Lucid article from Matt Taibbi at Rolling Stone yesterday, reminds that bankers are commanding governments of all political stripes. Meanwhile, we, the people, keep paying the bill. See Why killing Dodd-Frank could lead to the next crash:
The latest indignity is S.2155, a.k.a. the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” Supposedly designed to help some banks by reducing capital requirements and ending regular “stress tests,” the act is really more like helping ships steam faster by allowing them to ditch their lifeboats…
Nobody will say so, but everyone on the Hill knows why this bill passed. According to the Center for Responsive Politics, three of the bill’s Democratic co-sponsors, North Dakota’s Heidi Heitkamp, Indiana’s Joe Donnelly and Montana’s Jon Tester, are three of the Senate’s biggest recipients of financial-services donations. Quelle surprise!
This would be merely politically disgusting, were it not for the consequences in an overheated economy. Remember how tossing the Glass-Steagall Act during the Internet boom worked out? We should be increasing safety standards, not eliminating them. “With debt levels higher than before the last crash, a stock market bubble and wage stagnation,” says Dennis Kelleher, head of the watchdog group Better Markets, “now is the worst time to deregulate the financial industry.”
We’ve been here before – in an economy that feels shakier than suspiciously swollen stock market numbers would indicate. Either Trump is an economic genius, or we’re in for a correction soon. Who feels like taking off the life jacket?
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