Banks and the Trump administration see opening to bring back Wall Street casino in coronavirus crisis
Sunday 12th April 2020
The banksters are gonna bankster. Right now, they are gleefully rubbing their hands together as if they were washing coronavirus away, but in anticipation of the rollback of regulations they've been under since the last big economic crisis. You remember it -- the one that they created a dozen years ago that nearly brought the global economic system down. Since then, they've been chafing under the modest rules imposed by the Dodd-Frank Wall Street reform law. But those rules are being eased under the current economic and public health crisis, and if the banksters have their way, there will be no going back.
The Federal Reserve and other regulators are loosening the rules on how much capital banks have to hold to be able to absorb losses; are allowing smaller banks to take on a higher debt load; and the Trump administration has delayed rules that would make them prepare against potential losses and set up systems to minimize risks. Trump's cronies are doing their best to figure out how to weaken all these rules and turn Wall Street into a casino again. They see this as an opportunity, but the top Democrats in charge of banking oversight vow to fight.