Donald Trump was blunt when he explained why he wants to gut financial regulations. So his friends can destroy the economy and get richer from doing so.In 2009, President Obama and Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the Great Recession caused by the big banks and Republican economic policies.The recession nearly collapsed the world economy because Republicans have repealed financial regulations that were put in place after the Great Depression of the 1930s to prevent such economic crises from occurring.The law prevents banks from approving loans for those who are unable to pay them back and puts restrictions on the activities of big banks so that they don t repeat the bullshit they did to get our country into such economic messes in the first place.MSN reports that Trump signed an executive order that  will effectively halt an Obama-era Labor Department rule that requires brokers to act in a client s best interest, rather than seek the highest profits for themselves, when providing retirement advice. In short, it will allow big banks to swindle people and screw Americans over in the name of profit, a practice that hurt millions of Americans during the recession.But Trump wants to keep attacking Dodd-Frank anyway because he wants to help his rich buddies. We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can t borrow money,  Trump said on Friday while during a meeting with Wall Street tycoons like Jamie Dimon of JPMorgan-Chase.  They just can t get any money because the banks just won t let them borrow it because of the rules and regulations in Dodd-Frank. Here s the video via YouTube:Again, if a bank is not letting you borrow money, it s because they have determined that you are too much of a risk.Just ask Donald Trump. He has so much trouble getting loans from banks here in the United States that he has to get loans from Deutche Bank in Germany, which has repeatedly violated Dodd-Frank regulations.Trump has repeatedly failed to pay contractors for work he has hired them to perform and his many failed business ventures over the years such as Trump Steaks and Trump Airlines has understandable caused many banks to see Trump as a risk. So if his friends are unable to get loans, it s probably because they they don t run  nice businesses  like Trump claims.When a bank loans money to people, they are risking their capital and if a person like Trump and his friends fail to pay that loan back, it doesn t just hurt the bank, it hurts customers of the bank. One bad loan could result in the bank having to shut down or pass the expense of the loss to customers to cover it.It s a shitty deal for banks and a shitty deal for people who trust their banks to protect their money.Donald Trump isn t doing what is best for the American people by attacking Dodd-Frank. He is doing favors for his wealthy friends and that is going to harm our economy and set the stage for another economic collapse that could be even worse than one President Obama helped our country recover from over the last eight years.Featured image via Win McNamee/Getty Images