The Phaserl


GOP Includes Reinstatement of Glass-Steagall Into Party Platform

from Liberty Blitzkrieg:

I remain unconvinced that Donald Trump will be as hard on Wall Street as many of his supporters think he’ll be if elected President, but some of the following from the Washington Post certainly represents a breath of fresh air.

CLEVELAND — Donald Trump is adding fuel to Wall Street anxiety about his candidacy, jabbing directly at big banks this week with new language in the official Republican party platform that calls for the restoration of the 1933 Glass-Steagall Act, a move that would force the break-up of large financial institutions.

The embrace of the controversial law, long championed on the left, is deepening the estrangement of the financial services sector from the presumptive Republican nominee, according to industry leaders and lobbyists, who are now struggling to assess what role and influence they would have in a Trump administration.

Absolutely none would be the right amount.

Tony Fratto, a former Treasury and White House official in the George W. Bush administration, called the embrace of Glass-Steagall “really dumb.” He suggested it could push pragmatically-oriented bankers toward Democratic contender Hillary Clinton.

“Push” bankers to Clinton. Are you kidding me? If they were pushed any closer together they’d be fused at the hip

“They are not buying a ticket on the crazy train,” said Fratto, who now represents major banks and other financial industry players at Hamilton Place Strategies. “Banks and the financial sector do not like volatility. He is the volatile candidate, and under those circumstances, supporting Hillary Clinton looks like the flight to safety.”

“Flight to safety.” It appears D.C. insiders and lobbyists are now using stale, stupid Wall Street lingo every chance they get.

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