More regulations repealed, for the financial industry this time

Today (just a couple hours ago) Trump signed two EO's, each repealing parts of Dodd Frank.

The first EO didn't have many details available so there could be good or bad in it but the second EO is interesting. What it repealed is the duty of financial advisors to give their clients advice that's in their best interests. So now the person managing your retirement account can make moves that's in their companies best financial interests rather than yours. They can even outright lie to you and give you misleading advice.

The justification for this move is that if the banks have higher profits they can hire more people, and make more loans to potential customers

Take your pick for sources
www.nytimes.com...

www.cnbc.com...

www.foxnews.com...

a reply to: Aazadan

Yaaay deregulate the banks , we know that works !

a reply to: gortex
No worry 'gortex' they'll self-regulate like they were back in 2007. Nothing to worry about.

originally posted by: Aazadan

What it repealed is the duty of financial advisors to give their clients advice that's in their best interests. So now the person managing your retirement account can make moves that's in their companies best financial interests rather than yours. They can even outright lie to you and give you misleading advice.

Can you post the exact language for that ^^^^

Thanks in advance.

Great. Here comes another great recession.

I wonder if we'll get anyone in here that is both competent on the matter and capable of explaining it without putting any spin on it....

[/holdingbreathsequence]

This time the bubble will be YUUUUUUGE!

It will be the best bubble ever.

Dodd frank, as in Chris Dodd & Barney frank.
The same pair that said Freddie and Fannie were financially sound.

The same pair that failed to oversee Freddie and Fannie.

I wouldn't trust them to balance a check book.

originally posted by: grey580
This time the bubble will be YUUUUUUGE!

It will be the best bubble ever.

Believe ME!

a reply to: Bluntone22

I don't trust them either but do you think it's a good idea to let Wall Street run without any leash?

a reply to: Swills

Is that what this in fact means, or is that your spin?

Jump the gun much?

How about you at least deploy some citations to back up your assertions about this case?

Or maybe just let your imagination run amok? That definitely sounds more exciting!

a reply to: Swills


Of course not.
But this executive order doesn't release Wall Street of all regulation. Just parts of Dodd frank.

Most of the banking regulations of Dodd-Frank helped the big banks consolidate power. Smaller, more local community banks couldn't comply with all the regulations and went out of business, but the big banks had the lawyers, money and connections, and as such they have thrived at the expense of the little guy. As usual, the rich and powerful use government regulation to stamp out their competition and grow their own power.

it repealed is the duty of financial advisors to give their clients advice that's in their best interests.

There's no clearer evidence of the difference between the democrats and republicans than this. One group wants to protect people from being screwed over, the other party will do everything possible to ensure that we get screwed over.

a reply to: IgnoranceIsntBlisss

Wait, you're into facts now?

What leashes does the gov't have over Wall Street now besides Dodd Frank that you agree with or do you not agree on any regulations? Do you recognize Wall Streets role in the crash back in 2007? If so, should they be regulated for causing said crash?

a reply to: Bluntone22

Oh it's just the beginning. Trump campaigned on getting rid of Dodd Frank and I don't recall his solution for replacing it, you know just like Obamacare.

a reply to: Swills

I dont claim to know all the in's and out's of Dodd-Frank. But I'd wager that you hardly do either.

What I'm seeing is an acute knee-jerk reaction to the very idea of less regulations, following the liberal ideal that only more regulations could ever benefit anything besides the Power Elite, and less regulations only will benefit the Power Elite.

This is why I've asked for some citations to go along with you spin (for the sake of your own argument). If spin is all we're going to get, at least do it up with citations so people might actually learn a little bit about the situation here besides just the obligatory liberal cookie cutter kneejerk reaction materials as per usual.

This is all part of Trump's promise to reduce the power of the Federal government.
They have way too much control over everything.

But as I understand it, I could be wrong, the EO just calls for a review of the constitutionality.
I don't think any laws were changed.
it is directing the Treasury secretary to review the law.

originally posted by: gortex
a reply to: Aazadan

Yaaay deregulate the banks , we know that works !

Even if that hyperbole came to fruition.

Doesn't change the FACT that ALL fiat money comes from the Federal Reserve.

The place ALL money comes from.

Which means the FED would have to be done away with.

Since it prints money, and determines the rates for everything here.

a reply to: IgnoranceIsntBlisss

What I'm seeing is an acute knee-jerk reaction to the very idea of less regulations, following the liberal ideal that only more regulations could ever benefit anything besides the Power Elite, and less regulations only will benefit the Power Elite.

It's hilarious.

LESS regulation is LESS fascism.

ALL regulation is fascism/authoritarianism.

Total control of banking/Finance is what HITLER and the MAO's did.