Bank Stocks Tumble Into Red After Spicer Confirms Trump’s “Commitment To Restoring Glass-Steagal”

Posted: March 9, 2017 in Uncategorized

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Trump renews his commitment to restoring requirement that banks separate their commercial and investment activities (ie banning them from speculating with depositors money).

peoples trust toronto

That’s not what the bankers want to hear…

  • *TRUMP STILL COMMITTED TO RESTORING GLASS-STEAGALL: SPICER

Interestingly this comment comes after President Trump met with a group of community bankers…

And that is weghing on The Dow…

So, deregulation… after the big banks have been broken up by Glass-Steagal-lite?


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Comments
  1. Well, we shall see because I won’t believe it unless it happens. I have not forgotten former Department of Justice head, Eric Holder who basically said that banks were too big to fail and bankers who engaged in criminal acts were too important to jail. And we all know they’re laundering drug money to this very day and who is saying or doing anything about that? And yet, over 2.3 million mostly Black men and women are languishing behind bars on drug charges. Yeah, I’ll believe Trump is going to reign the big banks in when I actually see proof of it and not just more talk.

  2. I suspect a lot relates to the way the current battle plays out between Trump, the CIA and the media (which is basically run by the CIA). The CIA is, and always has been, an organ of Wall Street and the big banks. The big banks hates Trump. They have always viewed him as an outsider because his wealth derives from real estate and speculation that doesn’t depend on Wall Street and can’t be controlled by them. Do they have the power to bring him down at this point? Or will he capitulate to hold onto office? I don’t think he has any interest in the prestige and status of the presidency – I don’t think he expected to win.

    I think his right wing cabinet (which largely serves Wall Street interests) is exerting a lot of pressure on him to conform to their expectations – but so far not very effectively.

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