Trump Says He's Actively Considering Breaking Up Big Banks, Reinstating Glass Steagall

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CNBC reports:

President Donald Trump is considering breaking up the nation’s biggest banks, a vow he had made during the presidential campaign then seemed to put on the back burner.
In an interview Monday with Bloomberg News, Trump said he is “looking at that right now.”

Major averages slipped as the news broke, then rebounded, while government bond yields hit their highs of the day.
Bank stocks rallied, with investors taking a win-win view: Breaking up the big banks would open business opportunities for smaller institutions, while the large Wall Street firms would be worth more as separate entities than they are combined.
“The theory has always been the sum of the parts is worth considerably more than the whole,” said analyst Dick Bove, vice president for equity research at Rafferty Capital Markets. “You might find a lot of investors who say that (if) they’re going to break up these banks, they’re more [valuable] in pieces than they are together, I’m going to buy them.”

 
Bloomberg reports:

During the presidential campaign, Trump called for a “21st century” version of the 1933 Glass-Steagall law that required the separation of consumer and investment banking. The 2016 Republican party platform also backed restoring the legal barrier, which was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton.
A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects. Trump couldn’t unilaterally restore the law; Congress would have to pass a new version.
Trump officials, including Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn, have offered support for bringing back some version of Glass-Steagall, though they’ve offered scant details on an updated approach. Both Mnuchin and Cohn are former bankers who worked for Goldman Sachs Group Inc.
The KBW Bank Index of 24 major U.S. lenders had climbed as much as 1.2 percent before Trump’s comment, before dropping about 1 percentage point. It soon recovered most of that, and was up 0.9 percent as of 1:07 p.m. in New York. Firms including JPMorgan Chase & Co. and Bank of America Corp., the nation’s two largest banks, were among companies that swooned.
The Glass-Steagall law essentially split banking into two categories: deposit-taking companies backed by taxpayers that primarily made loans to businesses and consumers, and investment banks and insurers that trade and underwrite securities and create or focus on other complex instruments. Severing those businesses would prevent Americans’ nest eggs from flowing into more volatile capital markets, Congress reasoned at the time.

 
GRIFFIN: I’M IN FAVOR OF BREAKING UP BIG BANKS!

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15 thoughts on “Trump Says He's Actively Considering Breaking Up Big Banks, Reinstating Glass Steagall

    • I would be very surprised myself being that maybe his jewish overlords will even let him! Seems to go against the grain!

        • Of course not, You really think it is going to happen like staying out of the middle east right! So, ya if they allow him. Anything else you need explain to you?

    • the orange clown sends out all kinds of sound bytes, and then hopes that the suckers think that he did something worth while ., he is the biggest lying clown in years, what a phony ,he talks while he is stuffing a big mac down one of his four stomachs like a cow…………..

  1. Too little and too late, Reputiate the Debt with the Odius Debt Doctrine which has International Historic Precedence. Research it, its all on the net in black and white.

  2. Well how does the left reconcile a fascist calling for the break up of too big to fail banks? I await your answers antifa.

    • Whether or not he’ll actually break up the banks will show whether or not he’s a fascist.
      So far his actions in Syria and Afghanistan and his sabre-rattling towards North Korea say he is and only some of his rhetoric say he isn’t. He has actually done very little fascists like Clinton or Bush wouldn’t do so far.

  3. Apparently President Trump is a fan of famed documentary maker Bill Still, ‘ The Secret of Oz ‘ and ‘ The Money Masters’.
    I think he mentioned Andrew Jackson recently so the works of the famous central bank fighter must be on his mind.
    Mr. Still used this powerful quote by the 7th president in his award winning documentaries.
    “You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!” — Andrew Jackson
    Good luck getting any meaningful legislation re-written and passed by this comatose Congress, and the reps of the giant squid (GS) on his staff/cabinet.

  4. He’ll “consider” it, then listen to Adolf Kushner and decide against it. Or he’ll make a fake push and set it up to fail in Congress like he did with the Obamacare repeal so he can blame it on someone else.
    I had some hope initially, but at this point I’d be very surprised if Trump did anything the Bushes and Clintons wouldn’t do.
    Drain the swamp – start with Kushner.

  5. “Mr History here. Today’s recolection of events…
    Lincoln, Garfield, Kennedy, Hitler, Gadaffi, what do they all have in common?”
    “Anthony…”
    “They are all dead.”
    “Yes, why Heather.”
    “Because they all fu*ked with the banks Mr History.”
    “Corectomundo. Class dismissed.”

  6. I’m holding my breath.
    See, that’s me over in the corner with my face turning blue.
    I’m holding my breath.
    See, that’s me over in the corner passed out from lack of oxygen
    I’m holding my breath.
    See, that’s me over in the corner, with EMS pulling a sheet over my face.

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