A new report by Better Markets’ Co-founder, President, and CEO Dennis Kelleher warns that the Trump administration’s policies—driven by its allies in key regulatory positions and Wall Street financiers—are repeating the same dangerous mistakes that led to the 2008 crisis, the 2023 turmoil, and even the Great Depression of 1929. Kelleher demonstrates that the financial industry is already dangerously under-regulated (as proved by the recent costly 2023 banking crisis) and that Trump’s promise to add another four years of deregulation on top of that will create a very high risk of another catastrophic financial crash.
That next crash may well be worse than the 2008 crash which caused the worst economy since the Great Depression of the 1930s. It tragically crushed tens of millions of Main Street Americans with historically high unemployment and foreclosures, resulting in 90% of Americans being poorer at the end of 2016 than they were in 2007. Economically speaking, the 2008 crash resulted in a lost generation of Americans, with dire political and social consequences.
These facts demonstrate that the financial industry’s nonstop complaints that it is overregulated are baseless and false. The industry’s claims that costly, burdensome, and unnecessary regulations reduce economic growth, lending, and job and business creation are also baseless and false – those consequences are a direct result of under-regulation and the resulting crashes. The industry is and has been dangerously deregulated and underregulated for decades.
Kelleher details how this reckless trajectory threatens widespread economic devastation, particularly for hardworking Main Street Americans.
Downland the Report
Webinar: Trump’s Election and the Coming Economic/Financial Catastrophe
Better Markets also recently held a virtual event discussing these issues, including the election, the incoming administration, and the most consequential economic, financial, and political issues facing the country, as well as laying out a plan for urgent action to avert disaster and safeguard the country from another catastrophic financial collapse.
