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Fri Jun 26, 2020, 03:41 PM

'Big banks couldn't be happier': Stocks surge as Trump regulators gut restrictions on risky Wall St.

‘Big banks couldn’t be happier’: Stocks surge as Trump regulators gut restrictions on risky Wall Street gambling

https://www.rawstory.com/2020/06/big-banks-couldnt-be-happier-stocks-surge-as-trump-regulators-gut-restrictions-on-risky-wall-street-gambling/

Bank stocks jumped and lobbyists rejoiced Thursday after U.S. regulators voted to gut the so-called Volcker Rule, a set of regulations imposed in the wake of the 2008 Wall Street collapse limiting the ability of financial institutions to engage in high-risk behavior that threatens the systemic health of the economy.

“This is no longer the Volcker Rule. In the hands of revolving door regulators, it turns banks into Trump casinos. Will the inevitable Trump casino bankruptcy be far away?”
—Bartlett Naylor, Public Citizen

“Instead of protecting our financial system in the middle of an unprecedented economic crisis, Trump-appointed regulators are plowing ahead with their dangerous deregulatory agenda,” tweeted Sen. Elizabeth Warren (D-Mass.). “The big banks couldn’t be happier about it.”

CNBC reported that the shares of JPMorgan Chase, Goldman Sachs, Wells Fargo, and Morgan Stanley “were all trading more than 2% higher” after the changes to the Volcker Rule were announced by five regulatory agencies, including the Federal Reserve, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation.

The changes, set to take effect on Oct. 1, will make it easier for big banks to devote more of their resources to investments in venture capital funds and other vehicles—the kind risky of speculation that sent the entire U.S. financial system into a tailspin in 2008.

snip...

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Reply 'Big banks couldn't be happier': Stocks surge as Trump regulators gut restrictions on risky Wall St. (Original post)
alwaysinasnit Jun 26 OP
underpants Jun 26 #1
Me. Jun 26 #4
mr_lebowski Jun 26 #2
SoonerPride Jun 26 #3
Zoonart Jun 26 #5
SoonerPride Jun 26 #6
Zoonart Jun 26 #7
Andy823 Jun 26 #8
Mariana Jun 26 #9
Andy823 Jun 26 #12
Squinch Jun 26 #10
ProfessorGAC Jun 26 #11

Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 03:43 PM

1. Let's recap - cutting healthcare access and bank deregulation

In the midst of a pandemic and economic crisis.

Are they going to start offering gasoline for amateur fireworks shows?

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Response to underpants (Reply #1)

Fri Jun 26, 2020, 03:45 PM

4. Actually Who Knows Who Is Handing What

to those creating fireworks mayhem night after night.

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Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 03:44 PM

2. Of course Trump's people did this ... he picked people who would ...

Putin is, I'm sure, overjoyed as well ...

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Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 03:45 PM

3. DOW is down 654 points at 2:45 CDT

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Response to SoonerPride (Reply #3)

Fri Jun 26, 2020, 04:03 PM

5. Almost 800 at 4:02 pmEST

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Response to Zoonart (Reply #5)

Fri Jun 26, 2020, 04:04 PM

6. A few more "surges" like this and trump will shit his pants. Again.

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Response to SoonerPride (Reply #6)

Fri Jun 26, 2020, 04:06 PM

7. LOL

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Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 04:15 PM

8. DOWN 730 points

at end of the day, not really what I call a surge.

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Response to Andy823 (Reply #8)

Fri Jun 26, 2020, 04:19 PM

9. What did the bank stocks do?

That's really what the story was about.

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Response to Mariana (Reply #9)

Fri Jun 26, 2020, 04:34 PM

12. I found these

J.P. Morgan Chase & Co.JPM, -5.48%

Bank of America Corp BAC -6.35%

Citigroup Inc. C, -5.88%

Wells Fargo & Co.WFC, -7.41%

Goldman Sachs Group Inc.GS, -8.64%

Morgan Stanley MS, -3.56%

_________________________________

You can probably find more.

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Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 04:20 PM

10. Even on the day of this move, the "surge" was tepid. Stocks gained a measly 300 points Thursday.

Then they skied back down the mountain to the tune of a 730 point drop today, one day after they re-instituted the Wall St. Casino.

Which will go the way of Trump's other casino.

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Response to alwaysinasnit (Original post)

Fri Jun 26, 2020, 04:33 PM

11. Apparently, The Happy Was Temporary

The 4 big indices are down 2.4-2.9% today.

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