President Donald Trump signed an executive order Friday scaling back the sweeping 2010 Dodd-Frank financial regulatory framework enacted under his predecessor as a direct response to the financial crisis.
White House Press Secretary Sean Spicer labeled the Dodd-Frank Act a “disastrous policy,” in a Friday press briefing. In taking aim at the Act, a thorn in the side of the financial industry since its inception, the new administration is targeting a broad range of financial reforms, ranging from bank rules about speculating with customer funds :eek: and wind-down provisions for “too big to fail” institutions to consumer protections from predatory debt collection practices and forced arbitration.
On Monday, Trump had called Dodd-Frank a “disaster” and pledged to soon “do a big number” on the law aimed at reforming the way Wall Street does business.
Oh Look, Crony capitalism is back in vogue. Trump can’t wait to add to the swamp in Washington with all of his Goldman Sach appointees in the executive branch. His administration resembles more, the executive organizational chart at Goldman Sachs than one representing the people. You know, the firm that caused the largest meltdown in U.S. history. Inside the Meltdown
Wall Street is nothing more than a Giant Casino for high roller traders who each and every day bet the farm knowing full well if they bet wrong, the ordinary taxpayers, ‘the little people’, will pick up the tab. The same corporation that hid ‘toxic assets’ in an unregulated financial sector known as derivative trading and then paid Moody to rate them Triple A. Goldman Sachs who bet the farm going up on the derivatives knowing full well what they were packaging. When they saw the market turn, took a short position knowing that the stuff they are selling around the world was high risk assets packaged to be hidden. It’s not even pure market capitalism in allowing a company to go under. As the action was impeded by another Goldman Sachs employee, former Secretary of Treasury, Paulson, who developed the 'Too Big to Fail concept.
Trump is an elitists. An oligarch. Billionaires have no concept nor care about the ‘little people’. The Gordon Geeko’s of this world espouse the doctrine “Greed is Good, Baby”.
This action puts the nation at risk of another financial meltdown. Removing the consumer protection act, removal of ethics laws, insider trading, business regulations, predatory debt collection ( targeting the little people on their triple digit interest payments that people will never be able to pay back which causes even mafia loan sharks to blush from shame) will culminate in the collapse of financial markets around the world. Targeting the ‘little people’ who have to work three jobs to make ends meet from sector after sector of jobs being eliminated by AI robotic handlers (95% of Legos are robotically manufactured) or the family suddenly face with paying off catastrophic medical bills because ACA was repealed. Would You Pay $520 in Interest to Borrow $375? 12 Million Americans Did Last Year.
On calls to drain the swamp in Washington D.C., what is truly amazing about the election is the insidious action of the low information voter electing into office the same Congressmen and Senators who were considered the problem ‘the swamp’, the establishment. Congress with an approval rating of 11percent. One wonders some time. :eek:
I certainly would expect all those who oppose the previous president use of executive orders will be equally incensed with Trump ruling by executive fiat order bypassing Congress.
This is contrary to Christian doctrine,dogma,and values as espoused throughout the New Testament so I assume most will be deeply outraged in oppressing the most vulnerable members of our society, the poor, the disabled, the sick, the elderly with changes to the law.