During his 2016 campaign, Trump talked a big game on holding Wall Street accountable and draining the Wall Street Swamp within the government. He said first that he would be tough on the big Banks. He then criticized his Republican opponent Ted Cruz and Democratic Hillary Clinton for being too close to the them.
His campaign against Clinton concentrated on the amount of money she received from the big banks and how she was beholden to them. He wasn’t wrong to do so, but anyone who thought Trump would be any different doesn’t understand him or the Republican Party
His Wall Street talk was part of his populist platform. He said he was going to get rid of Dodd-Frank and replace it with 21st century Glass-Steagall legislation. He campaigned on wanting to “drain the swamp.” As we’ve seen, Trump has been a masterful manipulator despite his sub-par intelligence.
Anyone who has studied Trump or has the slightest knowledge of the American political system would have understood that Trump was lying from the get-go. Trump gifts to Wall Street began in his first week.
One of Trump’s first executive orders was to require his new Treasury Secretary Steve Mnuchin to do an overview of Dodd-Frank to determine which regulations to repeal. Trump supporters should first ask themselves why Trump would ask a Wall Street banker which banking laws the government should get rid off.
Trump also signed a memorandum that would delay the fiduciary rule that requires banks to put the needs of elderly financial gain over their own. The fiduciary rule protected retirees from conflicts with stockbrokers.
If you look at who Donald Trump has appointed to his administration, it is full of Wall Street insiders. As mentioned, his treasury secretary is Steve Mnuchin, who worked at Goldman Sachs for over seventeen years as an investment banker.
If you don’t know who much about Steve Mnuchin, he is known for his aggressive foreclosures. One of his banks kicked a ninety-year-old woman out of her house because she couldn’t pay back the 27 cents she owed the bank for her house.
Donald Trump also put his old friend Wilbur Ross. He is an investment banker that worked for Rothschilds and is known as the “King of bankruptcies.” Trump and Ross knew each other back when Trump’s three Atlantic City casinos went bankrupt. Wilbur Ross and Carl Ichan convinced the investors of those casinos to make a deal with Trump so Trump could keep the casinos.
Jay Clayton is to be the chair of the securities and exchange commission. He was an attorney for such banks as, you guess it, Goldman Sachs. He helped Barclays capital in purchasing Lehman Brothers after they filed for bankruptcy.
Gary Cohn was appointed to be the head of the national economic council. He was a former Goldman Sachs president and had to testify in front of Congress for his involvement in the financial crisis of 2008.
You also have Steve Bannon who worked for Goldman Sachs in the 90’s. Bannon is now one of Trump’s chief policy advisers. He is believed to be the Dick Cheney to George W Bush. He will likely be the main policy decider. Steve Bannon as we all know by now was the founder of the alt-right website Breitbart News.
According to some reports, Trump owes money to over a hundred and fifty banks. Even with his tax returns not released, news sources show he is over a billion dollars in debt to Wall Street. This is most likely a big part of why he is so dedicated to serving his cooperate masters. Trump also received over twenty-five million dollars from Wall Street during the Presidential campaign.
Trump supporters will hopefully understand soon that Trump leads the Wall Street Swamp. He hasn’t drained a thing, He pretended to care about the average working man in America, but he is just a fraud. Always has been. He is there to enrich himself, nothing more.
“I’ve always made more money in bad markets instead of Good markets.” – Donald Trump