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Financial Deregulation Mania, Trump Fires Finance Experts Tasked With Identifying Market Crash Risks

posted 7 years ago by eYeDEF (5050)
7 replies | jump to latest

On the tenth anniversary of the Great Recession, Trump appears laser focused on paving the way for the next great crash that he can lay sole claim to as the "best ever".

As if watering down Dodd-Frank by increasing amounts banks can risk gambling with your money and destroying the Consumer Financial Protection Bureau that protected consumers from being defrauded by financial scams wasn't enough, he's now gutted the jobs of 40 analysts in the Office of Financial Research (OFR), an agency created by Dodd-Frank to identify market risks and bring them to the attention of regulators.

Yes. Trump and his enablers in congress are gearing up to crash the system.

https://www.esquire.com/news-politics/a22688274/financial-crash-anniversary-office-of-financial-research/

[–] PresidentJoffrey (396) 7 years ago

This is Virginia school economics, unrestricted capitalism with no protection for the "poor" (which is the majority from the elite perspective). The only protection the government should offer is on property, so the oligarchy would be protected from everyone and everyone but the oligarchy should pay for this protection (through taxes of course)

[–] eYeDEF (5050) 7 years ago

Seriously? I've never heard of the "Virginia school" being credited that way before. Is this recent heterodox?

I always thought of anti-regulatory, non-government intervention as market fundamentalism aka laissez-faire in the 19th century and never knew it to be associated with any particular school of economics. But it matches the sort of objectivist libertarian market ideal of minimal government except when rights of others are violated through force or fraud.

Regardless, I agree deregulatory absolutism is a terrible idea. It looks like Trump wants to return the US into a second Gilded Age of unfettered capitalism, except the last one didn't end so well.

[–] PresidentJoffrey (396) 7 years ago

Nothing new, just the preaching of the extremist economist James M Buchanan. Which echos a lot of the sentiment captured in John C. Calhoun radical machanisms to restrict popular demand. (The Kochtapus that has overtaken the republicants follow Buchanan's teaching like the Bible. They are libertarians, the party Charles Koch started in the 1980's and was a laughing stock, now who's laughing, unfortunately for the rest of us.)

The book Democracy in Chains goes into great detail. Good read, complements Dark Money well.

[–] [deleted] 7 years ago

T-rump will then blame (in no particular order): Obama, Hillary Clinton, Nancy Pelosi, Elizabeth Warren, Chuck Schumer, and Alexandria Ocasio-Cortez for the economic meltdown. He will also say "Putin was right", just for good measure.

[–] eYeDEF (5050) 7 years ago

Yeah, all while blaming the poor.

Remember ten years ago the blame you'd hear heaped on people taking out loans they didn't qualify for instead of the lenders that paid out the loans to borrowers that didn't qualify?

I expect some version of that blame game to happen again.

[–] [deleted] 7 years ago

I remember all too well. I owned my business back then, and it affected many of my customers one way or another (most of the times they had to help bail out a relative - niece, nephew, cousin, etc. which stopped them from spending freely).

[–] [deleted] 7 years ago

Yeah. They will even go so far as blame big government for the meltdown. It's what they did during the housing bubble, even though it was in part deregulation that made it possible.