After the huge corporate tax cut, the obvious next step to Making America Great Again … is rolling back Dodd-Frank for banking lobbyists:
“White House chief economic adviser Gary Cohn on Friday predicted that Congress could pass a bipartisan bill to exempt dozens of banks from post-crisis financial rules within the next three months.
Cohn said on Bloomberg News that the Senate bill to roll back the Dodd-Frank Act would “hopefully” see floor time in January and pass the House “in the first quarter of this year.”
“We are making enormous progress on a bipartisan basis on bank deregulation,” Cohn said. “We’ve got a bill in the Senate that has bipartisan support to really change the regulatory environment for the vast, vast majority of banks in the United States.” …
The Crapo bill is the most substantial attempt to roll back Dodd-Frank that has received bipartisan support. Bank lobbyists have rallied behind the bill as the last chance to make major changes to the post-crisis rules long targeted by the financial sector.”
Isn’t it obvious?
The nationalist-populist revolution wasn’t about building a big, beautiful wall. No, it was about the big, beautiful corporate tax cut, DACA amnesty, recognizing Jerusalem as the capital of Israel, fomenting regime change in Iran and deregulating the banking industry.
In other news, Reaganonmics isn’t working for the White working class.
“American wages rose a sluggish 2.5 percent last year, according to a Labor Department report released Friday morning. That’s the same rate of wage growth as under President Barack Obama. Historically, wages have grown more than 3.5 percent in a typical economic upturn, but that hasn’t happened in this expansion.
Trump is facing a similar problem that plagued Obama: The stock market is soaring, but wages are stagnant. The Dow Jones industrial average jumped 25 percent in 2017 and is up more than 30 percent since Trump won the election, but those gains largely accrue to the wealthiest Americans, including many of Trump’s donors and close friends. Almost half of the country doesn’t have a single dollar in the stock market.
“Trump’s donors are doing spectacularly well. But Trump’s base in West Virginia and Kentucky hasn’t really enjoyed much of the recovery,” says Greg Valliere, chief global strategist at Horizon Investments and author of a daily political newsletter. …”
Could be a big problem down the road in the 2018 midterms. We shall see.
Note: I need another drink after all this winning.
Squad goals! ????? pic.twitter.com/W0D1OPiylv
— Mia? (@missmagamia) December 27, 2017