In 2008, banks had rolled the dice with “sub-prime” mortgages, risky trading and dealing in other toxic assets. President George W. Bush had announced that America was looking down into a financial abyss. Unemployment reached 7.5 percent, 401(k)s dropped by half and home foreclosures skyrocketed.
In 2010, President Obama signed the Dodd-Frank legislation, to rein in the banks. Recently, when it was revealed that Wells Fargo had opened deposit and credit card accounts without customer authorization, the Consumer Financial Protection Bureau, and arm of Dodd-Frank, uncovered that scam, not the bank’s own internal controls.
Although the economic recovery has been hampered by our dysfunctional Congress, unemployment has dropped to 4.9 percent, retirement funds have recovered and home foreclosures have normalized. Donald Trump has vowed to repeal Dodd-Frank — the very weapon that began to curb banks’ evil ways, and the people is is considering for treasury secretary seem to favor repealing Dodd-Frank for ideological reasons.
During the campaign, Trump attacked Hillary Clinton for her ties to Wall Street. However, it’s now Trump who seems ready to serve the banks’ interest. Don’t let the banks roll the dice again with our money.
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Joseph P. Huber,