QUESTION: Marty, the Republican platform supports
the return of Glass-Steagall. Is Trump for that?
ANSWER: Yes. If there was anyone who would
actually do that, it would be Trump. However, keep in mind the act would still
have to get through Congress and the bankers would buy every vote to block it.
It
is true that the Republican National Convention delegates approved a
platform that calls for reinstating the Glass-Steagall Act and scaling
back the Dodd-Frank financial overhaul, calling it the Democrats’
“legislative Godzilla.” This is why you find so many hedge fund guys donating
to Hillary as well as the big NY banks. They will not donate to Trump and that
clearly shows who protects whom.
The
Clintons repealed Glass-Steagall. Obviously, the big banks will be pouring
money into Hillary to maintain their positions. It looks like the Democrats are
for big business, not the Republicans. Guess this is part of the cross-dressing
going on in Washington.
The
platform on the issue of international trade states that while trade is
important, “massive trade deficits are not.” It goes further and claims wrongly
that China cannot be allowed to continue its “currency manipulation” and calls
for “countervailing duties if other countries refuse to cooperate” on parity in
trade. China does not manipulate its currency.
They
have tried to control it, but the economic conditions are such that the real
issue has been the rise in the dollar globally, which is due to the serious
problems in the design of the euro.
https://www.armstrongeconomics.com/international-news/north_america/2016-u-s-presidential-election/the-republican-platform-restore-glass-steagall/
Comments
Glass-Steagall
controlled bank solvency. Its repeal
allowed banks to make risky moves like investing $700 trillion in
hedge-funds. It also allowed banks to
engage in any and all financial services areas like insurance, investments and
bundling bad mortgages into “securities”.
The
Community Investment Act of 1993 and HUD rules also need to go. They required lenders to give mortgages to
unqualified buyers and resulted in massive foreclosures that caused the 2008 Meltdown.
Norb
Leahy, Dunwoody GA Tea Party Leader
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