that October day when Marty Bannon panicked and took Jim Cramer’s advice from the TV and sold his AT&T stock, was when Steve Bannon had an epiphany: “Everything since then has come from there,” he said.
This could be Sen. Bernie Sanders speaking. This could be the indignant writers of the 2015 movie “The Big Short,” which ended by noting that almost no one went to jail for the giant scam. I also think of New York City cab drivers, many of them immigrants, who leveraged themselves for three generations to buy a cab and now have had their investment gutted by Uber. This is the human cost of disruption, which, if you don’t happen to be poor and drive a cab, is supposedly a wonderful thing.
If his father got fleeced, if “nobody [was] held accountable,” how can the remedy be less regulation? If Wall Street picked his old man’s pocket, why has President Trump appointed tycoon after tycoon who think the fairest tax is none at all and, in some cases, got immensely rich by collapsing companies and squeezing employees?.. But the Trump administration is not for new laws and tighter regulation. It wants to roll back the Dodd-Frank financial reform, which, among other things, created the Consumer Financial Protection Bureau.. But Bannon’s “administrative state” boogeyman is not what flattened his father’s nest egg. It was not excessive regulation that fleeced his father
Trump, Working-Class Zero
It is surpassingly strange that the president would not simply pick up the phone and call his intelligence chiefs before spitting out an inflammatory accusation with no proof, just as it was bizarre that Trump shrugged off the regular intelligence briefings after he was elected. He preferred living in his own warped world.
.. Even though one son, Steve, was a banker at Goldman Sachs and another son had an investment background, Marty Bannon did not consult them or a financial adviser until the sale was completed.
He preferred, like Trump, to get crucial information from TV pundits and eschew the experts in his own circle who might have told him that selling during panics is not wise and that having one stock in an undiversified portfolio is not smart.