This is completely irrelevant to the world of trading, but I’ll just get it off my chest. Below is a short clip from our patron saint. He expresses a sentiment I’ve heard in all-too-many commentaries and comedy routines (which are kind of the same thing, really) which is that the #1 reason for death in the human race is religion.
I was aghast this week when I read that Trump was going to torpedo the Dodd-Frank regulations. As a people, we learned precious little from the sins that led up to the financial crisis. Famously, not a single person went to jail, and over the past eight years of “healing”, the bankers have simply become richer……..and richer……….and richer. The icing on the cake just came, with the feeble regulations that were enacted to reign them in being sent to the chopping block.
It got me thinking to the last time the government torpedoed well-meaning bank regulations, and that was with the the passing of the Gramm-Leach-Bliley act. This act of Congress, which torched the Glass-Steagall law, established a foundation for the financial crisis that would take place years later.