This year’s election in the US is unlike any that we have ever seen. There has been a populist movement that has nominated Donald Trump for the Republicans. Despite what you might think of Mr. Trump he has managed to tap into this movement. The electorate is angry and frustrated with a stagnate economy and almost no wage growth. His primary campaign message has been that he has been self-funding his campaign and is not in the pocket of Wall Street.
The Assault on Wall Street Came From the Left and Right
Even though he didn’t win the nomination, Bernie Sanders has probably had more of an impact on this year’s election than any other losing candidate in history. He has led the charge again the greed and corruption with an assault on wall street and his followers bought in. During the Democratic primary, most of the attacks on Hillary Clinton were based on her close ties to Wall Street and the millions she has made in speaking fees. He has managed to pull the party and Hillary Clinton far to the left.
The Financial Crisis of 2008
Why has there been such assault on Wall Street? Wall Street is an easy an obvious target when the public is suffering. Wall Street is responsible for the Housing Market crash and the meltdown of 2008. While Wall Street firms bear some responsibility for these events, there should also be blame on the policies of the federal reserve and incredibly lax lending standards. The past eight years it can be argued that Wall Street has already paid a hefty price for the sins of 2008.
Possible Repeal of Dodd-Frank
Dodd-Frank and other financial regulation have made conducting financial services business in the US very challenging. This type of law doesn’t hurt multinational corporations, but it hurts small business. Small business is the driving engine of the economy and when access to capital is not their small business can’t grow and expand.
If politicians genuinely want to grow jobs and our economy. They will work with Wall Street and business to enact common-sense reforms. Remove stifling regulations and allow for the flow of capital so business can get moving in America again.