Donald Trump has already gutted financial regulations such as the Dodd-Frank Act. These protections were put in place to help prevent another financial disaster such as the Great Recession of 2008. Trump and the Republican Party have also removed guidelines that force retirement fund managers to work in the best interests of their clients. These acts are a gift to Trump’s plutocrats and other gangster capitalists who he claims “can’t borrow money.” These changes will also imperil the financial safety and security of the working-class and middle-class Americans who voted for him.
Donald Trump has plans to privatize the Freddie Mae and Fannie Mac home loan programs. This would likely eliminate the 30-year home mortgage loan that is one of the primary paths to homeownership for working- and middle-class Americans. This is a direct assault on the ability of Americans who are not already rich to accrue intergenerational wealth, economic stability and upward mobility. This move will also further empower the financier and banking class that Trump disingenuously promised to rein in during his presidential campaign.
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