Trump destroying dodd-frank act

Trump supporter/voter here. Supported him mainly on his anti-wall st and anti globalist positions. News that Trump will be dismantling the Dodd-Frank act, therefore, is very disturbing to me. What is his end-game here? Dodd-Frank seems pretty essential in ensuring that too big to fail and gov't bailouts are no longer acceptable outs for companies with shady financial practices. What do you think will supplant that?

Other urls found in this thread:

bloomberg.com/news/articles/2016-11-10/trump-s-transition-team-pledges-to-dismantle-dodd-frank-act
media.mofo.com/files/uploads/Images/SummaryDoddFrankAct.pdf
twitter.com/AnonBabble

We will repeal and replace it with something so great, so special, and so beautiful it will make your head spin. Believe me.

not sure. I wouldn't worry about a single thing at the moment, all these endless discussions are moot until he takes over the office.

How do you know for sure , and it wont go unnoticed.

He also wanted to bring back Glass-Steagle which is anything but pro-Wallstreet

maybe there is a clause that prevents any back lash against them, he may be wanting true justice and force them to repay

bloomberg.com/news/articles/2016-11-10/trump-s-transition-team-pledges-to-dismantle-dodd-frank-act
It's bloomberg but it does directly reference his campaign page/transition site.

I think he should do it.To many rules in places for everyone and cant buy home.I need big income big saving .I want them to start handing out home loan like candy again.I am tired of paying rent.I learn my lesson in 2008 and will buy what i can affordable.Image how many bank,real estate and home construction jobs there will be again.

Interesting, I had no idea. Somewhat of a relief.

he probably just wants to get rid of Title II which is very loose language for the Federal government to plunder assets under banktrupcy. I remember a few states sued them over it but i don't remember why exactly because its only supposed to affect banks.

honestly though, the Dodd-Frank Act really doesn't solve any problems, its just a bunch of bureaucratic bullshit like jumping through x and y hoops before a bank does z.

Yeah, no. Even if you have learned your lesson, there are a ton of fucking retards who haven't, and banks should not be praying on them

I work for a big bank, ubs.
He wants to end the no prop trading bullshit, which is good, which means banks can take a position. He will also get rid of bailout provisions. Ultimately a good thing because of him bringing back glass stegal. Bankers have gotten dicked hard the last 8 years too.

My company went under due to the unnecessary shit in Dodd Frank. This is good. The EU is adding new regulations that are going to fuck financial company next year. You have to understand a lot of these "regulations" is just bullshit government fluff that costs these companies alot and accomplishs very little.

Who cares as long as he gets rid of Obamacare.

Exactly this. DOL ruling= a joke that will let everyone making Ira account be wrap accounts mandatory. Like shit son, wtf this is literally usury

Can someone spoonfeed me some spaghetti redpill on this issue?

The EU is going to demand is all to log every voice trade done from all sides. Like we now have to implement expensive speech to text software to comply with this bullshit.

Tbh probably not. It's an intensely complicated issue that i certainly don't understand very well, hence my making this thread

Even hillary criticizes dodd frank.

Its a piece of shit legislation done on popular vote (again i thank god the founding fathers went constitutional republic with EC and not fucking direct democracy).

Just imagine getting a windows xp with a fuck ton of spyware on it bloating up 80% of the computer and the rest of the 20% is acceptable. You'd immediately run a antispy and delete all the shit programs. It needs some serious trimming.

It makes it really hard to run a business and lend. It also puts regulators in control of wall street which while the other way around was fucked, is still fucked.

The Republican party gutted the shit out of the Dodd-Frank bill. You actually thought Trump was going to stop the big banks?

>Supported him mainly on his anti-wall st
lololol I can't believe you fell for that meme.

>dodd-frank stops wallstreet
kek

the only thing you need to know is that Obama happily signed onto trillions of dollars of banker bailouts for the taxpayer, then he signed some petty bureaucratic bullshit into law that libtards proclaimed solved the "crisis" while they went on pretending we were no longer in a crisis for years.

You can read a summary here,
media.mofo.com/files/uploads/Images/SummaryDoddFrankAct.pdf

its a fucking joke. It mainly sets up more councils and redtape for banks, i guess so there are more people for them to bribe. idk what the fuck they were thinking.

>Supported him mainly on his anti-wall st

...

I lost all hope.I need something to live for.millions of america who lost their home want second chance.Millions of american like me just want a place to call our own.once you own a home,the feeling is like no other.I felted happy and accomplish.I could care less if it was a run down piece of shit with everything falling apart. Just want a place i can call home.This is why i voted for trump honestly.Democratic are just going to tax me to death.Stop with all this bullshit regulations.It only help the rich get richer and poor get fucked.Rich making all the money from renting to million who lost their homes.Fuck them.

>blame Obama for the republican party gutting Dodd-Frank and refusing to passing any sort of regulation that would help

That's some impressive mental gymnastics there.

good

get rid of all regulations

and whats wrong with wanting wallstreet to succeed?

lots of people have money in the stock market

Yeah, quite drunk and cocaine posting but basically Dodd Frank made it illegal to position take. Banks are supposed to be market makers not position takers. Banks take your deposits, i.e. 10% needs to be on deposit at all times and 90% can be used for investments. By crushing interest rates and using that money to buy corporate debt, so bonds, the Fed also created a situation thru didd Frank where banks need more in reserves (Basel 3 is the equivalent in europe) and also reduced safe viable investments and the ability to take a position in an investment (be that a stock bond whatever). Wall Street is not inherently evil, evil people are evil. The greed in 08 comes from a lack of understanding by people and willfull ignorance by those with information asymmetry (front office staff withholding information about cdos from insurers and investors and back offices/ compliance). Ultimately, we need higher rates and less rules

Yeah, quite drunk and cocaine posting but basically Dodd Frank made it illegal to position take. Banks are supposed to be market makers not position takers. Banks take your deposits, i.e. 10% needs to be on deposit at all times and 90% can be used for investments. By crushing interest rates and using that money to buy corporate debt, so bonds, the Fed also created a situation thru didd Frank where banks need more in reserves (Basel 3 is the equivalent in europe) and also reduced safe viable investments and the ability to take a position in an investment (be that a stock bond whatever). Wall Street is not inherently evil, evil people are evil. The greed in 08 comes from a lack of understanding by people and willfull ignorance by those with information asymmetry (front office staff withholding information about cdos from insurers and investors and back offices/ compliance). Ultimately, we need higher rates and less rules

wow i didnt know kek would recognize a trump

Trump?

Easier way to think of it is investors expect never ending growth with finite resources. Good companies are expected to do better. Market should go up if humanity actually progresses, which has been the case. Since 08 government has bought company bonds and companies used thst money to fire workers and buy back stock so making balance sheet look better without real growth thus inflating stock prices
Something will give soon and we may return to a real model for growth under populists where our governments don't debase our currency to buy debt at cheap rates (low interest) so ((they)) can fire us and more our money to their pockets

Dodd-Frank went after the symptom; it's not the cure. The Comptroller of the Currency played a far larger role in the financial crisis than has been reported.

He should bring back the McFadden act xd

Trump?

I don't know what dodd frank actually does, but I'm automatically suspicious of anything with barney "dick in your ass attic just like anne" frank's name attached to it.

To be fair we still have people trying to blame the banks for going out of control with the sub-prime lending when it was Fannie Mae and Freddie Mac, two entities created by the government, that were pushing for giving loans to these people who couldn't pay it back.

Socialist Welfare caused the housing bubble to burst in 2008.

I hate corporations ripping us off, but I hate government intrusion that fucks everything up even more.

Reinstatement of Glass Steagal.

That's literally part of the Republican platform because he forced it on them.

Trump will be the most Globalist President of all time. As it is he stands to gain the most from globalist economic policy We tried to warn you, we showed you how his closest advisors were tied to Goldman Sachs,George Soros, Blackwater etc..

You didn't listen. You took his bait like stupid little fishes.

A reaction to the crisis
Crisis came from bullshit models about super senior cdo tranches getting 6 bps and should have been classified as bank book assets and then models treating then like AAA treasuries.
Banks that did know what could happen lied to monoline insurers and dummies like AIG got rekt

This shit goes way back before Dodd Frank - when Clinton repealed the Glass Steagall act and allowed banks to grow into the TBTF behemoths they are today.

If Trump repeals Dodd Frank, he should reinstate Glass Steagall to split up the banks - deposit taking banks to chill out on the risk taking, and investment banks for the swashbuckling shit they do. This way the systemically big, important banks (deposit taking retail banks) will be more stable, while shit like the 2007 crisis would bring down investment banks - but none of them would be like, big enough to fuck up the system individually and normal man on the street depositors don't get their savings accounts threatened.

>obama controlled everything for his first two years but ill blame the republicans
>mental illness

If trump goes full establishment, 2020 is going to be very interesting.

this

You sound just like Trump in his speeches.

Delusional, that is.

it drives capital out of the country