Trump gut­ting fi­nan­cial safety net

The Hamilton Spectator - - COMMENT -

RE: U.S. pres­i­dency

Gaso­line, sand­pa­per and matches are use­ful prod­ucts, but one had bet­ter not shake them up to­gether.

Trump, the Dodd-Frank law, and Trump’s “re­view (of ) this dis­as­trous pol­icy” is a dan­ger­ous mix­ture, about to be shaken up to­gether.

The huge Amer­i­can econ­omy hauls the world econ­omy around with it. Canada and the rest suf­fered se­verely from the Big Re­ces­sion of 2008, when Amer­ica com­mit­ted the fi­nan­cial sins named in the Dodd-Frank law, whose pre­am­ble says it is: to pro­mote the fi­nan­cial sta­bil­ity of the United States by im­prov­ing ac­count­abil­ity and trans­parency in the fi­nan­cial sys­tem, to end “too big to fail,” to pro­tect the Amer­i­can tax­payer by end­ing bailouts, to pro­tect con­sumers from abu­sive fi­nan­cial ser­vices prac­tices, and for other pur­poses.

Trump hates the Dodd-Frank law. Why? Be­cause he made his bil­lions by cun­ning ma­noeu­vring around the bank­ruptcy and tax laws, us­ing the de­vices men­tioned above plus some of his own. He has an unerring in­stinct for “The Deal,” to en­rich Trump and im­pov­er­ish oth­ers. He has thus in­curred po­lit­i­cal, eco­nomic and per­sonal obli­ga­tions and en­e­mies: re­peal­ing Dodd-Frank is his grand chance to re­pay, at one stroke, the whole fi­nan­cial in­dus­try for all those un­will­ing favours and to get cred­i­tors off his back.

We must hope, in our in­ter­est and the Amer­i­cans’, that the anti-Trump lawyers have enough Trumpian craft and brains to de­feat Trump’s in the courts and re­di­rect him to pres­i­den­tial du­ties. Frank Gue, Burling­ton

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