WASHINGTON—The Trump administration proposed a wide-ranging rethink of the rules governing the U.S. financial sector in a report that makes scores of recommendations that have been on the banking industry’s wish list for years.
….If Mr. Trump’s regulatory appointees eventually implement them, the recommendations would neuter or pare back restrictions from the Obama administration, which argued the rules were necessary to guard against excessive risk taking and a repeat of the 2008 financial crisis.
Seems to me like the exact opposite of ‘draining the swamp’. The new administration proposes removing or limiting the rules intended to reduce risk-taking in the financial sector.
This could end badly.
Especially with bank capital at current low levels.
Source: Trump Team Proposes Broad Rethink of Financial Rulebook – WSJ
3 Replies to “Draining the swamp?”
Yes, he’s certainly turning out to be the Nero of the American Empire (and thus the world). Perhaps he wouldn’t do it if he knew Bill Clinton did it once already. But Disruption Donald doesn’t seem to trouble his perfect mind with matters of history (or facts really) – even 20 year old facts. There’s a lot to be said for the Parliamentary system for excising errant PMs. Ditching idiot Presidents is a lot more public and likely to incite civil unrest since he seems to be adored by Middle Ignorant America.
How about Middle Ignored America… because that is what has happened in the last 20 years. Their jobs were sold off to global companies and elites.
Yes, I can’t argue with that. They’ve got a valid gripe alright. Having successive governments sacrifice the economic and social value of millions of people for the sake of a few companies’ balance sheets was lunacy bordering on treason. I don’t blame them for voting radically. I just can’t believe they were so gullible as to vote for a sociopathic hairdo sprouting populist slogans and expect him to be the solution. History books a full of such warnings. That was my point about ignorance. My real fear is that he’ll be the catalyst for major social unrest because he seems to enjoy encouraging Americans to hate each other. Not helpful in a gun-toting nation – as we are seeing lately.
Thanks for the response, and have a great day.
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