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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WE'LL BE BLUNT

It is astonishingly hard keeping a newsroom afloat these days, and we need to raise $253,000 in online donations quickly, by October 7.

The short of it: Last year, we had to cut $1 million from our budget so we could have any chance of breaking even by the time our fiscal year ended in June. And despite a huge rally from so many of you leading up to the deadline, we still came up a bit short on the whole. We can’t let that happen again. We have no wiggle room to begin with, and now we have a hole to dig out of.

Readers also told us to just give it to you straight when we need to ask for your support, and seeing how matter-of-factly explaining our inner workings, our challenges and finances, can bring more of you in has been a real silver lining. So our online membership lead, Brian, lays it all out for you in his personal, insider account (that literally puts his skin in the game!) of how urgent things are right now.

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Getting just 10 percent of the people who care enough about our work to be reading this blurb to part with a few bucks would be utterly transformative for us, and that's very much what we need to keep charging hard in this financially uncertain, high-stakes year.

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