Bernie Sander's Plan to Tame Wall Street Riles Team Clinton

[Ferd Berfel]

http://www.commondreams.org/views/2016/01/07/bernie-sanders-plan-tame-wall-street-riles-team-clinton

Millions of Americans saw “The Big Short” over the holidays. The blockbuster movie, based on the book by Michael Lewis, is a primer on how the crookedness and fraud rampant in the U.S. financial system brought down the global economy in 2008.

If you left the theatre with steam coming out of your ears, you might want to take a look at the Wall Street reform plan just fielded by presidential candidate Bernie Sanders.

Rather than relying on regulators to do a better job of policing the massive financial services sector, Sanders downsizes and leashes the largest players on Wall Street and overhauls the Federal Reserve in an effort to put America’s central bank to work for working families.

“Greed is not good,” Sanders said...(snip)

Clinton Campaign Preemptively Strikes Back

Before the plan was even released, the Clinton campaign was worried.....

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Corporatists should be worried. Regardless of which side of the aisle they park their butts

[cantbeserious]

1. Know Thy Enemy - Oligarchs, Corporations, Banks And Their Media Minions And MIC Henchmen

eom

[RandySF]

2. It's the lack of coherent plan that worries investor ms

[Uncle Joe]

3. This is a good article.

Clinton objects to the restoration of the Glass-Steagall Act on the grounds that the 1935 legislation doesn’t address the modern “shadow banking system,” and players like Lehman and AIG. (For a great primer on what shadow banking means, see this piece by Vermont Law Professor Jennifer Taub.)

But this is nonsense, say experts.

“It’s “a bit like objecting to the iPhone 6s because your flip phone had inadequate functionality,” says Cornell Law Professor Robert Hockett in the Hill. “The updated Glass-Steagall proposals pushed by Sanders, Warren, McCain and others is a 21st-century Glass-Steagall, designed to end or to regulate today's shadow banking and conglomeration just as the original Glass-Steagall ended the last century's shadow banking and conglomeration.”

"The truth is that 'shadow banking' is and always has been deeply entangled with the major 'too-big-to-fail' dealer banks that dominate Wall Street," said Marcus Stanley of Americans for Financial Reform. "During the financial crisis, securitizations and other forms of 'shadow banking' benefited from all kinds of implicit and explicit guarantees by the major dealer banks. The major reason that the financial disruptions created by the crisis spread to the giant banks at the center of the economy, like Citibank, JP Morgan Chase, and Bank of America is because these banks were connected to shadow banking in all kinds of ways."

Sanders plan tackles the “shadow banking system” in a variety of ways by putting these entities on the list of “too-big-to-fail” institutions that may need to be broken up, by advocating for a modern Glass-Stegall and by implementing a financial transaction tax to tamp down on reckless trading.


http://www.commondreams.org/views/2016/01/07/bernie-sanders-plan-tame-wall-street-riles-team-clinton

Thanks for the thread, Ferd Berfel.

[Proserpina]

4. Haven't seen the film yet--not exactly suitable for children!

I'll have to sneak out on my own...but I'm looking forward to some adult subject matter.

The timing of this film's release couldn't have been better for Bernie Sanders, though. Was it Fate, or Planning? I've got to think it's Fate, because I can't see anybody having the ability (or wisdom) to control the release with Sanders in mind. Hollywood and theaters (most franchises are 1% and stridently fundie in outlook, at least in our neighborhood) have a limited ability to time it, so they aim for the big windows: Thanksgiving, Christmas, Spring Break and Summer Vacation around 4th of July...

Releases have been controlled before, don't get me wrong! But usually it's vanity projects of the Fundie Right, and the heavy-handedness of the effort shows in all that they do.

[Historic NY]

5. Must have been some block buster film.............

[sonofspy777]

6. Yes they should be,

and I can hardly wait to see how worried they're going to be after Bernie wins Iowa and New Hampshire!