The tax law will widen income inequality and encourage financial excesses by overstimulating an economy that is already nine years into a recovery. Consider the stock market, which has shot up after the tax cut was enacted; the S.&P. This was supposedly done to help smaller, community banks, but the change was so sweeping that it would leave fewer than 10 big banks under the kind of supervision many independent experts concluded was necessary after the crisis. is smaller than it was in 2008, when it nearly toppled many big banks, it is still a very big domino in the financial system. Recently Mr. Trump appointed Kathy Kraninger, who has little experience in consumer finance, as the permanent head of the bureau.

Source: New York Times August 25, 2018 18:33 UTC