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[Team Alucard]

Via Bloomberg

Republican National Convention delegates approved a platform Monday that calls for reinstating the Glass-Steagall Act and scaling back the Dodd-Frank financial overhaul, calling it the Democrats' "legislative Godzilla."

The Glass-Steagall measure puts presumptive presidential nominee Donald Trump and his party in the company of unlikely allies such as Bernie Sanders, the democratic socialist who ran against Democrat Hillary Clinton on a plan that included Glass-Steagall reinstatement, underscoring the blurring of political lines in the 2016 race.

The platform also embraces Trump's America-first stance on international trade, saying trade agreements -- such as the Trans-Pacific Partnership negotiated by the Obama administration, though an explicit reference to that deal was removed -- should not be rushed.

Approval came at the party's gathering in Cleveland where Trump is set to formally accept the nomination on Thursday night. The vote came the same day that anti-Trump delegates disrupted a vote on convention rules, a chaotic start to an event intended to display party unity.

"We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment," said the platform released by the Republican National Committee.

Clinton, whose husband signed a repeal of the law in 1999, doesn't advocate for its return.

“We believe that the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is one of the reason why you see all of the Wall Street money going to her," Trump campaign chairman Paul Manafort told reporters prior to the platform's approval.

“We are supporting the small banks and Main Street. We talk about legislation that affects, you know, some of the mistakes made in repealing Glass-Steagall and some of the mistakes made in imposing Dodd-Frank. The platform reflects those things," Manafort said.

 

[CrazyDude]

But both parties are the same!

 

[Toxi]

I can't believe we actually are seeing this. Trump's making the party twist around so much.

It's gonna be interesting to see how this turns out for them in a few elections.

 

[korona15]

Who cares, he's blown it. He could say he has the cure for cancer and I still wouldn't vote for his sorry ass.

 

[Makai]

But both parties are the same!

I feel like you stopped at "Republican Platform ___"

 

[HStallion]

It will only apply to white people though

 

[BriGuy]

Huh. I guess mathematically they had to get at least one thing right.

 

[Orbis Tabula]

Good for them. It's a start.

 

[rokkerkory]

He is a democrat afterall!!

 

[diablos991]

This appears to be fantastic news. About time somebody takes a jab at the big banks instead of being their puppet like we've seen since Clinton1.

Sometimes I wonder if we are going to experience a party shift where the Democrats will become the big bank big business party and the Republicans will focus on jobs, the American dream, and states rights.

 

[Mii]

For the sake of clarity: Glass-Steagall being reinstated is arguing to return to a 90s regulatory structure, not to return to the 00's mess.

The GOP view here is that the current structure might be too large a regulatory burden and that the 90s structure seemed to work.

 

[Mathunilx]

This appears to be fantastic news. About time somebody takes a jab at the big banks instead of being their puppet like we've seen since Clinton1.

Too bad he gets pretty much everything else wrong.

 

[Spoiled Milk]

But both parties are the same!

did you read the thread

 

[Toxi]

For the sake of clarity: Glass-Steagall being reinstated is arguing to return to a 90s regulatory structure, not to return to the 00's mess.

It's like the Republicans are actually learning from their mistakes.

The question is if they'll just learn from this one.

 

[Aaron Strife]

lol "Democrats' Godzilla"

Only 1 Republican voted against Glass Stegall repeal in the Senate in 99. 7 Dems did. Not that that's much better.

 

[Vanillalite]

It's interesting this election cycle as Trump has tried to take the business angle away from pro big business vs pro labor to more of a pro globalism vs pro nationalism debate.

 

[giga]

Its reinstatement is included in both platforms. The issue is that the majority of Congressman haven't shown much interest in such a measure, despite bills from Warren/McCain. So its really moot at this point unless someone like Hensarling and the Financial Services Committee shows support.

 

[Skiptastic]

Well...good!

 

[Dennis]

"We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment," said the platform released by the Republican National Committee.

Clinton, whose husband signed a repeal of the law in 1999, doesn't advocate for its return.

Of course she doesn't. That would upset Goldman Sachs.

 

[Kaiterra]

Is this just a calculated move because Hillary is the opponent? This is weird.

 

[Aikidoka]

Probably bullshit to try and get independent voters who like Sanders.

 

[Grym]

That's the tiny pinpoint of light I'll focus on then as the rest of society burns and crumbles

 

[Y2Kev]

Does nothing to regulate the shadow banking system. Hello. He wants to scale back Dodd Frank. This is a scam and not even a good one.

 

[diablos991]

Is this just a calculated move because Hillary is the opponent? This is weird.

I see it happening because the Republicans are realigning with the independents that Trump is bringing in.

It's a positioning strategy and I hope to see more of it.

 

[toohectic]

From my understanding, this is a good thing. But there has got to be a catch. Does the reinstating of Glass-Steagall also include an abortion ban or some other crazy right position?

 

[Team Alucard]

I can't believe we actually are seeing this. Trump's making the party twist around so much.

Nice edit.

But yes, this is the Trump 'pivot' that people always make fun of. The difference is that people were expecting him to tone down his rhetoric on social issues, but that was never going to happen, and he already burnt those bridges long ago anyways. Instead he is going to stray from traditional Republican economic dogma, which is something he has already been doing on certain issues such as trade since day one of his campaign.

Trumps path to victory is convincing white labor democrats that he's not a typical Republican who wants to rob them blind. And if he's willing to moderate enough on economic issues, he can do it.

 

[Yoda]

Does nothing to regulate the shadow banking system. Hello. He wants to scale back Dodd Frank. This is a scam and not even a good one.

Dodd Frank is near useless outside of the leverage ratios, GS would remove our money from the gambling pot, which insulates Americans from losing their life savings in the event Wall St. goes on another binge.

 

[Enter the Dragon Punch]

Does nothing to regulate the shadow banking system. Hello. He wants to scale back Dodd Frank. This is a scam and not even a good one.

t͇͖̗h̘̤̀e̶̲̭̲̫ͅ ̦̟͈̦̼̰s͇h̵͉͉̲̝̦a̺͈̳d̪o̤͓w̛̲̭̺̙̫͎ ̖̘m̬͚̜̘a͇̰̤s͓̠̭̙͚ṭ̞̞̖̰e̢̦̗r̠̳̦̠̼̦s̗̘̳͙̤ a͈re̞̘͚͎̖͖̺ ̲͍̱̺̖n̲̼͖̹̫̩o̮̦̫̱̟͖̭͢t̢͔̻͓̫̼̗̖ ͕̳͙̜̬͕͝p̲̹̮l̬e̳̜͎̦as͕̠̜̗e͈̝͖͜d͈ ͇͢w̙͉͈̟į̹ṯh̴̲̙̠̼̘ ̮͇t̷̞̭͖̹h̜i͢s̷̺̝̬̰͇̣ ̫͈̲p̲̠͔̜̟o̴s̹̪̱t,̣͖̱͉̙ ̥̳͔͍̮Ḱ̜͓̠̦̫̗̝e͏̘̘v̫͕̩̬̦̬͎i̲̰͓̳̕n̸̳̲̻̖̬̻

 

[Kaiterra]

From my understanding, this is a good thing. But there has got to be a catch. Does the reinstating of Glass-Steagall also include an abortion ban or some other crazy right position?

I wouldn't be surprised to see riders like that on any bill they put forward to reinstate it lol

 

[Dennis]

 

[giga]

Of course she doesn't. That would upset Goldman Sachs.

Is that why she wants to expand Dodd-Frank, which Wall-Street also hates?

 

[hawk2025]

If you believe this is not just about dismantling Dodd-Frank, I've got a bridge to sell you.


And without Dodd-Frank, I can leverage myself hundreds of times over and sell it in extremely esoteric and bundled shares of said bridge!

 

[Y2Kev]

Dodd Frank is near useless outside of the leverage ratios, GS would remove our money from the gambling pot, which insulates Americans from losing their life savings in the event Wall St. goes on another binge.

I mean, not really? That is one of the headline regulatory features of Dodd Frank (and it is useful), but it completely ignores all the mechanical changes that have been built into banking. Dodd Frank's restructuring of the OTC derivatives trading market alone is worthwhile.

Anyone who wants to repeal Dodd Frank does not have your interests at heart. Period.

edit: What money do you have with GS, exactly? Did you have a checking account with Lehman? What about AIG? The issue is being able to unwind investment banks (who were NOT all commercial banks) and other globally relevant financial institutions without causing a systemic collapse of the banking system. The mechanics to do that are in DF.

 

[Kaiterra]

Dodd-Frank has never even actually been given a fair chance to be enforced either, has it? That's my understanding at least.

 

[Drek]

Of course she doesn't. That would upset Goldman Sachs.

More like because she isn't a fucking idiot.

Trading Dodd-Frank for banking regulations written in 1933 is moronic. Glass-Steagall is marginally relevant to society today and would have stopped exactly nothing in the past 17 years since it was repealed. But people who don't have a fucking clue point to it as some mythical safeguard we disabled directly leading to calamity.

Yay modern "this one guy said so I believe because!" political tail chasing.

Maybe instead of trying to get ineffective rules from nearly a century ago back we should write some new ones that actually fucking work.

 

[pigeon]

A. As noted, Glass-Steagall is also in the DNC platform.
B. As noted, Glass-Steagall wouldn't do anything to deal with modern economic interdependency issues. It would probably exacerbate them.
C. How long will it be before people actually understand the economic crisis that happened in 2008? Like fifty years?

 

[Drek]

Dodd Frank is near useless outside of the leverage ratios, GS would remove our money from the gambling pot, which insulates Americans from losing their life savings in the event Wall St. goes on another binge.

How?

A. As noted, Glass-Steagall is also in the DNC platform.
B. As noted, Glass-Steagall wouldn't do anything to deal with modern economic interdependency issues. It would probably exacerbate them.
C. How long will it be before people actually understand the economic crisis that happened in 2008? Like fifty years?

Never, because numbers are scary and cause and effect analysis requires logical reasoning above that of a fucking sea cucumber.

 

[Xe4]

Glass-Steagall, while helpful is held up way higher than it should be. It would not have prevented '08 and we need a lot more than just it. I prefer Dodd-Frank overy Glass-Steagal, and I doubt Dodd-Frank would stay around under republicans.

Edit: see it was covered already. Good.

 

[hawk2025]

Of course she doesn't. That would upset Goldman Sachs.

That's ridiculous.

You want to use old regulation to regulate a market that has completely changed.

The market is completely different and needs smarter and modern regulation.

 

[giga]

Nice edit.

But yes, this is the Trump 'pivot' that people always make fun of. The difference is that people were expecting him to tone down his rhetoric on social issues, but that was never going to happen, and he already burnt those bridges long ago anyways. Instead he is going to stray from traditional Republican economic dogma, which is something he has already been doing on certain issues such as trade since day one of his campaign.

Trumps path to victory is convincing white labor democrats that he's not a typical Republican who wants to rob them blind. And if he's willing to moderate enough on economic issues, he can do it.

That same moderate economic tax plan which overwhelmingly benefits the rich and is forecast to increase the national debt by 80% of GDP?

 

[CrazyDude]

did you read the thread

Yes, scaling back Dodd-Frank is a stupid idea. Should have been more specific.

 

[kirblar]

From my understanding, this is a good thing. But there has got to be a catch. Does the reinstating of Glass-Steagall also include an abortion ban or some other crazy right position?

Glass-Steagall does literally nothing to address the actual causes of the crash.

It's an attempt to throw red meat at Bernie's low-info supporters.

 

[Not]

See guys, it's worth voting for Trump now. See? See??