Fed's Fischer warns Trump's bank reform changes could be dangerous

[Yo_Mama_Been_Loggin]

Fed Vice Chairman Stanley Fischer believes changes that President Donald Trump is exploring on bank regulations could pose a serious threat to the financial system.

Speaking as Trump is directing officials to look at alterations to post-financial crisis reforms to the system, the central bank official expressed a high level of caution.

"We seem to have forgotten that we had a financial crisis which was caused by behavior in the banking and other parts of the financial system and it did enormous damage to this economy," Fischer told CNBC in a live interview. "Millions of people lost their jobs, millions of people lost their houses."

"The strength of the financial system is absolutely essential to the ability of the economy to continue to grow at a reasonable rate, and taking actions which remove the changes that were made to strengthen the structure of the financial system is very dangerous," he added.

https://www.msn.com/en-us/money/markets/feds-fischer-warns-trumps-bank-reform-changes-could-be-dangerous/ar-BBA7O61?li=BBnbfcN

[Eliot Rosewater]

1. He and his pals wont be happy until we are all in the poor house or dead.

And I mean that sincerely.

But thank GOD we dont have a woman who owned a private server, surely this hell on earth is better.

[gratuitous]

2. Oh, they haven't forgotten the financial crisis at all

They know that the banksters got bailed out quite handsomely and there were practically no prosecutions for the wrongdoing because in that lawless atmosphere there were no rules to be broken. The Democrats put a few regulations back in place so that there could be a criminal case brought against these charlatans if they tried it again. But Republicans are doing their level best to roll those restrictions back so it can all happen again.

The brunt of the transgressions to come will fall on a lot of people who voted for Trump. It remains to be seen in this contemplated next round whether they'll be able to figure out who is holding the bat they get pummeled with. Hint: It's not the people below you on the economic scale.

[tazkcmo]

3. They didn't forget.

It's their policy outline.