“Populist” candidate for President, Donald Trump, railed against the “political establishment” and Wall Street elites who were “getting away with murder.” On October 26, 2016, just days before the Presidential election, Trump spoke at a rally in Charlotte, North Carolina and promised to uphold the plank in the Republican Party platform to break up the big banks by restoring the Glass-Steagall Act.…
Now, as the sitting President, the former populist candidate has become the embodiment of the political establishment he railed against. He has stacked his administration with former bankers from Goldman Sachs; he has placed deeply conflicted Wall Street cronies in key regulatory posts; and he is promising to roll back critical financial reforms. His Treasury Secretary, Steve Mnuchin, has disavowed any intention to reinstate the Glass-Steagall Act.
To the careful observer, it would appear that the American people have, once again, been played for fools by billionaires who no longer need to hide behind a dark political curtain but have simply seized the reins of power for themselves in broad daylight.…Remind you of Lucy snatching the football away from Charlie Brown yet again?
Wall Street On Parade
Trump Now Says Wall Street Is the Victim, Not the Villain
Pam Martens and Russ Martens
Trump Now Says Wall Street Is the Victim, Not the Villain
Pam Martens and Russ Martens
Trump stated: “Financial institutions have been devastated and unable to serve the public.”
ReplyDeleteThis is a true statement from the standpoint of the QE policy.... requiring Depository institutions to raise hundreds of billions of dollars of capital to leverage risk-free reserve assets at the Fed prevents them from financing other production oriented activities....