Plans to unwind banking regulation very, very dangerous, says Feds Fischer

[applegrove]

https://www.cnbc.com/2017/08/16/fed-fischer-plans-to-unwind-banking-regulation-very-dangerous.html

CNBC

"SNIP...........


Stanley Fischer, vice chairman of the U.S. Federal Reserve.
Matt Cuddy | CNBC

Stanley Fischer, vice chairman of the U.S. Federal Reserve.
Leading Federal Reserve policymaker Stanley Fischer has hit out at plans to unwind banking regulation, brandishing it a "terrible mistake."

In an interview with the Financial Times, Fischer said that efforts by the U.S. administration to strip back the rules put in place 10 years ago would lead large institutions to return to the status quo that led to the financial crisis.

President Donald Trump and republican politicians have advocated the repeal of Dodd Frank, a major piece of post-crisis legislation, and the loosening of some capital and liquidity requirements in a bid to ease banks' ability to lend.

"It took almost 80 years after 1930 to have another financial crisis that could have been of that magnitude. And now after 10 years everybody wants to go back to a status quo before the great financial crisis," Fischer, the vice-chairman of the Fed's board of governors, said.

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[Angry Dragon]

1. Trump just wants money

[Turbineguy]

2. They gotta do what they gotta do.

What's the point of electing republicans if they are not going to give you an economic collapse?