Hillary Clinton
Related: About this forumWall Street is Clinton's achilles heel and for Sanders's sake it will stay that way
Interesting read from The Guardian. I am posting it here to avoid the snipers it will undoubtedly attract in GDP that will distract from its main points.
http://www.theguardian.com/money/us-money-blog/2015/dec/27/wall-street-hillary-clinton-achilles-heel-bernie-sanders?CMP=fb_gu
From the link:
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Its true that Clintons reform plan for Wall Street isnt as dramatic as that proposed by Sanders. She wants to keep the Dodd-Frank Act in place and keep funding for the Consumer Financial Protection Bureau at robust enough levels to ensure the organization is effective in fulfilling its mandate. Massachusetts senator Elizabeth Warren, who oversaw the creation of the CFPB and who has been an outspoken critic of Wall Street, hailed this and some other aspects of Clintons plans, even though the two differ on the extent to which Wall Street should be regulated.
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Clearly, aggressive risk taking by banks was a major cause of the financial crisis. But of the institutions that were most directly responsible for triggering the 2008 crisis Bear Stearns, Washington Mutual, Lehman Brothers, AIG, Fannie Mae none was a big bank created by the repeal of Glass-Steagall. They were traditional investment banks, savings and loan institutions, insurance companies and a government-backed housing finance entity.
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But its far from certain that simply restoring Glass-Steagall would be a panacea, or that failing to do so suggests that Clinton is in the bankers pockets. Indeed, Clintons plan has the virtue of stretching beyond the banks, and recognizing that real financial power on Wall Street often resides elsewhere: in the hands of hedge funds, private equity funds, offshore institutions, high-speed traders, and other kinds of trading platforms. The banks may be big and powerful, but they are the employees of these shadow institutions and individuals folks like hedge fund manager John Paulson, whose firm made $15bn and who personally made $4bn (or $10m a day) shorting mortgage securities during the financial crisis. Clintons suggestions for regulating Wall Street call for more oversight of this shadow world.
Cha
(296,778 posts)the problems.
BlueMTexpat
(15,365 posts)is complex and just using a simple meme like "Repeal Glass-Steagal" - attractive as that may sound, if it even is possible - doesn't get to the heart of it.
SunSeeker
(51,504 posts)We are faced with a complex problem that reaches far outside the big banks. Only Hillary seems to get that and has a plan to deal with it.
BlueMTexpat
(15,365 posts)A couple cylinders still haven't fired yet this am, I guess!
upaloopa
(11,417 posts)fit into a talking point campaign like Bernie has. Also his cohorts are so full of hatred toward anyone with more than they have that they aren't capable of understanding complex ideas. Just "break up the big banks" and "bring back Glass Steagal" are the limits of their thinking.
Thinkingabout
(30,058 posts)CFMA played into the financial crisis and Sanders voted for this bill which was veto proof and Bill Clinton signed the bill. Hillary also wants to invoke the Volcker rule which will break up the banks which fails and this is another of Sanders issues. I am surprised once Hillary said she wanted to invoke the Volcker rule which would break up the banks, probably he will take this stand soon.