Hillary Clinton called for 'toppling' the 1%

[RiverLover]

80. Hello? What do you think FDR's Glass-Steagall did? Which protected us for 50 years?

Until Clinton, Rubins, Summers & their conservative colleagues in congress dismantled it, allowing Wall Street investment banking firms to gamble with their depositors' money that was held in commercial banks. (That is what the term "broken into pieces" refers to, not "toppling the 1%". Maybe you can tell her that & she'll clean up her fake populism to make it less obvious that its fake.)

And btw, after the 2008 crash, Dodd-Frank didn't address that problem. Gensler most likely had a huge role in making sure of it.

Warren tried to pass a bi-partisan 21st century Glass-Steagall act in 2013, but too many in congress are bought by big banks~

...The bill is more than a mere a reinstatement of the original 1933 Glass-Steagall Act, however. It would also bar commercial banks from some of the newer, more complex practices that they became infamous for in the wake of the recession, including trading complex derivatives and swaps or engaging in hedge fund and private equity activities. Warren explained in a conference call with reporters on Thursday that the new bill also seeks to close loopholes created by regulators’ interpretation of the original bill in the 1980s and 90s preceding its repeal.

The repeal of Glass-Steagall allowed banks to expand rapidly in size, to a stage where the top 0.2 percent of banks control nearly 70 percent of all banking assets. Even after the 2008 financial crisis, the biggest banks continued to grow. Lawmakers from both sides of the aisle have criticized these banks for being not only too big to fail, but also too big for jail or for trial.

Support for restoring the banking firewalll has come from various corners since the 2008 financial crisis. Nobel Prize-winning economist Joseph Stiglitz argued at the height of the recession, that the repeal created a “high-risk gambling mentality.” Two former chairman of Citigroup, Richard Parsons and Sanford Weill — who once had a portrait of himself in his office called “The Shatterer of Glass-Steagall,” have endorsed restoring the firewall. Citigroup, which was bailed out during in 2008, was the first big beneficiary of the firewall’s repeal. Even Rep. Paul Ryan (R-WI) has said that he agrees with reinstating the Glass-Steagall Act.

“Americans want safe banks,” Warren said when asked how she would respond to opponents of Glass-Steagall. “The banks that handle their checking and savings accounts should be rock-solid secure, and they should not be juicing their profits by taking those insured deposits and insuring them in wild financial schemes.” McCain echoed those comments in a statement, adding, “If enacted, the 21st Century Glass-Steagall Act would not end Too-Big-to-Fail. But, it would rebuild the wall between commercial and investment banking that was in place for over 60 years, restore confidence in the system, and reduce risk for the American taxpayer.” ...

http://thinkprogress.org/economy/2013/07/12/2288301/21st-century-glass-steagall/