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2016 Postmortem
Related: About this forumECONOMISTS AND FINANCIAL EXPERTS IN FAVOR OF SEN. SANDERS’ WALL ST. REFORMS
https://berniesanders.com/wp-content/uploads/2016/01/Wall-St-Letter-1.pdfECONOMISTS AND FINANCIAL EXPERTS IN FAVOR OF SEN. SANDERS WALL ST. REFORMS
In our view, Sen. Bernie Sanders plan for comprehensive financial reform is critical for avoiding another too-big-to-fail financial crisis. The Senator is correct that the biggest banks must be broken up and that a new 21st Century Glass-Steagall Act, separating investment from commercial banking, must be enacted.
Wall Streets largest banks are now far bigger than they were before the crisis, and they still have every incentive to take excessive risks. No major Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash, and fines imposed on the banks have been only a fraction of the banks potential gains. In addition, the banks and their lobbyists have succeeded in watering down the Dodd-Frank reform legislation, and the financial institutions that pose the greatest risk to our economy have still not devised sufficient living wills for winding down their operations in the event of another crisis.
Secretary Hillary Clintons more modest proposals do not go far enough. They call for a bit more oversight and a few new charges on shadow banking activity, but they leave intact the titanic financial conglomerates that practice most shadow banking. As a result, her plan does not adequately reduce the serious risks our financial system poses to the American economy and to individual Americans. Given the size and political power of Wall Street, her proposals would only invite more dilution and finagle.
The only way to contain Wall Streets excesses is with reforms sufficiently bold and public they cant be watered down. Thats why we support Senator Sanderss plans for busting up the biggest banks and resurrecting a modernized version of Glass- Steagall.
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ECONOMISTS AND FINANCIAL EXPERTS IN FAVOR OF SEN. SANDERS’ WALL ST. REFORMS (Original Post)
tk2kewl
Mar 2016
OP
Bayard
(22,075 posts)1. Excellent
No one can seriously think Hillary is going to push any banking reform when she's in their pockets.
Ferd Berfel
(3,687 posts)3. THe problem is that Hillary supporters don't care about this
Ferd Berfel
(3,687 posts)2. Then there's this too.....
http://www.democraticunderground.com/12511032322
170 Top Economists endorse the Sanders Wall Street Reform Plan
170 Top Economists endorse the Sanders Wall Street Reform Plan
tk2kewl
(18,133 posts)4. Same list I think
jillan
(39,451 posts)5. Another broken kitchen sink.