Friday, February 3, 2017

Returning To Pre Dodd-Frank? Another Executive Order... trump File Day #10


Rational Nation USA
Purveyor of Truth

Republicans are again in charge. trump, the billionaire business and tax tax cheat is signing another executive order to roll back Dodd-Frank. Removing safeguards put into place by the Obama administration to shield the nation's economy from another meltdown trump is anxious to return to the freer wheeling unregulated days of yesteryear.

President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity.

Trump himself made his intentions clear in a meeting with small business owners Monday. "Dodd-Frank is a disaster," Trump said. "We're going to be doing a big number on Dodd-Frank."

These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective.

Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. The directive will instruct the Treasury secretary to meet with the agencies that oversee the law to identify possible changes.

"Americans are going to have better choices and 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," said National Economic Council director Gary Cohn in an interview with the Wall Street Journal. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, "The banks are going to be able to price product more efficiently and more effectively to consumers."

The president of the nonprofit Wall Street watchdog Better Markets issued a statement blasting Friday's actions.

"The American people trusted candidate Trump when he said he was going to protect them from Wall Street's recklessness, but President Trump has betrayed that trust," Dennis Kelleher's statement says. "He is unleashing Wall Street on Main Street, which is exactly what the financial protections of Dodd Frank were put in place to prevent."

SKIP

Dodd-Frank, passed in 2010, is made up of many provisions across many different regulatory agencies, some of which — like the Labor Department's Fiduciary Rule — have yet to be implemented.

The intent of the law was to implement comprehensive safeguards to monitor and regulate financial institutions so their potential failures would not pose a risk to the entire economy.
Full NPR article BELOW THE FOLD.

37 comments:

  1. Been there, done that: unregulated BigBank, worthless hedge funds, Wall
    Street bonuses, serious depression. Then we taxpayers bail them out.
    It's the GOP way. Making America Great Again, one sucker at a time.

    ReplyDelete
    Replies
    1. Yup. Sure does look like we're headed down that path again.

      One thing I will say, (t)rump is most definitely hitting the road rolling, with the pedal to the metal. It's going to be a a rocky ride at break neck speed methinks.

      Delete
  2. He's only doing the things he promised sixty million voters he would do.

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  3. Mrs. Junior has been talking quite a bit lately about this provision of the Dodd-Frank bill, namely the one that requires a financial planner or an investment advisor, i.e. someone who purports to market their expertise in such a manner as to help guide investment decisions in an intelligent way for the consumer, to actually act in the best interests of their client... That is to say use the client's capital in such a way that there is a good faith expectation after whatever risk is considered that barring bad news or just bad plain old, bad luck, the client stands to benefit from the investment. It is a novel idea and certainly one given to wretched abuse by the wrangling and far-ranging regulators of Wall Street. Surely no respectable investment counselor could see fit to run his business under such onerous scrutiny. What's next, a full accounting of all funds given over? A better path for a more traditional financial planner would be to see his client or mark as a simple dupe with useful capital with which a clever investor, such as himself, might actually use to his own advantage. Surely the market can self-correct any problems inherent with such a system.

    ReplyDelete
    Replies
    1. The Mrs. has it just right. My financial advisor has his own business but he is an agent of a firm that been in business over 150 Yeats. I stay with the product (if you will) that carries brand name of the firm. I'm happy with a 4%-7% return at this stage of my game (life).

      Rusty above must be okay with the "29" and "08" results. Free wheeling markets and yuuuuuge gambling with little to no regulations or protections.

      The invisible hand of the market is all that is needed. The predatory market is just a myth don't cha know?

      Delete
    2. My career was in the private sector. Logically, my financial planner and assets are with a non profit. My personal conservative investment strategy was immune to the Bush Recession. So it follows that my credit card (my sole credit
      card) is through a credit union. IMO, big banking is more dangerous than big government when it comes to foolish finance.

      Delete
    3. This comment has been removed by a blog administrator.

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    4. Rusty, I for one agree with you. Trump is doing exactly what he said he would. Like it or not, he is the President and with that come certain rights.

      I grant you that.

      My struggle is with conservatives, and others who seldom if ever accorded President Obama that same respect and freedom to enact his policies.

      He was elected with a much larger percentage of the vote, won the popular vote, had a bigger win in the electoral college, entered with a higher approval rating and carried the House and Senate by larger percentages.

      These are not "alternative facts."

      And yet in spite of that, I heard not one conservative, right wing extremist, GOP politician, political commenter or right leaning blog such as WYD or Geez arguing that Obama should have a chance to enact his agenda, or that we should give him a chance.

      I have to wonder why that is, and why they, and you, expect President trump to get that kind of chance and respect today.

      Delete
  4. "He's only doing the things he promised sixty million voters he would do."

    Conveniently ignoring the fact that 74 million voters voted against Lord Dampnut.

    To him, that's just an alternative fact.

    ReplyDelete
    Replies
    1. As long as we have the EC and gerrymandering is reality popular majority matters not.

      Delete
    2. I understand the rationale behind the EC and it makes some sense actually. Historical frame of reference aside.

      Delete
  5. If you folks didn't want DJT you should have run a viable candidate, not a screeching old dishonest hag.

    ReplyDelete
    Replies
    1. Glad you mentioned dishonesty because (t)rump is arguably the most dishonest presidential candidate of the modern era.

      BTW, speaking singularly, I had no part of running HRC, none at all as I am not now, nor have I ever been, a member of the democratic party. Have no plans to join the party or rejoin the republican party either. I detest party affiliation and have since 2000. Prefer independent (unaffiliated).

      Member of a party (gang)? You sacrific individualism.

      I think I hear Lisa, Redneck, TOM/Luke, MKIA, FreeThinke, and Kid calling you over at WYD. Better fly on home. Don't let the door hit ya in the a*s.

      Delete
  6. Goodness Lester....you folks lost, get over it already. We will soon have justice Gorsuch and after Kennedy retires or Ruthie keels over the real right turn will occur with about twenty five years of legal bliss.
    Face the facts, the left has zero political power. All they can do is march around waving signs and breaking a few windows.The democratic party has been reduced to a costal political club.

    ReplyDelete
    Replies
    1. Yep, might as well get rid of elections, huh?

      Delete
    2. We've read your analysis. More than once. Point made, point noted.

      We'll just wait to see how 2018 and 2020 shakes out.

      Meanwhile patriotic American, those who still understand and respect our institutions and our demSocratic republic.

      At any rate the pendulum always swings back. It will happen again. As it must. Or, there will be great societal upheaval and perhaps another revolution.

      Sane people all across this Already Great Nation are already strategizing on how to unseat the minority presnit, (t)rump.

      Delete
    3. ... democratic republic, not demSocratic republic.

      Damn phone. Must be a (t)rump phone with an alternative auto spell algorithm.

      Delete
  7. No,no BB, by all means election should continue. Looks like the dems will lose at least four Senate seats in 2018.

    ReplyDelete
    Replies
    1. The peculiar demographics of the Trump victory were based on pissed off white working people. If he can placate them, you may be right, Rusty. In the more likely scenario of him screwing up
      bigtime, the future looks a bit brighter for the Dems, considering
      they already have the young, the educated, the minorities: the voters of the future. If all three branches of gov't are controlled by one party, there is only one place to blame, and
      if they are anything like Idaho, the GOP infighting will be furious among the various flavors of conservatism. I'm too old
      to be around when the next pendulum swings, but I'd bet on it.

      Delete
    2. You should be looking at the House! http://www.insideelections.com/news/article/trumps-fast-start-likely-puts-the-house-in-play-in-2018

      JMJ

      Delete
  8. We should keep the victims of the Bowling Green Massacre forever in our hearts and never forget them. They deserve better.

    ReplyDelete
    Replies
    1. This comment has been removed by a blog administrator.

      Delete
    2. It appears Mr. Yellow may be more mole than troll. I am Curious Yellow about what he said.

      Delete
    3. He said you are a prick. Nothing else. Deleted as it has no relevancy to post subject matter.

      Delete
    4. A prick for wanting to remember the victims of the Bowling Green Massacre? Some people have no respect. What's the world coming to!

      Delete
  9. Oh Jersey......would you bet on the house flipping in 2018?
    You dems thought 2016 was the year you took back the senate and made sizeable inroads in the house......oops!

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  10. This comment has been removed by a blog administrator.

    ReplyDelete
  11. It will be a hard road: GOP gerrymandering tilts the table:
    State % DEM %GOP Dem Reps GOP reps
    PA 50 37 5 13
    NC 43 31 4 9
    MI 44 37 5 9
    WI 43 41 4 6
    "Almost three-quarters of state legislatures are in Republican hands, which demonstrates how dangerous partisan gerrymandering is to the continued viability of two-party democracy. Partisan gerrymandering entrenches small advantages and makes them big. Because state legislatures set federal congressional districts, this is a part of the reason the U.S. House is so heavily Republican."
    --we note that the gerrymandering effect translates also to state judiciaries, making it difficult to adjust to the true voting population, although the WI case is still moving up the courts chain.
    Some states district adjustments are done by non-partisan commissions. In those states everyone's vote counts as 1, whereas in the GOP controlled states the dem voter gets around 8-85% while his lucky
    GOP neighbor that votes counts for 115-120% in voting efficiency terms. We conclude the GOP's "mandate" is therefore a chimera; small wonder
    the complaining crowds.

    ReplyDelete
    Replies
    1. It is now apparent that it has never been about democratic representation. It is about winning power to push their narrow minded agenda down the throats of all Americans.

      Hopefully they can be stopped.

      Thank you BB Idaho for posting the data.

      Delete
    2. BB, can you supply a link? Gerrymanding is part of a larger picture which includes restricted voting hours in Dem districts and longer hours in Rep districts, voter intimidation, caging, unwarranted polling booth challenges, and various and sundry ploys to skew results. No wonder why voters feel powerless. Then, to add insult to injury, dog whistle demagoguery and projection is usually aimed the innocent party while the guilty one wins the framing wars.

      Delete
    3. I did not record my links, but used several of the 296,000 articles under 'GOP Gerrymandering', as well as gathering state
      statistics for some of the more egregious state examples. The
      per voter efficiency, I calculated from my data. A good starting point is REDMAP on the situation, based on
      David Daley's 'Rat F**ked'. The concept of 'tie their hands, then blame THEM' is sickening; their credulous voters, baffling.

      Delete
    4. BB-Idaho,
      Baffling or deliberate? Normally, I am not a conspiracy theorist from the "libtard" side, but I think all of us have pause for concern. Steve Bannon is now titular head of National Security (his recent appointment slipped suspiciously under the radar of full Senate confirmation). In his new role, Sleaze Bannon will see all and know all:

      He's making a list and checking it twice.
      Gonna find out who’s naughty or nice.
      So you better watch out, you better nor cry.
      Better not pout, I’m telling you why:
      Fascism is comin’ to town.

      Delete
    5. When it came to Hillary, they cut of their nose to spite their face. With Trump/Bannon..they sold their soul. Voters, go figure.

      Delete
  12. If Hillary were President, I'd cut my wrists!!!!

    ReplyDelete
  13. Democratic establishments biggest error was not taking Trump seriously when he TOLD us the elections were going to be rigged! Everyone assumed he meant rigged in HRC's favor. But he meant in HIS favor (Interstate Crosscheck). It was a trap the Democratic establishment (and many Democratic voters) walked right into. Trump knew what he was doing (saying he'd decide at the time if he'd accept the election results). I'll give him that. The Dems were played. Big league. And STILL hardly anyone is talking about the rigging that got Trump elected (Interstate Crosscheck). It is still in place and will be deployed again in 2018 and 2020.

    Re Steve Bannon in the White House... I think (given recent comments on WYD) Rusty secretly has been a White Nationalist all along. That's in addition to being a huge fan of oligarchy.

    ReplyDelete
  14. http://www.nased.org/NASED_Winter_2013_PP_Presentations/KANSAS.pdf

    https://www.thenewamerican.com/usnews/politics/item/18044-interstate-crosscheck-of-voter-records-turns-up-evidence-of-electoral-fraud

    https://www.democracynow.org/2014/11/3/jim_crow_returns_interstate_crosscheck_program

    https://www.bing.com/search?q=interstate+crosscheck&form=EDGNTC&qs=AS&cvid=f90e391f57874f49b8a8660c77ac7da2&pq=interstate+crosscheck&cc=US&setlang=en-US


    Interesting.

    ReplyDelete

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