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Chomsky: Trump’s Wall Street cabal will crash the economy — and taxpayers will be left holding the bag

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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.

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“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.”

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Fellow California Democrat Maxine Waters warned, “In Trump’s America, Wall Street comes first and Main Street picks up the tab.”

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Florida teacher removed after bizarre rant about students not standing for the pledge

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Students were faced with a white-board rant in a classroom attacking anyone not standing up for the Pledge of Allegiance.

The moment went viral locally on Thursday after students posted Daniel Goodman‘s “inappropriate” message to students at First Coast High School in Duval County, Florida, The Atlanta Black Star reported.

“THINK: We had about a half million Americans die in our Civil War, which was largely to get rid of slavery. There are no longer separate water fountains and bathrooms in Jacksonville for ‘white’ and ‘colored,’ as Mr. Goodman remembers from the 1960?s. We had an amendment to the U.S. Constitution allowing women the right to vote. We have had a Black president. The superintendent of Duval Schools is a Black woman. Mr. Fluent, our principal, replaced a Black man. Mr. Simmons, who now is a DC PS admninistrator.”

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Missouri official choose Dr. Seuss’ ‘Oh the Places You’ll Go’ for swearing-in ceremony instead of ‘The Bible’

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A Missouri county official is being both celebrated and attacked after a decision to forgo The Bible for her swearing-in ceremony and opted for a copy of Oh, The Places You'll Go by Dr. Seuss.

The Friendly Atheist at Patheos captured the story, posting a photo of St. Louis City Councilmember Kelli Dunaway's children holding a copy of the book while she took her oath of office.

This was the scene last week at the STLCO government center. Democrats took back control of the council and @DunawayKelli was sworn in on a copy of “Oh the Places you’ll go” with her children❤️ so proud to be part of #TeamKelli pic.twitter.com/iJ1dxfZ1Zg

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Trump predicts New York Times will go out of business when he’s out of office

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In a permission tweet, President Donald Trump announced that his presidency is the only thing keeping the New York Times in business. Yet, somehow, they're also attacking him and lying about him.

"The New York Times will be out of business soon after I leave office, hopefully in 6 years. They have Zero credibility and are losing a fortune, even now, especially after their massive unfunded liability. I'm fairly certain they'll endorse me just to keep it all going!" he tweeted.

https://twitter.com/realDonaldTrump/status/1163238629730373632

Since taking office, subscriptions for The Times have increased dramatically. According to an August report, The Times boasted a 4.7 million increase in subscribers for the second quarter. Their revenue growth was 5.2 percent. It certainly is a modest increase, but it's also an increase in an era when newspapers are struggling to survive.

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