Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
2016 Postmortem
In reply to the discussion: Paul Krugman on Wall Street reform: Hillary vs. Bernie [View all]WhaTHellsgoingonhere
(5,252 posts)23. Guns Shmuns. THIS is a policy issue I care about. BainsBane!!!!
Thanks for posting this
Critics say Hillary Clinton is pro-Wall Street. Her Wall Street reform plan says otherwise.
In April, amid growing speculation that she would run for president, Sen. Elizabeth Warren gave a pivotal speech titled "The Unfinished Business of Financial Reform." In it, Warren laid out what the next Democratic president could and must do to complete the task of post-crisis financial reform.
Specifically, Warren said the next presidents agenda should:
1. Defend Dodd-Frank against attempts to weaken or compromise it.
2. Scale up enforcement, investigations and convictions: "When big financial institutions are not deterred from breaking the law then thats what they will do."
3. "Tackle the shadow-banking sector," which created "runs and panics in the short-term debt markets that spread the contagion across the financial system."
4. Create a "targeted financial transactions tax."
5. Break up the biggest banks. First "cap the size of the biggest financial institutions," then create a new Glass-Steagall Act "that rebuilds the wall between commercial banking and investment banking."
Warren didnt wind up running for president. But her five points are a good rubric for evaluating Hillary Clintons newly released plan to tame Wall Street. Clintons agenda is a very detailed and comprehensive dive into financial reform. It is broad, covering parts of the financial markets that arent often discussed. If anything, it goes into such footnoted specifics that it can be overly wonky. But it fits into the Warren framework well enough to compare and contrast the two approaches.
Using the Warren criteria, Clinton gets points on the first four, but approaches the fifth by working through Dodd-Frank rather than against it. Bernie Sanders gets major points on the last two, but hasnt gotten specific on tackling shadow banking and the broader financial sector. Rather than stronger or weaker, were left with two different ways of prioritizing financial reform, with Sanders focusing on eliminating the threat of the largest banks and Clinton looking to the financial markets as a whole.
Specifically, Warren said the next presidents agenda should:
1. Defend Dodd-Frank against attempts to weaken or compromise it.
2. Scale up enforcement, investigations and convictions: "When big financial institutions are not deterred from breaking the law then thats what they will do."
3. "Tackle the shadow-banking sector," which created "runs and panics in the short-term debt markets that spread the contagion across the financial system."
4. Create a "targeted financial transactions tax."
5. Break up the biggest banks. First "cap the size of the biggest financial institutions," then create a new Glass-Steagall Act "that rebuilds the wall between commercial banking and investment banking."
Warren didnt wind up running for president. But her five points are a good rubric for evaluating Hillary Clintons newly released plan to tame Wall Street. Clintons agenda is a very detailed and comprehensive dive into financial reform. It is broad, covering parts of the financial markets that arent often discussed. If anything, it goes into such footnoted specifics that it can be overly wonky. But it fits into the Warren framework well enough to compare and contrast the two approaches.
Using the Warren criteria, Clinton gets points on the first four, but approaches the fifth by working through Dodd-Frank rather than against it. Bernie Sanders gets major points on the last two, but hasnt gotten specific on tackling shadow banking and the broader financial sector. Rather than stronger or weaker, were left with two different ways of prioritizing financial reform, with Sanders focusing on eliminating the threat of the largest banks and Clinton looking to the financial markets as a whole.
More at link
http://www.vox.com/2015/10/8/9482521/hillary-clinton-financial-reform
Edit history
Please sign in to view edit histories.
23 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Hillary is claiming the schemes are the problem. Bernie is saying the BANKS themselves are.
reformist2
Oct 2015
#9
If you don't believe you can get legislation through and you are picking an executive position anywa
TheKentuckian
Oct 2015
#18
Some will embrace whatever construct you manufacture as far as I've been able to tell over the years
TheKentuckian
Oct 2015
#20
That poster responded with "turd way" and complained about your "construct" LOL!
stevenleser
Oct 2015
#21