Ms. Warren and many other politicians support reinstating Glass Steagall to help rebuild the wall between investment banking and commercial banking, while taking into account contemporary issues in the financial sector that were non-existent or irrelevant when Glass Steagall was first introduced in 1933. By itself, the 21st century Glass Steagall Act will not end too big to fail and implicit government subsidies, but it will make financial institutions smarter and safer, and move us in the right direction, she added.
Ms. Clintons comprehensive Wall Street Reform plan has a lot of positive attributesmany of which Ms. Warren and Mr. Sanders agree withbut the dismissal of reinstating Glass Steagall weakens her plan significantly. In her Times op-ed she argued that we need to tackle excessive risk wherever it lurks, not just the banks. Ms. Clinton attempts to debunk the reinstatement of the Glass Steagall Act as ineffective, but given the political power of big bankswith the five largest on Wall Street currently holding 45 percent of the nations banking assets compared to just 25 percent in 2000her cautious reforms are insufficient.
Supporting Ms. Warren and Mr. McCains 21st century Glass Steagall Act should be a staple of both Ms. Clinton and Mr. Sanders Wall Street reforms, but Ms. Clinton is opting for a less aggressive approach, which doesnt help distance her from Wall Street. Some of the biggest donations to the Clinton Foundation came from Bank of America, CitiGroup and Goldman Sachs. In the second Democratic debate, she fumbled an explanation of her Wall Street ties, going off on a rant about 9/11. Ms. Clintons disregard for Glass Steagall is indicative of her unwillingness to actually usher in change on Wall Street by holding banks accountable for their actions. Her vague talking points are just business as usual; political rhetoric from a well-seasoned lawyer who knows what to say to garner as much support as possible.
Senator Sanders believes reinstating Glass Steagall is a very important part of WallStreet Reform.
Americas largest banking institutions are even larger now than they were before the 2008 financial crisis. The nations six largest banks issue more than two thirds of all credit cards and more than a third of all mortgages. They control 95 percent of all derivatives and hold more than 40 percent of all US bank deposits.
2. The argument that Glass-Steagall didnt cause the 2008 financial crisis is wrong.
Hillary Clinton told the Des Moines Register that a lot of what caused the risk that led to the collapse came from institutions that were not big banks. This is part of a longstanding pattern, in which she largely absolves the big banks from culpability for the 2008 crisis while emphasizing shadow banking in her own Wall Street plan.
Secretary Clinton returned to that theme during Saturdays debate, pointing an accusing finger at non-bank entities like AIG and Lehman Brothers while giving a pass to Wall Streets biggest banks for their role in the crisis.
3. Repeal of the Act has not worked as promised.
Given the risks associated with the repeal of Glass-Steagall, what about the benefits? Turns out there arent many.
We were told that repealing Glass-Steagall would lead to more efficiency and lower costs, but neither of these promises has come true. No less an expert than John Reed, former CEO of Citigroup, now says those claims were wrong. Reed wrote in a recent op-ed (behind a firewall) that there are very few cost efficiencies that come from the merger of functions indeed, there may be none at all.
4. The repeal of Glass-Steagall is further corrupting the culture of banking if such a thing is possible.
Sanders was right when he said on Saturday night that the business model of Wall Street is fraud. The traditional practice of what Sen. Elizabeth Warren calls boring banking opening savings accounts, reviewing loans, and providing other customer services has largely been supplanted by high-risk gambling and the aggressive hustling of dubious investments to unwary clients.
The level of fraud unearthed since the 2008 crisis is nothing short of breathtaking. (The fact that no senior banking executive has gone to prison for that fraud is, if anything, even more breathtaking.) How did that happen?
Much more at the link.
Martin O'Malley also has an extensive plan to rein in the corruption AND it includes the reinstatement of Glass Steagel.
PROTECTING THE AMERICAN DREAM FROM ANOTHER WALL STREET CRASH
Governor OMalley knows that the American Dream today remains out of reach for too many families. To attack this problem, it will take a multi-pronged and fearlessly progressive approach to addressing economic inequality. But the results of any steps we take as a nation to raise wages, ensure retirement security, and make the dream of homeownership a reality can be wiped out in an instant by another Wall Street crash.
We need to protect Americas economy. And we can only do it by implementing strong accountability and structural reforms that build upon the Dodd-Frank Act and put an end to too-big-to-fail, too-big-to-manage, and too-big-to-jail financial firms.
PROPOSAL: BREAK UP THE BIGGEST BANKS
Separate Risky Investment Banking from Ordinary Commercial Banking
For 70 years, the 1933 Glass-Steagall Act kept the U.S. economy safe from major financial crises by requiring commercial banks to be separate from investment banks to prevent them from putting everyday Americans deposits at risk. If Glass-Steagall hadnt been repealed in 1999, the financial crisis will likely have been far less severe.
Implement a Financial Transaction Tax to Limit High-Frequency Trading
High-frequency trading creates volatility and unnecessary risk in financial markets, while serving no productive purpose in the real economy. A small tax should be applied to each sale and purchase of a financial instrument to limit this activityone that would be nearly imperceptible to longer-term investors, but could dramatically cut down on highrisk, speculative activity on Wall Street.
More at the link.
JMHO. It makes zero sense that ANY Democratic candidate would not do everything within his or her power to prevent another catastrophic collapse. I just don't see a middle ground here. The 99% are the ones that suffer the consequences. It's always privatize the profits while socializing the risks with these greedy capitalists. Enough already!
Why aren't all our candidates all on the same page? Why is Hillary Clinton the only Democratic candidate not on the same page as O'Malley and Sanders?
Someone explain it to me.
The influence of gender and age in voter preferences between the two leading Democratic candidates -- with Clinton most popular among women and seniors -- is evident when looking at the four major age/gender categories of voters. Clinton has a 30-point lead over Obama among women aged 50 and older, but trails Obama by two percentage points (not a statistically significant margin) among men aged 18 to 49. This is one of the few subgroups among whom Obama comes close to leading Clinton.
Age appears to prevail over gender when it comes to the other two age/gender groups: Clinton has a 21-point lead among older men, compared with a 14-point lead among younger women.
"Anyone who took the walk that we took around this neighborhood would not think you're in a wealthy nation," Sanders told reporters at the Freddie Gray Empowerment Center. "You would think that you were in a Third World country."
Yes he did!
He also said:
Exactly Senator Sanders - thank you. These people living in what has been compared to a 3rd World Country have ZERO fucks to give about ISIS. They exist in hundreds of different cities. It was THEIR time with the Senator.
Fuck the reporters for being assholes.
There is a time and a place...
"And I will, I will continue to talk about those issues. Thank you very much."
And lastly Fuck MSM for being douchebags and carrying neocon water.
At least this is how it reads to me.
Your post had me up for a bit research while in the process, ran across this Huffpost (Black Voices) article from 2013 by Dion Rabouin (there's a few interesting links there) :
http://www.huffingtonpost.com/dion-rabouin/martin-luther-king-capitalism_b_2506893.html and it all got me to thinking.
Wolfman goes on to point out, "Over the last 100 years capitalism has reduced poverty more and increased life expectancy more than in the 100,000 years prior."
But capitalism doesn't work for the same reason Communism and socialism don't work -- capitalism ignores the fact that life is social. Perhaps more importantly than the existential crisis it creates is the economic crisis it inures.
I want to say to you as I move to my conclusion, as we talk about "Where do we go from here?" that we must honestly face the fact that the movement must address itself to the question of restructuring the whole of American society. (Yes) There are forty million poor people here, and one day we must ask the question, "Why are there forty million poor people in America?" And when you begin to ask that question, you are raising a question about the economic system, about a broader distribution of wealth. When you ask that question, you begin to question the capitalistic economy. (Yes) And I'm simply saying that more and more, we've got to begin to ask questions about the whole society. We are called upon to help the discouraged beggars in life's marketplace. (Yes) But one day we must come to see that an edifice which produces beggars needs restructuring. (All right) It means that questions must be raised. And you see, my friends, when you deal with this you begin to ask the question, "Who owns the oil?" (Yes) You begin to ask the question, "Who owns the iron ore?" (Yes) You begin to ask the question, "Why is it that people have to pay water bills in a world that's two-thirds water?" (All right) These are words that must be said. (All right)
Now, don't think you have me in a bind today. I'm not talking about communism. What I'm talking about is far beyond communism. (Yeah) My inspiration didn't come from Karl Marx (Speak); my inspiration didn't come from Engels; my inspiration didn't come from Trotsky; my inspiration didn't come from Lenin. Yes, I read Communist Manifesto and Das Kapital a long time ago (Well), and I saw that maybe Marx didn't follow Hegel enough. (All right) He took his dialectics, but he left out his idealism and his spiritualism. And he went over to a German philosopher by the name of Feuerbach, and took his materialism and made it into a system that he called "dialectical materialism." (Speak) I have to reject that.
What I'm saying to you this morning is communism forgets that life is individual. (Yes) Capitalism forgets that life is social. (Yes, Go ahead) And the kingdom of brotherhood is found neither in the thesis of communism nor the antithesis of capitalism, but in a higher synthesis. (Speak) [applause] It is found in a higher synthesis (Come on) that combines the truths of both. (Yes) Now, when I say questioning the whole society, it means ultimately coming to see that the problem of racism, the problem of economic exploitation, and the problem of war are all tied together. (All right) These are the triple evils that are interrelated.
Suggested to King by Marion Wright, director of the National Association for the Advancement of Colored Peoples Legal Defense and Education Fund in Jackson, Mississippi, the Poor Peoples Campaign was seen by King as the next chapter in the struggle for genuine equality. Desegregation and the right to vote were essential, but King believed that African Americans and other minorities would never enter full citizenship until they had economic security. Through nonviolent direct action, King and SCLC hoped to focus the nations attention on economic inequality and poverty. This is a highly signiﬁcant event, King told delegates at an early planning meeting, describing the campaign as the beginning of a new co-operation, understanding, and a determination by poor people of all colors and backgrounds to assert and win their right to a decent life and respect for their culture and dignity (SCLC, 15 March 1968). Many leaders of American Indian, Puerto Rican, Mexican American, and poor white communities pledged themselves to the Poor Peoples Campaign.
I'm not the most eloquent person in the world, hell I can't even keep my dresser organized so I thought I'd lay this out there since it fits in with this post. Perhaps others would like to discuss it.
Furthermore, The Poor People's Campaign/Poor People's March was very much inclusive and focused on poverty across various demographics.
It's going to take ALL of us working together!
We're all perfectly capable of drawing our own conclusions.
kid armed with a pocket knife?
Tell me this isn't so, please.
Shot 16...SIXTEEN TIMES?!!! Video hidden for a year?
My God seems to me that murderous cop isn't the only guilty one here.
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