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Crafted by Wall Street Titans, Trump Treasury Plan Latest Consumer Betrayal


#1

Crafted by Wall Street Titans, Trump Treasury Plan Latest Consumer Betrayal

Jake Johnson, staff writer

The Treasury Department on Monday released a report (pdf) that "grants Wall Street its wishes" by recommending the White House defang the Consumer Financial Protection Bureau (CFPB) and severely roll back regulations established following the financial meltdown of 2008.


#2

For forty years there has been next to nothing in accountability for presidents, politicians, and corporate titans/banksters so these people keep doing what they do.

40 years of trickle down theories not working and well documented but does corporate media expose that fact? do politicians? No they are all raking in millions from these corporate greedy power hungry sycophants. They budget fines for wrongdoing.

Here we are today, truths does not matter, facts aren't facts, alternative facts and alternate reality rule today.

So how are we the people to overcome 40 years of doing nothing? More than 3/4 of the people don't know what is going on but maybe 50% of these people do not vote and the others vote against their own best interest.

Where are pitch forks? most of us have it too good and the poor do not have time or energy to take to the streets as they are working 20/7. Many more mentally ill.


#3

It's just Business [As Usual] 101 – Trickle Down Economics:
The Fat Cats piss on the Middle Class, and it trickles down to the Working Poor.


#4

A 1000 pound banker with two heads waddles up to the roulette table with a suitcase full of chips. "Half on red, half on black" the two heads say. The wheel comes up black. "I won, I won," said the first head. "I lost, the taxpayers will have to bail me out" said the second head.


#5

Finally, this is wrong; trickle down has worked perfectly as a wealth redistribution scheme to move economically sound socially distributed wealth to the new generation of pirates known as the corporate elite.


#6

If you really want to see some of the effects of all this income inequity, check out the website Rich Kids of Instagram (RKOI). Warning: do not visit website without a barf bag. This is where gobs of that Republican elitist money stolen from the "underclasses" wind up.


#7

This reminds me of a report that the BIS produced in 2010, likening the systematic risk posed by banking institutions and financial capital to environmental externalities. I would say that the risk they pose to the system is far greater and their impact clearly a net negative. After all, the product of finance is debt and profits that go to the financial sector have massively increased over time. Profits going to the financial sector were under 10% when Reagan was elected, they were approaching 40% when the crash hit in 2008, and the percentage of domestic profits going to financial capital is now rising. Not surprisingly, as finance has grown, so has private debt in the form of student loan debt, credit card debt, car debt, mortgage debt, which has grown as wages for most have stagnated. The BIS link is below, and so is an article about public banking.

There is no justification for doing this, and when the system crashes (and it will), we will once again socialize their costs. We did this during the Latin American Debt Crisis, the S & L Crisis, the Mexican Peso Crisis, the East Asian Financial Crisis and the crash in 2008. Those banks posed a systematic risk then, they’re now bigger, and we gave essentially a year’s worth of GDP to them last time. The debt we owe to financial capital could have been written down to the ability to pay, but that would have required them to sacrifice and both parties are corrupt to their core, so we kept their debt on the books and rescued them, not home owners, students, local and state governments, and working people.

"The car industry is a pollutant. Exhaust fumes are a noxious by-product. Motoring benefits those producing and consuming car travel services – the private benefits of motoring. But it also endangers innocent bystanders within the wider community – the social costs of exhaust pollution. Public policy has increasingly recognized the risks from car pollution. Historically, they have been tackled through a combination of taxation and, at times, prohibition. During this century, restrictions have been placed on poisonous emissions from cars – in others words, prohibition. This is recognition of the social costs of exhaust pollution. Initially, car producers were in uproar. The banking industry is also a pollutant. Systemic risk is a noxious by-product. Banking benefits those producing and consuming financial services – the private benefits for bank employees, depositors, borrowers and investors. But it also risks endangering innocent bystanders within the wider economy – the social costs to the general public from banking crises. Public policy has long-recognized the costs of systemic risk. They have been tackled through a combination of regulation and, at times, prohibition. Recently, a debate has begun on direct restrictions on some banking activities – in other words, prohibition. This is recognition of the social costs of systemic risk. Bankers are in uproar."

“A Bank Even a Socialist Could Love: The fight for public banking is gaining ground in cities and states across the country.”


#8

What can be expected for thieves and liars like the executive staff of Ghoulish Satans...current and/or former...theirs is a culture of grab all you can, while you can and never look back...just pay the fines and continue BAU (business as usual). Nothing since Glass Steagall was dumped (not even Dodd Frank, a 10,000 page waste of paper) has served to curb their criminally voracious grasping greed.


#9

Protest what injustice we know should not continue.
Also Propose what we should do instead as well.
(propose even more than protest)

The papers are signed.
We, the NW Columbia River basin are now a 'sacrifice zone' for our military.
And for those who profit from fuel oil consumption.
You should know what distributed energy ​can do, or how the EV becomes a portable power supply, etc. Market-based Uber would own robocar EVs and leave whole neighborhoods of households without a backup supply in emergency. Protest ready to propose.
Protest obstructionism without becoming obstructive.


#10

Wall Street and Secretary Mnuchin are doing the same formula they did with the mortgage bond scams using properties they rent to the poor. They provide an investment in the income to the public much like a bond while bashing the tenants in ways that should be illegal to take all their money now and in the future. Their abuse is true vulture capitalism or perhaps easily done in the Oligarchy they have created where they are the "law" and everything belongs to them regardless of how they get it. Republicans need to hang their head in shame or continue believing their fake news and that savage treatment of the poor while taking everything of value is their "just desserts". Or that being part of the mob is the best way to run a nation.


#11

This third try at a Central Bank also needs to be overturned -- for corruption and theft from
the American public.

What are the true unemployment figures? 25%?

43 million Americans living in poverty -- and the highest rates of childhood poverty.

Our American banks are laundering half a trillion in drug money every year --

This is corporate fascism sitting on a high bed of fascism.


#12

At the least move your $$ to S&L banks which likely won't finance the Keystone Pipeline as many
other of our large banks are doing --

Also try Credit Unions for CDs and Savings --


#13

You are really getting a sense of how the rich see everybody else. They don't! They probably don't even consider us as equals because to them, this is their America and we are just workers. For that matter, It seems increasingly obvious that our democracy stands in their way of increasing profits.

Be worried good people. Those who do not respect democracy have little reason to preserve it.


#14

Headline sez: " ... Trump Treasury Plan Latest Consumer Betrayal"

"Betrayal" again? I don't think that word is employed here in the proper context.


#15

Why do people keep using these big banks? After all of the scandals and betrayals, I still see all kinds of people using Wells Fargo, Bank of America and Citibank and Chase. People should go local or go with better banks and credit unions. I once attended some meetings of a socialist group and one of the young guys in there had a bank of America bankcard. I asked him why he was using Bank of America (this is when Matt Taibbi and others came out with horrible exposes on BofA practices) and he told me that it really doesn't matter - like I was making a big deal. Americans in general are so co-opted, confused and ignorant that they very much don't do what is in their best interests.

When you look at the mortgage crisis, the banks evicted and hurt millions of people and then their wealthy friends with all of the money went in and bought up huge stakes in single family homes at prices much lower than the banks could have renegotiated the mortgages for. We -the people- have been played every which way and I'm afraid we don't seem up to it. Look to congress or government in general for help? Not sure any of us will find much there but there are things that we can do - like stop using the big banks!!!!!


#16

Yea, the republicans will hang their heads in shame the same way that the plantation owners hung their heads in shame over slavery.


#17

something always told me not to trust Reagan - on anything!


#18

Forgot to mention that the roulette table is being run by our political class.


#19

voting against their own best interest....the American way. go figure what is going on.


#20

If you don't have regulations like the Volker rule and others in Dood Frank then we are only a few years away from another financial disaster. These banks are amazingly profitable - why should they increase their gambling until they and the American public lose again.