Michael Bloomberg on Monday told a room full of bankers, traders, and investors that financial regulation was hurting their profitability and the U.S. economy. It was crowd-pleasing, but wrong.
In a speech at the Securities Industry and Financial Markets Association’s annual conference in New York, Bloomberg criticized the Dodd-Frank financial reforms, saying, “if you reduce the risk, they can’t make the money, they can’t provide the financing that this country and world needs to create jobs and build infrastructure and all of those things.” Bloomberg’s anti-regulation comments were applauded by the crowd, BuzzFeed’s Matthew Zeitlin reported.
But have banks really stopped being able to “make the money”? The answer is clearly no: As a percentage of total U.S. profits, the financial sector has bounced back remarkably well from the crisis it caused and the recession it triggered.”* The Young Turks host Cenk Uygur breaks it down.
*Read more here:
http://www.huffingtonpost.com/2014/11/11/bank-regulation-profits_n_6140510.html