Banksters
must be drowning in champagne right now!
With Trump
administration taken over by Goldman Sachs, nothing can surprise us, anymore. The fairy
tale of the 'anti-establishment' Trump who would supposedly fight
for the interests of the forgotten - by the system - Americans, was
collapsed even before Trump election.
What's quite
surprising, is how fast the new US president - buddy of the
plutocrats, is offering 'earth and water' to the top 1% of the
American society, as if they had not already enough at the expense of
the 99%. His recent 'achievement', was to sign for more deregulation
in favor of the banking mafia that ruined the economy in 2008,
destroyed millions of working class Americans and sent waves of
financial destruction all over the world. Europe is still on its
knees because of the neoliberal destruction and cruel austerity.
From thehill
:
President
Trump Friday signed a pair of executive orders aimed at lightening
the regulatory load on financial institutions, setting the stage for
a broader push to scale back the Dodd-Frank financial reform law.
The
orders are somewhat limited in scale but indicate the new
administration will make an overhaul of Wall Street rules a priority
going forward.
[...]
The
order itself is limited, but Trump will be able to make his mark on
the law going forward, primarily by filling out key regulatory
positions with his own picks. But more wholesale changes to the
overall structure of those rules will likely require help from
Congress.
Early
indications are that Democrats are eager to criticize any efforts to
make life easier for Wall Street. “The Wall Street bankers
and lobbyists whose greed and recklessness nearly destroyed this
country may be toasting each other with champagne, but the American
people have not forgotten the 2008 financial crisis — and they will
not forget what happened today,” said Sen. Elizabeth Warren
(D-Mass.) in a statement.
The
second order would have a more immediate impact. That executive
action directs the Labor Department to halt work on a contentious
rule aimed at retirement investment advisers, known as the “fiduciary
duty” rule. The rule would require financial advisers to act solely
for the benefit of their clients, a requirement backers say is
critical to ensuring customers are not steered into pricey and
ineffective investments by advisers looking to boost their
commissions. The financial industry has fought the regulation,
painting it as overbroad and overly burdensome. That rule was
finalized last summer by the Obama administration but was not planned
to take effect until April 2017. But under the order, the government
is delaying implementation of that rule and ordering it to be
reviewed by the Labor Department. With Trump in power, and
Republicans and the financial industry longtime opponents of the
regulatory effort, it is highly unlikely the rule will ever take
effect in a substantially similar format.
So far, the
only direct action that could be considered anti-establishment and
anti-globalist by Trump, was the withdrawal of the US from TPP
agreement, which, however, some claimed that it was already dead.
Apart from this, Trump is absolutely committed to the dominant
neoliberal doctrine, therefore, to the establishment.
Take a good
look at the picture. Focus on the man who stands at the right (as we
see the picture) of Trump to understand who is the real boss. The one
who passes him the papers to sign. Observe the joy and satisfaction
on his face. The only good thing is that, at least Trump is not
pretending that he is the one who governs America:
And take a
good taste of Gary Cohn: recently on Fox News, he argued fanatically in favor of deregulation,
using the common neoliberal narratives propagated by the system. That
is, he pretended that he cares about small and medium businesses,
saying that the banks should make capital available for them. And
guess what's the problem: taxes and regulation. Once the banksters
get free from taxes and regulation the miracle will happen: they will
start lending small-medium businesses, the real economy will
flourish, the unemployment will disappear! Who cares about free
healthcare and free education after all, right?
Yet, the
reality is that, more than forty years of uninterrupted waves of
deregulation, have brought financial catastrophe, inequality,
unemployment, more poverty for the working class, more profits for
the Wall Street 'gurus'.
The reality
is that, Wall Street mafia celebrated because it has just achieved a
primary target: deregulation.
Recall that,
a leaked document back in
2014 revealed that “the EU suggests a number of mechanisms that
will both scale back existing regulation, and prevent future
regulation that might contradict the interests of financial
corporations from both sides of the Atlantic. The leak follows news
that EU negotiators have increased political pressure on the US to
accept negotiations on 'financial regulatory cooperation', which the
US negotiators have so far refused. [...] the US banks see the EU
initiative as another welcome opportunity to attack domestic
regulation, and has teamed up with its European counterparts to
pressure the US administration.”
Looks like
the Wall Street mafia finally found its best puppet!
Related:
This "commentary" is absolute crap.
ReplyDelete"Yet, the reality is that, more than forty years of uninterrupted waves of deregulation"
False. A commonly accepted falsehood, which just isn't correct. The US economy has never been more regulated. Regulations are highly complex also, so why commentate on them in black and white fashion the way you are? Saying removing regulations is 'bad'? Not that simple.
You probably don't even know the first things about regulations and economics / finance etc.
What? You are kidding, right?
DeleteIf not, obviously you have no idea about what neoliberalism means. Here, this is for a start:
https://www.youtube.com/watch?v=soYQsecd-_U
https://www.youtube.com/watch?v=7WHTYTvFNRU
http://digamo.free.fr/stig2002.pdf
https://en.wikipedia.org/wiki/Deregulation
Neoliberalism (neo-liberalism)refers primarily to the 20th century resurgence of 19th century ideas associated with laissez-faire economic liberalism.:7 These include extensive economic liberalization policies such as privatization, fiscal austerity, deregulation, free trade, and reductions in government spending in order to increase the role of the private sector in the economy and society.These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980.The implementation of neoliberal policies and the acceptance of neoliberal economic theories in the 1970s are seen by some academics as the root of financialization, with the financial crisis of 2007–08 as one of the ultimate results.
https://en.wikipedia.org/wiki/Neoliberalism
Tell me if you need more. This is only a small sample.