Bank Stocks Tumble Into Red After Spicer Confirms Trump's "Commitment To Restoring Glass-Steagal"

Tyler Durden's picture

That's not what the bankers want to hear...

  • *TRUMP STILL COMMITTED TO RESTORING GLASS-STEAGALL: SPICER

Interestingly this comment comes after President Trump met with a group of community bankers...

 

And that is weghing on The Dow...

So, deregulation... after the big banks have been broken up by Glass-Steagal-lite?

That regulatory-premium in bank stocks has a long way to fall back to the curve...

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Dr. Engali's picture

I see a grassy knoll in Trump's future.

strannick's picture

Andrew Jackson's portrait is smiling  in Trump's office.

Jim Sampson's picture

I don't see him doing it.  Especially with Mnuchin (Goldman) there.

knukles's picture

Why would the DJ Industrial Index fall because of under-preforming bank stocks?
Oh, right I forgot Financial Engineering is the New America.  Make nothing and get paid well.  Just like politicians

 

californiagirl's picture

It is nice to hear that Trump still wants the change after yesterday's Ryancare regurgitation of Obamacare. 

AllTimeWhys's picture

O L D  H I C K O R Y

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GUS100CORRINA's picture

OOPS ... What are the banks going to do with 150 Trillion+ in derivatives?

I heard every BANK leader just POOP their pants.

Mr President, you are on the absolute right track.

DEATH TO THE MONEY CHANGERS!!!!

President Andrew Jackson is BACK!!!!!!!!!!!!!!!!!!!

eatthebanksters's picture

Gus, you are way to polite....the scumbags just shit themselves!  Can you imagine how Jamie Dimon must feel right now?  He's got a pile that slid down his pants leg and he's pissed.  Good for Trump, taking care of the people instead of the Establishment Elites!!  Let's have thousands of small safe neighbor hood banks like the old days.  Let's let investment bankers have their own money in deals again and no tax payer funded bailouts for fuck ups.  And let's go to everyone of those mutherfuckers involved in the 2008 meltdown and claw back all their earnings as a result of their fraudulent behavior.  If you want to package big money then syndicate it...All these big Wall Street dicks say we won't be competitive with the rest of the world...I say "FUCK YOU".  You fuckers just want the laziest and easiest path to big earnings.  They can't even make money in just 'banking' anymore.  These fuckers can't make money unless they are charging a huge fucking vig on their exotic 'derivative' deals ripping dumb fuskers off...its why they shot down the Volker act to keep price discovery from ever becoming transparent...it's so fat across the top that these companies won't ever make money the old fashioned way, they'll only succeed by continuing the criminal business models that the Oboza Admin allowed in return for billions in fines witha slap on the wrist and no admission of guilt from the TBTF banks.  Break the machine!  Rage against the machine!!

Giant Meteor's picture

Good God man,

I enjoyed reading this immensely!

All 100% percent bonafide irrefutable truth, regarding the state of financial parlor tricks a.k.a. wally street and its kin, "banking." Now about those claw backs. Of course we've been hearing this, expressing this, for quite some time. Frankly, I believe there is a much higher probability of a snowstorm in hell, in July.

To the question of derivatives.

Well someone mentioned the grassy knoll.

Derivatives implode, perhaps it all goes down. Warren Buffet'ss, weapons of financial mass destruction, and shit, he would know! If money printing as fiat (debt ) goes down, it all goes down I would think.. The swamp, in as much as the entire globe, would get filled up fast, in the ensuing  tsunami, then quickly drained as the water receded. And I am a bit conflicted on this.

Not conflicted with the good thoughts you expressed, but just, how in the world does this get done exactly?  By fiat? Decree? I mean, how would THAT heavy lift be accomplished without the spirited cooperation of the many, in this "never ending world" of corruption as we have come to know it.?

No, it would perhaps take another "2008" moment, times 2, or 100, or multiple quadrillions perhaps, before anything substantive is undertaken or adopted. ALL talk of monetary REFORM and tinkering on any margin is certainly out of the question. Glass Steagall? Too late for that I'm afraid.. although I certainly wouldn't be opposed in finding out in a real world experiment, exercise. Perhaps the mere "utterance" of the law, that Slick Will, and Phil and the rest of the banker, FIRE sector gang took out, gives the tell.

Some have postulated why who better than the don himself, to usher in the the great bankruptcy, although I've heard little of that talk lately.

The next credit implosion may indeed usher in a new dawn of Aquarius, a new age of financial engineering, barter perhaps, trading and doing things with and of actual value, and thus making contribution to individuals, communities and societies on the whole.

On the other hand, the dire straights, epic tales, and bold faced lying bullshit as late, could very well explain why all the National Security concerns and deep state paranoia. With all their creations, and such, as per wikileaks. one would think they are hastiliy making their very own preparations, for just such an occasion.

I suppose my main point is, this genie, this medusa will not be stuffed back into the bottle or beheaded without massive upset, upheavel., civil unrest etc. More than a few folks, as many folks are now finding out, will be in for a tremendous surprise when they go to collect their "retirement money" as some are already finding out.

The trouble I see with this heavy lift and also highlighting the state of our "moral" bankruptcy, we can't seem to get past, "the Russians did it" , and hell, that does not seem to me to be, very complicated at all.

 

bonderøven-farm ass's picture

The Deep State will have none of this.

 

The Wizard's picture

Duplicate what North Dakota has done. Give power back to the states with state banks.

 

Jim Sampson's picture

I'm willing to give my seed to Ivanka but that aint happening.

californiagirl's picture

Congress will be the roadblock. I am waiting to see if Elizabeth Warren shows her hypocritic colors, or if she actually supports this one.

Mnuchin also used to work for Soros, so he knows how that guy operates.  Trump must have discussed Glass-Stegall with him before making his selection.  But, then again, he wanted Jamie Dimon so perhaps he does not really care about Glass-Stegall. 

I am also waiting to hear about fixing the Commodities Futures Modernization Act. 

Vullsain's picture

Hey you just beat me to the waiting for Elizabeth Warren response!!!! 

Vullsain's picture

Will Elizabeth Warren flip flop on this one cuz Trump.  Like when Krugman all of the sudden became concerned about the quality of infrastructure spending. Pathetic hypocrits who fawned over the Enchated POTUS Obama the pawn of the Banksters.

eatthebanksters's picture

Haven't heard much from Krugman, have we?  I used too think he was MDB.  Come to think of it ever since rump called out Barry of the wiretapping  and spying we haven't heard shit from Pelosi, Schumer or that rock for brains Maxine.  They were all in the middle of the Russian collusion narrative and are now trying to save their asses when the investigation finds them guilty of conspiring to rig an election, undermine the government and leaking state secrets...MOAR Popcorn!!

nmewn's picture

Yezzz, a big ole shit eating grin...its there for a reason  ;-)

PopTheBear's picture

This is just a ploy to get them to bribe him better. I wonder how much market value he erased by this. He's showing the banksters he wants a piece or the Dow gets it.

Dewey Cheatum and Howe's picture

most likely. its one thing to piss off the intel community(didn't work for Jack Kennedy). But taking the hookers and blow from the banksters, will probably mean a quick exit for Mr President.

carbonmutant's picture

This Trump's Bank Stick... I wonder what the carrot is?

Meatballs's picture

lmao. And that ain't the only reason...

Miss Expectations's picture

Here's a comprehensive and dire update on the Oroville Dam:
https://www.youtube.com/watch?v=KemwktcHOrk

Nobodys Home's picture

Restoring Glass Steagal would be most excellent.

TroyAndAbed's picture

All we are is dust in the wind dude.

adr's picture

posted it before me.

DO IT NOW!!!!!!!!!!

Go on the monopoly busting warpath.

Actually all you have to do is reinstate mark to market and change inventories back to a liability, and POOF the DOW is gone. We'll be below 5000 points in weeks.

LetThemEatRand's picture

Way to go Trump!  A few more headlines like this and maybe I'll rethink my view that you're the latest puppet.

Doom Porn Star's picture

1. Glass-Steagal re-instatement and enforcement for the financials/banking

2. Sherman and Clayton Acts enforcement for the medicals/pharma

3. Reelcted by a landslide.

We Are The Priests's picture

Hmmm...Wasn't there a President who got himself killed after talking smack that the Banksters didn't like?

adr's picture

Well, Trump hasn't exactly said he would have the treasury issue US bank notes yet.

You don't get grassy knolled until you shut off the Jewbucks.

blindfaith's picture

 

 

You mean Jesus?  The bankers turned the Temple into a loan shark tank, so nothing changes ust the names of the dead who tried to stop them.

God's chosen people is what we are told to believe.

Raffie's picture

Cockroaches HATE the light for sure.

Turn on the light and watch them scatter and look for a hiding place.

scv's picture

FUCK wall street

punk ass bitches

 

should we shut that fucking place down again?

 

fuck them

 

 

fuck all of them!

 

 

 

where is the fiucking tax cut!

 

 

 

TeethVillage88s's picture

But Rome was Destroyed this way.

What about the metaphorical Alamo known as Rome?

- Usury
- Corruption
- Immigrants not integrating
- Property Ownership falling into few hands
- Wealth dominated the Laws & Senate and was unequally distributed
- Bankers must have been at work in old Rome
- Lobbying, Petitioning, Tributes, Bribes
- Currency Debasement
- Weakness in the Establishment where it should not have been weak
- Multi-Culturalism, Multi-Cultural Society

Son of Captain Nemo's picture

We'll have an investigation of 9/11 before Glass-Steagal is reactivated!

dogmete's picture

Trump actually could get this passed through congress if he was taken halfway seriously as a president. The people would be squarely behind him. He likely won't get it done because he's totally not focused and doesn't really care about this anyway.

tion's picture

Not focused? How long has the man been in office? We have a workaholic as our President now, he will get much done. But surely the media will continue to spend the next eight years painting him as a clown. Please understand that the people ridiculing him the most DO take him very seriously, they just don't want YOU to. Because if the people unite to bring about real change, many of these snake in the grass types will get blown out.

scv's picture

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adr's picture

You forgot in the ass with a razor tipped baseball bat followed by a lemon juice enema.

Dr. Engali's picture

Calm down there partner. That vein on your forehead is about to explode. 

GUS100CORRINA's picture

I guess someone peed in your cheerios this morning.

That is too bad, I hope you are all right.

raeb's picture

Wish I had a dollar for every time I have seen those words on ZH.  I could give Trump a run for his money.

timehill's picture

Thank the Lord!  FINALLY reason has come to DC.

Traditional banks should not, nor ever, be allowed to co-mingle funds for proprietary trading!

 

ManofSorrows's picture

That's not what the bankers want to hear...

But that's what the people want to hear!!!

OccamsCrazor's picture

Well Banksters, isn't that just TOO FUCKING BAD ! 

Batman11's picture

2008 was easy to see, it’s just no one understand how money works today.

This is the build up to 2008 that can be seen in the money supply (money = debt):

http://www.whichwayhome.com/skin/frontend/default/wwgcomcatalogarticles/images/articles/whichwayhomes/US-money-supply.jpg

Everything is reflected in the money supply.

The money supply is flat in the recession of the early 1990s.

Then it really starts to take off as the dot.com boom gets going which rapidly morphs into the US housing boom, courtesy of Alan Greenspan’s loose monetary policy.

When M3 gets closer to the vertical, the black swan is coming and you have an out of control credit bubble on your hands (money = debt).

The theory, which relies on understanding money and debt.

Irving Fisher produced the theory of debt deflation in the 1930s.

Hyman Minsky carried on with his work and came up with the “Financial instability Hypothesis” in 1974.

Steve Keen carried on with their work and spotted 2008 coming in 2005.

You can see what Steve Keen saw in the graph above, it’s impossible to miss when you know what you are looking for.

The hidden secret of money.

Money = Debt

Money is created from loans and destroyed by the repayment of those loans.

https://goldsilver.com/hidden-secrets/episode-4/ 

From the BoE if you don’t believe it:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf

If you paid off all the debt there would be no money.

Money and debt are opposite side of the same coin, matter and anti-matter.

The money supply reflects debt/credit bubbles.

Japan – 1989, US – 2008, Ireland, Spain, mortgage lending into real estate.

US – 1929 margin lending into us stocks.

Debt inflated asset bubbles, they are all the same.

Norway, Sweden, Canada and Australia – too late now.

The BoE:

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf

The BoE have made a mistake.

“Although commercial banks create money through lending, they cannot do so freely without limit. Banks are limited in how much they can lend if they are to remain profitable in a competitive banking system.”

The limit for money creation holds true when banks keep the debt they issue on their own books.

The BoE’s statement was true, but is not true now as banks can securitize bad loans and get them off their books.

Before 2008, banks were securitising all the garbage sub-prime mortgages, e.g. NINJA mortgages, and getting them off their books.

Money is being created freely and without limit, M3 is going exponential before 2008.

WITHOUT GLASS-STEAGALL BANKERS BLOW THE GLOBAL ECONOMY UP IN 2008.