Funny how some people STILL think the 2008 bank crisis was the fault of a President that wasn’t inaugurated until Feb. 2009…even though it took several years of underhanded shenanigans by banks BEFORE THEN, aided by the administration to reach a crisis point!
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into US Federal law by President Barack Obama, so good or bad it had to go. This big rollback is just the beginning of Trump’s run on deregulation. Trump is “doing a number” on the Dodd-Frank act. Community banks with less than $10 billion in assets will no longer have to comply with the Volcker rule which bars financial institutions from making risky bets with money that is insured by taxpayers. Reporting agencies will be freezing and unfreezing Americans’ credit reports, but we can trust them, it has been a year since they exposed millions of American’s data.
Conservatives have NEVER been happy with ANY part of “Dodd-Frank” – anything that interferes with the “Robber-Baron Capitalism” so near and dear to their hearts is subject to termination, as far as they’re concerned.
So the Republicans are dismantling the protections of Dodd-Frank and they are doing it with the tacit approval of their constituents!
I have to assume the people that voted for the Republicans dismantling Dodd-Frank are “okay” with a repeat of 2008. That means that they have either ‘sheltered’ their investments or the believe that the bankers have suddenly developed a conscience. So they either have squirreled their money out of reach of the markets or are FIRM believers in "Rainbows & Unicorns! I see no third alternative.
Before the Great Depression started in 1929 the Republicans passed a massive tax cutBefore the Reagan Recession started in 1990 the Republicans passed a big tax cut.Before the Bush Banking Recession started in 2008 the Republicans passed a large tax cut.Now that Dodd-Frank has been partly repealed how soon will the Trump Depression start (and by trump depression I don’t mean the current mindset of the country)?
superposition almost 6 years ago
People with a net worth under 25 million (who probably don’t own their own senator) just cannot understand what an atrocity Dodd-Frank was.
richsolano almost 6 years ago
Read cover story of TIME last week for more of this in a related vein. Outrage is dead.
Andrew Sleeth almost 6 years ago
Gosh, wouldn’t it be terrific if Presidents were this candid while they were still alive … and before they got elected into office!
Masterskrain Premium Member almost 6 years ago
Funny how some people STILL think the 2008 bank crisis was the fault of a President that wasn’t inaugurated until Feb. 2009…even though it took several years of underhanded shenanigans by banks BEFORE THEN, aided by the administration to reach a crisis point!
Scoutmaster77 almost 6 years ago
I sure wish Howard Zinn was still around to add a Trump Era chapter to one of his books.
Mr. Blawt almost 6 years ago
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into US Federal law by President Barack Obama, so good or bad it had to go. This big rollback is just the beginning of Trump’s run on deregulation. Trump is “doing a number” on the Dodd-Frank act. Community banks with less than $10 billion in assets will no longer have to comply with the Volcker rule which bars financial institutions from making risky bets with money that is insured by taxpayers. Reporting agencies will be freezing and unfreezing Americans’ credit reports, but we can trust them, it has been a year since they exposed millions of American’s data.
wellis1947 Premium Member almost 6 years ago
Conservatives have NEVER been happy with ANY part of “Dodd-Frank” – anything that interferes with the “Robber-Baron Capitalism” so near and dear to their hearts is subject to termination, as far as they’re concerned.
So the Republicans are dismantling the protections of Dodd-Frank and they are doing it with the tacit approval of their constituents!
I have to assume the people that voted for the Republicans dismantling Dodd-Frank are “okay” with a repeat of 2008. That means that they have either ‘sheltered’ their investments or the believe that the bankers have suddenly developed a conscience. So they either have squirreled their money out of reach of the markets or are FIRM believers in "Rainbows & Unicorns! I see no third alternative.
Dewey Premium Member almost 6 years ago
Before the Great Depression started in 1929 the Republicans passed a massive tax cutBefore the Reagan Recession started in 1990 the Republicans passed a big tax cut.Before the Bush Banking Recession started in 2008 the Republicans passed a large tax cut.Now that Dodd-Frank has been partly repealed how soon will the Trump Depression start (and by trump depression I don’t mean the current mindset of the country)?
richsolano almost 6 years ago
Instead of outrage, maybe accountability is dead….
Charlie Tuba almost 6 years ago
I didn’t know that Hayes founded Fremont Savings Bank. I learn a lot from this strip.
PaulHuysing almost 6 years ago
I love your socialism. The government bails out banks when they have no money.
Joe1962 Premium Member almost 6 years ago
The great era.
Brian Carroll creator almost 6 years ago
Friday’s comic will be up a bit later in the day- thanks everyone!