The Internet Is Ripping Trump Limb From Limb Over Destruction Of Dodd-Frank

in News/Politics/Republican Stupidity/Social Media by

Reality TV star-turned-president Donald J. Trump has signed an executive order today that unravels much of the 2010 Dodd-Frank legislation that reigned in Wall Street.

In an interview with The Wall Street Journal, White House National Economic Council Director and former Goldman Sachs CEO Gary Cohn framed the move to deregulate financial markets as a way to give Americans “better choices.”

“Americans are going to have better products because we’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,” Cohn said. “The banks are going to be able to price product more efficiently and more effectively to consumers.”

Translated, that means Trump wants to let banks charge more and take bigger risks. For example, his order will nix Obama’s fiduciary rule, which requires retirement advisers to act in the best interests of their clients rather than the investment company.

Twisting truth in Orwellian fashion, Press Secretary Sean Spicer indicated that the Consumer Financial Protection Bureau would be diminished because it “does not adequately protect consumers.”

Knowledgeable people rejected the administration’s justification for overturning an act of Congress by decree and debated the wisdom of returning to the status quo which allowed the 2008 financial disaster, cratering the US economy.

Meanwhile, the Twitterverse vented quite a bit of anger.

Inevitably, some people tried to sweeten the bitter pill with a bit of humor.

But this is a serious matter. When Gary Cohn whines that America has “the most highly regulated, overburdened banks in the world,” what he’s really saying is that Goldman Sachs wants to inflate new speculative bubbles.

 

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