Coolidge is no longer cool.
In his famous address to the address to the Society of American Newspaper Editors in the nation’s capital on 17 January 1925, President Calvin Coolidge famously declared that “the chief business of the American people is business.”
But unlike Coolidge, the motto of the looming Trump administration is “the chief business of the American people is banking.”
For proof, look no farther than his appointments,.
From the Associated Press:
In the heat of the presidential campaign, Donald Trump accused primary rival Ted Cruz of being controlled by Goldman Sachs because his wife, Heidi, previously worked for the Wall Street giant. He slammed Hillary Clinton for receiving speaking fees from the bank.
“I know the guys at Goldman Sachs. They have total, total control over him,” Trump said of Cruz. “Just like they have total control over Hillary Clinton.”
Now, Trump is putting Goldman executives at the helm of his administration’s economic team. He’s expected to name bank president Gary Cohn to an influential White House policy post, according to two people informed of the decision, and has already nominated former Goldman executive Steve Mnuchin to lead the Treasury Department. Steve Bannon, Trump’s incoming White House senior adviser, also worked at Goldman before becoming a conservative media executive.
[T]he financial industry’s high-level presence in Trump’s burgeoning administration runs counter to some core campaign messages that energized his supporters.
The concentration of power among so many players who once worked at Goldman is sure to feed suspicions of a government at the service of Wall Street. Goldman was involved in the securities market for subprime mortgages, the same financial instruments that helped fuel the housing bubble and ultimately led millions of Americans to lose their homes to foreclosure. Wall Street executives also opposed the Dodd-Frank financial reform legislation signed by President Barack Obama. . .
But clear signals were sent
The appointments should come as no surprise to anyone who followed Trump’s campaign, who signaled in May that his promises to rein in Wall Street greed were just for show.
Back in June Fortune, Wall Street’s virtual house organ, reported this:
“Dodd-Frank has made it impossible for bankers to function,” he says.
Republican presidential candidate Donald Trump said on Tuesday that sweeping financial reforms put in place under President Barack Obama were harming the economy and he would dismantle nearly all of them.
Trump told Reuters in an interview that he would release a plan in about two weeks for overhauling the 2010 financial regulatory law known as Dodd-Frank.
“Dodd-Frank has made it impossible for bankers to function,” the presumptive Republican nominee said. “It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”
Pressed on the extent of the changes he wanted to make, Trump said, “it will be close to dismantling of Dodd-Frank.”