Friday, February 03, 2017

What Trump Gives To Those Who Voted For Him, 2/3/17

Great stuff!  The Best Stuff!  Wonderful people, the best white people, are beavering away to destroy the institutions of the state as Bannon wants.

But we are also going to get the usual Republican presents. Here are two fun ones for all those who voted for Republicans:

After a White House meeting with the business executives on Friday, Mr. Trump signed a directive calling for a rewriting of major provisions of the Dodd-Frank Act, crafted by the Obama administration and passed by Congress in response to the 2008 meltdown, the White House said. A second directive he signed is expected to halt and possibly require an overhaul of an Obama-era 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.
Taken together, the actions constitute a broad effort to loosen regulations on banks and other major financial companies, put into motion by a president who campaigned as a champion of working Americans and a harsh critic of Wall Street and other global elites.
Sure, Trump campaigned against Wall Street, but that was only so that he could win the presidency.  Things are different now.  So be prepared for another financial markets meltdown if the provisions of the Dodd-Frank Act are rewritten, because nothing fundamental has changed in the incentive systems of the financial market actors.* 

The second directive is even more fascinating:  Brokers wouldn't have to act in their clients' best interest!

Compare that to doctors and their patients.  A similar directive in that context would mean that physicians wouldn't have to give their patients the care that is best for the recovery of their health.  Instead, they could simply prescribe on the basis of what raises their own incomes the most.

What are the overall impact of changes like these if they come to pass?  They will strengthen Wall Street's opportunities to make a lot of money, weaken consumer protections, and ultimately increase income inequalities in the United States even more.


*  Or stated better here.   "Insane."

So there you go, you famous white working class voters.  These are the gifts you are getting from Daddy Trump.

But at least there is no email scandal.