Trump Hammers Wall St!

Submitted by LaFeminista on Sat, 02/04/2017 - 4:12pm

It is truly brutal, as he promised he is going after Wall St

If there's anyone who's against Wall Street, it's Donald Trump, not Hillary Clinton, who basically lives off of the funding from Wall Street. Paul Manafort

Paul Manafort if you remember well was Chairman of Donald Trump's 2016 United States Presidential campaign.

Whatever you do don't look at Trump's administartion

Forbes report the carnage!

Bank stocks have surged nearly 30% since Election Day as investors position for a mix of higher interest rates, stronger growth, and a rollback of some crisis-era regulations under President-elect Donald Trump. These expectations are now being priced into the shares of Goldman Sachs and JPMorgan, which sit at record highs, as well as recovering firms such as Morgan Stanley and Bank of America.

Goldman Sachs is up 35% since Election Day, as is BofA. Morgan Stanley has surged 28% and JPMorgan has gained 25%. All of these stocks have been fueled by a move in the 10-year U.S. Treasury yield to 2.37% from 1.8% that is expected to improve banks' interest income. But now what? After a bumper rally some analysts are advocating caution.

Caution be damned!

Trump signed another Diktat on Friday directly attacking Dodd-Frank and hence the Volcker Rule:

The Volcker Rule refers to § 619 (12 U.S.C. § 1851) part of the Dodd–Frank Wall Street Reform and Consumer Protection Act, originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments

The Clintons gave us the repeal of the Glass-Steagall Act

The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business. It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.

Which many think was the root cause of the Great Recession, the idea behind the repeal of the Glass-Steagall Act was that it was old and everything was going just fine and dandy no Great Depression in sight! It was damn close.

I suppose Trump's trick as part of his Diktat said there would be no bail-out next time is to actually cause Great Depression II? Hence deregulate now and watch them burn later! So smaht.

Brutal I say!

Excuse me but do we have to repeat history every effing time?

Here we go again.

We all know who will actually pay for it.

Sigh.

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Comments

Submitted by thanatokephaloides on Sat, 02/04/2017 - 4:17pm

who will pay for it

Excuse me but do we have to repeat history every effing time?

Here we go again.

We all know who will actually pay for it.

Yeah, we do, by Xenu!

Us!

—

"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar

"All power corrupts absolutely!" -- thanatokephaloides

Submitted by LaFeminista on Sat, 02/04/2017 - 4:25pm

Then you know the song

@thanatokephaloides

Republicans will throw us into financial difficulty.

Lose the election.

The the neo-liberals will sort it out, no FDRs left.

Rinse repeat.

Submitted by LaFeminista on Sat, 02/04/2017 - 4:26pm

Gack double click..again

@thanatokephaloides @thanatokephaloides

Submitted by gulfgal98 on Sat, 02/04/2017 - 5:24pm

Giving you a thumbs up because

@LaFeminista I have been known to do the same thing too many times. Misery or stupidity loves company.

—

Do I hear the sound of guillotines being constructed?

“Those who make peaceful revolution impossible will make violent revolution inevitable." ~ President John F. Kennedy

Submitted by Oldest Son Of A... on Sat, 02/04/2017 - 4:47pm

This time we need to ensure they jump out of the windows...

Like 1929, rather than walk out the front door and meet the angry mob...

Suicide_on_Wall_Street_during_the_great_crash_1929._.jpg

—

"Do you realize the responsibility I carry?
I'm the only person standing between Richard Nixon and the White House."
~John F. Kennedy~
Economic: -9.13, Social: -7.28,

Submitted by LaFeminista on Sat, 02/04/2017 - 4:54pm

I have argued that every share transaction should be taxed

@Oldest Son Of A Sailor and unearned income i.e. profits from short term investments[less than one year] should be taxed at 50%. This money should be then set aside to bail them out next time and since the system is designed that way, there will be a next time.

Submitted by snoopydawg on Sat, 02/04/2017 - 5:07pm

The government isn't going to bail out Wall Street again

The next time they need to be bailed out they will take our money that we have in their banks. This was written into one of the latest omnibus bills and signed by Barry.
Remember when this happened to the people in Greece?
This and going to a cashless society which a few countries in Europe are already doing.
The banks and the government don't want people to keep their money under their mattresses.
Plenty of articles on the cashless society.

Submitted by Big Al on Sat, 02/04/2017 - 5:32pm

I can't express how dangerous a cashless system would

@snoopydawg be for the Serfs. If I were to draw a red line, where the people simply revolt, that would be it. Or at least one of them.

Submitted by Oldest Son Of A... on Sat, 02/04/2017 - 6:44pm

One way of circumventing the cashless society...

@Big Al is to abandon cash and have it become only as valuable as the paper it is printed on...
A revival of the Bartering System...
I'll do this for you and you'll do this for me...
Of course those in cities and jobs in offices or industry may have trouble joining in...
Maybe they will be the hungry ones that take down the system of governance...

—

"Do you realize the responsibility I carry?
I'm the only person standing between Richard Nixon and the White House."
~John F. Kennedy~
Economic: -9.13, Social: -7.28,

Submitted by Song of the lark on Sun, 02/05/2017 - 1:33am

Barter works a little but would destroy any advanced economy.

@Oldest Son Of A Sailor If they ban cash one if two things will happen . We will go to guns or martial law.

Submitted by snoopydawg on Sat, 02/04/2017 - 7:32pm

I hope that this will finally get people in this country to

@Big Al finally rise up together and fight against the people trying to do this.
I have said that Obamas's job was to shut down the anti war movement and Trump's job is to further divide this country.
Obama accomplished his role and as many people here have stated, they will rise up again after Trump starts a new war. Look at how many people are blaming him for the results of the raid in Yemen.
Obama also killed a lot of innocent civilians with his drones and where was the outrage or media coverage of that?
Remember folks that killing innocent civilians is only bad for progressives when it's a republican president doing those things.

Submitted by travelerxxx on Sat, 02/04/2017 - 5:38pm

Bailing out - Frank Dodd?

@snoopydawg

Someone please correct me if I'm wrong, but wasn't the bill that causes the depositors to do the "bailing out" part of the Frank Dodd Act? That is, the shareholders of the business were not first on the chopping block, but now we are?

Submitted by PriceRip on Sat, 02/04/2017 - 6:05pm

When you take cash out of a bank account . . .

@snoopydawg
you have just "gamed" the system as it is presently constituted. Essentially cash is "black" or "dark" in the economic system, untraceable and uncontrollable. This is one of the (secret) reasons asset forfeiture is a "desirable" thing, from a certain point of view. If you carry lots of cash you are at risk of having it confiscated on the assumption that you are carrying "dark" money for illegal purposes.

Submitted by gulfgal98 on Sat, 02/04/2017 - 6:13pm

This

@snoopydawg This is one of the most glaring examples of Obama's cynicism toward the American people. It is one of the primary symptoms of neoliberalism. It is symbolic of the neoliberal disdain of those of us who are not members of the meritocracy.

—

Do I hear the sound of guillotines being constructed?

“Those who make peaceful revolution impossible will make violent revolution inevitable." ~ President John F. Kennedy

Submitted by snoopydawg on Sat, 02/04/2017 - 7:24pm

Yep, I agree with you that this is one of his biggest

@gulfgal98 betrayals out of the many we could choose from.
I just did a search for bank bailins and cashless society and there were many websites reporting on these topics.
Some authors think it will happen here within 10 years if not sooner.

And PriceRip you are correct too. If any government agency decides to raid a person's house for any reason and finds a lot of money they will be able to take it on some trumped up charges.
I think that gjonsit did an essay on this a few months ago.
But as I wrote, it's already happening in I think Sweden or Norway or both. The cashless society.
The bailins happened during the Greek financial crisis.
And there are new laws on the books saying how much money people can remove from their accounts in a certain time frame.
This is just one more way for them to control us and make us conform to their rules.
One way to get around the cashless part is to buy a visa or MasterCard pre loaded gift card if people have a lot of money not in the banks.

Submitted by thanatokephaloides on Sat, 02/04/2017 - 9:20pm

There will always be cash.

@snoopydawg

Remember when this happened to the people in Greece?
This and going to a cashless society which a few countries in Europe are already doing.
The banks and the government don't want people to keep their money under their mattresses.
Plenty of articles on the cashless society.

There will always be cash. The only question is: what will it be and who will create/produce/maintain it. I suspect that the price of gold, copper, and silver will rise considerably if any major nation attempts to abolish cash.

You think things are fun now, just wait until Americans are transacting in BitCoin rather than put more money into the corporate banking system! (Be very afraid!)

—

"US govt/military = bad. Russian govt/military = bad. Any politician wanting power = bad. Anyone wielding power = bad." --Shahryar

"All power corrupts absolutely!" -- thanatokephaloides

Submitted by on the cusp on Sat, 02/04/2017 - 6:12pm

Pick me! Pick me! I have my hand raised!

I know the answer!
*But here is the bright spot. I am hearing lots of noise about a person who is running for president in 2020, a fire brand, of the people, who will NOT be bought out, who will crush TPTB, and already has a grass roots, people-powered run planned!
Ok. That was snark. At least beginning at the asterisk.

—

"We'll know our disinformation program is complete when everything the American public believes is false." ---- William Casey, CIA Director, 1981

Submitted by FuturePassed on Sat, 02/04/2017 - 7:35pm