Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers.
After running against Goldman as a candidate, Donald Trump licks the boots of the world's largest investment bank
Straight to the point of the hypocrisy of this 'administration'. Thanks, Matt. Wish the MSM would call it as it is - straightforwardly as you do.
Thanks for all you do, Matt.!
Folks might want to investigate co-op cooperatives as investments rather than the rutted 'street'.
Can you imagine if all the resources sucked out by schemes to impoverish were recirculated ?
As always, Matt Taibbi cuts right through the b.s.! He, as well as people such as Jeremy Scahill, Amy Goodman, Chris Hedges,
Nick Turse, Barbara Ehrenreich and many others, can be counted on to speak truth to power. I am so thankful to these relatively
few real, reality-based journalists. The work that they do is, and will continue to be, crucially needed as we try to survive this
unfolding nightmare!
Everybody here knows what I'm going to say about the "Great Loot" that is about to happen before our eyes so I won't bother. But if the next round of bailouts involves many more trillions of dollars than the last round of trillions, the demise of the dollar can't be far away. Surely the Chinese (as well as other countries) have to start wondering why they own a trillion+ in U.S. Treasuries when the dollar is destined to be only good for toilet paper.
I hate to agree with W. Bush on anything but I think "this sucker is going down".
Peace
Po
According to The US GAO, page 131 of report GAO 11-696, by June 2011 Congress put US taxpayers on the hook for over $16 TRILLION in bailout schemes benefiting the five too-big-to-fail banks that controlled 25% of US bank assets when they crashed the economy in 2008 and now control 50% with no end in sight to their march to monopoly.
$16 trillion would have more than covered the cost of the first ten years of Sanders' proposed Medicare for All. The more market share these banks get the more leverage they have to get exponentially larger bailouts. The only funding sources large enough to fund the next round of bankster bailouts are Social Security and Medicare. That is why Paul Ryan has been pushing so hard to gut those programs.
Great article with the following exception: the destruction of the Glass-Steagall Act was accomplished under Pres Bill Clinton's signature. This was a primary cause of the 2008 financial meltdown.
Glass Steagall was one of the many acts of decriminalizing New Deal financial industry regulations (media and politicians call it deregulation) that started with allowing barely regulated mortgage securitization in 1978 and proceeded for the following three decades with a majority of the decriminalization occurring on Clinton's watch.
In addition to the subject decriminalization, bipartisan formula revisions for calculating inflation, unemployment and other key indicators were major contributors, in concert along with a complicit Federal Reserve that enabled the housing bubble that precipitated the 2008 crash.
"The point is that you can't be too greedy."
Donald Trump
Or as RR said it greed is good.
If Trump had an honest bone in his body he would have invited Ry Cooder to perform his hit NO BANKER LEFT BEHIND at the inauguration.
Every time there is a crisis, the taxpayer is called on to bail out the banks and the major financial institutions. If you had a real capitalist economy in place, that would not be happening. Capitalists who made risky investments and failed would be wiped out. But the rich and powerful do not want a capitalist system. They want to be able to run the nanny state so when they are in trouble the taxpayer will bail them out. The conventional phrase is "too big to fail."
Chris Hedges
Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers.
Ok, Drumpf is a lying sack of shit. What else is new among the neocons, the Republicons the blood sucking conservative filth, the corporate con-artists DNC scum, and the run-of-the mill capitalist condoms. Are you going to tether yourself to this decomposing filth. They will never change. The US really needs a revolution. The US needs to get a paradigm shift.
Matt Taibbi is the sole reason that I have kept up my subscription to Rolling Stone magazine. The mag itself has literally shrunk to miniscule size (and why not, considering the state of today's pop music.) I love Taibbi's hard-hitting gonzo style as well as his deep understanding of the details of high finance. Matt Taibbi is a journalistic national treasure.
I agree about Rolling Stone.
With their recent Worship of Obama, and Endorsement of Hillary, they showed, once and for all, that if the Spirit of John Lennon ever existed within its pages, it is now Long Gone.
We had Glass Steagall until Clinton was in office. We should roll out the names of congressmen who voted to repeal it in 1999. Bernie voted to keep Glass Steagall.
Glass Steagall was repealed in 1999. Mortages were quite difficult to obtain until the deregulation of that time.
Yes, and we should roll out the names of all those in congress who voted to repeal it. Look it up online.
Yes, the power-elite have had us on the same path since Ronald and the only difference in presidents has been how one constructs the path and the other moves us on down that path.
