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Trumps lowers bank regulations; claims billionaire friends can't get loans

Original post made by swamp real estate sales, Menlo Park: other, on Feb 3, 2017

Any millionaire or billionaire friends of Trump in Menlo Park have the same trouble getting loans?

Trump: "because frankly I have so many people, friends of mine, that have nice businesses, they can't borrow money because the banks just won't let them borrow because of rules and regulations and Dodd-Frank" Web Link

Also rescinds rules requiring that fiduciaries "work in the best interest of their clients."

Swamp draining. Rather, enabling the sale of prime waterfront property to seniors.

Comments (6)

Posted by Longtime Almanac Reader
a resident of Menlo Park: other
on Feb 4, 2017 at 8:54 am

This is where the real problems begin; most of Trumps bluster is just distraction or will have minimum impact.

All the Goldman bankers he appointed want free reign to make a fortune and screw over the middle class and poor.

The last 3 times Republicans have had all three branches for 4 years have led to unmitigated economic disasters.

The 3 worst economic disasters for Americans in our history:

- the Bush Great Recession
- the Great Depression
- the 1907 economic calamity

Ignore the small "ish" folks, the wave of economic change will happen soon, and the results will not be far behind.

Bookmark it.


Posted by Menlo Voter.
a resident of Menlo Park: other
on Feb 4, 2017 at 9:21 am

Menlo Voter. is a registered user.

The timer on the bomb that went off on Bush was set by Clinton when he signed Dodd-Frank.


Posted by swamp real estate sales
a resident of Menlo Park: other
on Feb 4, 2017 at 10:16 am

Menlo Voter: Perhaps you meant to say 'repealing Glass-Steagall', not signing Dodd-Frank?
- "the bomb that went off on Bush was set by Clinton when he signed Dodd-Frank"

The repeal of Glass-Steagall was a bill called Graham Leach Bliley, iirc. (hint: none of them were democrats.) Graham, McCain's buddy in 2008, was famous for calling The Bush Great Recession a 'mental recession'. He also called us a 'country of whiners' while his banker supporters dragged us into the worst economic peril since the First Republican Great Depression.

Clinton, famously a centrist (cut government, balanced budgets. etc..) was weak by the time he signed the republican bill, damaged by years and years of absurd witch-hunts that spent tens of millions of tax dollars to eventually only find a blue dress, which, like many husbands in a similar situation, he lied about.

How quaint the hue and cry of republicans and conservatives about that lie, in light of their ardent support of our current president.

All that said, it's been argued over and over (also on threads here on the Almanac, if you do a short search) that repealing Glass did NOT cause the Bush Great Recession.

Back to topic: Trump is neutering Dodd-Frank for his banker buddies, 'loosening' the baking system and subjecting Americans to greater economic danger.

Are you indicating that repeal is somehow tied to Bill Clinton? That it is good? Or that you, like Trump's friends, had a difficult time getting loans recently?


Posted by swamp real estate sales
a resident of Menlo Park: other
on Feb 4, 2017 at 10:19 am

* loosening the baNking system

Perhaps the baking system as well, time will tell.

;-)


Posted by Menlo Voter.
a resident of Menlo Park: other
on Feb 4, 2017 at 8:23 pm

Menlo Voter. is a registered user.

swamp:

what I'm saying is that Clinton set things in motion for the "Bush recession." He signed a bill that allowed banks to be more than banks and allowed banks to give loans based on ridiculous terms, aka "liars loans." That wasn't created by Bush.

I don;t think Bush was any "great" president, in fact just the opposite, but let's stick to the facts. Bush didn't create the recession. Clinton did. He just wasn't there to take the blame.


Posted by PCT mattress
a resident of Menlo Park: Belle Haven
on Feb 7, 2017 at 1:15 pm

Bush had 8 years, many with both the house and Senate, to repeal the Republican bill that Clinton signed.

But, yeah, all Clinton’s fault.

And the order attacking Dodd Frank will have nothing to do with the next banking disaster.

Think Trump even read this one? He hasn't read some of the others.


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