Bernie Sanders Gives 6 HUGE REASONS To Pick Him Over Hillary

[Sancho]

61. Hmmm, I think Bernie is giving exactly the reasons why he is wrong and Hillary is right!

Here's the first one: Hillary has been working for years, using her first hand experience in the boardroom and as a lawyer to create regulations that would actually work: not the simplistic ranting to "break up the banks" that can't happen internationally and that wouldn't even make a difference in the US!! Bernie's message is simple, easy to understand, and WRONG. You can look at some of Hillary's history and proposals easily.

http://correctrecord.org/hillary-clinton-a-fair-and-free-economy/

In order to understand why Bernie is wrong, we'll start with #1. I don't have time for a lengthy post on all six right now. This will keep folks busy for a few minutes anyway. There are links at the bottom as part of the debate.

Breaking up US banks would do nothing. Closing tax loopholes might help. Most big banks are not in the US, and most influential money is not in the US. The US can't "break up" international banks. As we all know, even getting Congress or the FED to regulate in the US is a challenge. Dodd-Frank is moving to do as much as possible and it's not fully implemented yet.

https://en.wikipedia.org/wiki/List_of_largest_banks

1 China Industrial & Commercial Bank of China (ICBC)
2 China China Construction Bank Corporation
3 United Kingdom HSBC Holdings
4 China Agricultural Bank of China
5 United States JPMorgan Chase & Co.
6 France BNP Paribas
7 China Bank of China
8 Japan Mitsubishi UFJ Financial Group
9 France Crédit Agricole Group
10 United Kingdom Barclays PLC
11 United States Bank of America
12 Germany Deutsche Bank
13 United States Citigroup Inc
14 Japan Japan Post Bank
15 United States Wells Fargo
16 Japan Mizuho Financial Group
17 United Kingdom Royal Bank of Scotland Group
18 China China Development Bank
19 France Société Générale
20 Spain Banco Santander

http://www.huffingtonpost.com/2013/04/29/wealthy-stashing-offshore_n_3179139.html

Global Super-Rich Stashing Up To $32 Trillion Offshore, Masking True Scale Of Inequality: Study

The global super-rich are stashing trillions of dollars offshore with the help of some of the world's biggest banks, putting billions of dollars out of the taxman’s reach and masking wealth inequality's true heights.

Wealthy people were hiding between $21 and $32 trillion in offshore jurisdictions around the world as of 2012, according to a 2012 study from the Tax Justice Network, an organization which aims to promote tax transparency. The study, highlighted by a recent Bloomberg News report, found that more than $12 trillion of that money was managed by 50 international banks, many of which received bailouts during the financial crisis, according to James Henry, the study’s author.

“There’s a lot more missing wealth in the world than we had known about from previous estimates,” Henry told The Huffington Post. “The real scandal is not all these individual scandals but the fact that world’s policy makers who know about this stuff, have basically done nothing.”

http://www.davispolk.com/dodd-frank/

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation marks the greatest change to the financial landscape in decades, affecting the regulation of domestic and foreign financial institutions, banking entities and commercial companies. Many of the Dodd-Frank Act's provisions rely heavily on rulemaking and interpretation by financial regulators. Since Dodd-Frank's enactment, Davis Polk has offered a growing suite of resources to help institutions and market participants understand and comply with the new requirements and stay informed about recent rules, regulator studies, important dates and upcoming deadlines in the implementation process.

SOLVING THE "TOO BIG TO FAIL" PROBLEM: RESOLUTION AUTHORITY VS. CHAPTER 14

On June 20, 2012, Davis Polk lawyers Randall Guynn and John Douglas spoke on a teleforum entitled, “Solving the ‘Too Big to Fail’ Problem: Resolution Authority vs. Chapter 14.” The event was hosted by The Federalist Society for Law and Public Policy Studies’ Financial Services & E-Commerce Practice Group, and explores the Too Big to Fail problem in the post-Dodd-Frank era.

http://www.fed-soc.org/multimedia/detail/solving-the-too-big-to-fail-problem-resolution-authority-vs-chapter-14-podcast

http://www.c-span.org/video/?327191-3/washington-journal-roundtable-doddfrank-financial-law