Wall Street shares plunged Thursday after Sean Spicer introduced President Trump is “dedicated to breaking apart the banks” because the marketing campaign to empty the swamp and uproot the establishment strikes into excessive gear.
Trump lately pledged to “do a big number“ on the Wall Street reform regulation often called Dodd-Frank, and now spokesman Spicer has confirmed Trump can be dedicated to honoring his pre-election pledge to carry again Glass-Steagall.
Bringing the Great Depression-era regulation again will pressure the mega banks to interrupt themselves aside by separating their Wall Street funding financial institution divisions from their Main Street checking account companies.
Spicer’s affirmation that President Trump plans to carry again Glass-Steagall, which was repealed in 1999 beneath President Clinton, has already upset Wall Street banksters and despatched mega bank stocks tumbling in afternoon buying and selling.
Taking care of the folks, not the institution
Trump bashed massive banks earlier than the election, particularly Goldman Sachs. Breaking up the banks would attraction to Trump’s profitable message of draining the swamp, returning the facility to the folks, and splintering the institution.
Besides reigning in bankster profiteering, bringing again Glass-Steagall can even resolve the Too Big To Fail drawback uncovered by the 2008 monetary disaster.
The dedication to interrupt up the banks ought to come as no shock to shut observers of Trump’s administration. President Trump has bamboozled his critics by quickly transferring to honor all of his marketing campaign pledges, quicker than any elected official in dwelling reminiscence.
Besides, Steve Bannon, Trump’s chief strategist, has been pushing to overtake the out-of-control monetary sector for years.
Bannon (a former Goldman Sachs banker) told BuzzFeed that he believes “you really want to return and make banks do what they do: Commercial banks lend cash, and funding banks put money into entrepreneurs and to get away from this buying and selling.”
That’s Glass-Steagall in a nutshell.