Wall Street Profits Just Aren’t High Enough, Darn It

It’s been ten years since Wall Street destroyed the world, and apparently that’s plenty of time for them to have learned their lesson:

Federal bank regulators on Wednesday unveiled a sweeping plan to soften the Volcker Rule, opening the door for banks to resume some trading activities restricted as part of the 2010 Dodd-Frank law. The changes would give the largest banks significant freedom to engage in more complicated — and possibly riskier — activities by largely leaving it up to Wall Street firms to determine which trading is permissible under the rule and which is not.

The Federal Reserve, along with four other regulators, took steps on Wednesday to ease several parts of the Volcker Rule, which was put in place to prevent banks from making risky bets with depositors’ money. The rule, which took the agencies more than three years to write, has been criticized by Wall Street as onerous and harmful to the proper functioning of financial markets.

My guess is that banks found the Volcker Rule onerous and harmful to their profits, and that’s about it. I haven’t noticed that financial markets in general have had any serious trouble functioning lately.

Of course, I haven’t noticed that financial sector profits are in any serious trouble either. But if you’re in the financial sector, I guess no amount of profit is ever enough.

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Truth #1: The chaos is the point.

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

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Truth #5: It's about minority rule.

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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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