Elizabeth Warren PRAISES Bernie Sanders' Wall Street Speech

[Segami]

Though she has not yet endorsed a presidential candidate, Sen. Elizabeth Warren on Wednesday offered some strong praise for Bernie Sanders. "I'm glad @BernieSanders is out there fighting to hold big banks accountable, make our economy safer, & stop the GOP from rigging the system," she tweeted as part of a series supporting the presidential candidate's proposal, which he announced in a speech the previous day. She invoked her own proposed legislation as an example.

Elizabeth Warren ✔@elizabethforma

11 big banks are still so risky that if any one started to fail, they'd need a gov bailout or risk taking down the economy – again.

10:09 AM - 6 Jan 2016


Elizabeth Warren ✔@elizabethforma

But the 2016 Republicans claim they'll repeal all the new financial regulations – hoping to be chosen as Wall Street's favorite candidate.

10:09 AM - 6 Jan 2016


Elizabeth Warren ✔@elizabethforma

I'm glad @BernieSanders is out there fighting to hold big banks accountable, make our economy safer, & stop the GOP from rigging the system.

10:10 AM - 6 Jan 2016


Elizabeth Warren ✔@elizabethforma

We need to level the playing field and end too big to fail.

10:10 AM - 6 Jan 2016

In his address, Sanders promised that, as president, he would seek to prosecute Wall Street executives and to tax speculators, as well as to implement what he called a "21st century Glass-Steagall Act" that would restore the boundaries between commercial and investment banking.

"Let’s be clear: This legislation, introduced by my colleague Sen. Elizabeth Warren, aims at the heart of the shadow banking system," Sanders said. "In my view, Sen. Warren, is right. Dodd-Frank should have broken up Citigroup and other 'too- big-to-fail' banks into pieces. And that’s exactly what we need to do. And that’s what I commit to do as president."

For her part, Hillary Clinton has rejected the notion that a Glass-Steagall replacement is a viable solution for preventing future financial calamity, pointing to the fact that the act would not have limited the "reckless behavior" on the part of large "non-traditional" institutions like Lehman Brothers and AIG.

"Nor would restoring Glass-Steagall help contain other parts of the 'shadow banking' sector, including certain activities of hedge funds, investment banks and other non-bank institutions," she wrote in a December op-ed for The New York Times. "My plan would strengthen oversight of these activities, too — increasing leverage and liquidity requirements for broker-dealers and imposing strict margin requirements on the kinds of short-term borrowing that also played a major role in spurring the financial crisis."

cont'

http://www.politico.com/story/2016/01/elizabeth-warren-bernie-sanders-wall-street-217401

[thereismore]

1. But but she encouraged Hillary to run!

[bvf]

6. +1. Yeah, you can practically see

the next wave of posts coming...

[Mike__M]

7. Also: Nine-Eleven! (n/t)

[Segami]

2. "..Sanders has long maintained the opposite,..

"...remarking Tuesday that while shadow banks "did gamble recklessly," the money "came from the federally insured bank deposits of big commercial banks — something that would have been banned under the Glass-Steagall Act...."

[questionseverything]

3. great series of tweets by ew

here is a link to the full text of bernie's speech warren is referring to

http://www.democraticunderground.com/1251975996

[boobooday]

4. This is exciting

And we should give credit to Occupy Wall Street, because they really primed and escalated the discussion about the shenanigans of these giant financial institutions.

I love to see the "unsold" members of the Democratic Party taking a stand!

[CoffeeCat]

5. Clearly, Warren is for breaking up the big banks

and for reinstating Glass Steagall. Both are hallmarks of Bernie's plan that were featured in his speech yesterday.

Clearly, Warren and Bernie are on the same page. Warren is on record saying that the big banks should be broken up.

Hillary does not want to reinstate Glass Steagall or break the behemoth banks, some of which are Hillary's biggest campaign contributors.

DONOR TOTAL
Citigroup Inc---- $824,402
Goldman Sachs---- $760,740
DLA Piper ---- $700,530
JPMorgan Chase---- $696,456
Morgan Stanley---- $636,564
EMILY's List---- $609,684
Time Warner---- $501,831
Skadden, Arps et a---l $469,290
University of CA---- $417,327
Sullivan & Cromwell---- $369,150
Akin, Gump et al---- $364,478
Lehman Brothers---- $362,853
21st Century Fox---- $340,936
Cablevision Systems---- $336,613
Kirkland & Ellis---- $329,141
Natn’l Amusements---- $328,312
Squire Patton Boggs $328,306
Greenberg Traurig $327,890
Corning Inc $322,450
Credit Suisse Group $318,120

Credit: Center for Responsive Politics

[thereismore]

8. We'll see. If she gets desperate she will start talking about looking into breaking them up.

Evolving, real fast.

[red dog 1]

32. Thanks for that list

[Fawke Em]

20. But she doesn't think Clinton's plan goes far enough.

From your link:

She wants to go farther than Clinton in breaking up big banks, but outlined with approval the areas where their proposals align.

“Whether it’s attacking the C.F.P.B., undermining new rules to rein in unscrupulous retirement advisers, or rolling back any part of the hard-fought progress we’ve made on financial reform, she and I agree,” Warren wrote.

Warren was the lone holdout among women Democratic senators who publicly endorsed Clinton as a Washington fund-raiser last week. Warren has not said when or if she will endorse anyone.

[DhhD]

40. Warren is certainly aware of the Congressional Approval Ratings of Congress. She is to smart.

She knows the difference between Citizen United Insiders and being a representative of the people who vote for you. She and Sanders still remain very responsibility to the people; of the people, by the people and for the people.

[Luminous Animal]

10. And on Facebook.

In 2014, the Fed and FDIC reported that 11 of the big banks were still so risky that if any one of them started to fail, they’d need a government bailout or risk taking down the American economy – again. But today, the Republicans running for President claim they will repeal all the new financial regulations – hoping that they will be chosen as Wall Street’s favorite candidate. I’m glad Bernie Sanders is out there fighting to hold the big banks accountable, to make our economy safer, and to stop the Republicans from rigging the system even more in Wall Street's favor. We need to level the playing field and end too big to fail.

https://www.facebook.com/ElizabethWarren/posts/10153459037888687

[Segami]

11. Thanks, Luminous Animal..

[Eric J in MN]

27. That post was 'liked' by the Bernie Sanders official presidential campaign Facebook profile. NT

NT

[EndElectoral]

12. Why is Clinton so averse to restoring Glass-Steagall?

Yes, I know she is touting her plan as being tougher, etcetera, but as of yet I have not heard WHY she beleives Glass-Steagall should NOT be restored along with her other proposals? Stiglitz beleives Glass-Steagall should be restored, Warren beleives it. What is her real aversion to restoring it?

What damage does she feel restoring Glass-Steagall will cause?

Because simply saying her approach is tougher isn't enough, wouldn't adding Glass-Steagall to her plan make it "even tougher" right?

[CoffeeCat]

15. Didn't Bill Clinton repeal Glass Steagall? (nt)

[sonofspy777]

18. Because the banks have told her so! nt

[arcane1]

22. I've heard her say stupid things like "reinstating it isn't enough"

But nobody has provided any justification for not reinstating it at all.

Some dishonestly claim that Sanders believes reinstating GS would "solve all our problems" but even those people know they are lying.

Reinstatement has bipartisan support in Congress. Sanders could get it done, but since Clinton is against it, she couldn't get it done. Remember that when some idiot says "Only Clinton can get things done with this Congress".

[Ino]

23. Because her co-president repealed it.

For her to advocate restoring Glass-Steagall would be to admit her co-presidency made a huge mistake.

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis

In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.

[Segami]

24. +1

That would present another front open for criticism.

[red dog 1]

31. + 2

Bill Clinton's biggest mistake, IMO.

[Betty Karlson]

37. Don't overlook DADT and DOMA, please. eom

[red dog 1]

44. IMO, Clinton's decision to repeal Glass-Steagall, (which FDR made law), was far worse

I support LGBT rights; but Clinton's repeal of Glass-Steagall had far more serious repercussions to our country & our economy than either "Don't Ask Don't Tell" of "Defense Of Marriage Act"

[Betty Karlson]

46. I respect your position, but please understand mine:

civil rights were imperiled / trampled by Clinton through DADT and DOMA. Did the repercussions of the repeal do the same?

Bottom line: Clinton did a lot of harm and a lot of damage. The fact we are having a serious debate over which was his worst decision, is enough to demonstrate the flaws of his presidency.

[azmom]

13. Bernie/Warren 2016

[Segami]

14. Let's make it so!

[CharlotteVale]

16. K&R

[Douglas Carpenter]

17. knr

[WillyT]

19. HUGE K & R !!! - THANK YOU !!!

[SoapBox]

25. K & R!

[bvar22]

26. ...but...but..last year Warren said Hillary was "terrific".

That counts as an endorsement for president, doesn't it?
At the time, plenty at DU seem to think it did,
and paraded around DU under that banner for several embarrassing weeks.

[jwirr]

28. Hillary fails to see what Bernie and Elizabeth clearly see.

Hillary thinks we need legislation the stop the risky gambling from being risky. She is wrong. Wall Street gambling has always been risky. 1928 and 2008 are examples of it.

And Glass-Steagall never addressed that problem. It addressed the issue of who's money would be used to gamble in the Wall Street. It made depositing in commercial banks less risky than depositing in investment banks of today.

Hillary very clearly shows us that she is not worried about our little deposits but instead is looking out for the big investment banks that use our money to make money for the rich.

She also seems to miss the point that if the big banks continue to exist it will be the little guy (taxpayer) who will get to bail them out at the same time that little taxpayer will be losing his/her shirt without any hope of bailout or protection from FDIC.

I do not know if Hillary is willfully blind to this or if she is just so out of touch that she truly misses it.

[Motown_Johnny]

29. She added another tweet.

I'm glad that ALL the Dem candidates for president – @HillaryClinton, @BernieSanders & @MartinOMalley – are fighting for Wall St reform.
11:41am - 6 Jan 16



It looks like she is trying hard to not play favorites. I think we should all try to respect that. When she is ready to endorse, she will.

[Skwmom]

30. Sorry, but this isn't the time for politics. Hillary's Wall Street reform is a joke. n/t

[red dog 1]

33. +1

[red dog 1]

34. K&R!!!

[Rosa Luxemburg]

35. Good

[Enthusiast]

36. Kicked and recommended!

[senz]

38. Far, far more meaningful than saying a politician is "terrific."

Warren chooses her words carefully and well.

[Amimnoch]

39. I'll agree. It is a good idea. She's right.

So, here we have 2x of the 100 Senators in congress saying these great things.

1. Where's the bills?


2. If there's been bills that have gone through congress, did President Obama use his Veto on them?? If not, exactly what is St. Bernard going to do to get the bills through congress? Hell, if as a SENATOR he couldn't get a bill off and running to do this, what magic power will he have as president to change that?

As usual.. all talk.. no meat.. promises being made that are either lies or proof of just how clueless Bernie is.

If lies are all everyone wants I promise eternal life for everyone! I will bring us world peace! I will end to disease, suffering and hunger! With me as President, there will be a brand new Tesla car in every garage!

My name is Amimnoch and I approve this 'hilarious' message.

[Gloria]

41. And then she came back and made sure to

say nice things about other Democrats as well..

Politician, not purist, people!

[raouldukelives]

42. K&R Some tuck their tails at the idea of figthing for all our futures.

The concept of truth and justice instead of the graft and lies they are accustomed to leaves them grasping at straws.

[Historic NY]

43. Funny how Sen Warren praised Hillary Clinton's Wall Street plan too....

playing two sides of street can get one burned.

Sen. Elizabeth Warren delivered influential support Monday for Hillary Clinton's proposal to expand regulation of the banking and financial services industries.

Warren said she welcomes Clinton’s warning that Republicans are trying to use the current government spending bill to weaken regulations. The liberal Massachusetts Democrat has declined to endorse anyone in the Democratic presidential primary so far.


https://www.washingtonpost.com/news/post-politics/wp/2015/12/07/elizabeth-warren-praises-hillary-clintons-wall-street-plan/

[Go Vols]

45. MSNBC said awhile ago

that it was just Bernie to begin with,then she "got a call" and then included Martin and Hillary.