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Tue Jan 5, 2016, 05:10 PM Jan 2016
Greed, fraud, dishonesty, and arrogance
Last edited Tue Jan 5, 2016, 08:39 PM - Edit history (2)https://go.berniesanders.com/page/s/wall-street?source=em160105
Greed, fraud, dishonesty, and arrogance: these are the words that best describe the reality of Wall Street today.
We can no longer tolerate an economy and a political system that have been rigged by Wall Street to benefit the wealthiest Americans in this country at the expense of everyone else. While President Obama deserves credit for getting this economy back on track after the Wall Street crash, the reality is there is a lot of unfinished business.
That's why today in New York City I announced my plan for taking on Wall Street. We must break up the banks, end their casino-style gambling, and fundamentally change the approach of the financial industry to focus on helping the American people.
To those on Wall Street, let me be very clear. Greed is not good. In fact, the greed of Wall Street and corporate America is destroying the fabric of our nation. And here is a promise I will make as president: If Wall Street does not end its greed, we will end it for them.
As most people know, in the 1990s and later, financial interests spent billions of dollars in lobbying and campaign contributions to force through Congress the deregulation of Wall Street, the repeal of the Glass-Steagall Act, and the weakening of consumer protection laws.
They paid this money to show the American people all that they could do with that freedom. Well, they sure showed the American people. In 2008, the greed, recklessness, and illegal behavior on Wall Street nearly destroyed the U.S. and global economy. Millions of Americans lost their jobs, their homes, and their life savings.
Meanwhile, the American middle class continues to disappear, poverty is increasing, and the gap between the very rich and everyone else is growing wider and wider by the day. But the American people are catching on. They also know that a handful of people on Wall Street have extraordinary power over the economic and political life of our country.
We must act now to change that. Our goal must be to create a financial system and an economy that works for all Americans, not just a handful of billionaires.
There are eight points to my plan, and I want to go through each of them here because I think it's important for our campaign to discuss specific policies with our supporters. Some of this may seem a little in the weeds, but I trust our supporters to be able to handle this kind of policy discussion.
Here's my plan for what I will do with Wall Street when I am president:
Break up huge financial institutions in the first year of my administration. Within the first 100 days of my administration, I will require the Secretary of the Treasury to establish a Too Big to Fail list of commercial banks, shadow banks, and insurance companies whose failure would pose a catastrophic risk to the U.S. economy without a taxpayer bailout. Within one year, my administration will break these institutions up so that they no longer pose a grave threat to the economy.
Reinstate a 21st Century Glass-Steagall Act to clearly separate traditional banking from risky investment banking and insurance services. It is not enough to tell Wall Street to "cut it out," propose a few new rules and slap on some fines. Under my administration, financial institutions will no longer be too big to fail or too big to manage. Wall Street cannot continue to be an island unto itself, gambling trillions in risky financial instruments. If an institution is too big to fail, it is too big to exist.
End too-big-to-jail. We live in a country today that has an economy that is rigged, a campaign finance system which is corrupt, and a criminal justice system which often does not dispense justice. The average American sees kids being arrested and sometimes even jailed for possessing marijuana. But when it comes to Wall Street executives some of the most wealthy and powerful people in this country whose illegal behavior hurt millions of Americans somehow nothing happens to them. No jail time. No police record. No justice.
Not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy. That will change under my administration. Equal Justice Under Law will not just be words engraved on the entrance of the Supreme Court. It will be the standard that applies to Wall Street and all Americans.
Establish a tax on Wall Street to discourage reckless gambling and encourage productive investments in the job-creating economy. We will use the revenue from this tax to make public colleges and universities tuition free. During the financial crisis, the middle class of this country bailed out Wall Street. Now, its Wall Streets turn to help the middle class.
Cap Credit Card Interest Rates and ATM Fees. We have got to stop financial institutions from ripping off the American people by charging sky-high interest rates and outrageous fees. In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM. And it is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent.
The Bible has a term for this practice. It's called usury. And in The Divine Comedy, Dante reserved a special place in the Seventh Circle of Hell for sinners who charged people usurious interest rates. Today, we don't need the hellfire and the pitchforks, we don't need the rivers of boiling blood, but we do need a national usury law.
We need to cap interest rates on credit cards and consumer loans at 15 percent. I would also cap ATM fees at $2.
Allow Post Offices to Offer Banking Services. We also need to give Americans affordable banking options. The reality is that, unbelievably, millions of low-income Americans live in communities where there are no normal banking services. Today, if you live in a low-income community and you need to cash a check or get a loan to pay for a car repair or a medical emergency, where do you go? You go to a payday lender who could charge an interest rate of over 300 percent and trap you into a vicious cycle of debt. That is unacceptable.
We need to stop payday lenders from ripping off millions of Americans. Post offices exist in almost every community in our country. One important way to provide decent banking opportunities for low-income communities is to allow the U.S. Postal Service to engage in basic banking services, and that's what I will fight for.
Reform Credit Rating Agencies. We cannot have a safe and sound financial system if we cannot trust the credit agencies to accurately rate financial products. The only way we can restore that trust is to make sure credit rating agencies cannot make a profit from Wall Street. Under my administration, we will turn for-profit credit rating agencies into non-profit institutions, independent from Wall Street. No longer will Wall Street be able to pick and choose which credit agency will rate their products.
Reform the Federal Reserve. We need to structurally reform the Federal Reserve to make it a more democratic institution responsive to the needs of ordinary Americans, not just the billionaires on Wall Street. It is unacceptable that the Federal Reserve has been hijacked by the very bankers it is in charge of regulating. When Wall Street was on the verge of collapse, the Federal Reserve acted with a fierce sense of urgency to save the financial system. We need the Fed to act with the same boldness to combat the unemployment crisis and fulfill its full employment mandate.
So my message to you is straightforward: Ill rein in Wall Street's reckless behavior so they cant crash our economy again.
Will Wall Street like me? No. Will they begin to play by the rules if Im president? You better believe it.
No president alone, not Bernie Sanders or anyone else, can effectively address the crises facing the working families of this country without a powerful grassroots movement. When we stand together, there is nothing we cannot accomplish.
Thank you for standing with me.
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Greed, fraud, dishonesty, and arrogance (Original Post) PowerToThePeople Jan 2016 OP
This is a plan I can support with my heart and Liberal Soul! bvar22 Jan 2016 #1
It will be interesting to see the M$M completely ignore todays speech. It wont matter tho and I litlbilly Jan 2016 #2
Bernie never just dips his toe into the water to test things. He's got his policies and just litlbilly Jan 2016 #3
Listening to him right now. Paka Jan 2016 #4
HUGE K & R !!! - Thank You !!! WillyT Jan 2016 #5
K&R CharlotteVale Jan 2016 #6
Kicked and recommended. Uncle Joe Jan 2016 #7
Music to my ears. ChazInAz Jan 2016 #8
Feeling the Bern libodem Jan 2016 #9
Bernie has to win...just has to passiveporcupine Jan 2016 #10
Not only is this a good plan, but I trust the guy behind it. Scuba Jan 2016 #11
Let's make this speech go viral!! If the American people hear his Douglas Carpenter Jan 2016 #12
2. It will be interesting to see the M$M completely ignore todays speech. It wont matter tho and I
Reply to bvar22 (Reply #1)
Tue Jan 5, 2016, 06:33 PM
think they know it.
3. Bernie never just dips his toe into the water to test things. He's got his policies and just
Reply to litlbilly (Reply #2)
Tue Jan 5, 2016, 06:35 PM
flat out gets after it. Never seen this before and it is refreshing.
10. Bernie has to win...just has to
Tue Jan 5, 2016, 09:00 PM
If we don't help him win this election, we are screwing ourselves.
I wish we could reach the Hillary supporters (even those who will vote for Bernie in the general but not the primary...but they are beyond help. We can't afford Hillary in the whitehouse. Bern baby bern!
11. Not only is this a good plan, but I trust the guy behind it.
Wed Jan 6, 2016, 07:30 AM
Hillary's plan may also be good, but I don't trust her. Same with O'Malley.
12. Let's make this speech go viral!! If the American people hear his
Wed Jan 6, 2016, 08:12 AM
message -- he WILL WIN!!! Let's make sure they do!!!!!
POST IT ON FACEBOOK, TWITTER AND EVERYWHERE!!
POST IT ON FACEBOOK, TWITTER AND EVERYWHERE!!