WHO'S GOING TO LEAD THE REVOLUTION: SANDERS, CLINTON OR TRUMP?
TRUMP AND SANDERS HAVE REVOLUTIONIZED THEIR RESPECTIVE PARTIES. NOW WHO DO YOU TRUST TO KEEP PROGRESS ALIVE?
Hillary Clinton and her supporters celebrated her milestone achievement as the first female Presidential Candidate by a major U.S. party, and rightly so. Note that Indira Gandhi become India’s Prime Minister in 1966 followed three years later by Gold Meir who became Israel’s Prime Minister in 1969. We are late to the female leader game, but better late than never, I suppose. And Bernie Sanders vowed to continue his campaign through next Tuesday’s District of Columbia “last in the nation” primary, and rightly so. He too is to be congratulated for the tough, fundamentally game altering campaign and the message he reiterated late last night (actually early this morning). Along with Occupy Wall Street, Elizabeth Warren and Black Lives matter, Bernie Sanders with his Democratic Socialism has upset the status quo and he is to be heartily congratulated for doing so.
As Donald Trump vows to make the Republican National Convention in Cleveland on July 18-21 into one of the "huuuugest" spectacles on earth we have ever seen and Democrats gird for Bernie’s platform, rule and process demands, we all need to be aware of the enormous importance of election day on November 8, 2016. We have a long way to go between now and then and given the surprises and shocks we’ve already seen so far, who knows how it all may roll out.
But to give you an idea of the importance of the election, basically determining whether or not we are going to begin rolling back thirty years of America destroying, economic, social and political policies by Republicans and conservatives, Millennials and anyone else who is vowing not to vote for Hillary Clinton, vowing to vote for Trump or a third party candidate or vowing not to vote at all, here’s an item that I hope will encourage you to man up and woman up and not let Donald Trump become President. Principles are all well and good for guiding your beliefs, your actions and your life but when your future is on the line, practicalities matter. As an aside, I never expected Trump to be the Republican candidate for President nor did I give him a melting butter’s chance in hell to become President. But this shape-shfiting, shade throwing billionaire developer who will say and promise anything to win more and more folks to his side, just might do it. And that, undecided and Millennials, is likely to be a disaster for all of us. Don't forget the term "us" includes you too.
Here’s the continuing risk in a nutshell. Jeb Hensarling, (R-TX), Chairman of the House Financial Services Committee, has introduced a bill that would gut the only piece of legislation that was put in place following the crash of 2008, the Dodd-Frank Financial Reform Law enacted in 2010. The law’s regulations are still being implemented and the banking industry is working night and day to gut the entire law. The Republican rationale for their actions? They are against the “micromanaging” the nation’s financial system, which smacks of Alan Greenspan’s declaration that “the markets are self-regulating” which led to the crash of 2008 in the first place.
As an added bonus, the bill also proposes reducing the powers (gutting) of the independent Consumer Financial Protection Bureau, Senator Elizabeth Warren’s hard fought government agency empowered to assist consumers to fight back against the entrenched financial forces that still rule us. The “payday lending industry" with their 300% to 400% interest rates, is the CFPB’s latest target and there is huge pushback from conservatives and Free Market lovers on all sides. This is the agency against which the Koch Brothers have mounted a pointed attack campaign to gut or eliminate the agency. Their campaign, as you would expect, is replete with half-truths, misstatements, baseless bullshit and outright lies. (See: Koch Funded CFPB Attack Site )
Trump’s view of Dodd-Frank? He has called for the dismantling of the law and stated that “Dodd Frank is a very negative force, which has developed a very bad name.” Negative force? The only piece of legislation adopted by Congress designed to prevent another financial melt-down like we experienced in 2008 is a “negative force’? I call this absolutely crazy. But apparently, and you could have guessed this, Congressional Republicans agree with Trump and he agrees with them.
This is what we will all face if Trump is elected President. And rest assured if Republicans still control both Houses of Congress, this will be one of the first bills that a President Trump would sign into law as President. Have no doubt about it. Why? Well, as a developer, Donald Trump would not be Donald Trump without the loans banks and financial institutions give to allow him to develop his casinos, condominiums, hotels and golf courses. They are his lifeline and the rock solid foundation of his empire. Without them there would be no Trump. We all know that our financial life partners – Wall Street and Big Banks - donate money to Republicans and Democrats alike to get laws and regulations that help them. But I don’t know of a single Representative or Senator whose very wealth and life’s work is a result of bank loans like The Donald’s. There is no way that he is going to turn against the very institutions who have made him a billionaire.
Hillary Clinton? Will she break up the Too Big To Fail banks? Probably not. She has come out against the excesses of Wall Street and that in itself is a shift in the right direction. I'm not sure what she might do, she is an incrementalist, but she will certainly not sign a bill that would do away with Dodd-Frank. And you can take that to the bank!