Even Corporations Think Donald Trump Is a Little Too Nice to Corporations

Donald Trump wants to loosen the Volcker Rule, which regulates whose money banks can gamble with, but it turns out that even Wall Street doesn’t want him to do this:

“I can’t imagine this aspect of the proposal being preferable to the original and current Volcker 1.0 regime,” said Gregg Rozansky, a senior vice president at the Bank Policy Institute, an industry trade group representing the nation’s largest banks. “It could raise prices for student loans, credit cards or auto loans,” he added.

This comes on the heels of the auto industry asking Trump to back off on his repeal of Obama’s mileage standards. And the agriculture industry complaining about Trump’s tariffs. Hell, even the coal industry is leery of Trump’s proposal to force people to buy energy from designated coal plants.

It’s one thing to be slavishly pro-business, but it’s quite another to be so abject and incompetent about it that even big business wants you to slow down a bit. Which reminds me: have I shown you a chart of corporate profits lately? I have? Well, it can’t hurt to see it again, I suppose:

That nice little blip at the end starts in the final quarter of 2017, right when the Republican tax cut kicked in. Happy days!

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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