Make depressions great again
By 
The new Republican economic populism turns out to be Hoovernomics:
The Trump transition team has started to explore pathways to dramatically shrink, consolidate or even eliminate the top bank watchdogs in Washington.
In recent interviews with potential nominees to lead bank regulatory agencies, Trump advisers and officials from his newfound Department of Government Efficiency have, for example, asked whether the president-elect could abolish the Federal Deposit Insurance Corp., people familiar with the matter said.
Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said.
Any proposal to eliminate the FDIC or any agency would require congressional action. While past presidents have reorganized and rebranded departments, Washington has never shut down a major cabinet-level agency and rarely closed other agencies like the FDIC that are not.
Bank executives are optimistic President-elect Donald Trump will ease a host of regulations on capital cushions and consumer protections, as well as scrutiny of consolidation in the industry. But FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears.
Republicans are not going to be able to end the FDIC with virtually no margin in the House, of course, but it is revealing about their general attitude toward regulating business (“it’s bad”), which is also reflected in the defenestration of Lina Kahn. It is grimly funny to see these Silicon Valley dipshits talk about the good old days before deposit insurance when when their own capital was at stake they demanded a total immediate bank bailout from the feds. The libertarians!
…it all connects:
It’s probably fine that the 3 pillars of Trump’s economic plan — protectionist tariffs that kill international trade, deporting a huge, irreplaceable chunk of the labor force, and letting rich people do whatever the fuck they want — are the same as Herbert Hoover’s reaction to the Great Depression
[image or embed]— Kaitlin Has Had Enough (@gothamgirlblue.com) December 12, 2024 at 5:07 PM