2016 Postmortem
Related: About this forumRobert Reich: Bernie Sanders’ threat to break up the banks is a threat to the Democratic Party estab
Robert Reich: Bernie Sanders threat to break up the banks is a threat to the Democratic Party establishment
Robert Reich, AlterNet
11 Apr 2016 at 06:05 ET
The recent kerfluffle about Bernie Sanders purportedly not knowing how to bust up the big banks says far more about the threat Sanders poses to the Democratic establishment and its Wall Street wing than it does about the candidate himself.
Of course Sanders knows how to bust up the big banks. Hes already introduced legislation to do just that. And even without new legislation a president has the power under the Dodd-Frank reform act to initiate such a breakup.
But Sanders threatens the Democratic establishment and Wall Street, not least because hes intent on doing exactly what he says hell do: breaking up the biggest banks.
The biggest are far larger today than they were in 2008 when they were deemed too big to fail. Then, the five largest held around 30 percent of all U.S. banking assets. Today they have 44 percent.
According to a recent analysis by Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corporation, the assets of just four giant banks JPMorgan Chase, Citibank, Bank of America, and Wells Fargo amount to 97 percent of our the nations entire gross domestic product in 2012.
Which means theyre now way too big to fail. The danger to the economy isnt just their indebtedness. Its their dominance over the entire financial and economic system.
more...
http://www.rawstory.com/2016/04/robert-reich-bernie-sanders-threat-to-break-up-the-banks-is-a-threat-to-the-democratic-party-establishment/
northernsouthern
(1,511 posts)I was hoping it was another of his videos.
suffragette
(12,232 posts)merrily
(45,251 posts)ensure banks would be O.K., no matter what! Then, Hillary voted for the bailout made necessary by the the policies that her husband lobbied so hard for. What a team!
d_legendary1
(2,586 posts)That's a promise!
Todays_Illusion
(1,209 posts)voter.