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Newsbud
Published: 2017-03-20
Source: https://www.youtube.com/watch?v=x2OK-m7fcUk
as a candidate Mr trump was quick to criticize Wall Street but that's where he found two key figures for his economic team he chose former Goldman Sachs partners diminution to be treasury secretary and millionaire investor Wilbur Ross for commerce secretary the appointments raises questions about Mr trump's economic agenda above and beyond helping manufacturers and the president of investment bank Goldman Sachs Gary com will head the
national economic council he would be the third Goldman alumnus and a top trump administration post Mister managing has strong ties to Wall Street after seventeen year career at Goldman Sachs where a pioneer block treating the selling a big chunks of shares at once this makes them a traditional picked for the job it contrasts with Mr trump's message wall Streeters cause tremendous problems for us I think
it's a done deal is not officially confirmed but it looks as if Gary Cohn the chief operating officer of Goldman Sachs is going to become the third former Goldman Sachs executive to chair the national economic council I've course that is a relatively recent position created under the Clinton administration Bob Rubin held it then start now he's gonna fill out his cabinet and the other interesting steam
engine as you know a Goldman Sachs guy another Goldman Sachs in this is where the irony of draining the swamp is starting to get you know it's sort of a very bizarre another Goldman Sachs guy on the number two guy at Goldman Sachs who was actually the first one of the first reporters of present a bomb on Wall Street Gary Coleman n't remember when candidate trump
railed against Hillary Clinton's connections to Goldman Sachs well that was then this is now more than ever bankers are calling the shots at the White House trump appointed Stephen munching his treasury secretary Gary Condit's top economic adviser James Donovan has mentions deputy all our Goldman alumni others include trump adviser Steve Danner J. Clayton as head of the securities and exchange commission and dina Powell as White
House adviser now that trump's in the oval office is Goldman Sachs team is wasted little time dismantling the joke known as dad Frank put into place after the economic implosion caused by the big banks today brought the number of Mr trump's executive actions to twenty today were signing core principles for regulating the United States financial system does it get much bigger than that right that executive
order directed the treasury department to look for ways to roll back the Dodd Frank act regulations I disagree but I also think we have to get rid of Dodd Frank the banks are loaning money to people that data to banks will give me all the money I need because I don't need the money anybody that doesn't need money is a great candidate to get sunny if
you need money to create jobs to build something whether its buildings are accompany the banks are dead the regulators are running the banks and that's why our country with I mean people get borrow money today Goldman Sachs is ruled the White House and twenty five trump is continuing the policy of allowing bankers to call the shots as they have since the administration of Bill Clinton he
did the investment banking sharks big favor when you work repealed the glass Steagall act that put a fire wall between commercial and investment the rule of the Democrats I would say it's been at least as great as the role of Republicans %HESITATION the the most important deregulatory legislation was actually passed in the Clinton administration championed by Robert Rubin %HESITATION who is a secretary the treasury %HESITATION
former CEO of Goldman Sachs and then also Larry summers who was first deputy treasury secretary and then treasury secretary %HESITATION first there was the repeal of glass Steagall the law that separated investment from commercial banking and then in two thousand and I was on a plane dimmest yes under under the cleanest rations and then in the year two thousand also include administration %HESITATION the commodity futures
modernization act which actually banned regulation of all so called over the counter derivatives including the credit default swaps and many other instruments that were at the heart of the two thousand a crisis but but but from the standpoint of Obama Bill Clinton Hillary and so forth we had a re shuffling through last week it the same not just policies but the actual physical real people them
Gondor the Bill Clinton administration through the Obama administration and Hillary Clinton say take someone like %HESITATION will Robert Rubin who was who was the treasury secretary for Bill Clinton of course you just sitting there when he was at Citigroup who is working under him not under him but in a in one of the places in city group that imploded but Jack Lujack Lou was the Assistant
Secretary of domestic finance for Bill Clinton is a treasury secretary for Barack Obama he became a treasury secretary after imploding element a city group that was bailed out and after Hillary Clinton plucked him from Citigroup to become her deputy secretary of state so it's it's the policy is it it's it's that they're discussed at them even if you don't know these individuals names it's it's the
revolving door that happens at the very very top level Washington and wallstreet by any standard Goldman Sachs is a criminal organization it violated the law it ripped off customers shell though almost nine billion in fines for shady dealings nobody went to jail instead they went to the White House and the treasury trump talks about restoring law and order but this doesn't apply to wallstreet it is
one of the frustrations of of the recent financial crisis has been the lack of accountability out for a lot of the acts I and not just the criminal acts but also %HESITATION acts in the civil liability and the lack of accountability on behalf of the regulators who who so fell fallen short in their jobs Goldman who shelled out millions of political contributions at lavish cash on
the DNC services corporation a Democrat pack the Republican National Committee Hillary Clinton's presidential campaigns and those of Marco Rubio Jeb bush the national Republican senatorial committee and others this isn't a recent phenomena Goldman is infiltrated administrations for years Bill Clinton had Robert Rubin bush and repulse the Obama administration was rife with banks his election campaign funding was dominated by Goldman Sachs a I G. Morgan Stanley
JP Morgan chase bank of America Citigroup liberals like to blame Republicans for Wall Street influence but they forget that Obama's policies lead to record profits on Wall Street during the first two years of his administration fact wallstreet amassed more profits in the first two years of the Obama presidency and all eight of George W. bush's by Goldman Sachs gained a foothold in Washington during the FDR
administration Sydney Weinberg brand the company at the time if you lose weight behind Roosevelt and soon dominated the democratic national campaign executive committee after FDR was elected he put Weinberg in charge of the business advisory and planning council pardon of cow a direct pipeline between corporations and the government Weinberg would go on to advise five more president in the nineteen nineties then co chairman of Goldman
Sachs Robert Rubin grew to be unknown governor of Arkansas Bill Clinton the president Rubin help Clinton gain the support of Wall Street and the funding he needed for his campaign Clinton repeated Rubin by creating a national economic count so and pointing him chair Rubin soon became treasuries his mission was to get rid of the glass Steagall act otherwise known as the banking act of nineteen thirty
the lost separated investment and commercial banking it prevented security firms investment banks from using deposits for risky investment in nineteen ninety nine Clinton signed a bill rolling back glass Steagall basically Franklin Roosevelt through the glass Steagall act created an absolute wall of separation between commercial banking which was urgently required for the functioning of the entire economy the seas commercial banks basically your depository institutions %HESITATION they
take %HESITATION deposits from customers they issue commercial loans they issue personal loans and at every level of the economy %HESITATION things function through the commercial banking system on the other hand you've got investment banks you've got insurance companies and now in the recent several decades you've got other exotic phenomenon like hedge funds and private equity funds that didn't even exist back then but the whole idea
of Franklin Roosevelt was that you've got that break up the big banks you've got to break up a system in which depositors funds could be speculated on by bankers who were engaged in this entire range of activity so in nineteen thirty three the glass Steagall act passed and within a very short period of time commercial banks were completely separated out from all of this other speculative
activity and from that moment on %HESITATION Wall Street had been absolutely committed to the idea that glass Steagall had to be crushed Rubin was also instrumental in the passage of nafta legislation signed by Clinton that ship jobs out of the country nafta destabilize the Mexican economy Rubin convinced the president and Congress to bail out the banks during the bush administration Goldman Sachs CEO Hank Paulson who
had previously worked with the Nixon administration became secretary of the treasury he convinced the securities and exchange commission to change its regulations so that investment banks could operate is if they have that kind of collateral it's super banks like a group and JP bear star and other investment leveraging themselves to stage four economic when everything fell apart Paulson act banksters are he loudly bear sterns are