Bernie Sanders Can't Explain How He'd Break up the Banks
(among other things)
Don’t bother Bernie Sanders with the details on bank reform.
For the Vermont Senator, the matter of just how we should “break up the banks,” is far less important than the obvious fact that it should be done.
This philosophy was again on display Tuesday when the New York Daily News published a transcript of an interview conducted between the paper’s editorial board and the democratic presidential candidate. The paper questioned Sanders on his promise to break up the nation’s largest banks, which he has argued must be done because large, Wall Street banks were “too-big-to-fail” following the crisis, and they are bigger today.
While that argument for why the banks should be broken up is simple, Sanders has been unable to describe how he would get this done. In the Daily News interview, Sanders says you can break up the banks by passing legislation to do so. But, as Sanders seems to acknowledge, a law like that, given how hard it was to pass the Dodd-Frank financial regulations, is unlikely to get through Congress. As an alternative, Sanders says that the Treasury Department could break up a big bank, which Sanders says it has the authority, under Dodd-Frank, to do if the bank is determined to be a “danger to the economy.”
Pressed on whether he believes the Fed has the authority to do this under Dodd-Frank, Sanders said, “Well, I don’t know if the Fed has it. But I think the administration can have it.”
In the past, Sanders has said that he would require the Treasury Department to draw up a list “too-Big-To-Fail” financial firms, and then use the Section 121 of the Dodd-Frank law to break them up.
And so it goes...
http://fortune.com/2016/04/05/bernie-sanders-big-banks/
He reminds me of Chicago mayor Richard J. Daley: when pressed to provide an answer his mantra was: "I love Chicago."
Who cares about details, never mind that the president is the Chief Executive. And executives are expected to make decisions.
As former Obama Administration economist Austan Goolsbee put it Tuesday morning on Twitter:
have you read the transcript of the Sanders interview with NY Daily News http://m.nydailynews.com/opinion/transcript-bernie-sanders-meets-news-editorial-board-article-1.2588306?cid=bitly … ?The guy seems clueless on his own #1 issue
= new reply since forum marked as read
