US Politics in Trump era Public date: 03.10.2019 13:07:34

Publisher: NYTimes

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20 Sep 2019

Wall Street Is Buzzing About Repo Rates. Here’s Why.

Investors take for granted that the Federal Reserve controls interest rates. But a surprisingly lively couple of days in short-term money markets has meant that the “how” became nearly as important as the “why.” The stress started on Monday in the market for repurchase agreements, or repos. Repos are short-term loans mainly used by banks and hedge funds in their daily bond trading and brokerage businesses.
Investors take for granted that the Federal Reserve controls interest rates. But a surprisingly lively couple of days in...

Publisher: CNN

Author:

16 Aug 2019

Stock market performance by president, from Reagan to Trump

President Donald Trump has repeatedly pointed to the stock market as one of the best ways to measure his administration’s policies. During Trump’s presidency, the S&P 500 has gained 25% from inauguration day through August 15. How does that stack up to stock performance at the same point in other modern presidencies? (647 trading days, to be exact).
President Donald Trump has repeatedly pointed to the stock market as one of the best ways to measure his...
15 Aug 2019

Recession watch: What is an ‘inverted yield curve’ and why does it matter?

Stock markets tanked Wednesday after the bond market sounded a loud warning that the U.S. economy might be headed toward a recession. Investors are spooked by a scenario known as the “inverted yield curve,” which occurs when the interest rates on short-term bonds are higher than the interest rates paid by long-term bonds. What it means is that people are so worried about the near-term future that they are piling into safer long-term investments.
Stock markets tanked Wednesday after the bond market sounded a loud warning that the U.S. economy might be headed toward...
6 Aug 2019

China Uses Currency as Weapon in Trade War, Rattling Markets

The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its currency to weaken, Chinese enterprises stopped making new purchases of American farm goods and President Trump’s Treasury Department formally labeled China a currency manipulator.
The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its...
30 Jul 2019

With the economy on the line, the Fed prepares to take its biggest gamble in years

The Federal Reserve this week is all but certain to cut interest rates despite unemployment being at historic lows, a highly unusual action that is shaping up to be the biggest gamble of Fed Chair Jerome H. Powell’s brief tenure as leader of the world’s most powerful economic institution. Some economists, Fed officials and people on Main Street say the Fed’s action will benefit the stock market more than the real economy. And they argue cutting rates would introduce risks that could worsen the next downturn.
The Federal Reserve this week is all but certain to cut interest rates despite unemployment being at historic lows, a...

Publisher: NYTimes

Author:

23 Jul 2019

Jeffrey Epstein’s Deep Ties to Top Wall Street Figures

Mr. Epstein, who was charged this month with sex trafficking of teenage girls, liked to portray himself as a financial wizard, someone whose business and investing acumen made him indispensable to corporate executives and other leaders. But there is little evidence to support that notion. The financial services that Mr. Epstein dispensed appear to have been mostly pedestrian, and his list of clients small.Mr. Epstein nonetheless managed to affix himself to a handful of prominent Wall Street veterans, including Mr. Staley, who is now chief executive of the British bank Barclays.
Mr. Epstein, who was charged this month with sex trafficking of teenage girls, liked to portray himself as a financial...

Publisher: NYTimes

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7 Mar 2019

Regulators Move to Ease Post-Crisis Oversight of Wall Street

Federal regulators moved on Wednesday to ease oversight of the country’s largest banks and other financial firms, continuing a push by the Trump administration to reverse rules that were put in place following the 2008 financial crisis.The Federal Reserve said it would adjust the structure of its annual “stress tests,” which measure the ability of leading banks to withstand a potential economic or financial storm. The changes are likely to make it easier for banks to get regulatory approval to pay higher dividends or buy back their own shares.
Federal regulators moved on Wednesday to ease oversight of the country’s largest banks and other financial firms,...
18 Dec 2018

Seventeen Reasons to Hate the US Stock Market

We’ve hated this market of late and advised investors to sell. Emerging markets in general and China, in particular, did better than US stocks, but that’s small consolation. Today’s ill wind blew nobody good but owners of government bonds. There are lots of political reasons for the market to plunge, but there is also an important vulnerability: Most of the profitability among US corporations is concentrated in a very small number of names.
We’ve hated this market of late and advised investors to sell. Emerging markets in general and China, in particular,...

Publisher: NYTimes

Author:

10 Dec 2018

Wall St. Ignored Signs of Trouble for Months. Now It Sees Risks Everywhere

For stock investors in the United States, the political and economic outlooks have suddenly become ominous. More volatility could be in store this week. “The fact is that politics is driving the economy to an extent that is very atypical,” said Julian Emanuel, chief equity and derivatives strategist at BTIG, an institutional brokerage firm. “We would say probably to the greatest extent that we’ve seen in our investing lifetime.”
For stock investors in the United States, the political and economic outlooks have suddenly become ominous. More...
6 Dec 2018

Markets Drop as Huawei Arrest Stokes Fears of U.S.-China Cold War

The arrest of a top Chinese technology executive intensified concerns about an emerging cold war between the world’s two largest economies, sending stock markets around the world lower on Thursday. The trade war has set investors on edge. The markets have been rattled about the prospect that the conflict with China would begin to impact the economy at home at a time when global growth is slowing.
The arrest of a top Chinese technology executive intensified concerns about an emerging cold war between the world’s...
17 Nov 2018

Chuck Schumer Caved to Facebook and Donald Trump

Schumer has sided with the GOP on Wall Street, Israel, Iraq, Iran, and Facebook. Almost any other Democrat should be Senate minority leader instead.  As I argued earlier this week, the next two years in U.S. politics will be a 24/7 battle for the future of American democracy; a relentless fight against fascism, racism, and white nationalism. Are we really expected to believe that Schumer will be the leader of the #Resistance in the Senate ? Don’t make me laugh.
Schumer has sided with the GOP on Wall Street, Israel, Iraq, Iran, and Facebook. Almost any other Democrat should be...

Publisher: NYTimes

Author:

19 Oct 2018

Wall Street Loves These Risky Loans. The Rest of Us Should Be Wary.

A financial assembly line that went haywire a decade ago and contributed to an economic crisis is gearing up again on Wall Street. This time around, a similar kind of investment, called C.L.O.s, are at the heart of the boom. And that’s not the only parallel: The loans are being made to risky borrowers, lending standards are dropping fast, and regulators are easing the rules.
A financial assembly line that went haywire a decade ago and contributed to an economic crisis is gearing up again on...
31 May 2018

Wall Street bank deregulation, Crapo bill: House vote, details

The House voted on the biggest rollback of Wall Street regulations since the financial crisis. While the bill would change many regulations for regional and community banks, analysts say it is not a total dismantling of the Dodd-Frank Act.
The House voted on the biggest rollback of Wall Street regulations since the financial crisis. While the bill would...

Publisher: The Guardian

Author:

28 Nov 2017

Trump’s consumer agency pick serves doughnuts and plea to ‘disregard’ acting head

A day after the official that Donald Trump wants to pass over as acting director of the Consumer Financial Protection Bureau (CFPB) asked a federal court to block the president’s own appointment, Trump’s pick for the role offered doughnuts to agency staff and told them to “disregard” his opponent’s instructions. Barney Frank, the retired Massachusetts Democrat who was one of the  authors of the law that created the CFPB, told CNN on Monday that Trump and Republicans were seeking to weaken the agency in an administrative fashion, rather than legislative, because it was popular for its work standing up to banks, mortgage companies, loan companies and debt collectors on behalf of ordinary Americans.
A day after the official that Donald Trump wants to pass over as acting director of the Consumer Financial Protection...
17 Nov 2017

The Senate Is Getting Ready to Erode Obama’s Landmark Wall Street Law

On Monday, the Senate Banking Committee announced that it struck a rare bipartisan deal to deregulate banks. The deal would gut several of the protections enacted in 2010 in response to the financial crisis as part of the Dodd–Frank Wall Street Reform and  Consumer Protection Act, most notably a key rule requiring that “Too Big To Fail” banks—those with more than $50 billion in assets—undergo stricter oversight.
On Monday, the Senate Banking Committee announced that it struck a rare bipartisan deal to deregulate...
16 Sep 2017

Gary Cohn Is Giving Goldman Sachs Everything It Ever Wanted From the Trump Administration

On the campaign trail, Trump had spoken often about the importance of investing in infrastructure. Yet the president-elect had apparently failed to appreciate that the government would need to come up with  hundreds of billions of dollars to fund his plans. Cohn, brash and bold, wired to attack any moneymaking opportunity, pitched a fix that would put Wall Street firms at the center: Private-industry partners could help infrastructure get fixed, saving the federal government from going deeper into debt.
On the campaign trail, Trump had spoken often about the importance of investing in infrastructure. Yet...
11 Jul 2017

U.S. Agency Moves to Allow Class-Action Lawsuits Against Financial Firms

The nation’s consumer watchdog is adopting a rule on Monday that would pry open the courtroom doors for millions of Americans, restoring their right to bring class-action lawsuits against financial firms. Under the Consumer Financial Protection Bureau rule, banks and credit card companies could no longer force customers into  arbitration and block them from banding together to file a class-action suit. The change would deal a serious blow to Wall Street and could wind up costing financial firms billions of dollars.
The nation’s consumer watchdog is adopting a rule on Monday that would pry open...
28 Apr 2017

The Obamas face the paid-speaking circuit — and all the questions that come with it

“President Obama will deliver speeches from time to time. Some of those speeches will be paid, some will be unpaid, and regardless of venue or sponsor, President Obama will be true to his values, his vision and his record,” his senior adviser, Eric Schultz, said in a statement issued after the Cantor Fitzgerald speech drew a wave of criticism — including a New York Post headline that dubbed Obama “Wall Street’s new fat cat.”
“President Obama will deliver speeches from time to time. Some of those speeches will be paid, some will be unpaid,...

Publisher: NYTimes

Author:

13 Apr 2017

Trump Reversals Hint at Wall Street Wing’s Sway in White House

President Trump made three startling economic policy reversals on Wednesday, stepping away from pledges he made as a candidate and even policies he supported only days ago. The shifts confounded many of Mr. Trump’s supporters and suggested that the moderate financiers he brought from Wall Street are eclipsing the White House populist wing led by Stephen K. Bannon, the political strategist who is increasingly being sidelined by the president.
President Trump made three startling economic policy reversals on Wednesday, stepping away from pledges he...

Publisher: The Guardian

Author:

12 Feb 2017

Instead of draining the swamp, Trump has become Wall Street’s best buddy

Trump would drain the swamp, he claimed, and reinstate a “21st-century” version of the law separating main street banking from Wall Street – Roosevelt’s Glass-Steagall Act – which was scrapped by President Bill Clinton, in one of his worst decisions. Trump would throw the money men out of the temple, he said. He would reshape finance for the “little guy”. His audiences roared him on.But, in office, Trump has proved to be a great deal friendlier to the titans of Wall Street and their interests than he suggested he would be as a candidate, although a close reading of his speeches foretells some of what is now happening. Far from draining the swamp, he is opening the sluicegates; the money men are not so much being hurled out as in full occupation of the economic citadel.
Trump would drain the swamp, he claimed, and reinstate a “21st-century” version of the law separating main street...
8 Feb 2017

Donald Trump’s Executive Order Will Let Private Equity Funds Drain Your 401(k)

Donald Trump’s February 3executive order  enabling financial advisers to continue ripping off their clients could prove a lifeline for a surprising beneficiary: the private equity  industry. The Department of Labor’s fiduciary rule would have forced investment advisers in workplace retirement plans like 401(k)s to operate in their clients’ best interests, rather than recommending high-cost, high-risk products that offer the advisers kickbacks and perks.
Donald Trump’s February 3executive order  enabling financial advisers to continue ripping off their clients could...
4 Feb 2017

Trump Moves to Roll Back Obama-Era Financial Regulations

President Trump on Friday moved to chisel away at the Obama administration’s legacy on financial reform, announcing a series of steps to revisit the rules enacted after the 2008 financial crisis and setting the stage for a showdown with Democrats over the future of Wall  Street regulation. The rule’s supporters, including Democratic lawmakers and consumer groups, describe it as a basic consumer protection that can prevent brokers from taking advantage of vulnerable clients.
President Trump on Friday moved to chisel away at the Obama administration’s legacy on financial reform, announcing a...
25 Jan 2017

Rob Reich Explains the ‘Scam’ Behind the Trump Infrastructure Plan

Reich explains that rather than coming up with the necessary money to  fund these massive infrastructure plans by making the wealthy pay their  fair share, Trump’s plan offers tax breaks for the rich to encourage them to invest. “Which means that for every dollar they put into a project, they are actually paying only 18 cents – and we are paying the other 82 cents through our tax dollars.”
Reich explains that rather than coming up with the necessary money to  fund these massive infrastructure plans by...
5 Nov 2016

Leaked Deutsche Bank Speech Shows Clinton Asking Wall Street To Police Itself, Supporting US Pivot To Asia

Clinton’s October 2014 speech to Deutsche Bank was leaked as part of WikiLeaks’ archive of John Podesta’s Gmail account, revealing more of the nominee’s agenda for the financial sector and global affairs.
Clinton’s October 2014 speech to Deutsche Bank was leaked as part of WikiLeaks’ archive of John Podesta’s Gmail...
31 Oct 2016

Money Manager Thinks “High-Decibel” Elizabeth Warren Doesn’t Know Her Place

Roger Lowenstein, the journalist-turned-chairman of the Sequoia mutual fund, criticizes Warren, “the nation’s unelected regulatory czar,” for being too outspoken about the financial industry. Lowenstein is the director of a mutual fund, which stands to lose significant market share if investors leave for index funds. So his hit job on Elizabeth Warren has the dual purpose of lobbying a regulatory agency to protect his business.
Roger Lowenstein, the journalist-turned-chairman of the Sequoia mutual fund, criticizes Warren, “the nation’s...

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