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The Market Is Going to Test Obama’s Legacy on Wall Street Bank Reform

Courtesy of Pam Martens

Dow Jones Industrial Average From Record High on January 26, 2018 Versus Goldman Sachs (blue line) and Citigroup (orange line)

Dow Jones Industrial Average (green line) From Record High on January 26, 2018 Versus Goldman Sachs (blue line) and Citigroup (orange line)

By Pam Martens and Russ Martens

On January 26 of this year, the Dow Jones Industrial Average set a record high of 26,616.71. It has been backing and filling since then but the trend line has been decidedly down. Yesterday, the Dow closed at 23,930.15 – almost 2700 points lower than its high set in January, despite the passage of a massive corporate welfare tax cut and hundreds of billions of dollars in announced stock buybacks. (Just this week, Dow component Apple announced it would be implementing a new $100 billion share repurchase program.)

Yesterday, the Dow closed just barely in positive territory after having been down almost 400 points intraday. But, notably, big Wall Street bank stocks such as JPMorgan Chase, Citigroup, Goldman Sachs, Bank of America and Morgan Stanley all closed the day in the red. These banks share a common feature – and risk – together they control the vast majority of derivatives traded in the U.S. while also owning commercial banks holding insured deposits – the combustible mixture that the Dodd Frank financial reform legislation of 2010 was supposed to correct, but didn’t.                                        

President Obama Calls Surprise Meeting With Financial Stability Oversight Council Members

President Obama Holds Press Conference With Financial Stability Oversight Council Members on March 7, 2016 and Falsely Declares that Vast Majority of Derivatives Are Being Cleared in Clearinghouses

For us here at Wall Street On Parade, the most troubling day of Barack Obama’s presidency came at a March 7, 2016 press conference when he told what we documented to be a monster lie to the American people. Worse yet, his Wall Street regulators who flanked him at this press conference undoubtedly knew that what the President was saying was light years away from the truth, and yet, they remained silent.

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