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Trump Lends the Banksters a Hand

Saturday, February 04, 2017 By The Daily Take Team, The Thom Hartmann Program | Op-Ed
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Donald Trump just pulled off the biggest bait-and-switch in American history.

Back when he was a presidential candidate, Trump said things about the big banks that made him sound like a Bernie Sanders Democrat.

In his final ad before Election Day, for example, he blasted the "global power structure" that he said was robbing the country blind and enriching the wealthy at the expense of working Americans.

That campaign ad -- and really the entire Donald Trump campaign -- will now go down in history as a con job of epic proportions.

All that populist talk about fighting the "draining the swamp"?

It was another one of those pesky little "Alternative Facts" Kellyanne Conway is always talking about.

It was a lie.

See more news and opinion from Thom Hartmann at Truthout here.

Instead of fighting the "global economic power structure," Donald Trump is now hard at work making it even more powerful.

For example, he's now asking the Labor Department to scrap the so-called fiduciary rule, which requires investors who manage retirement accounts to act in the best interest of their investors -- not Wall Street.

Sounds pretty good, right?

Not for the banksters.

They hate the fiduciary rule because it prevents them from ripping people off - and they've spent millions lobbying against it over the past few years.

As Trump administration Economic Advisor and former Goldmans Sachs second-in-command Gary Cohn told the Wall Street Journal, "[the fiduciary rule] is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn't eat it because you might die younger." 

Scrapping the fiduciary rule is just the start of Trump's big plan to help Wall Street.

Earlier today he signed an executive order calling on the government to "review" all regulations created by the Dodd-Frank financial reform law.

"Review," of course, is just more Republican doublespeak for what's actually going to happen.

And what's actually going to happen is that Trump is going to gut the very minimal protections created by the Dodd-Frank law to help his super-rich bankster friends get even richer .

This is literally what Trump says he wants do.

Seriously,  I'm not kidding.

We all know what's going to happen next.

Anytime the government deregulates Wall Street, a financial crisis follows.

The deregulation of the big banks in the 1920s caused the crash of 1929 and the Great Depression, Reagan's deregulation of the S&L's in the early 1980s caused the S&L crisis, and repealing Glass-Steagall back in the 2000s caused the crash of 2008.

These are just facts, and if Trump goes ahead with his push to gut Dodd-Frank, he next financial crisis is all but inevitable.

I guarantee it.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.
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Trump Lends the Banksters a Hand

Saturday, February 04, 2017 By The Daily Take Team, The Thom Hartmann Program | Op-Ed
  • font size decrease font size decrease font size increase font size increase font size
  • Print

Donald Trump just pulled off the biggest bait-and-switch in American history.

Back when he was a presidential candidate, Trump said things about the big banks that made him sound like a Bernie Sanders Democrat.

In his final ad before Election Day, for example, he blasted the "global power structure" that he said was robbing the country blind and enriching the wealthy at the expense of working Americans.

That campaign ad -- and really the entire Donald Trump campaign -- will now go down in history as a con job of epic proportions.

All that populist talk about fighting the "draining the swamp"?

It was another one of those pesky little "Alternative Facts" Kellyanne Conway is always talking about.

It was a lie.

See more news and opinion from Thom Hartmann at Truthout here.

Instead of fighting the "global economic power structure," Donald Trump is now hard at work making it even more powerful.

For example, he's now asking the Labor Department to scrap the so-called fiduciary rule, which requires investors who manage retirement accounts to act in the best interest of their investors -- not Wall Street.

Sounds pretty good, right?

Not for the banksters.

They hate the fiduciary rule because it prevents them from ripping people off - and they've spent millions lobbying against it over the past few years.

As Trump administration Economic Advisor and former Goldmans Sachs second-in-command Gary Cohn told the Wall Street Journal, "[the fiduciary rule] is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn't eat it because you might die younger." 

Scrapping the fiduciary rule is just the start of Trump's big plan to help Wall Street.

Earlier today he signed an executive order calling on the government to "review" all regulations created by the Dodd-Frank financial reform law.

"Review," of course, is just more Republican doublespeak for what's actually going to happen.

And what's actually going to happen is that Trump is going to gut the very minimal protections created by the Dodd-Frank law to help his super-rich bankster friends get even richer .

This is literally what Trump says he wants do.

Seriously,  I'm not kidding.

We all know what's going to happen next.

Anytime the government deregulates Wall Street, a financial crisis follows.

The deregulation of the big banks in the 1920s caused the crash of 1929 and the Great Depression, Reagan's deregulation of the S&L's in the early 1980s caused the S&L crisis, and repealing Glass-Steagall back in the 2000s caused the crash of 2008.

These are just facts, and if Trump goes ahead with his push to gut Dodd-Frank, he next financial crisis is all but inevitable.

I guarantee it.

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.