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Donald Trump wants to loosen the Volcker Rule, which regulates whose money banks can gamble with, but it turns out that even Wall Street doesn’t want him to do this:
“I can’t imagine this aspect of the proposal being preferable to the original and current Volcker 1.0 regime,” said Gregg Rozansky, a senior vice president at the Bank Policy Institute, an industry trade group representing the nation’s largest banks. “It could raise prices for student loans, credit cards or auto loans,” he added.
This comes on the heels of the auto industry asking Trump to back off on his repeal of Obama’s mileage standards. And the agriculture industry complaining about Trump’s tariffs. Hell, even the coal industry is leery of Trump’s proposal to force people to buy energy from designated coal plants.
It’s one thing to be slavishly pro-business, but it’s quite another to be so abject about it that even big business wants you to slow down a bit. Which reminds me: have I shown you a chart of corporate profits lately? I have? Well, it can’t hurt to see it again, I suppose:
That nice little blip at the end starts in the final quarter of 2017, right when the Republican tax cut kicked in. Happy days!