Trump: We're Gutting Dodd-Frank Because My Friends Can't Get Loans

[DonViejo]

Source: Talking Points Memo


By MATT SHUHAM Published FEBRUARY 3, 2017, 11:20 AM EDT

President Donald Trump was blunt Friday morning when he told a roundtable of business leaders why his administration was committed to hollowing out some financial regulations in Dodd-Frank: His friends can’t get loans.

“We have some of the bankers here. There’s nobody better to tell me about Dodd-Frank than Jamie, so you’re going to tell me about it,” Trump said, referring to Jamie Dimon, the JPMorgan Chase CEO and leader of Trump's business roundtable.

“We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can’t borrow money,” he continued. “They just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank. So we'll be talking about that in terms of the banking industry.”

Trump also promised the business leaders in the room that he would “get taxes even lower than we're going to be cutting them,” and that he would seek their input in doing so.

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Read more: http://talkingpointsmemo.com/livewire/trump-dodd-frank-friends-cant-get-loans

[underpants]

1. I wonder if Frederick Douglass is part of the freeze out?

[JHan]

2. People actually believed he was going to be tough on Wall St LOL

[MBS]

5. LOL is right.

As they say, "There's a sucker born every minute."
Unfortunately, too many of them are represented among the American electorate right now.

[JHan]

17. A dude with a golden toilet is a "man of the people" ... lol

If I don't laugh eh.. I will bawl.

[MBS]

25. Ditto

Aren't people amazing?
The most provocative analysis I've read maintains that Trump voters actually admire RICH people. Their hatred is directed towards people who actually earned their way to the top (that is, the Obamas, the Clintons, etc). Maybe it has to do with life-time resentment of the kind of people - those "good students", you know - who outshone them in high school.

[NewJeffCT]

14. Hillary gave a few speeches to Goldman Sachs

so she's crooked. But, Trump brings what, 8 people into the executive branch from Goldman Sachs and it's good business?

[JHan]

16. yup!

[flygal]

18. well, but you figure her emails into the mix and yeah, she was a nasty woman

These idiots who voted for him are just happy he won. They will never get the real story because anything not praising him is "fake news".

[skylucy]

29. Amazing isn't it?

on tRump

[riversedge]

3. Isn't it a fact that U.S. banks stopped lending Trump loans??

[Botany]

6. Yes after he had bankruptcy #3 or #4.

He has had 6 in total I think.

[riversedge]

20. Thanks. I had thought I had read that.

[putitinD]

26. 9 bankruptcies for the Trumpster!

[Botany]

4. Can't Red Don's friend get loans from Putin/Russian Banks /Russian Mob like he did?

I feel like I am swimming in a grey fog of insanity.

[MBS]

7. "grey fog of insanity"

Oh, yes, this is also my universe.

[Locrian]

8. this is a huge deal

and there will likely be very little protest - even though it will eventually help crater the economy and affect *everyone*
this is what a lot of the distractions are for

[harun]

9. What could go wrong?

[Igel]

41. All the same things.

The financial restrictions put in place back in 2009 had a number of parts dealing with reserve requirements and lending qualifications.

Every one of those parts had a good, solid reason for being put in place. It told bankers to hold to money in ways that didn't produce profit; it told loan recipients that they were at risk and needed to meet requirements for loans.

But an apparently completely unforeseen consequence of making loans harder to get is that fewer loans were made. All I can say is that people apparently needed corrective lenses or Lasix.

It was also not in the competency of many would-be prophets to say that if loans were harder to come by, there'd be a racial and class and economic skew to who got them given the racial, class, and economic skews in the US economy. If you're black, you tend to have less collateral; if you're poor, the same holds; if you want to open a video store you're less likely to get a loan than if you open a video game store. That deep-fried kumquat store idea wouldn't be funded, but a new Tex-Mex restaurant to replace the kosher deli in a transitional neighborhood would.

Anyway, completely taken by surprise, a number of people were stunned by the actual numbers. (I'd argue that this argues for the claim they had been stunned for years and were waking from their stupor, but that's just me.)

By 2014 a number of those restrictions had been rolled back to universal acclaim and glee, even among those who argued how important they'd been. These particular roll-backs didn't help Wall Street or any special interest. Instead, they helped a subset of the population who had trouble getting home loans, a moderately small percentage of the adult population. (That, to me, says "special interest" as opposed to "common interest," but since it wasn't helping the moneyed classes and had the right racial/class components it fails to meet a common definition of the term no matter how special that group views itself.) However, part of that firewall to protect the economic system was removed.

Thing is, when you remove one part of a well-reasoned firewall because it feels good and it serves one sector's sense of social justice, it's hard to argue that all the other pieces of the firewall are crucial and must not be tampered with. I mean, the first chunks were knocked out because "I have a lot of friends who can't get loans and they need the money." The second chunk is at risk because somebody else is saying, "I have a lot of friends who can't get loans and they need the money." After that, the third, fourth, and remaining chunks all fall for the same reason. They've sold the moral high ground for landfill.

[tinrobot]

10. "friends of mine..."

And, yet Clinton was crucified because she was "friendly" with Wall Street.

Sheesh....

[IronLionZion]

11. oh yeah, well Hillary gave a speech at Goldman Sachs!

dodged a bullet there, phew!

[ehrnst]

22. +100 (nt)

[Bayard]

12. Doesn't Congress have to be complicit in this?

[IronLionZion]

23. Congress is very complicit

while we're distracted by the lunatic ramblings coming out of the dumpster fire in the white house, Congress is passing all sorts of despicable stuff undoing important regulations and protections, cutting budgets, and being deplorable.

[WhiteTara]

36. I think he is governing by fiat...executive orders.

[hollowdweller]

13. All the bad he said he was going to do he's doing

All the good stuff was just lies.

Imagine if Hillary was setting down with Dimon and saying this!

[dalton99a]

15. Another day, another win!

[6000eliot]

19. Like we're supposed to believe that he has friends.

[putitinD]

27. If he actually had any friends, it is a certianty that they would also be deadbeats!

[ehrnst]

21. But her Goldman Sachs speeches were a "deal-breaker!" She was so corrupt!!!

Good thing we dodged THAT bullet...

[mahatmakanejeeves]

24. His friends are bad credit risks? Birds of a feather.... NT

[putitinD]

28. his friends would be some sort of reptile, or something that slithers, as opposed to a beautiful

bird.

[onethatcares]

30. wait a fucking minute here!!!!

if Jamie Dimon can't get a loan, something is very seriously wrong with his credit rating. Nother item, why would someone with millions of dollars need a loan? To buy a Prius or Dodge pickup? Why?

[jmowreader]

34. People with millions of dollars are very heavy users of credit

[smirkymonkey]

39. And all just as crooked and corrupt as he is!

That is why they can't get loans.

[jmowreader]

40. Well, the people who like Donald Trump are all crooked and corrupt

It is possible to be rich and NOT corrupt - the temptation is always there, but I think Mark Cuban is fairly clean.

Seriously though, one thing EVERY rich person, whether saint or sinner, learns before he actually breaks into the ranks of the rich is the proper use of OPM - other people's money. Say I had a billion dollars in various investments, businesses and so on, and I wanted a $3 million house because this particular property tugged at my heartstrings - it reminds me of the home I grew up in. Would I be better off
(1) taking $3 million out of play and paying cash for the house, or
(2) moving money into an investment that'll more than pay the PITI on the house, taking out a loan to buy the home, and setting up monthly wire transfers from the investment vehicles to the mortgage company?

If I do (1) that money is gone. It can't make me any more money.
If I do (2) I actually profit from buying a house.

[Bernardo de La Paz]

31. He doesn't even try to hide his favoritism / bias. . . nt

[procon]

32. Think of the character of a man who would stand by his friends

while kicking every other American in the teeth without a bit of remorse.

[Blue_Tires]

33. The non-racist working-class white Trump voters with economic concerns

were unavailable for comment...


Seriously -- You fucking people own this shit...

[Hortensis]

35. :)!!!

Thanks for the transparency, President The Donald.

[Vinca]

37. If Don's friends can't get loans, it means they're deadbeats, too.

[moondust]

38. And they want more bailouts?

Beats working but ya gotta create a "crash" first.

[Angry Dragon]

42. Jamie Dimon - the banker that said he was doing god's work ------ asshole