Monday, 01 May 2017 12:59 PM
President Donald Trump said he is actively considering breaking up giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer lending and investment banking.
“I’m looking at that right now,” Trump said Monday in an interview with Bloomberg News in the Oval Office. “There’s some people that want to go back to the old system, right? So we’re going to look at that.”
During the presidential campaign, Trump called for a “21st century” version of the 1933 Glass-Steagall law that required the separation of consumer lending and investment banking. The 2016 Republican party platform also backed restoring the legal barrier, which was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton.
A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects.
Trump officials, including Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, have offered support for bringing back some version of Glass-Steagall, though they’ve offered scant details on what an updated approach might look like. Both Mnuchin and Cohn are former bankers who worked for Goldman Sachs Group Inc.
This is something that National Socialists have wanted for decades: The breaking up of the so-called "Too big to fail" banks. These banks are financial monsters that should never have been allowed to form in the first place.
I have my doubts that this will come to much of anything. After all, two of Trumps advisers are former bankers from one of the too big to fail banks. I doubt that they would turn against their former business associates. After all, their jobs with Trump will only last as long as his presidency. Eight years at the most.
Unless they plan to retire after Trump leaves office, they will run right back to Wall St. I find it difficult to believe that they would burn their bridges for what are essentially "temp" jobs.
However, if they do disappoint the people, we National Socialists can use this to our advantage. The liberals under Obama failed us miserably, and if the conservatives under Trump do likewise (and they probably will), even more people may be ready to accept what we have to say and our answers to the problems of this country.