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Trump is Hollowing out Financial System Safeguards Put in Place After 2008 World Meltdown Options
Hope123
Posted: Saturday, April 28, 2018 10:18:43 AM

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Joined: 3/23/2015
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Location: Burlington, Ontario, Canada
Trump is Hollowing out Financial System Safeguards Put in Place After 2008 World Meltdown

Why is what Trump et al are doing in the banking sector being ignored? I've said the same as this opinion piece several times before on the Forum. And yet the US Right claps for the lessening of financial regulations while ignoring facts that the lessening is not needed.

In 2008 the US affected the whole world economy. That led to all the dissatisfaction by many around the world, added to the refugee problem, and created populism. Populism has led to the rise of a leader of the same party that created the first world financial crisis in 2008, and both leader and party are determined to repeat the same mistake.

Of course the US can do what it wants in its own country regardless of how it affects the rest of the world.

But other countries should take note and be prepared with solutions to mitigate problems in their own country.

Anybody have any suggestions as to what other countries can do beforehand, like now, in preparation, if, and probably when, this crisis happens again? I wish the author had made some suggestions.

https://www.thestar.com/business/opinion/2018/04/27/trump-is-unwinding-bank-regulations-heres-why-canadians-should-worry.html

It’s too soon to say that we are back on a path toward the widespread cupidity in U.S. financial markets that put more than 9 million Americans out of work in 2008-2011, and cost more than 400,000 Canadians their jobs.
The U.S. crisis soon migrated to Europe. Today’s widespread European xenophobia can be directly traced to the scapegoating of immigrants by victims of that protracted recession, caused in fact by the collapse of a record U.S. housing bubble inflated by malfeasant mortgage lenders in Kansas and Bakersfield, California.
It’s not too soon to worry, though, that the Trump administration and its allied Republican-controlled U.S. Congress are intent on once again making the global financial system vulnerable to an economic shutdown and worldwide credit freeze, possibly worse than the last one.
Any significant weakening of responsible conduct in the U.S. financial system is of acute concern to Canada. In the 2008 crisis, the Bank of Canada and other authorities were obliged to scramble to advance as much as $114 billion (Cdn.) to backstop Canadian banks should they need a bailout.
Even the tiniest of Canadian employee credit unions are inextricably linked to the global financial system. Should that world credit system shut down, as it came within hours of doing in 2008, the wheels of commerce would grind to a halt.
During the 2008 Wall Street meltdown, insolvent major U.S. financial firms were forcibly merged into stronger ones. The result is today’s fewer but bigger U.S. financial institutions, each with an unprecedented ability to bring the global system to its knees.




The past is to be respected/acknowledged, not worshipped. It is in our future we will find our greatness. Pierre Trudeau
progpen
Posted: Saturday, April 28, 2018 10:48:24 AM

Rank: Advanced Member

Joined: 10/2/2015
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Location: Haddington, Scotland, United Kingdom
Hope, this is simply political extremism and Disaster Capitalism at work. The goal is to create an environment where government (any government in the world) is too weak and ineffectual to police corporate interests. When (not if) the global economy tanks, there are those who benefit financially so these global depressions are seen as desirable and we see those beneficiaries making sure that they are able to benefit from global depressions well into the future.

These entities do not all reside in the US, but are all over the globe and so they make sure that financial restraints are removed where possible.

Nolite te bastardes carborundorum
Gary98
Posted: Saturday, April 28, 2018 12:42:08 PM

Rank: Advanced Member

Joined: 7/23/2014
Posts: 1,643
Neurons: 3,408,183
Location: Philadelphia, Pennsylvania, United States
Those entities may reside outside of US they surely are controlled by US
corporations. US corporation and military industrial complex, those are the ones that wear the pants in the US.
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