Why Do Republicans Want to Unregulate Wall Street?

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I understand why Republicans want to repeal Obamacare. I understand why they want to cut taxes on the rich. I understand why they want to slash social welfare programs for the poor. I may not like it, but I mostly understand it.

But why do they want to repeal the Dodd-Frank financial reform bill? Their base doesn’t care about it. The banking industry is fighting over the details but seems mostly willing to live with it. Credit unions and small banks want relief from certain parts of the law, but that’s a fairly limited thing.

So what’s the point? Republicans would like to get rid of the Consumer Finance Protection Bureau because they historically hate consumer protection. That much I get. But why get rid of OLA, the provision that helps regulators perform an orderly liquidation of a big bank like Lehman Brothers? Why get rid of the provision that allows extra scrutiny and tighter rules for “systemically important” banks? Why exactly are Republicans opposed to that?

I’m sort of mystified about this. I mean, sure, these provisions are (a) regulations, (b) Democratic regulations, and (c) Democratic regulations on rich people. I guess that’s enough. But who’s pressing them on this stuff? It’s crazy on the face of it. The 2008 meltdown happened less than a decade ago. Why would even a Republican be opposed to raising capital requirements on big banks and insisting that the financial industry pay for any future bailouts?

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Truth #1: The chaos is the point.

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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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