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Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule

Captain Adverse said:
IMO there should be Congressional legislation that handles the issue, if that's what people really want. Law, not administrative rulings. Isn't that what Dodd-Frank Act was supposed to do?

Perhaps Congress should act to tighten up the requirements if there is so much wiggle room that an E.O. can undermine the purpose.

The Law should be clear and simple, with no wiggle room. Isn't that what we pay Congress for? (Although they never seem to be able to get the idea right).
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American law is routinely written poorly, often on purpose so as to give the government power though the ability to re-imagine laws as they go, per the needs of the day.

This is not justice.
 
haymarket said:
Trump simply shows his true colors and where his allegiance is - the the rich and powerful of Wall Street. So much for the average Americans who voted for him and now are going to get the short end of the stick.
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Do you still think Democrats give a hoot about regular folks?
 
apdst said:
Do you still think Democrats give a hoot about regular folks?
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Does that little rubber hammer ever really hurt when it hits your patella like that forcing you into the same uncontrollable knee jerk response?
 
haymarket said:
Does that little rubber hammer ever really hurt when it hits your patella like that forcing you into the same uncontrollable knee jerk response?
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I'm not noticing a bunch of regular folks voting for Democrats the past several years; only the very rich and the very poor.

The very poor want a hand out. The very rich and the Democrat politicos want the government to give it to them and they all want the working classes to pay for it. Good luck winning an election using that strategy.
 
apdst said:
I'm not noticing a bunch of regular folks voting for Democrats the past several years; only the very rich and the very poor.

The very poor want a hand out. The very rich and the Democrat politicos want the government to give it to them and they all want the working classes to pay for it. Good luck winning an election using that strategy.
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Way to go.

A diversion tactic to avoid confronting the Wall Street friendly agenda of Trump and co.
 
Cassandra said:
Way to go.

A diversion tactic to avoid confronting the Wall Street friendly agenda of Trump and co.
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Does "Wall Street" just not know how friendly Trump is? "Wall Street" overwhelmingly donated to Hillary is why I ask.
 
apdst said:
I'm not noticing a bunch of regular folks voting for Democrats the past several years; only the very rich and the very poor.

The very poor want a hand out. The very rich and the Democrat politicos want the government to give it to them and they all want the working classes to pay for it. Good luck winning an election using that strategy.
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You did not answer the question.
 
I am not a big fan of this but I do support Trumps call that regulations help the wealthy to to keep competition down since the huge costs of regulations keep the little guys (or even big guys trying to enter a new field) out. This is part of the Rebellion going to war against the elite, a project that I fully support. Of course the Corporate Class Propaganda Machine is spinning this as Trump helping his right buddies, which is exactly the opposite of what is getting done, but then that's what propaganda is for.
 
scatt said:
Does "Wall Street" just not know how friendly Trump is? "Wall Street" overwhelmingly donated to Hillary is why I ask.
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You may have noticed that like most individuals, Wall Street did not really know what a Trump presidency would be like. Turns out he embodies all that Corporate America have prayed for- and now the stock market has achieved new highs on all that much anticipated deregulation.
 
Cassandra said:
You may have noticed that like most individuals, Wall Street did not really know what a Trump presidency would be like. Turns out he embodies all that Corporate America have prayed for- and now the stock market has achieved new highs on all that much anticipated deregulation.
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When the stock market goes down will you unpost this post?
 
Cassandra said:
You may have noticed that like most individuals, Wall Street did not really know what a Trump presidency would be like. Turns out he embodies all that Corporate America have prayed for- and now the stock market has achieved new highs on all that much anticipated deregulation.
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A very nice short term political benefit for Trump.
 
Cardinal said:
Oh, dear Jesus, I think apdst believes what he just wrote.
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To deny the that the Cloward-Piven strategy, or at least some major components, is not a part of the progressive agenda is laughable.
 
RabidAlpaca said:
Maybe we should legalize rape and murder too, right? What business does the government have controlling our lives like that?
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Well that is consistent with your other views. :shrug:
 
Hawkeye10 said:
I am not a big fan of this but I do support Trumps call that regulations help the wealthy to to keep competition down since the huge costs of regulations keep the little guys (or even big guys trying to enter a new field) out. This is part of the Rebellion going to war against the elite, a project that I fully support. Of course the Corporate Class Propaganda Machine is spinning this as Trump helping his right buddies, which is exactly the opposite of what is getting done, but then that's what propaganda is for.
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So you are O.K. with bailing out the banks when they screw up? I am old enough to remember the S&L bailout. It seems to happen on a regular basis. If you favor abandoning reforms, you better be prepared for the next taxpayer bailout.
 
Maybe Trump wants to stimulate the economy, even with methods that can create a bubble, so that he can claim that the economy grew rapidly because of his agenda. But of course, bubble growth is fake growth, and eventually that party has to end and be cleaned up, which can be a long and painful process.

The financial sector is driven mainly by the greed of individuals in those firms - those individuals have little concern for their firms, their customers, or their shareholders. Combining that with the "too big to fail" consequences of the financial sector, the sector needs to be tightly regulated.

We need to be incentivizing people who add to the production of real and useful things, not greedy and largely useless people who are just making money on money.
 
Cassandra said:
So you are O.K. with bailing out the banks when they screw up? I am old enough to remember the S&L bailout. It seems to happen on a regular basis. If you favor abandoning reforms, you better be prepared for the next taxpayer bailout.
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My argument is that Obama did almost nothing to prevent the next big crash, which will be here much sooner than anyone would like and sooner than most expect. My second point is that just about everything Obama touched was poorly done and I am in favor of the clearing away of crap so that something good can be built. .

But no, as I said, I am not a big fan of Trump/Bannon undoing Dodd-Frank, but I understand their argument and I support their goal.
 
Cassandra said:
Sorry. I don't follow your logic.
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Your claim is that the stock market is going up because "he embodies all that Corporate America have prayed for- and now the stock market has achieved new highs on all that much anticipated deregulation." Does this apply to Obama, or is your argument not consistent?
 
LessBiased? said:
Maybe Trump wants to stimulate the economy, even with methods that can create a bubble, so that he can claim that the economy grew rapidly because of his agenda. But of course, bubble growth is fake growth, and eventually that party has to end and be cleaned up, which can be a long and painful process.

The financial sector is driven mainly by the greed of individuals in those firms - those individuals have little concern for their firms, their customers, or their shareholders. Combining that with the "too big to fail" consequences of the financial sector, the sector needs to be tightly regulated.

We need to be incentivizing people who add to the production of real and useful things, not greedy and largely useless people who are just making money on money.
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Yes, it does seem to me that we are in for a 3rd Bush term whereby massive tax cuts combined with increased spending accelerate the size of the deficit while giving the economy a temporary boost.
 
The headline is blending two separate issues. Dodd-Frank could do with some refining because like a pendulum, it tends to swing too far. The Department of Labor rules that any broker or other financial advisors working with retirement funds must be a fiduciary and I think is a good requirement and should remain in place.
 
LessBiased? said:
Maybe Trump wants to stimulate the economy, even with methods that can create a bubble, so that he can claim that the economy grew rapidly because of his agenda. But of course, bubble growth is fake growth, and eventually that party has to end and be cleaned up, which can be a long and painful process.

The financial sector is driven mainly by the greed of individuals in those firms - those individuals have little concern for their firms, their customers, or their shareholders. Combining that with the "too big to fail" consequences of the financial sector, the sector needs to be tightly regulated.

We need to be incentivizing people who add to the production of real and useful things, not greedy and largely useless people who are just making money on money.
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The main reason that this recovery from the Great Recession is so weak according to many is that those who have money are sitting on their money. Trump is most certainly doing what he can to entice the upper crust of the elite to change course, to put that money to work in America, to build new things, so that Trump can take the credit, even as he works against their long term best interests by trying to stir up competition. .

There are many layers to what Trump/Bannon are up to, most of which you will rarely/never see mentioned in the MSM.
 
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scatt said:
Your claim is that the stock market is going up because "he embodies all that Corporate America have prayed for- and now the stock market has achieved new highs on all that much anticipated deregulation." Does this apply to Obama, or is your argument not consistent?
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Obama inherited a crashing stock market. It had only one direction to go. That said, my greatest disappointment w Obama's administration is that he did not: break up the banks or prosecute any of the bad actors.

Larry Sommers opined yesterday, that Wall Street is currently on a "sugar high". The stock market tries to anticipate the future. At the moment corporate America is feeling optimistic about a Trump presidency. He placed a a whole bunch of billionaire Wall St guys to his cabinet after all.
 
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