Sunday, February 5, 2017

Trump, the Two-Faced Wall Street Basher

Clinton, Trump said, is “nothing more than a Wall Street puppet.” Her campaign is “paid for by her bosses on Wall Street,” he added. The public was told that Clinton is “owned by Wall Street,” “is in [the] pocket of Wall Street,” and is “bought and paid for by Wall Street.”

Evidenced by the people Trump has surrounded himself for advice and council, he is nothing but a two-faced liar. Trump’s Administration is filled with “industry insiders to help run his administration, and even inviting a Wall Street insider to oversee Wall Street.”

Now, Trump has pledged to sign an executive order scaling back Dodd-Frank regulations and “also plans another executive action aimed at rolling back a controversial regulation scheduled to take effect in April that critics have said would upend the retirement-account advisory business.” Trump does Wall Street’s bidding, betraying campaign promises.

Here is what Robert Reich has to say about the situation:

Robert Reich

Today, [Friday]Trump orders a rollback of regulations over Wall Street, including Dodd-Frank. Does he really think Americans have amnesia? That they’ve forgotten what happened when Wall Street turned the economy into a casino, and then, when its bets went sour in 2008, needed a giant taxpayer funded bailout? Does he really believe Americans forget losing their jobs, homes, and savings in the fallout? And that not a single bank executive went to jail?

By the way, the biggest banks are far bigger today than they were in 2008. Then, the five biggest had 25 percent of U.S. banking assets. Today they have 44 percent. If they were too big to fail then, they’re far too big to fail now. Getting rid of Dodd-Frank triples the odds of another financial crisis.

In his presidential campaign, Trump blamed Wall Street for being part of the – and pounded Hillary for being too close to the Street by taking big speaking fees from Goldman Sachs. But Trump has brought more big guns from the Street into his administration than in any previous administration – mostly from Goldman-Sachs.

Before he joined Trump as head of his economic council, Gary Cohn was president of Goldman Sachs. Trump’s right-hand man, Steve Bannon, was at Goldman Sachs. Other Goldman alums around Trump are Steve Mnuchin, Trump’s pick for Treasury; Jay Clayton, Trump’s pick for the Securities and Exchange Commission; and Dina Powell, another White House adviser.

A decade ago, Goldman Sachs really did defraud investors and rip off their customers (as of today it’s paid nearly $9 billion in government fines), and many of these people were there.

Hypocrisy piled on top of hypocrisy, lies on top of lies, payoffs to the powerful and privileged on top of more payoffs. And we haven’t even finished the second week.