The House voted yesterday to repeal much of the Dodd-Frank Act (the one that was meant to protect us from another Financial Crisis) by creating the Orwellian-named Financial Choice Act, which was unanimously opposed by Democrats because "it is bat-shit crazy." Only one Republican, Walter Jones of North Carolina, was brave enough to stand up against this bill, which was crafted by a coalition of Goldman Sachs flunkies and Koch-funded think tanks.
As you can see from the chart above, the financial crisis was very good to the top 1%, dropping a 15% larger share of the wealth into their laps (and out of your pockets if you are not one of us!) while the poor, of course, got 10% poorer. It's a fair trade – in order for 1% of us to get 15% richer, you only have to get 10% poorer – so we both win, right?
So the incentive for Trump and his Top 1% buddies and their pet Congresspeople is to create another financial emergency, which will allow them to once again take on sweeping emergency powers and plunder the Treasury while plunging the Bottom 99% further into National Debt (now $20 TRILLION) to pay for it – just like we did last time. Or maybe I'm wrong – how is that trickle down thing working for you so far?
That's just the Top 1% minimum cut-off. To get into the Top 0.01% (32,000 Americans), you need a minimum income (not wealth) of $36M per year. THEN you will get the attention of a Congressman! As it stands now, the banks are in for a good old time as they are once again allowed to engage in speculative trading (the kind that drove oil over $100/barrel and gold to $1,800/once) and, if you want to complain about it, you can't – because the bill also guts the Consumer Financial Protection Bureau because, if Wells Fargo creating millions of fake accounts to charge their customers extra fees has proven anything – it's that banks don't need regulating.
“It destroys nearly all of the important policies we put in place…to prevent another financial crisis and protect