. In that measure, unemployment was always high and is still high. That is why wages are depressed.
This defense of Dodd-Frank come from the same people who failed to support doing more, failed to acknowledge that Dodd-Frank was far from enough to solve the problem they'd now like to blame on Trump. They supported Hillary's refusal to really fix the problem, and now blame the continuing problem on Trump.
To be clear, we need to re-instate the old rule, from the Depression, that really did prevent this problem, and which was removed by Bill Clinton, when he signed repeal of the Glass-Steagall Act, which Hillary refused to reinstate.
Dodd Frank by itself is not enough, but creates new problems without solving the real problems created by Clinton repealing Glass-Steagall.
43
Can't you make your point without bashing the people who had to make compromises to get things done? Yes, with hindsight, it was wrong. But what choice did they have. Reagan, remember? Meanwhile, the economy was fixed and Hillary was branded a liar because they didn't like the idea of fixing health care.
Just stick to the point. She lost, already! We get it, you hate her beyond sense and reason. Point taken.
Just stick to the point. She lost, already! We get it, you hate her beyond sense and reason. Point taken.
76
Totally disagree with you. Glass Stiegel is not solution. The smart set on Wall Street will figure out ways around it. And, oh by the way, it is a disaster for community banks - who had nothing to do with the financial crisis.
3
Dodd-frank was the best they could do. You are correct that the old law was better. Unfortunately neo-liberals are like republicans when it comes to the economy. They practice deregulation.
But as much as I am not crazy about Hillary, I don't think she would do what Trump is doing. She would have left dodd-frank intact.
And now all protections for consumers will be stripped away, one by one.
But as much as I am not crazy about Hillary, I don't think she would do what Trump is doing. She would have left dodd-frank intact.
And now all protections for consumers will be stripped away, one by one.
3
The Crash of 1929...brought to you by Republican 'laissez faire' Presidents Harding and Coolidge and the idiotic Roaring Twenties
The Crash of 2008...brought to you by Republican nincompoops George W. Bush and Dick 'Regulations Don't Matter' Cheney
The Crash of 2020....brought to you by Republican Donald Trump and his Attention Deficit Disorder voter base
Who needs rules ?
Why pay attention to history ?
Everything will be magically wonderful with economic anarchy, avarice and Grand Old Psychopathy on the Trumpian loose.
Hey Trump Nation, the Donald Depression is in the oven:
Juice the national economy with corporate and 0.1% gambling chips, bake gently for a few years, season with 0.1% spices and welfare, bake a little more and then watch it explode over 320 million Americans.
Heckuva' job, nation destroyers.
The Crash of 2008...brought to you by Republican nincompoops George W. Bush and Dick 'Regulations Don't Matter' Cheney
The Crash of 2020....brought to you by Republican Donald Trump and his Attention Deficit Disorder voter base
Who needs rules ?
Why pay attention to history ?
Everything will be magically wonderful with economic anarchy, avarice and Grand Old Psychopathy on the Trumpian loose.
Hey Trump Nation, the Donald Depression is in the oven:
Juice the national economy with corporate and 0.1% gambling chips, bake gently for a few years, season with 0.1% spices and welfare, bake a little more and then watch it explode over 320 million Americans.
Heckuva' job, nation destroyers.
766
It was Bill Clinton, at the urging of his then treasury secretary, who signed off on the repeal of Glass-Steagall. Your memory is terribly convenient. Now we have Donald Trump who wants to destroy Dodd-Frank, which is without much punch as it is. Restore Glass-Steagall, Now!
4
When Dodd-Frank goes, my money comes out of stocks and mutual funds and into cash. I will not wait for the last minute.
2
Much of the really big money made in the stock market is made by those who sell short, having advance warning of events that will precipitate a quick and massive sell off as margin accounts are called. Now isn't that food for thought?
2
My small business gets solicitations for loans almost daily. They call me on the phone regularly. I wonder, what do they want from me? There is money out there looking for places to go. So much so, that they even come to my doorstep.
Interest rates are very low. Mortgage rates are under 4%. The yield on the 10 year bond is at 2.5%. These are historically low rates. There is no credit crunch. If there was, then rates would be much higher. Cash is available to qualified borrowers.
That's the problem Trump has with Dodd-Frank. People have to qualify for a loan instead of getting all the money they want without demonstrating that they can pay it back. Those pesky regulations just keep getting in the way.
Here is another problem. Average compensation for Wall Street workers has dropped to around $500,000. It used to be much higher. They don't like that. Again, those pesky regulations prevent them from selling junk investments and financial scams that used to earn them millions. Trump to the rescue!
Oh but it gets worse. Since the crash of 08, there are fewer big banks now. About 5 hold the lion's share of assets. They truly are too big to fail. With the consolidation of financial power in fewer hands, regulations are now more important than ever. A failure could take down the planet. Lehman almost did.
Trump has invented a nonexistent crisis that he only he can fix so he can line the pockets of his "friends". Trump's taking care of the little guy!
Interest rates are very low. Mortgage rates are under 4%. The yield on the 10 year bond is at 2.5%. These are historically low rates. There is no credit crunch. If there was, then rates would be much higher. Cash is available to qualified borrowers.
That's the problem Trump has with Dodd-Frank. People have to qualify for a loan instead of getting all the money they want without demonstrating that they can pay it back. Those pesky regulations just keep getting in the way.
Here is another problem. Average compensation for Wall Street workers has dropped to around $500,000. It used to be much higher. They don't like that. Again, those pesky regulations prevent them from selling junk investments and financial scams that used to earn them millions. Trump to the rescue!
Oh but it gets worse. Since the crash of 08, there are fewer big banks now. About 5 hold the lion's share of assets. They truly are too big to fail. With the consolidation of financial power in fewer hands, regulations are now more important than ever. A failure could take down the planet. Lehman almost did.
Trump has invented a nonexistent crisis that he only he can fix so he can line the pockets of his "friends". Trump's taking care of the little guy!
996
Bruce, good thoughts, thank you. Are you sure that dt* is doing this for his friends? I don't know that he has any, I can't imagine this is personal. Everything he does is transactional. i am wondering what the transaction is here.
You're right Bruce, and as of the middle of last year, S&P 500 corporations were sitting on about $1.5 trillion (with a T) in cash. Our economy is actually awash in cash, it's just static. Increase the velocity of money, and by definition, GDP rises.
2
Like your loan example. Since you are only a sample of size one, add me to the list of being hounded not by money collectors, but money hustlers. Now we have a sample of size 2. We need more.
3
Trump knows where his interests lie. It is not with us. This is the same person who was pleased with his gains from the recession and housing bust. He shrugged and said that's just business.
And he is more concerned about his own bottom line than about ours'.
And he is more concerned about his own bottom line than about ours'.
93
Be careful what you wish of is in play
If you'll recall, the Republican talking heads blamed the financial meltdown of 2008 on middle and lower class homeowners who acted foolishly by buying homes that they could not afford. Only 1 banker ever served any time for it. This is another example of the rich and powerful looking out for their own.
197
While I agree that the "banksters" and financial manipulators did not get punished by Obama (one? was there even one who went to jail? Bernie Madoff doesn't count), you are misstating what Republicans claimed.
They said that it was POOR homeowners, without adequate income or resources, who were encouraged to buy ANY home at all, by government programs specifically put in place to "encourage home ownership". It is hard to this was very true, but the problem is this was only a small part of the collapse in housing. It ignores things like the vast run-up in people borrowing home equity loans against hyper-inflated property, or the way financial institutions were selling securities based on dodgy mortgages. And a good many of those dodgy mortgages were sold to wealthy and upper-middle class homeowners....especially "investors" who were speculating in the "house-flipping phenomena".
The really great thing is that today, most of those disastrous practices are BACK and it did not take Trump or any deregulation -- they did it under Obama in the last 2-3 years. Look at housing prices; they are in the SAME terrifying upward spiral as in 2005-2007! Exactly the same! people are flipping homes again!
They said that it was POOR homeowners, without adequate income or resources, who were encouraged to buy ANY home at all, by government programs specifically put in place to "encourage home ownership". It is hard to this was very true, but the problem is this was only a small part of the collapse in housing. It ignores things like the vast run-up in people borrowing home equity loans against hyper-inflated property, or the way financial institutions were selling securities based on dodgy mortgages. And a good many of those dodgy mortgages were sold to wealthy and upper-middle class homeowners....especially "investors" who were speculating in the "house-flipping phenomena".
The really great thing is that today, most of those disastrous practices are BACK and it did not take Trump or any deregulation -- they did it under Obama in the last 2-3 years. Look at housing prices; they are in the SAME terrifying upward spiral as in 2005-2007! Exactly the same! people are flipping homes again!
2
Show us the tax returns.
Strange language modifications to export rules pertaining to Russia...the Russian business effected is the KGB (renamed to divert suspicions).
Who in America is selling stuff to the KGB? And what are they selling? And how is Little Donald and/or his clan profiting from this treasonous act?
Show us the tax returns.
Strange language modifications to export rules pertaining to Russia...the Russian business effected is the KGB (renamed to divert suspicions).
Who in America is selling stuff to the KGB? And what are they selling? And how is Little Donald and/or his clan profiting from this treasonous act?
Show us the tax returns.
108
I am not sure dt* is protecting those who are selling things to the KGB, although that is an interesting concept. I think it is more likely that someone once said to him 'Dodd-Frank Bad', and that is about all he knows about it.
I completely agree with you about the tax returns. So far a little more than 476,000 Americans have signed the petition to have his tax returns released.
https://petitions.whitehouse.gov/
I think it was Kellyanne who said Americans don't care about them, so phht!
If millions signed this petition, none of them could say that anymore. Please if you haven't already, do so, sing it and ask everyone you know to do so.
This tax issue should not just disappear into the murk, it may reveal so much.
I completely agree with you about the tax returns. So far a little more than 476,000 Americans have signed the petition to have his tax returns released.
https://petitions.whitehouse.gov/
I think it was Kellyanne who said Americans don't care about them, so phht!
If millions signed this petition, none of them could say that anymore. Please if you haven't already, do so, sing it and ask everyone you know to do so.
This tax issue should not just disappear into the murk, it may reveal so much.
5
Yes, we must keep demanding his tax returns, though they are undoubtedly full of lies.
2
Nancy, I think it's even simpler than that. Donny is the one who can't get a loan.
3
Trump care about nothing that does not win him accolades from the voters in the fly-over Red States. He does seem to understand that well.
24
The trump gang are in a race between two opposing factors: his supporters noticing the harm they are being done, and their administration getting enough control of information, including the falsification of unfavorable government statistics.
I notice trump was basking in the reflected glory of the latest unemployment numbers - the very numbers he was decrying as wildly wrong during his campaign.
I notice trump was basking in the reflected glory of the latest unemployment numbers - the very numbers he was decrying as wildly wrong during his campaign.
76
@donald surr: and the left likewise cared/cares about NOTHING that benefits the voters in flyover states, and laughs at their pain.
@mancuroc: ALL Presidents preen over job stats. GW Bush did the same thing. Obama did the same thing. Never mind that they have relatively little control or influence there, and that the U-3 is insanely inaccurate. They also take credit for low gas prices, and then refuse to take responsibility for high gas prices. So it goes.
@mancuroc: ALL Presidents preen over job stats. GW Bush did the same thing. Obama did the same thing. Never mind that they have relatively little control or influence there, and that the U-3 is insanely inaccurate. They also take credit for low gas prices, and then refuse to take responsibility for high gas prices. So it goes.
@ Concerned, simply not true that the Left laughs at the pain in flyover states. Hillary Clinton offered extensive proposals to create well-paying jobs in flyover states by making large public investments in rebuilding infrastructure and accelerating our shift to green energy (e.g., installing large numbers of solar panels). President Obama rescued the auto industry. Democrats actually take concrete steps to ease the pain in flyover states. What do Republicans do?
7
Do you honestly still believe that Trump ever cared about creating jobs for the working class? Does anyone?
Trump cares about Trump. And money. I've never seen any evidence that he cares about anything else, even though he'll lie out of both sides of his mouth to pretend he does.
But Trump, when he is sincere, is only about Trump. I'm not sure his supporters care either. They probably don't expect much from him. They're just happy to see their boy doing so well at making liberals mad and destroying Washington. That's what they wanted.
They believe their lives can't get any worse. They are wrong.
Trump cares about Trump. And money. I've never seen any evidence that he cares about anything else, even though he'll lie out of both sides of his mouth to pretend he does.
But Trump, when he is sincere, is only about Trump. I'm not sure his supporters care either. They probably don't expect much from him. They're just happy to see their boy doing so well at making liberals mad and destroying Washington. That's what they wanted.
They believe their lives can't get any worse. They are wrong.
382
By ignoring climate change they will destroy the planet even further. What good will their money do as the planet collapses?
7
It is going to take a lot of media megaphones to get the warning out now. Trump's maneuvering is looking to bring the economy right back to the calamity which met President Obama's first term. And it was President Obama's hands-on approach, including regulations, which brought us back from the brink.
This is going to have to be repeated ad nauseum, because the Republican lie is going to be that President Obama set the economy on a downward spiral. For good measure, maybe they'll even blame Obamacare, and they'll have the propaganda machines to blare their lies.
This is going to have to be repeated ad nauseum, because the Republican lie is going to be that President Obama set the economy on a downward spiral. For good measure, maybe they'll even blame Obamacare, and they'll have the propaganda machines to blare their lies.
110
There is nothing so bad that Trump cannot make worse.
Can you picture what Trump would have done in Obama's place in 2009? Can you also picture him being hands on, in a crisis? He'd be down at Mar a Lago talking about how he won the 2016 election. Does Trump play a violin, ala Nero?
Can you picture what Trump would have done in Obama's place in 2009? Can you also picture him being hands on, in a crisis? He'd be down at Mar a Lago talking about how he won the 2016 election. Does Trump play a violin, ala Nero?
5
To believe the economy has come "back". requires wealth and arrogance and living in NYC, LA, Boston, San Francisco or another large coastal blue liberal community in gated splendor.
Go ask the people in Hazard, Kentucky if the economy has "come back". Go ask the workers at the now closing Sears stores, Macy's stores and other shuttered businesses how great this "recovery" is.
Go ask the people in Hazard, Kentucky if the economy has "come back". Go ask the workers at the now closing Sears stores, Macy's stores and other shuttered businesses how great this "recovery" is.
The President's reckless unchecked assault on regulation(Dodd-Frank) and rollback of consumer credit card protections will result in HUGE financial losses for poor, working and middle class families through fraudulent and deceptive loan and mortgage practices by large banks and paylenders!
103
Yes, but those loses go directly into the pockets of the financial manipulators working for the oligarchs. The money is not destroyed, it is merely transferred to the rich, who in turn build bigger houses and yachts that employ poor people. It is a virtuous circle! You just gotta get into the loop.
4
The tone and tenor of his campaign and now the opening weeks of his "honeymoon" clearly portend troubled times. Policies and laws that have served well in our economic recovery are being annihilated with an in-your-face belligerence that makes a mockery of any sort of goodwill toward the working man. A troubled-but-promising "Obamacare" has been destroyed. Our #2 customer, Mexico has been angered. Australia, Germany, the EU and other nations have been insulted, The Muslim ban ends our tradition as a nation of immigrants. What did I miss? What lies around the bend?
I have a sickening feeling that the first dominoes are already falling in what is going to become a dizzying spiral into economic free-fall.
God save America.
I have a sickening feeling that the first dominoes are already falling in what is going to become a dizzying spiral into economic free-fall.
God save America.
223
How does the little guy (the little people) survive this mess?
Do we build a bomb shelter, stash some cash and lots of canned
food? Or do we run toward the light?
Do we build a bomb shelter, stash some cash and lots of canned
food? Or do we run toward the light?
1
You forgot women. His SCOTUS pick will set us back to back alley abortion days.
8
Jahnay ~ The little guy can't afford to build a bomb shelter and probably lacks cash to stash. The rich will survive and thrive and the little guys and gals will suffer the consequences of djt's fecklessness.
4
Clearly, he's playing to his base. And we know exactly who that is. And isn't. #NotMyPresident.
53
Do you think his base, the folks we saw at his rallies, the ones who think he will magically re-ignite the coal furnaces at the closed factories even know what Dodd-Frank is? I would be surprised if they did, it is more likely that they think this is what 'draining the swamp' looks like.
6
Not since the 1950s Red Scare by Senator Joseph McCarthy has the U.S. seen a political figure dominate the spotlight as Trump. We have not been at such a precipice in a long time. McCarthy tried to root out what he claimed were Communists in the State Department. It's highly likely that McCarthy had a paranoid personality disorder. There's much discussion about Trump's narcissism.
The damage McCarthy caused lasted for decades. The damage Trump is likely to cause will create another economic depression, reduce the number of available jobs, which will increase crime, poverty, homelessness, the number of patients in mental hospitals, and will further damage the world perception of us.
If we really are the leading country of the free world -- well, that perception could soon be tarnished for decades.
The damage McCarthy caused lasted for decades. The damage Trump is likely to cause will create another economic depression, reduce the number of available jobs, which will increase crime, poverty, homelessness, the number of patients in mental hospitals, and will further damage the world perception of us.
If we really are the leading country of the free world -- well, that perception could soon be tarnished for decades.
7
OK, and Obama was "#NotMYPresident" -- there, we're even. Are you happy now?
Let us see if you can remember who said "elections have consequences"?
Let us see if you can remember who said "elections have consequences"?
Trump is proud of how he made out in the 2008 recession. He said "“That’s called business ....”
Is there any doubt that Trump is still in business? Is there any reason to believe that Trump does not see the presidency of the United States as just another business opportunity?
He wants to repeal Dodd-Frank to set up another score. If that kills jobs and sinks the economy, will he really care? Not as long as he makes out well. That's just called "business."
Is there any doubt that Trump is still in business? Is there any reason to believe that Trump does not see the presidency of the United States as just another business opportunity?
He wants to repeal Dodd-Frank to set up another score. If that kills jobs and sinks the economy, will he really care? Not as long as he makes out well. That's just called "business."
243
The Trump Administration Motto: "No Billionaire Left Behind"
Obviously, rolling back Dodd-Frank is aimed to serve the phantom financial economy money masters - and certainly NOT aimed at serving the middle-class, or the real economy. The Wall St. casino must go on!
Obviously, rolling back Dodd-Frank is aimed to serve the phantom financial economy money masters - and certainly NOT aimed at serving the middle-class, or the real economy. The Wall St. casino must go on!
155
Why do you assume that Trump has any sincere interest in creating jobs? He is behaving as one with only short-term interests of self-aggrandizement and pursuing his own business interests. He is putting way more energy into dismantling consumer protections (aka reducing regulations) than into developing infrastructure plans, something that when done at a large scale, really could impact the White middle class male populations. He has no demonstrable desire to improve the situation of those who feel left behind to deal with the practical realities of living in the real world.
165
Very disquieting parallels to the 1920s, with stock market highs, weak regulation, and large zones of economic crisis and instability around the world. Seems like safe borrowing by the government is a sin in Republican World, but reckless loans in the business world are just fine. It was the collapse of overheated markets and shady banking and stock practices that led to the depression of the 30s, not government policy. The giddy supporters of Trump and all the Republican high-rolling political puppet masters are too drunk on the champagne of power to notice where we are headed.
249
Actually, Pete, the reasons for the crashes of 1929 and 2008 were similar. From 1919 to 1929 we had federal government budget surpluses. This meant the government took more out of the private sector than it put in. The resulting shortage of money caused people to turn to banks to borrow. Private debt exploded. This put great stress on the banks which as private debt got bigger and bigger, finally crashed in 1929.
In the 1990's our trade deficit expanded. By about 1996, the amount of money flowing out of the private sector, indeed, out of the country exceeded the amount flowing in from the federal government. Except for a brief period in 2003, this outflow continued until 2008. Again the shortage of money in the private sector caused private debt to explode, and the banking sector became way overleveraged. Only huge infusions of money from the FED to the banks saved us from another 1929, but it sure wasn't pretty.
In the 1990's our trade deficit expanded. By about 1996, the amount of money flowing out of the private sector, indeed, out of the country exceeded the amount flowing in from the federal government. Except for a brief period in 2003, this outflow continued until 2008. Again the shortage of money in the private sector caused private debt to explode, and the banking sector became way overleveraged. Only huge infusions of money from the FED to the banks saved us from another 1929, but it sure wasn't pretty.
4
Given the behaviors and actions of Chase, BofA, Wells Fargo, Goldman Sachs and other financial institutions that have resulted in BILLIONS in fines of these banks, how will the dismantling of Dodd-Frank help anyone but the top .001%?
Are we really concerned that bankers aren't making enough money?
Are we really concerned that bankers aren't making enough money?
568
This is primarily a way for DT to further enrich himself both as president and afterwards.
3
And how will rolling back Dodd-Frank help the "little guy" who swallowed this tripe about bring back the old jobs and voted for Trump? Exactly how will this increase jobs and salaries of what is left of the middle class? We need someone from the Administration to explain this to us.
4
Trump is betting on his voters not paying attention and he is so far right. Until those folks get hurt by his policies they will continue to cheer him on. I am old enough to remember living through a dictatorship ( Idi Amin) expelling Indians in 1972 and people in Uganda cheered him on until they realized they had been taken for a ride. Amin ruled for 8 years before he got full of himself by invading a neighboring country which sent its army to get rid of him in 1979. If that had not happened Amin would have continued to rule Uganda for much longer than 8 years like all other dictators. I would not bet on Trump not ruling for a full two terms. His election was a 'tribal' vote and as long as his 'tribe' continues to nod its approval, he will serve out his full term in spite of the damage his policies are inflicting on this country and his people.
85
It's not that they don't pay attention, rather voters don't understand the issues. Today, out of curiosity, I looked at my Congressman's voting record because I really wondered what he did all day besides pose for pictures with Catholic school kids in his district. The bills are mind boggling and steeped in minutiae. They cover the ever so slightest fraction of a real issue. These guys have a really sweet gig. Six figure salaries, pensions, health care and perks. We should all give them a run for their money.
3
The Dodd Frank Act is a horrible piece of legislation. God bless Donald Trump.
4
Off we go - preaching politics:
Who made you?
God made me.
Why did God make you?
To vote for Trump so that he could free our bankers from enslavement.
Blessed is his mane
Who made you?
God made me.
Why did God make you?
To vote for Trump so that he could free our bankers from enslavement.
Blessed is his mane
8
only a fool would believe that this action will lead to anything but another financial collapse from which the CEO's will walk away richer than ever. Then a Democrat president will have to pick up the pieces while the GOP blame them for the mess they created.
8
Thanks for clearing that up.
1
We all know the Trumpet speaketh with forked tongue. All those jobs, all that prosperity for Americans? Um, for his cronies and other millionaires, I guess.
And the sheeple actually thought the Trumpet would work in the best interests of the "little guy" who has nothing else but black lung disease, mercury poisoning, and liver disease from agricultural chemicals.
Ya think?
Whatever lines the pockets of those who have more than most can even dream of..............
God save America! Resist Trump! Protect equality, liberty, justice for all!
And the sheeple actually thought the Trumpet would work in the best interests of the "little guy" who has nothing else but black lung disease, mercury poisoning, and liver disease from agricultural chemicals.
Ya think?
Whatever lines the pockets of those who have more than most can even dream of..............
God save America! Resist Trump! Protect equality, liberty, justice for all!
126
Of course Trump will roll back Dodd-Frank, he loved the old system where he could borrow hugh amounts and then default and the banks would rewrite another loan and he could go put it in another venture and when that venture failed, do it all over again.
Isn't that why he used Russian banks in recent years , after the US banks were saying no ?
Isn't that why he used Russian banks in recent years , after the US banks were saying no ?
742
I'd like to think the bankers were actually smart enough to realize he was a bad bet after enough such failures, but maybe it was the regulations stopping them from making bad bets that are to blame.
3
And in each of the bankruptcies Trump filed, he stiffed workers, contractors and small business people while walking away with billions for himself. Working people lost out bigly!
And don't forget, that with all his defaults Trump "doesn't have to pay" his taxes. A win-win for him and his billionaire cronies. The rest of the country, including his sycophantic supporters, lose.
4
The worst of a Dodd Frank repeal, on every level is that paid financial advisors will no longer be required to give primary consideration to what 's good for the client. I don't understand why anyone who isn't on the inside track would want to invest on stocks under those conditions.
297
The rule was only for retirement investments. Fat cats will always get good advise or the advisor gets a bad rep. The guy with a little money socked away from retirement has no clout or ability to punish an advisor who sells him stuff that enriches that advisor. The real crime is that the advisor no longer has to reveal his bias. So much for Trump looking out for the little guy
1
I know that I am not going to. Why should I trust someone who doesn't have to look out for my interest as the customer?
President Trump's actions indicate that he does not understand emerging players in a new economy. He wants to resurrect old industries and dirty energy. He is focused on the plight of real estate investors in borrowing capital. His idea of job creation is is construction work and industrial production. He does not understand that these sectors do not create many knowledge-based jobs and that rising healthcare costs will force employers to forego benefits to these workers. Instead of trying to take America back to the 60's he should focus on future growth economies, like clean energy. And, the single most important thing he can do to jump the economy, foster enterpreneurship, and charge the housing market, is to address the student-loan debt crises that has hamstrung our young workers.
301
Are you talking about Donald Trump? LOL.
9
If only POTUS Trump were looking forward to the 2020's instead of backwards to the 1920's. I wonder how he will blame the inevitable employment downturn and potential recession on Obama.
1
Brilliant comment!!!!! I hope ivanka and jarred read it and then talk to daddy.
CNN interviewed Gary Cohn, who spoke of the need to repeal the Dodd Frank law on the grounds that this would encourage banks not to hoard capital and lend more to small businesses. When asked how the repeal of the Volker rule (which prevents proprietary trading by banks) would help small businesses he referred to the need for 'deep and liquid capital markets'. Like those markets we had in 2008?