Look out Paul Krugman: Elizabeth Warren slams “revisionist history”

[pdsimdars]

Look out Paul Krugman: Elizabeth Warren slams “revisionist history” after report finds Wall Street still too-big-to-fail

Without ever mentioning his name, Warren takes down Krugman's latest NYT column on the root of the 2008 collapse

In his New York Times column on Friday, economist Paul Krugman argued that Democratic presidential candidate Bernie Sanders’ rhetoric on Wall Street banks “misses the point,” claiming that the 2008 financial “crisis itself was centered not on big banks but on ‘shadow banks’ like Lehman Brothers that weren’t necessarily that big”

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But on Wednesday, news broke that five of the nation’s biggest banks failed a mandatory “stress test,” rendering them all “too big to fail” years after legislation was passed to pare these banking giants to a size whereby an individual bank’s failure would not wreck the entire industry or worst yet, the global economy.

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Reacting to this news on Wednesday, Massachusetts Senator Elizabeth Warren appeared to take a veiled swipe at Krugman’s assessment that the shadow banking industry

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“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, seemingly referring to Krugman as Huffington Post’s Zach Carter first noted. “Wall Street lobbyists have tried to deflect blame for years. But the claim is absolutely untrue,” Warren said, arguing that “there would have been no crisis without these giant banks.”

“Today, our top regulators warned us about the danger of the biggest banks – and we would be foolish to ignore their warnings”:

Eight years ago, Too Big to Fail banks sparked a financial meltdown, then sucked up hundreds of billions of dollars in taxpayer bailouts. Today, 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 US banks are large enough that any one of them could crash the economy again if they started to fail and were not bailed out.



http://www.salon.com/2016/04/14/watch_out_paul_krugman_elizabeth_warren_slams_revisionist_history_on_the_financial_collapse/

[speaktruthtopower]

1. Exaggerated Business Cycles lead to dangerous consolidation..

like family farms being bought on the cheap in the 30s by conglomerates.

[pdsimdars]

2. They're buying them right now too.

[Rebkeh]

3. I can't wait to vote for her someday nt