Trump says he cut Wall Street reform because - get this - his friends need money

Discussion in 'Politics, Religion, Social Issues' started by samcraig, Feb 3, 2017.

  1. samcraig macrumors P6

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    #1
    http://www.vanityfair.com/news/2017...-street-reform-because-his-friends-need-money

    “There is nobody better to tell me about Dodd-Frank than [JP Morgan C.E.O.] Jamie [Dimon]. So he has to tell me about it, but we expect to be cutting a lot from Dodd-Frank because, frankly, I have so many people, friends of mine, that have nice businesses, they can’t borrow money,” Trump said Friday morning, shortly before signing the executive orders. “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.”

    And here’s how Gary Cohn, Goldman Sachs president turned White House National Economic Council Director made the case for getting rid of the fiduciary rule unveiled last spring:

    “We think it is a bad rule. It is a bad rule for consumers. This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”
     
  2. yaxomoxay macrumors 68000

    yaxomoxay

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    #2
    Well, borrowing money is one of the most important things for a business and a financial institution. Even Apple with all its cash reserves borrowed a gazillion dollars today...
     
  3. appleisking macrumors 6502a

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    #3
    I think you're taking what he's saying a bit out of context. The economy depends on a steady stream of credit from these banks. All he's really saying is money is tight for businesses because banks aren't lending enough due to tight regulations. I don't necessarily agree or disagree with this statement but you're making it seem as if he's only doing this to benefit his "friends"
     
  4. samcraig thread starter macrumors P6

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    #4
    Listen - I just think his phrasing and his associates analogy were amusing. That's all I'm sayin'
     
  5. yaxomoxay macrumors 68000

    yaxomoxay

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    #5
    Precisely!
    --- Post Merged, Feb 3, 2017 ---
    Honestly this is one of the most inconsequential things he has ever said... he's just bringing some anecdotal evidence on a complex issue.
     
  6. ibookg409 Suspended

    ibookg409

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    #6
    That's not what your headline is communicating, but you know that, don't you?
     
  7. samcraig thread starter macrumors P6

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    #7
    My headline is exactly that - amusement. Perhaps you're just filtering it another way because you tend not to like my posts or my views? ;)
     
  8. flyinmac macrumors 68030

    flyinmac

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    #8
    I think Trump is trying to communicate a sense of connection to the American people.

    He's essentially saying "I'm one of you, and I understand how this affects you, me, and our mutual friends and associates."

    By referencing "Friends", he's trying to illustrate that he's familiar with people who face the same issues that we face.

    But it's more fun and sensationalistic to interpret it as if he's trying to only help his close friends.

    Perhaps it would be better if we had a President that was so disconnected that he didn't even know people who face the same challenges we face. :rolleyes:
     
  9. samcraig thread starter macrumors P6

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    #9
    It's also amusing because of scale. It's not like he's talking about small businesses lol
     
  10. ibookg409 Suspended

    ibookg409

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    #10
    Definitely not a fan of your views. I feel like you care more about getting a rise out of people than having a frank and honest discussion.
     
  11. samcraig thread starter macrumors P6

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    #11
    It's unfortunate you think that. Nothing could be further from the truth. And I think of you read my posts and not just headlines or initial posts you'll see that clearly.
     
  12. ibookg409 Suspended

    ibookg409

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    #12
    Ive read your posts and I suspect that you may lack a certain self honesty right now. That's fine. I think you are doing yourself a disservice but it's not my job to make you see that and frankly I have no personal stake in your personal development.
     
  13. samcraig thread starter macrumors P6

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    #13
    Well it seems if you really feel that way than I would question why you consistently engage in conversation with me.

    But that's your time and energy. Have a great night.
     
  14. ibookg409 Suspended

    ibookg409

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    #14
    I'm not above the temptation to engage in loud rhetoric with people. It's fun but ultimately not very healthy in the long run.

    On a certain level I also hope that we could all find some common ground. I want our people to stop fighting, killing, etc. live and let live. That dream seems further away each day.
     
  15. SusanK macrumors 68000

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    #15
    Not on Steve's watch!
     
  16. yaxomoxay macrumors 68000

    yaxomoxay

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    #16
    Do you realize that the (lack of) ability of borrowing money is what put Bear Stearns and several other institutes down in 2007 and 2008, with the following meltdown, and it's what brought Greece's institutes on their knees and now Italian banks including MPS, right ? (Granted, it's not the only reason of course, but it's the closure of the most important lifeline).
    Scale is irrelevant, actually you need to save the big guys first. If Lockheed Martin or JP Morgan shut down because of inability to borrow, thousands of companies will suffer. Which is why Obama did - rightfully - save the automakers.
     
  17. HEK macrumors 68030

    HEK

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    You can't make this **** up. A fiction novelist would be laughed out of Hollywood for suggesting plot lines like this for a comedy movie. But this is real life, and people are actually buying into this nonsense. :(
    --- Post Merged, Feb 3, 2017 ---
    Over lending to poor risks and then speculating on those loans is what brought us to financial ruin and required massive socialistic bailout of the banks, investment firms, and insurance companies. Softening regulations will allow these institutions to do it all over again. Hitting your thumb with a hammer is poor use of a tool. But doing it over again is just plain stupid. Aren't these people rich enough already, how much more greedy do they need to be. Shall the american taxpayer allow these robber barons to fleece us again? Wake up people. Greedy rich people DO NOT REGULATE THEMSELVES. That's a fairy tail.
     
  18. 5684697, Feb 3, 2017
    Last edited: Feb 12, 2017
  19. citizenzen macrumors 65816

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    #19
    Just like everyone who remembers their past life thinks they were Cleopatra.

    No one ever wants to believe they were the slave.
     
  20. steve knight macrumors 68020

    steve knight

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    #20
    are they as bankrupt as trump?
     
  21. Eraserhead, Feb 3, 2017
    Last edited: Feb 3, 2017

    Eraserhead macrumors G4

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    #21
    Small business owners probably do need easier access to credit, but they aren't friends of Trump.

    Edit: if Trump cared about small businesses he'd pay them on time and in full. It's cash flow.
     
  22. Dagless macrumors Core

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  23. Scepticalscribe, Feb 4, 2017
    Last edited: Feb 4, 2017

    Scepticalscribe Contributor

    Scepticalscribe

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    #23
    Exactly.

    Well said.

    And but, but, but, Benghazi.

    To some of those who might claim to be, or think they are: 1) economically literate, and 2) tilting a little towards the dexter side of the heraldic shield, in other words, those who claim to support the current administration, a few points occur.

    Firstly, Mr Trump is not exceptionally articulate, and expresses himself poorly. This may lead to some confusion at times - and, it certainly stands in stark contrast to his elegant and articulate predecessor who was a beautifully engaging speaker and who knew what words meant.

    Secondly, yes, business needs a flow of credit.

    However, to argue for a flow of credit on the basis - as Mr Trump has - that "but we expect to be cutting a lot from Dodd-Frank because, frankly, I have so many people, friends of mine, that have nice businesses, they can’t borrow money," is - candidly, not just appalling optics, but an inadequate justification for doing so, one that suggests that Mr Trump's ties to Wall St remain closer than they perhaps ought to be.

    (Indeed, I seem to remember that Secretary Clinton got a lot of grief for her perceived cosiness with Wall St; still, I could never envisage her advancing such a fatuous - if ultimately rather revealing - argument for loosening regulatory oversight).

    Thirdly, - and especially after the debacle of 2008, business and banking both need some effective oversight or regulation. Reducing it, or curtailing it, is not the answer, not least because greed is likely to trump ethics, and pure greed is likely to overwhelm sound financial judgement.
     
  24. AdonisSMU macrumors 603

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    #24
    Says the guy who cant get a loan in NYC.
     
  25. TPadden macrumors 6502a

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    #25
    Had little to do with lack of regulation and more to do with CRA (Community Reinvestment Act), Fannie Mae, and Freddie Mac government promoted and even MANDATED low lending standards.
     

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