Bankers celebrate dawn of Trump era

[Jacque67 7,328]

Christmas has arrived early for Wall Street in the early days of the Donald Trump era.

A populist candidate who railed against shady financial interests on the campaign trail is now putting together an administration that looks like an investment bankers dream.

Former Goldman Sachs banker Steven Mnuchin has been seen at Trump Tower amid rumors that hes the leading candidate for Treasury secretary. Billionaire investor Wilbur Ross appears headed to the Commerce Department. Steve Bannon, another Goldman alum, will work steps from the Oval Office. JPMorgan Chase CEO Jamie Dimon remains a possibility as Treasury secretary and will serve as an outside adviser if he doesn't get the job.

Its a restoration of Wall Street power and a potential flip in the way the industry is regulated perhaps unparalleled in American history.

You would have to go back to the 1920s to see so much Wall Street influence coming to Washington, said Charles Geisst, a Wall Street historian at Manhattan College. Its the most dramatic turnaround one could imagine. Thats the truly astonishing part.

Evidence of Wall Streets improved prospects is everywhere.

The Dodd-Frank financial reform law that bedeviled the industry for years and cost banks untold billions could soon get burned to the ground. Bank stocks are soaring. Trump is going around Manhattan promising to lower rich peoples taxes. And industry critics led by Massachusetts Sen. Elizabeth Warren long in ascendance are seeing their populist power deflate.

The anti-banker culture of Washington has been turned on its head in an instant. And the industry can barely believe its good fortune. Those of us who have been around D.C. for a long time, are we relieved that we are not going to be subpoenaed every week? Of course we are, said Richard Hunt, head of the Consumer Bankers Association.

Bank stocks are up by around 10 percent since Trumps win, according to the KBW Bank Index, as investors contemplate an agenda tailormade for the industry including deregulation and potentially higher interest rates sparked by significant deficit spending. Bankers themselves also stand to make a killing. Massive tax cuts, including an elimination of the estate tax and big reductions for top earners seem like slam dunks in Trumps Washington.

http://www.politico.com/story/2016/11/donald-trump-wall-street-bankers-231524

[The Nature Boy 7,659]

The Goldman infusion gives me pause. Obama was a Goldman Sachs poster boy as was Bush. We don't need more of the same

[Póg mo 1,749]

The last CEO of wells Fargo has got to be pissed.

[OriZ 3,157]

September 26, 2016: "Believe me, we're in a bubble right now. We are in a big, fat, ugly bubble." - Donald J. Trump. One thing we agree on. But here's the challenge: What, if anything, is he going to do with/about it? Does he have a pin or a pump? Time will tell. I'll be watching the Donald closely.

Edited November 18, 2016 by OriZ

[eieio 1,594]

The Goldman infusion gives me pause. Obama was a Goldman Sachs poster boy as was Bush. We don't need more of the same

Sir, Look who wrote the article. Ignore them. They are just another branch of the DNC. The picks will be revealed when they are revealed.

[eieio 1,594]

[ready4ONE 5,400]

This looks official.

[jg121783 3,921]

All of the names except for Bannon that were listed in the article are nothing more than rumors and speculation put out by the corporate media.

[MarkPerry 488]

Sir, Look who wrote the article. Ignore them. They are just another branch of the DNC. The picks will be revealed when they are revealed.

Author is a Snowflake, Written for the Snowflakes