{"id":25104,"date":"2018-02-03T11:02:46","date_gmt":"2018-02-03T16:02:46","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=25104"},"modified":"2018-02-03T11:07:03","modified_gmt":"2018-02-03T16:07:03","slug":"nomi-prins-trumps-financial-arsonists","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2018\/02\/03\/nomi-prins-trumps-financial-arsonists\/","title":{"rendered":"Nomi Prins: Trump\u2019s Financial Arsonists"},"content":{"rendered":"

Naked Capitalism<\/em> has the article Nomi Prins: Trump\u2019s Financial Arsonists<\/a>.<\/p>\n

Here is the conclusion of the article.<\/p>\n

\nNearly every regulatory institution in Trumpville tasked with monitoring the financial system is now run by someone who once profited from bending or breaking its rules. Historically, severe financial crises tend to erupt after periods of lax oversight and loose banking regulations. By filling America\u2019s key institutions with representatives of just such negligence, Trump has effectively hired a team of financial arsonists.<\/p>\n

Naturally, Wall Street views Trump\u2019s chosen ones with glee. Amid the present financial euphoria of the stock market, big bank stock prices have soared. But one thing is certain: when the next crisis comes, it will leave the last meltdown in the shade because our financial system is, at its core, unreformed and without adult supervision. Banks not only remain too big to fail but are still growing, while this government pushes policies guaranteed to put us all at risk again.<\/p>\n

There\u2019s a pattern to this: first, there\u2019s a crash; then comes a period of remorse and talk of reform; and eventually comes the great forgetting. As time passes, markets rise, greed becomes good, and Wall Street begins to champion more deregulation. The government attracts deregulatory enthusiasts and then, of course, there\u2019s another crash, millions suffer, and remorse returns.<\/p>\n

Ominously, we\u2019re now in the deregulation stage following the bull run. We know what comes next, just not when. Count on one thing: it won\u2019t be pretty.\n<\/p><\/blockquote>\n

I am still invested in the stock market, but I have some cash protection to tide me through the next crash. The pundits are claiming that “cash is trash” at this juncture because cash won’t make money like stocks will. On the other hand, cash won’t lose money like stocks will (unless of course we have rapid inflation). <\/p>\n

To offset Elizabeth Warren’s bragging, Yves Smith wrote an introduction to the article part of which had the following to say:<\/p>\n

\nThe CFPB has also been underwhelming under Obama. Obama chose Richard Cordray, who from his days as Ohio attorney general was a known \u201call hat, no cattle\u201d type. He was late to implement a payday lending rule, and by virtue of it not becoming effective until after Trump took office, it was reversed. The CFPB\u2019s biggest accomplishment is arguably its complaints database, but even then, it did not use it to maximum advantage. The Los Angeles Times, and following them, the Los Angeles prosecutor, identified the Wells Fargo fake account abuses. As regular readers know, when the press reported on the scale of the violations, the CFPB, which acted as the lead regulator on the sanctions, was criticized for not going after Wells executives.\n<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Naked Capitalism has the article Nomi Prins: Trump\u2019s Financial Arsonists. Here is the conclusion of the article. Nearly every regulatory institution in Trumpville tasked with monitoring the financial system is now run by someone who once profited from bending or breaking its rules. Historically, severe financial crises tend to erupt after periods of lax oversight […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-25104","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/25104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=25104"}],"version-history":[{"count":4,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/25104\/revisions"}],"predecessor-version":[{"id":25108,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/25104\/revisions\/25108"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=25104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=25104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=25104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}