US reportedly plans to slash bank rules imposed to prevent 2008-style crash
US reportedly plans to slash bank rules imposed to prevent 2008-style crash
Between shit like this and the DNC fighting as hard as possible to make sure it loses again in 2028, the only copes I have left are that either:
Between shit like this
Don't forget that the GOP justices are going to decide fundamental questions that will permanently shape the US for the worse. Right now the supreme court is hearing oral arguments on the 14th Amendment and its role in birthright citizenship. GOP justices will decide what happens to that and to Trump's desire to suspend habeas corpus, etc. Needless to say I am not optimistic. I think at best their rulings will be awful.
At Bluesky I had to filter out all the 14th Amendment stuff. There's a huge volume of real time posts about it. They're panicked and worried. Biden and the dems needed to pack the court in 2021-22. I guess it's better than nothing that the libs are laser-focused on this now - but it's way too late.
They're not laser focused on it, not honestly. Within milliseconds of regaining the government, the democrats are going to start anxiously rubbing their hands and saying "well, okay, but what about norms? What if we make fox news and the republicans sad?" I'm not seriously expecting the democrats to do a goddamn thing to fix things. Trump has dealt the US' republic a death blow. I'm a little curious and a lot scared to find out what comes next.
And yeah, I'm not holding my breath. Besides Thomas and Roberts, the other conservatives can at least get things right about as much as a broken clock. I'm hoping that they'll be broken clocks here, too, but I'm expecting that they're going to try to thread the needle of "not exactly telling Trump no while also not exactly doing anything meaningful at all".
let me tell you, i currently work at one of the companies that caused the crash and we don't abide by those rules anyway. during my training they were like "okay, the analytics side and the [other] side aren't allowed to talk business with each other, because of seperation laws put in place after 2008. obviously everyone does it, but don't do it over official channels ;)". there was also a LOT of training on what we could legally accept from/give to potential clients without it technically counting as bribery.
Did anybody make any rules to prevent a 2008-style crash? I thought it was a bail out and then right back to it.
Dodd-Frank was actually a pretty major piece of legislation which implemented a bunch of regulations that effectively limited the sort of foolish and predatory behavior that directly led to the 2008 crash.
A huge chunk of these regulations got gutted back in 2018, and this recent push is intended to largely eliminate the rest.
what could possibly go wrong
"NO SEATBELTS! We Die Like Men" bumper sticker type behaviour
And this point Trump should just bring back the gold standard to precipitate another Great Depression.
Didn’t he try to install a gold bug guy for the treasury secretary during his first term, but the financial lobby immediately squashed that idea?
(I really need a Sicko Miss Frizzle)
It's because it's been too long since the last 2008-style crash and the ghouls are getting hangry for 401(k)s
Between this and the AI bubble, the next crash might well kill US.
...
Let me dream.