Trump’s two main economic advisors are telling him to do something great – resurrect Glass Steagall! He is too stupid to realize these two – Goldman pod people Cohn and Mnuchin – are doing this so all their gazillions in deferred investments in the firm grow even more grotesque. But so what? For once, having a malleable moron in the White House could be a good thing!
A new Glass-Steagall would split (taxpayer-insured, whether de jure or de facto) commercial banking from the casino of investment banking and go a long way toward unloading the Too Big To Fail gun that tumescent, serially incompetent commercial-investment bank hybrids like Citi hold to the heads of policymakers.
Effect on (pure-ish play investment bank) Goldman? Zilch. Unless you count how happy they’ll be to see their big competitors – Citi, JPMC, BofA et al – kneecapped. You can bet Cohn and Mnuchin are smiling at The Donald’ s cluelessness. For once, we can, too.
Via Bloomberg: Trump Says He’s Considering Moves to Break Up Wall Street Banks https://bloom.bg/2p1Eufs