Monday, August 08, 2016

TRUMP ISN'T GOING TO BREAK UP THE BANKS AND I'M SHOCKED, SHOCKED

Thank you again, Yastreblyansky, Tom, and Crank, for great posting while I was gone.

And now we have Donald Trump 837th attempt to pivot:
Donald Trump will propose a temporary moratorium on new financial regulations in an economic speech Monday in Detroit in an effort to draw a stark contrast with the domestic policies of Hillary Clinton, who he says “punishes” the American economy.

... Trump will say he will not propose any new financial regulations until the economy shows “significant growth,” the aides said.
So I guess this means that President Trump wouldn't make any effort to fulfill this pledge in his first hundred days:
Republican National Convention delegates approved a platform Monday that calls for reinstating the Glass-Steagall Act....

The Glass-Steagall measure puts presumptive presidential nominee Donald Trump and his party in the company of unlikely allies such as Bernie Sanders, the democratic socialist who ran against Democrat Hillary Clinton on a plan that included Glass-Steagall reinstatement, underscoring the blurring of political lines in the 2016 race.
When that platform item was announced, the Trump's campaign online communications office, otherwise known as Breitbart.com, told us that, unlike evil corporatist Hillary Clinton, Trump was prepared to stick it to The Man, man!
Donald Trump is using his Art of the Deal to attack Hillary Clinton’s Wall Street fundraising spigot by promising to reinstate the Depression-era Glass-Steagall Act that her husband, President Bill Clinton, repealed in the waning days of his Administration.

The demand to repeal Glass-Steagall is also a page taken from Hillary’s primary opponent, Sen. Bernie Sanders (I-VT), and offers an opportunity to hit her from the left as well as the right.

... Ever since her husband’s repeal of Glass-Steagall in 1999, Wall Street has been shown leadership in fundraising for Hillary Clinton....

Number 8 in Donald Trump’s “11 winning negotiation tactics” of The Art of the Deal is “when people treat me badly or unfairly or try to take advantage of me, my general attitude, all my life, has been to fight back very hard.”

Expecting the Clintons and their surrogates to come at him very hard, Trump is putting the re-instatement of Glass-Steagall in the Republican platform as a direct attack on Hillary Clinton’s Wall Street fundraising.

Now, every time Hillary Clinton receives a another contribution from any entity or employee of a Wall Street bank, Trump will be able to attack her on the right and the left for selling out main street citizens to Wall Street interests.
Whoops! Guess not.

As Bryce Covert of Think Progress noted at the time, Glass-Steagall repeal was bizarrely out of place in the GOP platform:
The document dedicates an entire section to disparaging Dodd-Frank. And it specifically calls for either abolishing or restricting the Consumer Financial Protection Bureau (CFPB), the agency tasked with regulating predatory products used by everyday consumers, and changing the way Too Big To Fail banks are dealt with in a crisis.

In fact, the mention of reinstating Glass-Steagall comes buried in a different section titled “Regulation: The Quiet Tyranny,” just after a sentence stating, “The Dodd-Frank law, the Democrats’ legislative Godzilla, is crushing small and community banks and other lenders.”

This all comports with what’s been said by the party’s leader, presidential candidate Donald Trump. While he was lauded for the populism of saying that he would go after “hedge fund guys” in his tax plan and has attacked rival Hillary Clinton for being “totally controlled by Wall Street,” his actions have spoken differently. His tax plan ended up being skewed almost entirely to the rich. Meanwhile, he has promised to undo Dodd-Frank, saying his plan will be “close to a dismantling.”
And now he's announcing a boilerplate GOP regulatory freeze, which renders this outlier progressive pledge null and void. So sorry about that little deception, anti-elitists.

7 comments:

Jeff Ryan said...

Funny. I thought only Congress could repeal its own legislation, not the president.

Oh wait. I was right.

Tom Hilton said...

Shocking indeed. But hey, Trump is going to repeal the estate tax, which is a totally populist position. So there's that.

Victor said...

Three more months to go until Election Day.

And, oy, I can hardly wait for the end of this, the most derp-filled election of all time!

rclz said...

I have a count down clock as my home page because every day Donnie doesn't get his act together is another day I can sigh in relief.

Feud Turgidson said...

Per Victor, once this election fiasco is done with, and the police are able start in on dealing with the street-to-street gated-community-to-gated-community warfare necessary to take back "the" country from those who are going to freak out at the results and invoke their 2d Amendment solution to taking back "their" country to make "their" country greatlishly white again, then I think we're likely to have to sart planning to confront one of the really unfortunate lingering results of the great Drumpf Derpening: the Richter Scale detectable shift in the OverDerp Window that Trump will have left behind as his - well, part of his - legacy.

BOTH Trump and Sanders will be appreciated as having left behind new standards on the established major parties they invaded, for bad or good. In the case of the GOP, I fail to see any candidate OTHER than the most extreme of extremists (fortunately for them, they've got one right to hand) being equipped with a distracted squirrel-resistant trick that can substitute for the cheap carny cable reality quality grifter standard set by Trump. Trump's success will mean it'll be REQUIRED of the next GOP nominee that he - definitely he, because no freaking way the jingo bells party goes silently into the future night, so overspiked testosterone aka rhetorical juicing will be a minimum basic requirement for the GOP preznit nominee to follow on Trump - be way more chock full o' nuttiness than the previous 'nutty but not nutty enough' nominee.

This is the STRANGEST presidential election contest I've ever witnessed - stranger, and by far, even than 1968. In the world of, say, flood disasters, folks can and will call and propose to treat something like this extreme event as a 'Once in a century' or whatever period fluke. But that doesn't translate to standards of human behavior and cultural expectations. I think it's WAY more likely that what Trump will have done, even tho he'll be badly beaten even possibly crushed at the ballot box - will be to have established a new floor for GOP nomination candidacy behavior. And since almost no one outside of Paul Popeil or a TV-meta-church God Wants You In A Hedge Fundy preacher or a Modern Dysfunctional Family updated A.Hilter [sic] type can ope to reach Trumpian dimensions, that'll mean a wide open field for Canada's OWn Sweetheart, Ted Cruz.

Again, what did Dr.HST say? When the going gets weird, the weird turn pro.

vrajavala said...

Obviously, any platform policies spoken by a presidential candidate are indicators of his goals. And, the public would have so remove some Rfrom Congress. If Trump wishes to prevail.

vrajavala said...

R for Rinos