Sander's Stance on Big Banks Endorsed By Warren As She Shuts Down Krugman's Big Bank NONSENSE!

[berni_mccoy]

http://www.huffingtonpost.com/entry/elizabeth-warren-big-banks_us_570ea9d6e4b03d8b7b9f52aa

Elizabeth Warren Has Basically Had It With Paul Krugman’s Big Bank Nonsense

WASHINGTON — Sen. Elizabeth Warren (D-Mass.) appeared to offer a thinly veiled rebuke of liberal economist Paul Krugman on Wednesday by highlighting a “scary” too-big-to-fail ruling from federal bank regulators.

The Federal Reserve and the FDIC said Wednesday that five of the biggest banks in the country cannot credibly be unwound safely without bailout money from taxpayers.

“This announcement is a very big deal. It’s scary,” Warren said in a written statement. “After an extensive, multi-year review process, federal regulators concluded that five of the country’s biggest banks are still — literally — too big to fail. They officially determined that five U.S. banks are large enough that any one of them could crash the economy again if they started to fail and were not bailed out.”

The banks — Bank of America, Wells Fargo, JPMorgan Chase, State Street and Bank of New York Mellon — were all given until Oct. 1 to present more credible plans for how they’d enter bankruptcy, or face penalties from regulators. If they continue to fail to present credible “living wills,” regulators will eventually be required to break them up.

But Warren directed her sharpest words at an unnamed set of people who have recently downplayed the role of big banks in the financial crisis and questioned the value of breaking up big banks — an apparent reference to the Nobel Prize-winning Krugman.

“There’s been a lot of revisionist history floating around lately that the Too Big to Fail banks weren’t really responsible for the financial crisis,” Warren said. That talk isn’t new. Wall Street lobbyists have tried to deflect blame for years. But the claim is absolutely untrue.”

I think we all know who those unnamed people are who've been downplaying the role of big banks in the Financial Crisis!

[snagglepuss]

1. knr

[Buzz Clik]

2. Actually, she never mentioned Krugman.

[berni_mccoy]

4. It's clear she was calling him a revisionist as her statement was in reference to his latest

Article claiming the banks weren't big enough to cause a problem.

[AzDar]

3. K & R

[BernieforPres2016]

5. I've got a simple way to break up the TBTF banks

Draft and pass legislation that mandates that the CEO, CFO and every member of the bank's Board of Directors will be charged with and go to trial for gross negligence should their bank have to be bailed out, with a mandatory minimum sentence of 20 years in federal prison and a fine of $10 million or their last 5 years of total compensation, whichever is most, if found guilty. The TBTF banks would immediately start breaking themselves up.

[TheDormouse]

8. pass such legislation? u said "simple" lololol

Never in a hundred million years.

[TheDormouse]

6. "eventually be required to break them up"--Not if Hillary gets elected

Hillary and the Wall Street types she intends to appoint to the cabinet & federal agencies have NO intention of breaking up no banks.

[Uncle Joe]

7. Kicked and recommended.

Thanks for the thread, berni_mccoy.

[wezl]

9. k & r

Thanks for posting

[Faux pas]

10. K N R-ed

[Tierra_y_Libertad]

11. The issue which has swept down the centuries and which will have to be fought sooner or later

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. Lord Acton