Aug 23, 2017

Goldman Sachs wants to leverage its White House influence

Richard Drew / AP

The Financial Times has a paywalled look at how Goldman Sachs hopes to use its clout in the Trump White House to target the Volcker rule, a regulatory hallmark of the Obama administration's efforts to prevent another Great Recession:

"The idea of banning so-called proprietary trading — conceived by former Federal Reserve chairman Paul Volcker — was a centrepiece of former president Barack Obama's efforts to build a bulwark against future crises requiring public bailouts. But the prohibition's final form, which stretched to 964 pages of regulation, has been criticised by banks as muddled and overly complex. They blame it for inhibiting market making activity that was meant to be permitted."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.

What it was like when police used tear gas to clear a path for Trump

President Trump walking back to the White House. Photo: Brendan Smialowski/AFP via Getty Images

Moments before President Trump began his Rose Garden address, a mass of law enforcement suddenly marched forward in Lafayette Park, across Pennsylvania Avenue from the White House.

Why it matters: It was a jarring scene as police in the nation's capital forcefully cleared young men and women gathered legally in a public park on a sunny evening, all of it on live television.

Trump goes full law-and-order

Photo: Tom Brenner/Reuters

President Trump's final decision to speak in the Rose Garden last evening as protests raged outside the gate was made only hours before, reflecting chaos on both sides of the fence.

Why it matters: Trump’s ultimate remarks fell where his instincts always were: blunt, brutal law and order, with extreme demonstrations of militarized “strength” and blustery threats.