Noted linguist and commentator Noam Chomsky warned that President Donald Trump’s decision to load up his cabinet with Wall Street insiders has put the U.S. on a collision course to another crash — and that taxpayers will once again be expected to pick up the tab.
According to an interview posted by AlterNet, Chomsky said one need only look at Trump’s appointees — including multiple executives from Goldman Sachs — who will roll back the type of regulations put in place after the 2008 crash and then the inevitable will happen.
“Take a look at Trump and take a look at who’s appointed for the cabinet,” Chomsky explained. Treasury Secretary Steve Mnuchin, “comes from Goldman Sachs, a major investment firm where he was for almost 20 years.”
“As soon as Trump was elected, and since, stock values in financial institutions escalated to the sky,” he continued. Investors are “delighted he’s going to eliminate regulations, let them make more profit; of course, it’ll lead to another crash, but that’s somebody else’s problem. The taxpayers will take care of that.”
After his inauguration, one of Trump’s first executive orders was to direct federal agencies to report back within 120 days parts they believe of the Dodd-Frank financial reform law they believe should be jettisoned. Another tasked the Labor Department to halt work on a “fiduciary rule,” that would compel financial advisers to act only based on their clients’ best interests.
According to House Minority leader Nancy Pelosi (D-CA), “Instead of fighting for hard-working families abused by our economy, as he promised in the campaign, the president and his billionaire Cabinet have abandoned Main Street to enable Wall Street’s corrosive profiteering of the banks on the back of hard-working Americans.”
Fellow California Democrat Maxine Waters warned, “In Trump’s America, Wall Street comes first and Main Street picks up the tab.”