This video from the USA says about itself:
Republican Tax Cuts Are Saving Banks BILLIONS
22 April 2018
Turns out the people benefiting the most from Trump’s tax cuts are the big banks! WOW!!! The former head of the Federal Reserve is now doing specter for money! Cenk Uygur, Ana Kasparian, and Nomi Prins, hosts of The Young Turks, break it down.
“Two people familiar with the events hosted by investment bank Jefferies, including the evening gathering with its chief executive Richard Handler and billionaire investors Carl Icahn and Daniel Loeb, said it was billed as Yellen’s first such engagement since leaving the Fed two months ago.
In a brief telephone interview, Yellen, who ran the U.S. central bank the last four years, confirmed she was paid and said she revealed no confidential information. ”I talked about the economy and general perspectives on monetary policy,” she told Reuters late on Wednesday, declining to say how much she earned or to provide more details.”
Read more here.
Part of Trump tax bill bonanza for the wealthy. Apple hands out $102 billion to shareholders: here.
BANKING BONANZA Congress has passed a bill that rolls back regulations adopted after the 2008 financial crisis, weakening consumer protection and “slightly” increasing the risk of another banking collapse. [HuffPost]
The Federal Reserve Board, the principal US bank regulator, approved plans Wednesday to loosen restrictions on high-risk trading conducted by the major banks, after intensive pressure by Wall Street and the Trump administration: here.
Trump was being honest when he said the poor would not gain from his tax cuts. Not sure how it works in the U.S., but the loss of federal funds might affect poorer folk at state level. Fat cats deserve fat wads!
The essence of Capitalism: The rich are getting richer. The poor were already poor. The system is not mend to solve ther problems.
Yes, with the difference that under US Republican President Eisenhower in the 1950s, the 1% richest had to pay 90% income tax …
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