Below is what happened on Trump's tenth day in office. You can find out what damage was done every other day so far on the Saddest Calendar on the Internet.The year is 2017: We live under a government that can no longer be called a "full Democracy," where allies are meaningless (sorry Australia), mocking Arnold Schwarzenegger's ratings when he hosted The Apprentice counts as a prayer, women must always "dress like women," and we're finally holding the failing media accountable for their lack of coverage of the "Bowling Green Massacre," an event that never occurred. Mr. Punxsutawney Phil Sowerby also saw his shadow yesterday, so we've got six more weeks of winter ahead of us. Stay tuned to see how the Trump administration will inevitably cite this as evidence against global warming!Apparently in need of some R&R after demolishing American dreams like a Miley Cyrus wrecking ball, Trump is traveling to his Mar-a-Lago estate later today, but not before meeting with his economic advisory group, where he reportedly plans to dismantle the Dodd-Frank Wall Street Reform Act, a post-2008-financial-crisis law that regulates financial markets and protects consumers. Trump has spoken about scaling back Dodd-Frank— and possibly jeopardizing the stability of America's economy and our economic protection—in the interest of his friends who "have nice businesses."Reportedly, both Trump and Steven Mnuchin, Trump's nominee for secretary of treasury and a former partner of Goldman Sachs and hedge fund manager, are in favor of "a 21st century version" of Glass-Steagall Act, a post-Depression act that required that banks separate commercial deposit banking from investment banking.What also happened this morning: Trump issued new sanctions on Iran and made fun of Schwarzenegger on Twitter some more.
That's Bleak. Who's Fighting Against It?Americans for Financial Reform have come out against Trump's likely executive order, saying in a statement, "The Administration apparently plans to turn over financial regulation to Wall Street titan Goldman Sachs, and make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy. That betrays the promises Trump made to stand up to Wall Street, and it will have dire consequences if he's successful."
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Originally instituted in 2010 by Obama, Dodd-Frank and the Consumer Protection Act have been considered to be "the most comprehensive financial regulatory reform measures taken since the Great Depression." The Balance, a personal finance website, outlines why the former is necessary: it "oversees Wall Street; stops banks from gambling with depositors' money; regulates risky derivatives; brings hedge fund trades into the light; oversees credit rating agencies; regulates credit cards, loans, and mortgages; increase supervision of insurance companies; and reforms the Federal Reserve." (It's worth noting that Bernie Sanders, who voted for Dodd-Frank, argued in May 2015 that the act was "far too modest.")Trump says will cut 'a lot out of Dodd-Frank' because 'friends of mine that have nice businesses, they can't borrow' — CNBC Now (@CNBCnow)February 3, 2017
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That's Bleak. Who's Fighting Against It?Americans for Financial Reform have come out against Trump's likely executive order, saying in a statement, "The Administration apparently plans to turn over financial regulation to Wall Street titan Goldman Sachs, and make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy. That betrays the promises Trump made to stand up to Wall Street, and it will have dire consequences if he's successful."
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