Donald Trump will turn to the guys who took down the economy for economic advice.
President-elect Donald Trump turned to some of Wall Street’s biggest names to create a panel of business leaders that will give him strategic advice on the economy after he takes office, including two financiers with deep Democratic roots.
Blackstone Group LP Chief Executive Officer Steve Schwarzman will chair the President’s Strategic and Policy Forum, which will begin meeting with Trump in February, according to a statement Friday from his private equity firm. JPMorgan Chase & Co. CEO Jamie Dimon and BlackRock Inc. CEO Laurence Fink, major donors to Democratic politicians, will also sit on the panel.
JPMorgan Chase is the largest bank in America. It played a pivotal role in the subprime mortgage crisis that crashed the economy. It passed off junk securities rated as AAA and dealt in credit derivatives. The mess created by JPMorgan Chase and other banks resulted in a $700 billion “bailout” by the American taxpayer.
Trump should be demanding Glass-Steagall be put back in place so there is once again a firewall between commercial banking and investment banking.
He won’t do that.
Because he is part of the corporate elite. He might be eccentric, somewhat of an outlier, but remains a member of the financial class that is destroying America.
Donald Trump should be calling for the arrest of Dimon and all the other crooks on Wall Street.
Instead, they get to be part of his administration. They are invited to sit on government panels. They will be telling Trump and his Treasury secretary, Steven Mnuchin of Goldman Sachs (the vampire squid wrapped around the face of humanity), how to run the economy.
This will not end well.