Trump Sets Up Next Great Recession

President Trump just gutted the Wall Street reform put in place after the crash in 2008. Ana Kasparian, John Iadarola, and Michael Shure, the hosts of The Young Turks, tell you how Trump set up the next recession. Tell us what you think in the comment section below.

“Prior to a meeting with his economic advisory council on Friday morning, President Donald Trump held a briefing to set the agenda for it. “There’s nobody better to tell me about Dodd-Frank than Jamie,” Trump said, referring to 2010’s Dodd-Frank Act, the single most visible legislative consequence of the banking crisis, and also to J.P. Morgan’s CEO, Jamie Dimon, with whom he would later meet to discuss regulation. “We expect to be cutting a lot out of Dodd-Frank,” Trump said. “I have so many people, friends of mine, with nice businesses, they can’t borrow money, because the banks just won’t let them borrow because of the rules and regulations and Dodd-Frank.”

Hours later, as promised, the president issued a memorandum that sets in motion his plan to scale back the provisions of Dodd-Frank and repeal the upcoming fiduciary rule—the latest in his slate of executive orders aimed at decreasing regulations. Named for Senators Barney Frank and Chris Dodd, the bipartisan act—formally, it’s the Dodd–Frank Wall Street Reform and Consumer Protection Act—was responsible for creating more stringent rules regarding bank capitalization (that is, the amount of money that banks must have on hand), increasing compliance and reporting standards for banks, introducing stricter mortgage requirements, creating the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB), and curbing excessive risk-taking and the existence of too-big-to-fail institutions on Wall Street.”

Read more here

Hosts: Ana Kasparian, John Iadarola, Michael Shure

Cast: Ana Kasparian, John Iadarola, Michael Shure

***

The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 68pm ET.

Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)

Download audio and video of the full two hour show ondemand + the membersonly post game show by becoming a member at Your membership supports the day to day operations and is vital for our continued success and growth.

Get The Young Turks Mobile App Today!

Download the iOS version here

Download the Android version here