The following is an excellent article written by Jim Hightower on the hightowerlowdown.org website on February 16, 2017 titled “Hallelujah, Trump rushes to Aid the Needy!” which was published in the March 15, 2017 issue of The Progressive Populist on page 3 titled “Hallelujah, Trump Rushes to Aid Needy Bankers” and I quote:
Of all the people suffering economic pain today, who should get priority attention from the new President and Congress?
Regular folks in our country say that those on the lower rungs of the economic ladder – the poor and downtrodden working class – ought to be the priority. But, then, regular folks don’t run Congress – or Trump’s White House.
The Donald’s working-class voters must be stunned to see that his top economic priority is not them, but a tiny group dwelling in luxury at the very tippy-top of the ladder: Wall Street bankers. Rather than pushing an urgently-needed FDR-style jobs program, Trump & Company are rushing to aid the richest Americans at the expense of the working class, actually proposing to unleash the banksters to defraud and gouge workaday people.
For example, they want to save the poor financial giants from a consumer protection called the “fiduciary rule.” If you’ve got a 401(K) retirement plan, chances are it’s managed by a firm of financial advisors – so this rule simply requires them to act in your best interest, rather than shifting your money into risky investments that pay them bigger commissions. Prior to the enactment of this ethics provision in 2015, many advisors were serving themselves, gleefully ripping-off their customers (mostly ordinary working families) to the tune of $17 billion a year!
That’s immoral, but it’s real money, so the industry has been lobbying hard – but unsuccessfully – to kill the legal requirement that money advisors deal honestly with clients. Now, however, they’ve got a president who appreciates dishonest business dealings and is going all out to liberate them from the shackles of ethics. “Hallelujah,” shout Wall Street’s Bankers, “Free at last, free at last! Thank Donald Almighty, we are free at last”… to gouge consumers.”
(THE GREEDY BANKERS DEFINITELY DON’T NEED DEREGULATION. THE FIVE OR SIX BIG INVESTMENT BANKS ARE MAKING MORE THAN THEY CAN EVER SPEND. ALL THEY ARE CREATING IS MAKING IT VIRTUALLY IMPOSSIBLE FOR THE SMALLER COMMERCIAL BANKS AROUND THE COUNTRY TO SURVIVE. THERE ARE A LOT OF STORIES AND VARIOUS BOOKS WRITTEN ABOUT THIS ISSUE WITH ONE BEING WRITTEN BY NOMI PRINS TITLED “ALL THE PRESIDENTS’ BANKERS: THE HIDDEN ALLIANCES THAT DRIVE AMERICAN POWER” WHICH I’M GOING TO PUT AN EXCERPT ON MY BLOG IN THE NEAR FUTURE. DEMOCRAT SEN BERNIE SANDERS RAN ON THIS ISSUE OF BREAKING UP THE BIG BANKS IN THE DEMOCRATIC PRESIDENTIAL PRIMARY AND ALMOST BEAT FORMER SEC OF STATE HILLARY CLINTON. IN FACT, SEN SANDERS, IS VERY VOCAL ABOUT THIS ON THE SUNDAY MORNING TV SHOWS. I BELIEVE THE 2020 PRESIDENTIAL PRIMARY AND ELECTION MUST TALK ABOUT THE BIG, UNREGULATED, INVESTMENT BANKS AND THE DEBT THEY ARE CREATING BY BREAKING THE LAW. I BELIEVE REPUBLICAN PRES DONALD TRUMP WILL MAKE IT EVEN WORSE IF HE GETS RID OF THE DODD-FRANK BILL AND DEREGULATES THE BIG INVESTMENT BANKS WHICH WILL AFFECT THIS COUNTRY AS WELL AS THE WORLD ECONOMY.
LaVern Isely, Progressive, Overtaxed, Independent Middle Class Taxpayer and Public Citizen Member and USAF Veteran