>> IF YOU BELIEVE THAT THE CURRENT STATE OF THE REGULATIONS
ON WALL STREET COMING OUT OF THE GREAT RECESSION ARE WEAK SAUCE,
WAIT UNTIL YOU GET A LOAD OF THE POTENTIAL TRUMP PRESIDENCY
BECAUSE HE ANNOUNCED HE WOULD DO AWAY WITH EVEN THOSE LIGHT --
THE LITTLE BITS AND PIECES OF REGULATIONS WE GOT AFTER THE
GREATEST RECESSION OF LITERALLY DECADES IN AMERICAN HISTORY.
HE
SAID TO REUTERS --
>> WE HAVE CRITICIZED DODD-FRANK
AND WILL CONTINUE TO DO SO, NOT
BECAUSE IT IS IN ITSELF BAD BUT BECAUSE IT DOESN'T GO FAR
ENOUGH.
THE IDEA THAT WE WOULD GET RID OF THE LITTLE REGULATION
THAT WE GOT COMING OUT OF WHAT HAPPENED IN 2007 AND 2008, THAT
IS THE RAMBLINGS OF A MADMAN, AND THAT MADMAN HERE IS DONALD
TRUMP.
WE CAN'T GO IN DEPTH INTO THE DIFFERENT ASPECTS OF
DODD-FRANK, OF WHAT IT HAS ACCOMPLISHED WHILE NOT GOING FAR
ENOUGH, BUT WE WANT TO GIVE YOU SOME BULLET POINTS --
>>THERE USED TO BE ALL THESE SHENANIGANS SAYING THAT WE ARE
IN INVESTMENT BANK, A CONGLOMERATE, THAT TOOK AWAY
THAT ABILITY -- PLEX WE HAVE THE ABILITY TO BREAK UP THE BANKS,
WE DID NOT HAVE THE ABILITY TO
BEFORE --
>> THIS IS LITERALLY WHAT MAKES A FIRM TOO BIG TO FAIL, NOT
HAVING ENOUGH CAPITAL IN THE CASE OF DISASTER.
THIS RAISES
THOSE REQUIREMENTS, ESPECIALLY FOR A PARTICULAR CLASS OF THE
LARGEST AND MOST SYSTEMICALLY IMPORTANT BANKS, IT RAISES THE
REQUIREMENT.
X ALSO YOU MIGHT REMEMBER THE CONSUMER FINANCIAL
PROTECTION BUREAU, WHICH HAS BEEN GREAT, IT HAS GIVEN
HUNDREDS OF MILLIONS OF DOLLARS TO CONSUMERS WHO HAVE BEEN
WRONGED BANKS AND STUFF LIKE THAT, IT TOOK AWAY FOR INSTANCE,
ONE EXAMPLE THAT USED TO HOUND ME, OVERDRAFT FEES.
THIS IS HOW
WE GOT RID OF THOSE AS WELL.
IT HAS ALSO MOVED DERIVATIVE
TRADING FROM THE SHADOWS INTO TRANSPARENT MARKETS, IT HASN'T
DONE ENOUGH IN THAT REGARD BUT AT LEAST WE CAN TRACK THEM NOW.
IT IS NOT ENOUGH IN 100 DIFFERENT WAYS AND WE WOULD MAKE
IT STRONGER, BUT THE IDEA THAT YOU WOULD GO BACK ON THIS, THAT
IT TOOK A RECESSION TO GET EVEN THIS, AND HE WOULD TAKE THAT
AWAY, THAT IS MADNESS.
AND THRE ARE ELECTORAL CONSEQUENCES AS
WELL.
>>IF HE IS DEVOTED TO REPEALING DODD FRANK IT WOULD PASS WITH
REPUBLICANS CONTROLLING CONGRESS, BUT I HAVE TO SAY THAT
WHEN IT COMES TO OUR FINANCIAL AND ECONOMIC MELTDOWN OF 2008,
THERE WAS A MISCONCEPTION THAT THE SUBPRIME MORTGAGES THAT WERE
BEING GIVEN OUTWARD FROM THE BIG BANKS, AND SOME OF THEM DID GIVE
OUT THOSE MORTGAGES, AND DODD-FRANK ATTEMPTED TO MITIGATE
THAT.
BUT IN REALITY A LOT OF SMALLER BANKS THAT ARE NOT
REGULATED UNDER DODD-FRANK WERE DOING THAT AND THEY CONTINUE TO,
WHICH IS WHY YOU SEE A HOUSING BUBBLE IN THE COUNTRY, I AM
WAITING FOR IT TO BURST SO I CAN GET IN AND BUY A HOUSE.
I FOLLOW
THE HOUSING MARKET LIKE A HAWK.
BUT WITH THAT SAID, I GET WHAT
YOU WERE SAYING, IT WOULD BE BAD IF HE REPEALED DODD-FRANK
BECAUSE AT LEAST WE HAVE SOME REGULATION IN PLACE, SOME
CONSUMER PROTECTION IN PLACE.
I DON'T THINK IT WOULD BE THE END OF THE WORLD.
I DON'T THINK THIS REGULATION WAS THAT GREAT TO BEGIN WITH.
>> YOU MAKE A GOOD POINT DIFFERENTIATING BETWEEN THE BIG
INVESTMENT BANKS AND THINGS LIKE STATEWIDE IN SOMETHING LIKE THAT
-- NOT STATEWIDE, IT DOESN'T EXIST ANYMORE, BUT THAT WAS
PRIMARILY INVOLVED IN THE HOUSING BUBBLE.
BUT WE ARE
WORRIED ABOUT OTHER BUBBLES AS WELL THAT AREN'T LIKE THAT.
THIS
DOES ADD SOME OVERSIGHT.
BUT IN THE SHORT TERM THE REASON I WANT
TO TALK ABOUT THIS, BECAUSE WHO KNOWS IF IT WILL EVEN -- HE
FLIP-FLOPS, WHO KNOWS IF IT WILL BE IN HIS ECONOMIC PLAN -- WE
WORRY THAT HE IS SUCH A SAVVY CAMPAIGNER, HE TOOK DOWN 35
OTHER REPUBLICAN CANDIDATES TO MAKE IT TO THIS POINT AND HE CAN
ATTACK HILLARY FROM OTHER ANGLES THAT OTHER REPUBLICANS CAN'T,
BUT IN THE PAST COUPLE OF DAYS HE HAS THROWN AWAY, IN MY VIEW,
AT LEAST IN A COUPLE OF QUOTES, SO MANY ADVANTAGES THAT HE HAD
IN SAYING THAT HE WILL START TO FUND RAISE OFF OF THE RICHEST
INDIVIDUALS AND CORPORATIONS IN THE COUNTRY, YOU COULD THROW
THAT INTO AN AD AND THAT WILL TAKE AWAY THE CONFIDENCE IN HIS
I HAVE FUNDED MY OWN CAMPAIGNS ARGUMENTS BUT HE TRIES TO PUT
FORTH.
HE COULD HAVE EASILY ATTACKED HILLARY AS BEING TIGHT
WITH WALL STREET AND WILLING TO DO THEIR BIDDING, NOW HE JUST
SAID HE WILL DISMANTLE EVEN THE LIMITED BITS OF REGULATION WE
HAVE ON WALL STREET RIGHT NOW.
HE MOVED MORE TOWARDS WALL
STREET THAT HILLARY CLINTON HAS, PERHAPS NOT IN ACTUAL ACTION BUT
CERTAINLY IN INTENDED ACTION.
HE IS STUPID, HE DOESN'T EVEN KNOW WHAT ADVANTAGE HE HAS.
>>YOU ARE RIGHT ABOUT HIM BEING STUPID, AND YOU ARE RIGHT THAT
HE STARTS FUNDRAISING USING BIG CORPORATE DONORS LIKE HILLARY
DOES IT IS LIKELY SHE WILL ATTACK HIM FOR THAT, BUT ALSO, I
MEAN, THINK ABOUT THOSE ATTACK ADS.
GUESS WHAT, DONALD TRUMP IS
GETTING MAJOR CAMPAIGN DONATIONS FROM CORPORATIONS.
JUST LIKE ME.
>>THAT IS WHAT SHE DID WITH OBAMA IN THE PRIMARIES.
YOU THINK I'M BAD?
>>IT DIDN'T WORK.
>> BECAUSE SHE PLAYED DIRTY POLITICS DURING THE PRIMARIES.
>>WHAT IF YOU ARE RUNNING AGAINST SOMEONE THAT -- YOU HAVE
ALWAYS BEEN KNOWN AS A PEDOPHILE, BUT YOUR OPPONENT IS
KNOWN AS A PEDOPHILE.
YOU HAVE NEUTRALIZED ONE OF YOUR STRENGTHS.
>>HILLARY CLINTON IS SAVAGE AND BRUTAL AND SHE WILL THROW THIS
STUFF INTO ADS, SHE IS RUNNING BRUTAL ADS AGAINST HIM MOSTLY ON
HIS QUOTES ABOUT WOMEN, BUT SHE WILL GET TO THE OTHER ISSUES,
AND FOR THE MOST PART SHE IS FINE WITH LYING, BUT HERE HE IS
TEEING UP QUOTES TO THROW INTO THOSE ADS, AND IT WILL UNDERCUT
HIS EVERYMAN IMAGE.
IT HAS WORKED WITH REPUBLICAN PRIMARY
VOTERS BUT REGULAR ELECTION VOTERS ARE NOT --
THEY ARE STILL CRAZY, BUT THEY ARE NOT AS CRAZY AND
CLUELESS AS COMMITTED REPUBLICAN PRIMARY VOTERS.