Why Trump Wants to Make Banks Risky Again
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- Опубликовано: 21 июл 2024
- Trump campaigned on deregulating Wall Street, saying that regulations are “killing our country and our jobs.” He wants to repeal Dodd-Frank, the 2010 law that tried to reign in the banks after the financial crisis. What exactly does Dodd-Frank do? And is the president right that it threatens the American economy?
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And because these regulations were loosened, we are now staring down the barrel of a financial crisis that could end up being even worse than '08
The repeal of the Glass Steagall act might also reason for this one.
Exactly.
Not quite, since SVB was a purely commercial bank. The repeal of Glass-Steagall didn't help, though
5 years later and it led to bank failures like SVB
How in Hell does the President create a "Banking system that will not harm the American consumer!????
The thing is it doesn't only effect Americans-if American banks fail and there is circumstances similar to 2008 then it sends shockwaves all over the world so there needs to be decent regulations to safeguard against this. I'm not saying Dodd-Frank is the solution as I don't know all the in's and out's of it but the fact that parts of both parties aren't satisfied with it then that tells me there are issues with Dodd-Frank,but one thing I'm convinced is NOT a good idea is de-regulation,just better regulation
you say you don't know but you have an opinion?
@@yj9032 I don't know how the weather fully works but I have an opinion on it. What a daft statement to make. Also I said I don't know all the ins and outs NOT that I don't know anything at all about it, that's 2 very different things
@@teethgrinder83 Well said.
@@reubenherrera9827 thanks-just look at what's happening now with Silicone Valley Bank, they said they're too small to regulate but now their too big too fail, want it both ways, privatise the profits but socialise the risks. The deregulation that's been happening in the USA and here in the UK since the late 70s hasn't worked-over here our manufacturing industry has been thrown out in favour of the London financial sector and now things have become so centralised there we are the most unbalanced economy in Western Europe, everything has become based down there and the further North you do the worse things are although here in Scotland we are getting more and more control over things in our parliament thankfully so we can try and at least balance things a bit more up here but North England is so different to South and it started with in a big way with Thatcher
@@teethgrinder83 understood.
Foreclosures are way down because new home construction has been down for the last 15 years. There simply are nor enough homes being built to come close to demand.
End the federal reserve that would solve the problem
200% not 200 times.
i was about to say, "WTF, I'm looking at the graph right now..." lol
Big Difference!
It's a bit ironic that Barney Frank was the head of the NYC bank that was shut down yesterday. The guy who wrote a bill on how banks shoud run could not run a bank?
Dodd-Frank also would’ve used mark-to-maturity accounting in the stress test, which means SVB wouldn’t even appeared to be in duress.
@@AB-qt4dj oh good, so the legislation is fairly ineffective.
@@matthewwusinich5181 yes actually it’s not all that good. Regulations rarely do as they’re intended, and regulations favor the largest corporations because they can afford the compliance measures and they protect them from small competitors.
you have misunderstood the concept of Proprietary trading. Proprietary trading is when the company uses its own money to trade for, not the clients
You have no idea what this does to bank depositors
Dodd Frank took away my Line of Credit. We were not high risk, always paid it back, and it hurt and now we struggle along like the rest of the middle class.... trying to hang on.
Did I hear someone say Glass Steagull
Correction:
The Dow Jones Industrial average rose from ~7,000 pts on 2/1/2009 to ~21,000 as of 5/1/2017 - a 3x increase, not 200 times. There may be another metric the Atlantic is referring to in the video, but it's misleading when paired with the graph.
Also, the Dow Jones Industrial Average is a limited proxy for the entire stock market. I would have gone with the S&P500. It's simply a more comprehensive index. As a side note, it too has increased 3x over the same period (from a low of ~800pts on 1/1/2009 to ~2,400 pts as of 7/13/2017).
Source: Yahoo Finance (not CNN)
:)
I caught this too. I believe she meant to say 200% not 200 times. An incredible gain, but not QUITE as impressive.
Thought this turned into a Some More News episode for a minute there...
Great presentation!
dont use loans/checking...its crazy...just do savings
Fewer then 400k lol, Dod frank won’t loan to those who repeat bankruptcy
I can't buy a house because of Dodd-Frank. I'm a self employed Uber driver and I make more than enough to afford the mortgage on a $50k house. I don't even come close to fulfilling the income requirements.
...a $50k house?
You can buy a house from the homepwner if you have the $ $$.
You dont need a bank to buy a home.
How about re-instituting Glass-Steagall?
If the government wanted to make banks safer they could have separated bank deposits from wall street investments by bringing back the Glass-Stegal Act that existed before 1999. Obama's Dodd Frank was a corporate welfare gift to wall street that allowed banks to grow larger than ever with at least some consumer protections, though they're still more vulnerable to financial turmoil than if Glass-Stegal was in place.
Well thanks to the 12 Democrats who voted for this now this is a reality!
Yep
Great video! Do student loans next!
@Lucy Alaluf But the boomers made it so you can file for bankruptcy 10 times in a row when starting a business and never have to pay back your debts. They were the generation who started businesses, they gave themselves socialism, but now they expect millennials to pay back every cent. Not saying millenials shouldn't pay back their debts just that they are the martyrs who got the short end of the stick.
So you can by small or big policy for car life and home insurance but all banks only have one policy 250k and don't have to disclose there debt to assist ratio in public records mmm. (Maby that should be a law) Would be funny if I have cheep car house and life insurance policy but it gose up 200% if someone eles cashes in one expensive one. Shouldn't small banks pay for less insurance and charge low fees when they dont lend out all there assets and don't need expensive insurance.When other banks fractanaly launder lend there's out on super risky bets shouldnt they have to cover the rate they should be required ubove asset solvent accounts? Love stocks and love vages but should I make my nabors pay the bill if I loose? 🤔 Should the government alow banks to hide cover and cheat and never go to jail like everyone eles that loundes money or do they have there own set of rules?
Do bank bail ins next, legal theft
At 3:24
The stock market has more than doubled, so it's up over 100%, not 200 times!
Hey cutee.. its 200 percent not times !!
*cough* Glass-Steagall *cough*
I KNEW IT!!!
Glass-Steagall was antiquated.
Well 🤷
excellent video
Dodd-Frank needs to go! This video was made from a political point of view, not an impact point of view.
And the repeal was entirely political. Now look what's happened
If the Stock market Grew 200 times from the Low of 2009. We'd all be rich and driving Lambos LMAO. It was ~6,700 in 2009 and its ~28,000 now. Do the Math( its not 200 times) lol
Love your work.
Piss banks are still risky
The end music reminded me Baeb, the porn site.
I lost my commercial business because of the banking. Big banks would not touch me . Then my small bank was closed down and its assets sold to Ozarks, friends of the Clinton’s and Obama’s. My interest rate was raised to 11% interest I had to renegotiate mortgage every 1 year with 25 % down. I went without a wage for years so I could pay down my mortgage. I brought it down from over 700 thousand $ down two 280 thousand. I got to the part where I could not afford 25% so I told ozarks could not pay any more. So they drained my bank account. I did a deed en leu. Ozarks would not work with me but they took over 10,000 from my bank account, charged me over 10,000 for a deaden lu. Then sold my building for 180 thousand $..... this what mr Obama did. They stolen my savings and property. The good people of this country were taking to the cleaners.
end the federal reserve and all of this goes away
Are you high?
@@colddaily1 , Are you , Wouldn’t you like to be able to pay a house off in a few years instead of 30
Say hi to Putin comrade!
Stocks are up 200% not 200 times.
No, it went up 200 times. My brother opened up a roth IRA in 2009 for me when I was a kid. He put 750 in the S&P 500. I have 150k now XD.
@@minor7b5natural9 That is not possible. The S&P is up 200% from 2009.
3:41 - 3:47
Damn right!
This host is mad pretty!
This video is a huge lie... The war in Iraq (in the 2000s) is what caused the financial crisis in the United States (helping to rebuild Iraq after destroying it). The U.S. wasn't helping the banks anymore out of financial problems and the banks took it out of consumers in foreclosures (by raising mortgage rate interest). Dodd Frank only made buying a house more impossible for poor people making under $40,000 a year. Only the rich benefit from this because they are and were the favorites with money. Even if you had $300,000 saved up for a $400,000 house you wanted to buy, the bank didn't loan you any money (under Dodd Frank) if you had a current minimum wage job at $15.50 (full time) and made at least $2,000 a month (after taxes). Before, a bank could work with you on how long it would take to pay $100,000 (for example $500 a month for 15 years), yet under Dodd Frank they won't (and still won't) do business with you due to having a crappy job. They are only willing to give out a small loan (under $50,000 like they said to me). Dodd Frank buried the American Dream for the very poor saving money for a house one day.
The bill also got rid of free checking, free pens, and free bank statements. It imposed all these negative rules against banks. I noticed that having a thousand dollars in a savings account (at Chase or Schools bank for example) gave you about $2 a month from the bank's interest deposited in your savings. But, since they passed Dodd Frank, they only gave you 2 pennies of interest a month until this very day. Also, most banks started penalizing people more for not having a certain amount of money in their savings account or for simply paying your credit card through your bank more than 6 times a month. They started charging penalties for everything ever since this awful law passed by Barrack Obama. I wish Donald Trump would have completely got rid of this cancer that only made the most popular banks richer. It never had a plan to protect the U.S. economy against any recession. Obama lied to everyone and the wealthy people loved it as usual...
🤡🤡🤡
watch bank 101 on channel positive money, we' re screwed
2020: Now they got their way. It's now officially been done. Get ready for another 2008 crisis, during political turmoil, and a global health crisis. Bye bye, America. Gonna miss you.
Well thank you Mr Trump for giving us SVB bank failure...
Trump isn't to blame, if anything this bs regulatory law is to blame as it leaves struggling banks to die or become bought off (like what just happened a few hours ago as First Republic bank got bought by JPMorgan as I type this comment). Too big to fail was removed which means banks cannot be bailed out, and what does it mean when one big bank goes under? A domino effect occurs, and that may unfortunately happen now partially in thanks to the Dodd-Frank Act.
Awesome video! I love this series!
Do a video on Healthcare or student loans or federal reserve or some other bills that are set to go through congress that aren't widely known.
clearly the number of foreclosures the year of the second greatest financial crisis in history is going to be higher than a year of economic expansion. that comparison was illustrative of nothing. all the evidence in this video is completely circumstantial. you give a strong opinion, one which i'm not opposed to, but support it very weakly! i am normally impressed with the Atlantic because of the academic nature and depth of its analysis, this video is the opposite.
Benjamin Rosen, the housing crisis caused the economic collapse. People defaulting on their bad loans caused a nosedive in the financial sector, which spread everywhere.
Benjamin, if you agree with the message but disagree with the depth of the details, let it be. This video will give a lot of people a feel for the bottom line of what they need to know is going on.
Man! She's cute!
Clinton already weakened Dodd-Frank, which is why we had the great recession of 2008.
Dodd-Frank was a law signed in 2010, after Clinton's presidency
Clinton in 08 was enjoying life. Not passing bills or sitting as president. What are you smoking?
Hindsight is 20/20