2mo ago

‘The next recession starts here’: Trump team weighs abolishing bank regulators

www.commondreams.org 'The Next Recession Starts Here': Trump Team Weighs Abolishing Bank Regulators | Common Dreams

President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

Summary

Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.

Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.

The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.

Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.

Experts fear these moves could destabilize the economy.

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131 comments

No way this can backfire
- The 2020's are looking to end like the 1920's.
  Not a recession, but a massive depression.
  
  Except, considering how globalized the world economy is today, it would cause a complete total economic collapse on a global scale. You thought the great depression in the 1920s was bad? You have no idea how bad it can really get.
  
  It's not just economic globalization, but the global ecosystem's food chains are already starting to collapse thanks to climate change, and our factory farming systems are becoming increasingly prone to virulent diseases wiping out huge crops of both plants and animals. I wonder what happens when food prices skyrocket because half our food supply has been contaminated, and at the same time inflation explodes thanks to plain ol' financial mismanagement
  
  The 1920s depression was infamously global.
  
  a complete total economic collapse on a global scale.
  Of course it will all be peaceful, right, RIGHT?
  
  massive depression
  Wayyyyyyyyyyyyyyy ahead of the curve on this one.
  
  You and me both, bud.
  
  It's gonna be baaaaad.
- Trump (2 weeks after everything all the experts said would happen happens): Noun one knew how complicated banking is... my uncle, the MIT professor; huege brain was surprised this happened. An MIT professor didn't think this could happen; speaking of things that happen, Batron... where is Batron? Where is, possibly, my "favorite" son? The crypto visionary. Let me tell you about the importance of crypto. Did you know this stuff is mined? Like from the earth? More valuable than water it is. Looking to back the usd by crypto and then by water. It's free it just drops from the sky like "Bing, Bing Bing bing" might as well as be kaching!!
  
  I fucking hate that what you wrote could be credibly said by him. I mean except how eloquently you put it lol

131 comments