2016 Postmortem
Related: About this forum"Critics say Hillary Clinton is pro-Wall Street. Her Wall Street reform plan says otherwise"
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"Critics say Hillary Clinton is pro-Wall Street. Her Wall Street reform plan says otherwise" http://www.vox.com/2015/10/8/9482521/hillary-clinton-financial-reform
Critics say Hillary Clinton is pro-Wall Street. Her Wall Street reform plan says otherwise.
Updated by Mike Konczal on October 8, 2015, 3:10 p.m. ET
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In April, amid growing speculation that she would run for president, Sen. Elizabeth Warren gave a pivotal speech titled "The Unfinished Business of Financial Reform." In it, Warren laid out what the next Democratic president could and must do to complete the task of post-crisis financial reform.
Specifically, Warren said the next presidents agenda should:
Defend Dodd-Frank against attempts to weaken or compromise it.
Scale up enforcement, investigations and convictions: "When big financial institutions are not deterred from breaking the law then thats what they will do."
"Tackle the shadow-banking sector," which created "runs and panics in the short-term debt markets that spread the contagion across the financial system."
Create a "targeted financial transactions tax."
Break up the biggest banks. First "cap the size of the biggest financial institutions," then create a new Glass-Steagall Act "that rebuilds the wall between commercial banking and investment banking."
Warren didnt wind up running for president. But her five points are a good rubric for evaluating Hillary Clintons newly released plan to tame Wall Street. Clintons agenda is a very detailed and comprehensive dive into financial reform. It is broad, covering parts of the financial markets that arent often discussed. If anything, it goes into such footnoted specifics that it can be overly wonky. But it fits into the Warren framework well enough to compare and contrast the two approaches....................
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enid602
(8,620 posts)I think the 'critics' would like to shut down Wall St. Not such a good idea, given that it's the single most important industry in the NY metro area. As Wall St. goes, so goes the economy of the East Coast. The effort should not be to dismantle Wall St., but rather to strengthen it, and make it sustainable and more transparent.
Armstead
(47,803 posts)hifiguy
(33,688 posts)I work for Safeway Stores, which was acquired by Albertsons LLC at the beginning of the year. To bless the deal, the Feds made the combined chains shed 147 stores and sell them to Haggens, a 10 store outfit in the Seattle area. The stores were sold to Haggens on 4/29, and the vast majority of them (those in CA, AZ and NV) have since closed due to horrifically high prices, lack of working capital and a bad business plan. I'd hate to be the banks who are on the hook for the $1.5B acquisition price. It just proves to me that the Feds really don't know how to break up monopolies anymore.
thesquanderer
(11,990 posts)I think BS helped push the conversation this way, but it's good that HRC rose to the occasion.
Time_Lord
(60 posts)I want a leader, not a follower!
Remember that.
artislife
(9,497 posts)Bread and Circus
(9,454 posts)Hillary's record isn't too favorable.
Scuba
(53,475 posts)hifiguy
(33,688 posts)uponit7771
(90,347 posts)Broward
(1,976 posts)hifiguy
(33,688 posts)They own her lock, stock and barrel.
uponit7771
(90,347 posts)Motown_Johnny
(22,308 posts)And she isn't for breaking up the big banks.