Friday, May 05, 2017

It's Called a "Unified Government." History Shows That's Code for Financial Disaster. Robert Reich Says That's Already In the Cards.

There's no nice way to say this. Once again the Republicans have a "unified government.": They hold a majority of seats in the House of Representatives. They hold a majority of seats in the United States Senate. A Republican president occupies the White House.

This has happened before. There were three such Republican unified governments in the 20th century.

The list of Unified Republican Government crises include the Panic of 1907, The Great Depression, and the Financial Crisis of 2007-2008. Interestingly, the record of extended Republican control of Congress has also only led to crises. There have only been 4 periods of extended Republican control of Congress (3 of which overlap with the periods of full unified control just mentioned). However, the 4th period (I KID YOU NOT) ended in the 2000 DotCom Bust where the Republicans controlled the House and Senate from 1995-2001.

Panic of 1907-

Great Depression 1929 -

Great Recession 2007 -

Now, once again, it's Red across the board - House, Senate and President. And Robert Reich observes they're at it again.

Donald Trump has ordered a rollback of regulations over Wall Street, including the Dodd-Frank Act, passed in 2010 to prevent another too-big-to-fail banking crisis.

Perhaps Trump thinks that we’ve forgotten what happened when Wall Street turned the economy into a giant casino, and then – when its bets went sour in 2008 – needed a giant taxpayer funded bailout.


Getting rid of Dodd-Frank triples the odds of another financial crisis.

Meanwhile, Trump has brought more banksters into his administration than any in any previous administration – mostly, from Goldman Sachs.

The head of Trump’s economic council is Gary Cohn who was president of Goldman Sachs. Other Goldman alumni include Trump’s right hand man, Steve Bannon, Trump’s pick for Treasury, Steve Mnuchin, Trump’s pick for the securities and exchange commission, Jay Clayton and another White House advisor, Dina Powell.

Now remember, a decade ago, Goldman Sachs defrauded investors and ripped off its customers and it’s paid nearly $9 billion in government fines.

Many of Trump’s banksters were there at that time. 

Trump's faithful and adoring Gullibillies don't care. If he tells them he's "draining the swamp" that's good enough for them. They  are Donald Trump's lawful prey. And those idiots who keep defending Trump claiming he's out to take down the banksters - well, they're idiots.


Anonymous said...

Banksters have been ruling U.S.A. well before Drumpf...
Focusing just on present is... fake news.

The Mound of Sound said...

A..non, drop this "fake news" bullshit. That's so FaceBook of you. Yes, the role of Wall Street influence in the American government is well documented. That doesn't mean that anything in this post is misleading or incorrect. Shop that "fake news" garbage somewhere else.

Anonymous said...
This comment has been removed by a blog administrator.
The Mound of Sound said...

Well, Anonymouse, knuckle-draggers aren't particularly welcome here. You appear a bit unhinged. See somebody about that. Meds might help. Meanwhile, I think it's time to clean out your stall. Adios, meathead.

Anonymous said...

It's not surprising when a fake-left neoliberal suppresses a dissenting opinion: it's all they got.

The Mound of Sound said...

You need to learn the difference between dissent and making a complete asshole of yourself. Didn't your mother teach you anything?