Just prior to both Congressman Barney Frank and Senator Chris Dodd hightailing it out of Washington, they jointly helped engineer one of the most egregious banking laws to come out of the 2008 financial crisis. Known as the Wall Street Reform and Consumer Protection Act, this bill did neither of these things and in fact engendered the banks to be allowed to commit even more speculation and risk because the Obama administration refused to enforce it.
Yet perhaps of even greater import from this bill was the new regulations that changed the backstop for the next collapse from the taxpayer to the depositor. And now with Donald Trump in the White House, it did not take long for the new President to start to dismantle the Dodd-Frank act.
As previewed earlier today, moments ago President Trump signed two executive orders aimed at starting the process of rolling back the regulatory system put in place after the financial crisis.
Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading. Specifically, Trump took executive action ordering the review of Dodd-Frank rules enacted after 2008 financial crisis, and halting the “fiduciary rule” that would require advisers on retirement accounts to work in the best interests of their clients. – Zerohedge
Rolling back Dodd-Frank is part of President Trump’s initiative to de-regulate finance and industry, and allow the markets to dictate winners and losers rather than the government. However, yesterday’s actions will most likely lead to even greater market and financial risk if they are not complimented by a re-instatement of Glass-Steagall, which would force a separation of the commercial and investment sides of the country’s too big to fail banks.
Trump’s Executive Orders have the potential to bring about the same environment in the banking system that led Wall Street to nearly destroy the global financial system nine years ago through their unregulated greed and speculation. And one has to wonder if this move by the President is in fact a gambit to accelerate the next collapse, so that he can rebuild it from the ground up rather than continue to simply slap bandaids on a system that is beyond the point of resurrecting.
Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.
HERE IS A LIST OF EVERY SINGLE TIME OBAMA COMMITTED AN IMPEACHABLE OFFENSE THAT DEMS & MEDIA COVERED UP
“Impeach!” It’s been more than eight years since Democrats uttered that word – long enough for anyone to wonder if it was still in their vocabulary, considering the deafening silence through the dozens of serious scandals during President Obama’s administration – but now that President Trump is the man in the White House, it’s back with a vengeance.
Democrats everywhere are wildly slinging the “I” word, hoping to nail Trump for high crimes and misdemeanors after the New York Times claimed a memo written by former FBI Director James Comey said the president urged him to end the federal investigation into former national security adviser Michael Flynn.
Some members of Congress are getting in on the action. They include Reps. Maxine Water, D-Calif., and Al Green, D-Texas. Even a Republican, Rep. Justin Amash, claimed Wednesday there are grounds to impeach President Trump. House Oversign Committee Chair Rep. Jason Chaffetz, R-Utah, asked for the alleged Comey memo and other documents. Chaffetz tweeted that he is prepared to subpoena the information. And Sen. John McCain, R-Ariz., invoked “Watergate.”
Now the Democratic Party is reportedly poll testing impeachment as a 2018 election issue. More than 1 million people signed a petition calling on Congress to impeach Trump.
Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon.
“Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.”
Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday.
The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. Also, any wars will be on your soul. … Resign now.”
But constitutional scholar Jonathan Turley, who voted for President Obama, warned “impeachment” enthusiasts not to get ahead of themselves with President Trump. Why?
At this time, there’s no evidence Trump actually committed a crime.
“The criminal code demands more than what Comey reportedly describes in his memo,” Turley wrote in a May 17 opinion piece posted at the Hill. Turley explained:
For the first time, the Comey memo pushes the litany of controversies surrounding Trump into the scope of the United States criminal code.
However, if this is food for obstruction of justice, it is still an awfully thin soup. Some commentators seem to be alleging criminal conduct in office or calling for impeachment before Trump completed the words of his inaugural oath of office. Not surprising, within minutes of the New York Times report, the response was a chorus of breathless “gotcha” announcements. But this memo is neither the Pentagon Papers nor the Watergate tapes. Indeed, it raises as many questions for Comey as it does Trump in terms of the alleged underlying conduct.
A good place to start would be with the federal law, specifically 18 U.S.C. 1503. The criminal code demands more than what Comey reportedly describes in his memo. There are dozens of different variations of obstruction charges ranging from threatening witnesses to influencing jurors. None would fit this case. That leaves the omnibus provision on attempts to interfere with the “due administration of justice.”
However, that still leaves the need to show that the effort was to influence “corruptly” when Trump could say that he did little but express concern for a longtime associate. The term “corruptly” is actually defined differently under the various obstruction provisions, but it often involves a showing that someone acted “with the intent to secure an unlawful benefit for oneself or another.” Encouraging leniency or advocating for an associate is improper but not necessarily seeking an unlawful benefit for him.
. Obama’s Iran nuke deal
Obama knew about Hillary’s private email server
Obama IRS targets conservatives
Obama’s DOJ spies on AP reporters
Obamacare & Obama’s false promises
Illegal-alien amnesty by executive order
Operation Fast & Furious
5 Taliban leaders for Bergdahl
‘Recess ‘ appointments – when Senate was in session
Appointment of ‘czars’ without Senate approval
Suing Arizona for enforcing federal law
Refusal to defend Defense of Marriage Act
Illegally conducting war against Libya
NSA: Spying on Americans
Muslim Brotherhood ties
Solyndra and the lost $535 million
Cap & Trade: When in doubt, bypass Congress
Refusal to prosecute New Black Panthers
Obama’s U.S. citizen ‘hit list’