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Trump Says He鈥檒l Dismantle Wall Street Reform - YouTube
Channel: The Young Turks
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>> IF YOU BELIEVE THAT THE
CURRENT STATE OF THE REGULATIONS
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ON WALL STREET COMING OUT OF THE
GREAT RECESSION ARE WEAK SAUCE,
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WAIT UNTIL YOU GET A LOAD OF THE
POTENTIAL TRUMP PRESIDENCY
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BECAUSE HE ANNOUNCED HE WOULD DO
AWAY WITH EVEN THOSE LIGHT --
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THE LITTLE BITS AND PIECES OF
REGULATIONS WE GOT AFTER THE
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GREATEST RECESSION OF LITERALLY
DECADES IN AMERICAN HISTORY.
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HE
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SAID TO REUTERS --
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>>
WE HAVE CRITICIZED DODD-FRANK
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AND WILL CONTINUE TO DO SO, NOT
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BECAUSE IT IS IN ITSELF BAD BUT
BECAUSE IT DOESN'T GO FAR
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ENOUGH.
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THE IDEA THAT WE WOULD
GET RID OF THE LITTLE REGULATION
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THAT WE GOT COMING OUT OF WHAT
HAPPENED IN 2007 AND 2008, THAT
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IS THE RAMBLINGS OF A MADMAN,
AND THAT MADMAN HERE IS DONALD
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TRUMP.
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WE CAN'T GO IN DEPTH INTO
THE DIFFERENT ASPECTS OF
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DODD-FRANK, OF WHAT IT HAS
ACCOMPLISHED WHILE NOT GOING FAR
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ENOUGH, BUT WE WANT TO GIVE YOU
SOME BULLET POINTS --
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>>THERE USED TO BE ALL THESE
SHENANIGANS SAYING THAT WE ARE
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IN INVESTMENT BANK, A
CONGLOMERATE, THAT TOOK AWAY
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THAT ABILITY -- PLEX WE HAVE THE
ABILITY TO BREAK UP THE BANKS,
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WE DID NOT HAVE THE ABILITY
TO
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BEFORE --
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>> THIS IS LITERALLY WHAT MAKES
A FIRM TOO BIG TO FAIL, NOT
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HAVING ENOUGH CAPITAL IN THE
CASE OF DISASTER.
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THIS RAISES
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THOSE REQUIREMENTS, ESPECIALLY
FOR A PARTICULAR CLASS OF THE
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LARGEST AND MOST SYSTEMICALLY
IMPORTANT BANKS, IT RAISES THE
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REQUIREMENT.
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X ALSO YOU MIGHT
REMEMBER THE CONSUMER FINANCIAL
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PROTECTION BUREAU, WHICH HAS
BEEN GREAT, IT HAS GIVEN
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HUNDREDS OF MILLIONS OF DOLLARS
TO CONSUMERS WHO HAVE BEEN
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WRONGED BANKS AND STUFF LIKE
THAT, IT TOOK AWAY FOR INSTANCE,
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ONE EXAMPLE THAT USED TO HOUND
ME, OVERDRAFT FEES.
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THIS IS HOW
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WE GOT RID OF THOSE AS WELL.
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IT
HAS ALSO MOVED DERIVATIVE
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TRADING FROM THE SHADOWS INTO
TRANSPARENT MARKETS, IT HASN'T
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DONE ENOUGH IN THAT REGARD BUT
AT LEAST WE CAN TRACK THEM NOW.
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IT IS NOT ENOUGH IN 100
DIFFERENT WAYS AND WE WOULD MAKE
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IT STRONGER, BUT THE IDEA THAT
YOU WOULD GO BACK ON THIS, THAT
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IT TOOK A RECESSION TO GET EVEN
THIS, AND HE WOULD TAKE THAT
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AWAY, THAT IS MADNESS.
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AND THRE
ARE ELECTORAL CONSEQUENCES AS
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WELL.
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>>IF HE IS DEVOTED TO REPEALING
DODD FRANK IT WOULD PASS WITH
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REPUBLICANS CONTROLLING
CONGRESS, BUT I HAVE TO SAY THAT
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WHEN IT COMES TO OUR FINANCIAL
AND ECONOMIC MELTDOWN OF 2008,
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THERE WAS A MISCONCEPTION THAT
THE SUBPRIME MORTGAGES THAT WERE
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BEING GIVEN OUTWARD FROM THE BIG
BANKS, AND SOME OF THEM DID GIVE
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OUT THOSE MORTGAGES, AND
DODD-FRANK ATTEMPTED TO MITIGATE
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THAT.
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BUT IN REALITY A LOT OF
SMALLER BANKS THAT ARE NOT
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REGULATED UNDER DODD-FRANK WERE
DOING THAT AND THEY CONTINUE TO,
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WHICH IS WHY YOU SEE A HOUSING
BUBBLE IN THE COUNTRY, I AM
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WAITING FOR IT TO BURST SO I CAN
GET IN AND BUY A HOUSE.
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I FOLLOW
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THE HOUSING MARKET LIKE A HAWK.
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BUT WITH THAT SAID, I GET WHAT
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YOU WERE SAYING, IT WOULD BE BAD
IF HE REPEALED DODD-FRANK
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BECAUSE AT LEAST WE HAVE SOME
REGULATION IN PLACE, SOME
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CONSUMER PROTECTION IN PLACE.
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I DON'T THINK IT WOULD BE
THE END OF THE WORLD.
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I DON'T THINK THIS REGULATION
WAS THAT GREAT TO BEGIN WITH.
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>> YOU MAKE A GOOD POINT
DIFFERENTIATING BETWEEN THE BIG
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INVESTMENT BANKS AND THINGS LIKE
STATEWIDE IN SOMETHING LIKE THAT
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-- NOT STATEWIDE, IT DOESN'T
EXIST ANYMORE, BUT THAT WAS
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PRIMARILY INVOLVED IN THE
HOUSING BUBBLE.
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BUT WE ARE
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WORRIED ABOUT OTHER BUBBLES AS
WELL THAT AREN'T LIKE THAT.
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THIS
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DOES ADD SOME OVERSIGHT.
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BUT IN
THE SHORT TERM THE REASON I WANT
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TO TALK ABOUT THIS, BECAUSE WHO
KNOWS IF IT WILL EVEN -- HE
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FLIP-FLOPS, WHO KNOWS IF IT WILL
BE IN HIS ECONOMIC PLAN -- WE
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WORRY THAT HE IS SUCH A SAVVY
CAMPAIGNER, HE TOOK DOWN 35
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OTHER REPUBLICAN CANDIDATES TO
MAKE IT TO THIS POINT AND HE CAN
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ATTACK HILLARY FROM OTHER ANGLES
THAT OTHER REPUBLICANS CAN'T,
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BUT IN THE PAST COUPLE OF DAYS
HE HAS THROWN AWAY, IN MY VIEW,
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AT LEAST IN A COUPLE OF QUOTES,
SO MANY ADVANTAGES THAT HE HAD
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IN SAYING THAT HE WILL START TO
FUND RAISE OFF OF THE RICHEST
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INDIVIDUALS AND CORPORATIONS IN
THE COUNTRY, YOU COULD THROW
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THAT INTO AN AD AND THAT WILL
TAKE AWAY THE CONFIDENCE IN HIS
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I HAVE FUNDED MY OWN CAMPAIGNS
ARGUMENTS BUT HE TRIES TO PUT
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FORTH.
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HE COULD HAVE EASILY
ATTACKED HILLARY AS BEING TIGHT
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WITH WALL STREET AND WILLING TO
DO THEIR BIDDING, NOW HE JUST
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SAID HE WILL DISMANTLE EVEN THE
LIMITED BITS OF REGULATION WE
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HAVE ON WALL STREET RIGHT NOW.
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HE MOVED MORE TOWARDS WALL
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STREET THAT HILLARY CLINTON HAS,
PERHAPS NOT IN ACTUAL ACTION BUT
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CERTAINLY IN INTENDED ACTION.
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HE IS STUPID, HE DOESN'T EVEN
KNOW WHAT ADVANTAGE HE HAS.
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>>YOU ARE RIGHT ABOUT HIM BEING
STUPID, AND YOU ARE RIGHT THAT
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HE STARTS FUNDRAISING USING BIG
CORPORATE DONORS LIKE HILLARY
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DOES IT IS LIKELY SHE WILL
ATTACK HIM FOR THAT, BUT ALSO, I
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MEAN, THINK ABOUT THOSE ATTACK
ADS.
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GUESS WHAT, DONALD TRUMP IS
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GETTING MAJOR CAMPAIGN DONATIONS
FROM CORPORATIONS.
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JUST LIKE ME.
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>>THAT IS WHAT SHE DID WITH
OBAMA IN THE PRIMARIES.
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YOU THINK I'M BAD?
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>>IT DIDN'T WORK.
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>> BECAUSE SHE PLAYED DIRTY
POLITICS DURING THE PRIMARIES.
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>>WHAT IF YOU ARE RUNNING
AGAINST SOMEONE THAT -- YOU HAVE
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ALWAYS BEEN KNOWN AS A
PEDOPHILE, BUT YOUR OPPONENT IS
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KNOWN AS A PEDOPHILE.
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YOU HAVE NEUTRALIZED ONE OF YOUR
STRENGTHS.
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>>HILLARY CLINTON IS SAVAGE AND
BRUTAL AND SHE WILL THROW THIS
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STUFF INTO ADS, SHE IS RUNNING
BRUTAL ADS AGAINST HIM MOSTLY ON
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HIS QUOTES ABOUT WOMEN, BUT SHE
WILL GET TO THE OTHER ISSUES,
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AND FOR THE MOST PART SHE IS
FINE WITH LYING, BUT HERE HE IS
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TEEING UP QUOTES TO THROW INTO
THOSE ADS, AND IT WILL UNDERCUT
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HIS EVERYMAN IMAGE.
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IT HAS
WORKED WITH REPUBLICAN PRIMARY
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VOTERS BUT REGULAR ELECTION
VOTERS ARE NOT --
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THEY ARE STILL CRAZY, BUT
THEY ARE NOT AS CRAZY AND
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CLUELESS AS COMMITTED REPUBLICAN
PRIMARY VOTERS.
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