Trump gutting financial safety net
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