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President Trump: Dodd-Frank has got to go!

February 7, 2017

2006-7: Bank presidents weren’t happy making millions, they wanted to make billions. They were paternalistic human beings – power makes leaders greedy when supervisors are not watching (This psychologist is not politically correct). Loaning money to poor people (who can’t pay back) feels good, but it’s poor thinking.  The banks collapsed without getting cash back but the bank presidents got rich from government bail money. The ensued recession forced the tail-end wimpy Bush and Newby wimpy Obama to beg the Treasury to bail out the banks and the collapsing economy, They are “too big to fail” help the giants in the name of “collectivism.” It takes a village to save a bank, they screamed.  The bank presidents who had made the millions breaking their own banking rules didn’t have to give back the extra money they stole by cheating. That wasn’t nice to do in a Collective atmosphere. No one went to prison. Instead, many CEOs got promoted!

Fable-minded or feeble-minded Dodd and Frank in Congress came to the rescue with a verbose new set of banking regulations that refused to focus on the problem: Smarter regulation of lending and borrowing, not more of it. Why? Because the 2 individuals assigned to the task in Congress, Mr Frank and Mr. Dodd were Democratic politicians, meaning very intellectual, very legalistic, verbose, polemic, heavy on analysis of every aspect of the banking situation, poor on understanding a crisis and possible consequences, not practical on solutions, anti punitive personalities with little understanding of individual and group behavior and consequences, overly forgiving traits, wimpy, in short, ineffective in focusing on the facts in a big financial crisis.

Here comes in president Trump, thank God,  a disliked republican no-nonsense businessman who could handle almost any crisis. Good, DT is not as likable and sweet as Mr. Frank, who loves globalism, paternalism, collectivism and doesn’t have a mean bone in his body.  “Dodd-Frank will be replaced by less regulations so banks can start landing again (This time with collaterals) to make America great again!” As a psychologist, let me add one footnote here about Trump: He didn’t say it but he implied it: “Don’t worry about the bankers, folks, they won’t screw up the American people again. Leaders and partners, of banking, businesses, even of good wifes, don’t cheat when they know someone up there (White House, home) is watching them and KNOWS how to think big, not complicated: HOW TO KICK ASS, and it isn’t anymore wimpy Bush at the helm, weakling Obama in the WH or sweet Frank and his buddy Dodd in Congress. It’s me, strong Trump!!

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