NEW INFORMATION COMING
FROM DODD-FRANK REGULATIONS. NOW WHAT DOES IT DO? IT RAISES THE THRESHOLD TO $250
BILLION OF FROM $50 BILLION UNDER WHICH BANKS ARE DEEMED TOO
IMPORTANT TO THE FINANCIAL SYSTEM TO FAIL, SO THOSE
INSTITUTIONS ALSO WOULD NOT HAVE TO UNDERGO STRESS TESTS OR
SUBMIT SO-CALLED LIVING WILLS. BOTH SAFETY VALVES THAT
WERE PLANNED FOR FINANCIAL DISASTER, SO THE SMALLER THE BANK IS, THE LESS IT
HAS TO COMPLY WITH THESE REGULATIONS SO THE REGULATIONS
DON’T NECESSARILY APPLY TO THEM AND ESSENTIALLY WHAT HAS
HAPPENED NOW WITH BIPARTISAN SUPPORT IS THAT SOME
OF THESE REGULATIONS WOULD BE LIFTED FOR MIDSIZED BANKS. THE WAY OUR POLITICIANS ARE
SELLING IT TO US IS THIS IS GOING TO HELP THE SMALL BANKS,
THE COMMUNITY BANKS. NO, THIS IS REALLY ABOUT
MIDSIZED BANKS THAT DID NOT WANT TO DEAL WITH THE
REGULATIONS, DID NOT WANT TO HAVE TO DEAL WITH THE GOVERNMENT
WHEN IT CAME TO SHADY LENDING PRACTICES AND SHADY BETS WHEN IT
CAME TO OUR MONEY AND OUR DEPOSITS AND NOW SOME OF THOSE
RESTRICTIONS WILL BE LIFTED. TWO PARTS TO THIS STORY. ONE IS ONE OF THE GROUPS THAT IS
AFFECTED IS BLACKROCK, POSITIVELY, SO THEY ARE A GIANT
INVESTMENT FIRM SO IT LOOKS LIKE THEIR GIFTS TO THE REPUBLICAN
PARTY WORKED OUT GREAT. UNSURPRISINGLY, THEY FOUND
THEMSELVES A LOOPHOLE. I THOUGHT TRUMP WAS GOING TO
CLOSE THE LOOPHOLES? I THOUGHT HE WAS GOING TO GO
AFTER THE HEDGE FUND GUYS AND THE PRIVATE EQUITY
GUYS? INSTEAD HE HAS GONE AFTER THEM
WITH GIFTS. HERE, HAVE MORE MONEY AND MORE
DEREGULATION. DODD-FRANK WAS, IN MY OPINION, A
PRETTY WEAK SET OF REGULATIONS ON THE BANKS AND NOW THEY HAVE
GUTTED EVEN THOSE WEAK REGULATIONS. IN A PRESS CONFERENCE TRUMP
SAID THE DODD-FRANK WAS A DISASTER. DURING THE CAMPAIGN, HE RAN
AGAINST, IF YOU REMEMBER ALL THE ADS, THE GLOBAL
FINANCIAL ELITES. THE GLOBAL FINANCIAL ELITES HATE
DODD-FRANK, THEY CALL IT A DISASTER BECAUSE IT PREVENTS
THEM FROM TAKING MORE RISK WHICH IN THE SHORT TERM GIVES
THEM A LOT MORE MONEY. IN THE LONG-TERM IT CRASHES THE
ECONOMY BUT THAT IS OKAY BECAUSE WE PAY FOR THAT, THEY
DON’T. IT’S PRIVATIZING THE GAINS,
SOCIALIZING THE LOSSES. SO WHO IS DONALD TRUMP WORKING
FOR NOW? THE GLOBAL FINANCIAL ELITES. WHY? BECAUSE THEY ARE FUNNELING MONEY
TO HIS CAMPAIGN AND TO THE REPUBLICAN PARTY OVERALL. THEY DID A LITTLE BIT IN THE
LAST ELECTION, THEY ARE DOING IT IN RECORD NUMBERS NOW. THE SECOND PART OF THE STORY IS
CONSERVATIVE DEMOCRATS. ONE OF THEM WAS OF THE CEREMONY,
HEIDI HEITKAMP FROM NORTH DAKOTA. OTHERS HAD SIGNED ONTO THE
LEGISLATION AND THOUGHT THEY WOULD GET CREDIT FROM TRUMP
BECAUSE MOST OF THEM ARE IN RED STATES AND THEY ARE UP FOR
REELECTION SO THEY WANT A PHOTO OPPORTUNITY WITH TRUMP WHICH, BY
THE WAY ,IS PATHETIC. BE A MAN, AND ACTUALLY BE A
STRONG CANDIDATE AND YOUR VOTERS MIGHT ACTUALLY RESPECT
YOU AND WHY THEY VOTED FOR TRUMP IN THE FIRST PLACE, HE AT
LEAST HAD THE APPEARANCE OF HONESTY, IT WAS TOTALLY WRONG
BUT HE GAVE THAT APPEARANCE OF I’M JUST BLURTING OUT THINGS,
I MUST BE HONEST BECAUSE I AM OBVIOUSLY NOT POLISHED. THESE GUYS DON’T LEARN THAT
LESSON, WHAT THEY LEARN IS I WILL KISS TRUMP’S ASS AND
MAYBE THAT WILL MAKE THE RED STATE VOTERS RESPECT ME. IT IS REALLY ONE OF THE SADDEST
THINGS I HAVE EVER HEARD. YOU KNOW WHAT HAPPENED? TRUMP DID NOT INVITE THEM
ANYWAY. IT IS GREAT. I AM GLAD THAT HE DIDN’T INVITE
THEM AND I’M GLAD THAT THEY DIDN’T GET THE CREDIT THAT THEY
WANTED. TRUMP MADE A FEW STATEMENTS
ABOUT HOW DEMOCRATS HELP TO MAKE THIS BIPARTISAN EFFORT POSSIBLE
AND I WILL READ YOU THOSE QUOTES IN JUST A SECOND, BUT UNDERSTAND
HOW MUCH OF A MISCALCULATION THIS WAS WHEN IT COMES TO THOSE
DEMOCRATS BECAUSE WHEN IT COMES TO THESE BIG BANKS, I WOULD
ARGUE THAT BOTH DEMOCRATS AND REPUBLICANS ARE RELATIVELY
UNITED ON THE ISSUE. I THINK THAT EVERYONE IS PRETTY
FRUSTRATED AT WHAT HAPPENED WITH THE BAILOUTS. EVERYONE KNOWS ABOUT THE SHADY
PRACTICES OF WALL STREET. EVERYONE KNOWS THAT THESE
BANKERS ARE INCREDIBLY GREEDY SO LOOK, DEREGULATION HAS BEEN
DEFAMED LEFT AND RIGHT BUT I THINK MOST PEOPLE UNDERSTAND
THAT THERE NEEDS TO BE REGULATION PUT IN PLACE SO US
TAXPAYERS AREN’T PAYING FOR THEIR BAILOUT AGAIN IN THE
FUTURE AND SO A GOOD WAY OF PLAYING THIS AS A DEMOCRAT WOULD
BE HEY, YOU KNOW WHAT? THAT BAILOUT WAS RIDICULOUS. WE WANT TO PREVENT THAT BAILOUT
IN THE FUTURE BUT INSTEAD THEY WENT AHEAD AND SIGNED ONTO
THIS CRAZY DEREGULATION EFFORT ANYWAY AND BY
THE WAY, IT WAS 17 DEMOCRATIC SENATORS WHO VOTED IN
FAVOR OF SCALING DODD-FRANK BACK AND 33 HOUSE DEMOCRATS WHO
SUPPORTED IT. IN FACT, EVEN BARNEY FRANK
OF DODD-FRANK, HE IS THAT FRANK, WHEN INTERVIEWED BY THE
YOUNG TURKS SAID WHAT DO YOU WANT US TO DO? NOT TAKE BANKER MONEY? HE SAID WE SHOULD AT LEAST GET
20% OF THE BANKER MONEY. WHAT A PATHETIC STRATEGY,
CONSIGNED TO LOSING FOR THE REST OF TIME. EXCUSE ME. SO FINALLY, ON THAT SENATE
BANKING COMMITTEE OUT OF THE 17 DEMOCRATS WHO VOTED FOR IT ARE SENATORS WHO HAVEN’T MET BANKER ASS THEY WOULDN’T
LOVE TO MAKE OUT WITH SO DONNELLY WAS LOOKING FORWARD TO MAKING OUT
WITH DONALD TRUMP TOO AND HE WAS THE ONE WHO WAS FELT MOST
AGRIEVED THAT HE DIDN’T GET AN INVITE. HE SAYS I WAS TOLD BY THE WHITE
HOUSE THAT HE WOULD NOT BE RECEIVING AN INVITATION, HIS
AIDE SAID THIS, DUE TO SPACE CONSTRAINTS BUT THEY NOTED
THERE WAS ACTUALLY TWO DOZEN PEOPLE THERE SO THERE MIGHT NOT
OF BEEN SPACE CONSTRAINTS. YOU THINK? OF COURSE. THEY LEFT YOU OUT ON PURPOSE. DID YOU THINK BY KISSING
REPUBLICAN ASS THEY WOULD TAKE IT EASY ON YOU? DID YOU THINK THEY WERE EVER
GOING TO BE LIKE, LET’S LET JOE DONNELLY KEEP THAT SEAT IN INDIANA. NO, THEY’RE GOING TO COME FOR
YOU AND THEY ARE GOING TO BE VICIOUS. YOU THINK THEY’RE GOING TO GIVE
YOU CREDIT FOR WORKING WITH TRUMP? YOU THINK THEY’RE
GOING TO CALL YOU MODERATE? NO. THEY ARE GOING TO CALL YOU AN
OUT-OF-CONTROL LIBERAL MARXIST. THEY ARE GOING TO RIP YOUR FACE
OFF AND YOU WANTED TO GO TO KISS TRUMP’S ASS. HOW IS THAT STRATEGY WORKING OUT
FOR YOU NOW?