I don't think Sanders actually knows what Wall Street is.

[hill2016]

I doubt many people here either.

Does he think that the only thing banks do are credit card and mortgages? Clinton tried to tell him that Glass-Steagall would not have covered AIG and Lehman Brothers.

Why is their business model "Fraud"?

[Avalux]

1. Oh yes, we're all stupid and so is Bernie. n/t

[hill2016]

2. sure

so what exactly does Wall Street do? Why is their business model fraud?

[Avalux]

4. What I heard is that Hillary DOES NOT support re-instating Glass-Steagall.

That's all I need to know.

Do you think her son-in-law is pissed she's going to come down hard on hedge funds?

[hill2016]

6. huh?

She said that Glass-Steagall wouldn't have helped on AIG and Lehman and she wants to take a holistic approach, broader than Glass-Steagall.

Did you miss that part?

[Avalux]

7. Awww...you still haven't figured it out, have you?

Hillary's 'holistic approach' is nothing more than empty words. I'm sorry you're behind the curve.

[hill2016]

8. sorry

so you don't have a substantive response do you?

[Avalux]

9. About what? I don't bite bait. n/t

[Fawke Em]

31. No, it wouldn't have - because it had been gone for so long

at that point.

What "holistic" approach does she want?

Did you miss that part?

[Mnpaul]

17. Their mortgage based derivatives were wide scale fraud

and the government made them take back their fraudulent crap from Fannie/Freddie. Minus the bogus crap from Wall St., Freddie/Fannie are now in the black. They were lucky, many didn't get their money back.

[hill2016]

18. so

who were the mortgages originated and serviced by?

Not Wall Street.

[Mnpaul]

20. Countrywide

which immediately sold them to Wall St. Crap mortgages were packaged as AAA and sold to investors.

[hill2016]

23. so the bogus stuff

was originated by Countrywide (and other originators)? How was that Wall Street's fault?

[Mnpaul]

24. Wall St. sold them as AAA based derivatives

a sure bet. They were not. They were based on subprime loans. They ran out of prime loans to package in 2005 so they took what they could get.

[hill2016]

27. yeah well

the AAA derivatives were over-collaterialized. Should have been safe. None of the models took into account a -40% HPA.

[LSK]

32. I paid my mortgage to CitiMortgage for quite a long time, that is WALL STREET

[putitinD]

3. Hillary is probably getting her answers fed to her from wall street.

[840high]

55. Tonight she'll report back to them.

[bravenak]

5. Serious. He sounds stuck in a loop.

[DURHAM D]

13. O'M and BS are both stuck in the 1990s.

Kind of pathetic.

[bravenak]

14. I'd say 60's for the one and 90's for the other.

[bettyellen]

10. I'm surprised that people think ONLY the WTC was damaged that day. Ignorant.

[Historic NY]

37. The financial district of the World was effectively out of business....

it took several years before things got straightened up. One entire area over near Pearl Street was virtually w/o people, office buildings abandoned. I walked the streets many times shuffling through stuff that lined the curbs and cover the fronts of buildings. The first people to actually repopulate the are were young people from various colleges that bought up the office suites for dorms. I was blown away all of them in the area.

[bettyellen]

39. So many thousand businesses below Canal St- many of them small were decimated...

many larger firms left NYC for good. It was devastating for many people. So ignorant to assume everyone working down there is a six figure banker.

[Historic NY]

53. Exactly, we would drive down there from upstate to patronize the coffee shops, or sandwich places..

and even Fraunces Tavern. They were happy to see us. Spent a lot of time walking those desolate streets. We would go do shows for the museums so they could have a couple good days to attract people.

[bettyellen]

54. Yep, for the first time in my life I missed the tourists. Took a long time to get them back.

Outside of NYC it seems, many have no idea it effected the entire city in very significant ways. I got what she was saying about NYers supporting her. She worked hard for NYC.

[Gman]

11. Hillary was right too

[Fearless]

26. She was certainly on the "right"

[earthside]

12. Bottom line ...

Clinton stands foursquare with the Repugicans against reintroducing Glass-Steagall.

By the way, Sanders seems to be dominating this 'debate'.

[PowerToThePeople]

15. Their business model is fraud.

Banks, wallstreet, and insurance industry are all just hucksters.

[PosterChild]

45. If it weren't for those hucksters....

.... our economy would be limited to banging rocks together an poking at the ground with sticks. America's financial industry is one off our great assets in the world economy and we would be an impoverished backwater without it

[PowerToThePeople]

46. ...

[PosterChild]

52. I like your reply . ...

... just as cognizant and informed as your comment

[MFrohike]

16. She's right but wrong

Glass-Steagall would not have directly applied to Lehman or AIG. It would have prevented banks like Wachovia or WaMu from securitizing their own loan pools. Without those securitizations, AIG wouldn't have been in trouble for taking sucker bets on MBS CDS. Without those banks (and others) making a secondary market possible, Lehman would have had trouble failing because they wouldn't have had the chance to leverage themselves so hightly.

Glass-Steagall isn't meant to be a magic wand that fixes everything. It's meant to put a firewall between the Treasury and bad bets made by bankers.

As for fraud, I recommend William Black of UMKC. He's the foremost authority on financial fraud in America today. Sanders is likely familiar with him since he hired Black's colleague, Stephanie Kelton, to be the chief minority economist for the Senate Budget Committee.

[Mnpaul]

19. without the CFMA Act(which passsed at the same time)

AIG wouldn't have been able to take those sucker bets. The CFMA gave them an exemption from New York's gambling laws.

[Thinkingabout]

21. Is Sanders going to say he voted for the Commodities Futures Modifications Act which played a big

Part in the financial crisis. He needs to be honest.

[Rosa Luxemburg]

22. obviously you are naive?

[Fearless]

25. Best joke I've heard all night! Would you like a few more straws to grasp at??

[hill2016]

29. do you actually

have a substantive response?

Do you know what exactly is Wall Street?

[Fearless]

33. Do you know how to ask actual questions?

Both "questions" you've just asked me can only be adequately responded to by your point of view. That's not a question, it's a direction, and I take no direction from you or Hillary Clinton.

[hill2016]

47. so

basically you don't really have a reply?

[Fearless]

49. A reply to nonsense? There is no reply to nonsense except to shake your head

And go find the people who know what they're talking about.

[hill2016]

50. I would advise you to stay away from Sanders though

He has no idea what he's talking about as Clinton schooled him today.

[Fearless]

51. Like I said, you have no idea what you're talking about.

And you are horrifically biased. Citing your screen name and your icon. It's clear you have an agenda. I have no interest in talking to someone who clearly has no grasp on what actually happened tonight.

[LSK]

28. Did you miss the whole derivatives housing crash thing???

[hill2016]

30. as Hillary explained

AIG and Lehman wouldn't have been stopped by Glass-Steagall.

[Fearless]

35. You really don't know how Wall St. works do you?

[LSK]

36. seperating savings and loans from risky business aka derivatives would have prevented a lot

[mmonk]

34. I'm pretty sure now Clinton supporters

don't understand what happened back in 2008 much less what derivatives and collateralized debt obligations are nor about the fraudulent AAA ratings.

[hill2016]

41. and how much are you willing

to bet on that?

I have right in front of me two books called "Credit Derivatives CDOs & Structured Credit Products" and "Securitization The Financial Instrument of the Future".

[Avalux]

42. Now I understand your support of Hillary. n/t

[PosterChild]

48. But do you understand wall street ? Nt

[DianeK]

38. that is actually hilarious!

of all people in our great country...Bernie Sanders understands more how Wall Street operates over anyone else..bar none! are you serious? if you are seriously asking this question then you just do not know!

[hill2016]

40. the answer he gave on national tv

shows he clearly doesn't know what Wall Street does.

Clinton was trying to tell him (AIG and Lehman would not have been impacted by Glass-Steagal).

[DianeK]

43. you are showing your age

so educate yourself before responding to what you do not understand, perhaps

[hill2016]

44. I'm guessing

you don't know what Wall Street is either, so how can you tell that Sanders is the greatest expert on Wall Street ever?

[840high]

57. Obviously you don't. What a waste

reading this op.

[hill2016]

58. i think

i have a much better idea than you

[840high]

56. go read your 2 books