Former Wall Street regulator warns Trump-era deregulation risks repeating 2008 financial crisis
A former Wall Street regulator expresses deep concern over the Trump administration's aggressive deregulation of the financial system, including loosening rules for banks and gutting the Consumer Financial Protection Bureau (CFPB). The regulator warns that these actions are undoing post-2008 crisis safeguards and that history shows such deregulatory cycles during benign economic periods often sow the seeds of future financial crises and potential bank bailouts. The piece examines the cyclical nature of financial regulation and the risks of repeating past mistakes as institutional memory fades.
Key quotes
Yeah, it's hugely troubling. So much of this is just undoing what we did after the 2008 crisis, which, you know, we're going on 20 years now, so memories fade.
It's easy to make it partisan and all about Trump and deregulation, but you see these kinds of cycles when you have relatively benign periods in the banking system. Banks are profitable, and they come in and s...
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