Dodd-Frank was the banking and financial reform legislation passed by Congress in the wake of the 2008 fiasco. The gravest failure was that it did not split up the giant too-big-to-fail banks of Wall Street – the likes of JP Morgan, Morgan Stanley, Bank of America and Goldman Sachs – something that was necessary to abolish their neon-illuminated conflicts of interest and to prevent them from being able to shake down the US government again if their market funding dried up. And it did tighten up on consumer protection, putting a stop to some of the more obvious opportunities for bankers to enrich themselves by misselling financial products to the unwitting American public. During his campaign he promised to “dismantle” the legislation, without ever giving a coherent reason why.Trump posed as the champion of “the forgotten men and women of America” on the campaign stump and did not take much money from Wall Street, certainly relative to previous Republican candidates.Expect the lobbying for a parallel deregulation in London and Europe to become irresistible shortly after. Governments spent vast amounts of public money to stop banks going bust and devastating the wider economy.But today interest rates across the developed world are still close to zero and government debt is much higher than it was in 2008, giving policymakers considerably less room for manoeuvre if the system fails again.There have been 44 Presidents to date – and according to official doctrine, all of them have supposedly been heterosexual.
The late Joan Rivers added fuel to the conspiracy theory fire, when she joked of a gay President: “We already have it with Obama… Alex Jones of Info Wars took the joke to heart – as did Pastor James David Manning, who prophesied that Vladimir Putin would ‘out’ Obama.
The North's regime will be at the top of the president's agenda with the Chinese president. Trump planned a surprise helicopter ride to the fortified DMZ border between North and South Korea, but fog spoiled the mission.
To mark Presidents’ Day, we count down 7 US leaders who faced rumours about their sexuality.
The share price of American bank stocks took off like fizzing fireworks after Trump’s shock November victory.
Traders expect Trump to deliver an aggressive deregulation. During the last crash central banks cut interest rates from around 5 per cent to zero and bought up trillions of dollars of bonds and loans to stabilise the system.