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2016 Postmortem
In reply to the discussion: I wasn't coming back to GD P but Skinner's post prompted me in a way to do so. [View all]bigtree
(85,986 posts)37. this is what the op asked for
...her Wall Street plan, much of which is already endorsed by Elizabeth Warren and Paul Krugman, for example, contains specific actions she would take.
Elizabeth Warren praises Hillary Clinton's Wall Street plan
Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass government funding bill, Warren wrote on Facebook...
Whether its 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 weve made on financial reform, she and I agree, Warren wrote
https://www.washingtonpost.com/news/post-politics/wp/2015/12/07/elizabeth-warren-praises-hillary-clintons-wall-street-plan/
Hillary Clinton: How Id Rein In Wall Street
SEVEN years ago, the financial crisis sent our economy into a tailspin. Over five million people lost their homes. Nearly nine million lost their jobs. Nearly $13 trillion in household wealth was wiped out.
Under President Obama, our economy has come a long way back. Our businesses have created more than 13 million jobs. Peoples savings are being restored. And we have tough new rules on the books, including the Dodd-Frank Act, that protect consumers and curb recklessness on Wall Street.
But not everyone sees that as a good thing. Republicans, both in Congress and on the campaign trail, are dead-set on rolling back critical financial protections.
Right now, Republicans in Congress are working to attach damaging deregulation riders to the must-pass spending bill. Theyre attempting to defund the Consumer Financial Protection Bureau. They want to roll back common-sense efforts to prevent conflicts of interest by financial managers. And theyre trying to undo constraints on risk at some of the largest and most complex financial institutions.
President Obama and congressional Democrats should do everything they can to stop these efforts. But its not enough simply to protect the progress we have made. As president, I would not only veto any legislation that would weaken financial reform, but I would also fight for tough new rules, stronger enforcement and more accountability that go well beyond Dodd-Frank.
My comprehensive plan has already won praise from progressives like Sherrod Brown and Barney Frank. Heres what it would do.
First, we need to further rein in major financial institutions. My plan proposes legislation that would impose a new risk fee on dozens of the biggest banks those with more than $50 billion in assets and other systemically important financial institutions to discourage the kind of hazardous behavior that could induce another crisis. I would also ensure that the federal government has and is prepared to use the authority and tools necessary to reorganize, downsize and ultimately break up any financial institution that is too large and risky to be managed effectively. No bank or financial firm should be too big to manage.
My plan would strengthen the Volcker Rule by closing the loopholes that still allow banks to make speculative gambles with taxpayer-backed deposits. And I would fight to reinstate the rules governing risky credit swaps and derivatives at taxpayer-backed banks, which were repealed during last years budget negotiations after a determined lobbying campaign by the banks.
My plan also goes beyond the biggest banks to include the whole financial sector. Some have urged the return of a Depression-era rule called Glass-Steagall, which separated traditional banking from investment banking. But many of the firms that contributed to the crash in 2008, like A.I.G. and Lehman Brothers, werent traditional banks, so Glass-Steagall wouldnt have limited their reckless behavior. 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. 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. We need to tackle excessive risk wherever it lurks, not just in the banks.
Second, I would appoint tough, independent regulators and ensure that both the Securities and Exchange Commission and the Commodity Futures Trading Commission are independently funded as other critical regulators are now so that they can do their jobs without political interference. I would seek to impose a tax on harmful high-frequency trading, which makes markets less stable and less fair. And we need to reform stock market rules to ensure equal access to information, increase transparency and minimize conflicts of interest.
Finally, executives need to be held more accountable. No one should be too big to jail. I would seek to extend the statute of limitations for major financial crimes to 10 years from five and enhance rewards for whistle-blowers. I would work to ensure that financial firms admit wrongdoing as part of settlements in instances of egregious misconduct, and increase transparency about the terms of settlement and the fines actually paid to the government. Fines should be more than just the cost of doing business to these companies they should be an effective disincentive for illegal behavior.
And it shouldnt just be shareholders and taxpayers who feel the pain when banks make bad decisions; executives should have skin in the game. When a firm pays a fine, I would make sure that the penalty cuts into executives bonuses, too. And I would fight to close the carried interest loophole that gives some fund managers billions of dollars in tax breaks: They should be taxed like every other citizen.
Republicans may have decided to forget about the financial crisis that caused so much devastation but I havent. The proper role of Wall Street is to help Main Street grow and prosper. When our financial sector works the right way, it helps families buy their first homes, entrepreneurs start and grow small businesses and hardworking Americans save for retirement. Rather than pursuing the kind of high-stakes speculation that devastated our economy before, Wall Street should focus on building an economy that creates good-paying jobs, rising incomes and sound investments so that more families can achieve the security of a middle-class life.
http://www.nytimes.com/2015/12/07/opinion/hillary-clinton-how-id-rein-in-wall-street.html?ref=opinion&_r=0
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I wasn't coming back to GD P but Skinner's post prompted me in a way to do so. [View all]
mmonk
Apr 2016
OP
I don't trust David Brock's propaganda outlets. If he or his employees say it, I'm suspect.
aikoaiko
Apr 2016
#9
I can understand that. Brock is a loud-mouthed idiot and I wish someone would rein him in.
randome
Apr 2016
#11
Sure, but people like me think her use of the phrase is cynical given her relationship w Wall St
aikoaiko
Apr 2016
#16
And yet you cite his website, lending legitmacy rather than pulling the reins....
Bluenorthwest
Apr 2016
#19
Yeah, well, I didn't know that was his site. I'll remember that. But here's another.
randome
Apr 2016
#23
Yes, well Hillary lies. What she says and does are generally two different things.
cui bono
Apr 2016
#91
Sanders getting virtually nothing through Congress versus Clinton getting something done.
randome
Apr 2016
#24
I don't know. Neither do you. But she is a Progressive. That counts for something.
randome
Apr 2016
#60
All those things you mention paint a different picture than simply, "SHE'S EVIL!"
randome
Apr 2016
#85
LGBT rights? Clinton recently claimed Ronald Reagan was a hero of LGBT activism and the
Bluenorthwest
Apr 2016
#5
And yet she refused to make equal amends and she has not explained HOW she could
Bluenorthwest
Apr 2016
#21
I'm sorry you feel that way. I suspect that nothing she could say or do would ever be enough
Arkansas Granny
Apr 2016
#26
First of all, I did not attack you or pass judgment on you or blame you for anything.
Arkansas Granny
Apr 2016
#75
Everyone in Congress is rich. And for most of that 30 years, the GOP was in control or obstructing.
randome
Apr 2016
#30
Yes. The 2016 Democratic Party platform begins by addressing income inequality
LanternWaste
Apr 2016
#6
Do Democrats acknowledge income equality? "mutual respect and acknowledgement". If you do not
seabeyond
Apr 2016
#8
"Mutual respect and acknowledgment?" With stuff like this all over your journal?
IamMab
Apr 2016
#12
That all is total rhetoric. "I see", "I want", "Regulators neglected", "that's what happens",
rhett o rick
Apr 2016
#25
Didn't she tell us that Iraq had WMD and was harboring al qaeda. Can she be
rhett o rick
Apr 2016
#51
She is detached from reality. I spent my first 10 big earning years paying for things
Bluenorthwest
Apr 2016
#27
She was one of the people instrumental in moving the party to where it is so that is no excuse.
TheKentuckian
Apr 2016
#93
For being "not a fan" you sure sound like a fan. What statements? Do you have any
rhett o rick
Apr 2016
#29
What Hillary says is really just what Hillary feels, or is told, she needs to say, at any given
djean111
Apr 2016
#42
Why would you use a racist dog whistle? Why would you point out someone only has 164 posts?
cui bono
Apr 2016
#92
All they offer are insults. They're driving us off a cliff and calling us stupid...
onecaliberal
Apr 2016
#32
"Get back in your hole and pay some taxes because Hillary and her rich friends want a vay cay..."
CentralCoaster
Apr 2016
#41
I have examined where Demoratic loyalties lie, you judge, I'll explain my position.
Dragonfli
Apr 2016
#43
(added for clarity) If the Party Leaders (not the voters) had a favorite theme song it would be this
Dragonfli
Apr 2016
#46
Has anyone really ever known a time when there wasn't great income inequality? nt
Jitter65
Apr 2016
#54