The man who had to say 'sorry' to Congress in 2010 for multi-billion dollar losses is the same man being appointed to oversee economic policy in Trump's cabinet

Boom and bust economic theory suggests that, however we regulate banks, we should expect another financial crisis in the near future. With Goldman Sachs president and COO as the new national economic council director under Donald Trump, that theory might materialise a lot quicker.

Besides the anti-gay, anti-women, anti-Jewish, anti-Muslim men and women that are already in the cabinet of hell, Mr Trump has just appointed one of the most powerful men on Wall Street and a key architect of the 2008 financial crisis.

Pinning blame for the world’s financial crisis of 2008 on one man or one bank would not be fair, but Gary Cohn and his entourage at Goldman Sachs is a good place to start.

Goldman Sachs president expected to be economic council director
What is indisputable is the root of the crash: the systemic mis-selling of risky assets from banks to consumers. Sub-prime mortgages were handed out like free candy on Halloween. And when consumers started defaulting like a pack of lemmings throwing themselves off a cliff, banks were swirling overhead like vultures. But before long, banks crashed too, ultimately leading to global instability and the destruction of people's livelihoods.

Mr Trump said he wanted to "drain the swamp" of Washington DC.

So why did he hire someone who is second in command at one of the biggest Wall Street banks and who is known for his "abrasive" management style and his appetite for taking financial risks?

The bank that he built up lost billions of dollars during the crisis, and $1.2 billion of that was lost from the residential mortgage business alone - a section of the business he had pushed to expand before 2008.

Originally posted by superglowy

Is this like a cry for help? He honestly picks the polar opposite of the type of person who should be in the role.