Donald Trump, the contents of a barbershop’s dust pan held together with the fat of Avian flu-infected chickens, has betrayed his campaign promise to drain the swamp, inviting Goldman Sachs after Goldman Sachs crony to join his polluted herd. On Friday, he announced his intention of making it far easier for bankers to con the American public—just like he has.
The New York Times reports that at a press conference following a White House meeting with business executives (seated next to Mary Barra, a heavy contributor to Lyft), the president signed a directive that will lead to an overhaul of the Dodd-Frank Act. The Act was crafted by President Obama in response to the 2008 economic crisis created by unregulated banks. Trump then signed a second directive to repeal a Labor Department rule that requires “brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice.” No more of that!
Signaling their support of Trump’s path, congressional Republicans repealed an unrelated Dodd-Frank rule hours before the president signed his directives. Group mind or group conspiracy? Executive director of Americans for Financial Reform, which is an advocacy group that supports Dodd-Frank, Lisa Donner told the NYT, “The administration apparently plans to turn over financial regulation to Wall Street titan Goldman Sachs, and make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy.”
She added, “That betrays the promises Trump made to stand up to Wall Street, and it will have dire consequences if he’s successful.”
In a statement on the decision, Trump cited the needs of the poor little rich kids who have so much trouble getting money for their “businesses,” saying, “We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money. They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”
