Work is starting to pick up again, so just have a moment this morning, and I don't think I could say it any better than I said it in this post back then (copy below), when I predicted this bank situation, anyway.
Essentially, the bank fails are a direct result of Trump rolling back Dodd-Frank legislation , which was a bipartisan-supported bill passed into law in 2010, signed by Obama, for the federal government to have more oversight with banking in general, curb unethical banking practices, and prevent bank runs and bailouts - after the market fell in 2008 (three months before Obama was elected), bank bailouts began in 2009, and a full-scale recession had begun.
As usual, Republicans make short-sighted, make-themselves-a-quick-buck financial decisions that have never once historically "trickled down" on the every day man on a national/international corporate level, and that you won't see fallout results of for years, likely when the next president - usually a democrat - is in office and is left holding the bag and trying to work with Congress to plug up holes in the dam as fast as they can.
Trump rolled it back, there was less banking oversight, and thus the same thing is happening again today that happened in 2008/9 - again, three months before Obama was elected.
Let alone the fact that banks received huge subsidies during COVID and bigger tax breaks than ever before - so why are we bailing them out again?
I understand that small to mid-size banks are mostly affected because they had less breaks and subsidies, but still ....
Love the quote - so Trump - you think the answer is to go back to the time before Obama signed Dodd-Frank - back to the banking mess we got ourselves into before Obama signed this bill in 2010 to stabilizing the economic fallout from unregulated unethical banking practice and bailouts that plunged millions of working and middle-class Americans into poverty, lost jobs and bankruptcy?
The economic meltdown that occurred after October 2008's stock market crash we didn't feel until 2009, Trump?
Here we go again. Republicans screw up the economy and blame the next guy in office because we don't feel the fallout until then.
And we all sat right here and watched the congressional hearings on companies like Goldman Sachs, reading aloud their emails, which high-fived each other over getting the American public to invest in crap, knowing it would bankrupt them, but they'd make a quick buck. (Many Republicans are often very short-sighted - Trump is proof. Or they simply don't care about what happens to the every day American, as long as they, their shareholders and their families are safe.)
After learning what I did about Key Bank this morning (two posts below), I suspected this was coming - that's why I posted it ;)
What about Trump was draining the swamp and was all about small business growth, hmm?
Nope, as I told you, he was heavily invested in the swamp and he will continue to be - and this EO is proof.
Wide awake yet, working and middle-class Republicans?
Because he's about to sign an EO that would roll back the one act that working and middle class Republicans and Democrats agreed upon in 2010, recognizing it was predominantly lack of regulation of unethical banking business practices that contributed most to our economic collapse, resulting in millions of hard-working Americans plunge into foreclosure, bankruptcy and job loss.
And you're okay with that, Americans?
And still, curiously no mention of the plan for new jobs or jobs coming back to the US.
Ready to admit you've been duped, yet, Trump voters?
Jeez, what's it gonna take - when YOU are bankrupt, laid off, or foreclosed upon (again, in some cases)?
Well, the best you can hope for is that it will go down like it did last time - we won't FEEL it until the next president is in office and he/she will take the blame.
Love Obama or hate him, he signed this bipartisan Congressional bill - which everyone but CEOs and Wall Street agreed with, at the time - which DID stabilize our economy and banking practice.
Dodd-Frank is the reason we are all more stable financially than we were then - and Trump is about to undo it because that's what his buddies want.