Bernie Sander's Plan To Break Up The Too-Big-to Fail Banks

[imagine2015]

Press Release

Sanders: Break up Too-Big-to-Fail Banks
April 6, 2016

LARAMIE, Wyo. — U.S. Sen. Bernie Sanders’ spokesman issued the following statement on Tuesday on how the nation’s biggest banks would be broken up under a Sanders administration:

“Sen. Bernie Sanders and Secretary Clinton have very different points of view on how to reform Wall Street and the largest financial institutions in this country.

“Sen. Sanders believes that it is necessary to break up large financial institutions not only because we need to prevent another Wall Street bailout, but because of the incredible concentration of ownership and power that now rest with a handful of these huge institutions. In fact, the six largest financial institutions in this country now have assets equivalent to more than 56 percent of our nation’s GDP, issue two thirds of the credit cards, and one third of the mortgages.

“Electing Sen. Sanders as president would send a clear message to financial regulators that they need to do everything within their power to break up financial institutions so that they can no longer threaten the financial well-being of the American people.

“Here’s how he will accomplish that.

“Within the first 100 days of his administration, Sen. Sanders will require the secretary of the Treasury Department to establish a “Too-Big-to Fail” list of commercial banks, shadow banks and insurance companies whose failure would pose a catastrophic risk to the United States economy without a taxpayer bailout.

“Within a year, the Sanders administration will work with the Federal Reserve and financial regulators to break these institutions up using the authority of Section 121 of the Dodd-Frank Act.

“Sen. Sanders will also fight to enact a 21st Century Glass-Steagall Act to clearly separate commercial banking, investment banking and insurance services. Secretary Clinton opposes this extremely important measure.

“President Franklin Roosevelt signed the Glass-Steagall Act into law precisely to prevent Wall Street speculators from causing another Great Depression. And, it worked for more than five decades until Wall Street watered it down under President Reagan and killed it under President Clinton. That is unacceptable and that is why Sen. Sanders will fight to sign the Warren-McCain bill into law.”

https://berniesanders.com/press-release/sanders-break-big-fail-banks/

[Xipe Totec]

1. We broke up the oil barons before, and the railroad barons

The government didn't say HOW to break up those monopolies.

The government said BREAK THEM UP!

And it was done.

[reformist2]

2. How do we break up the big banks? With a big hammer, that's what.

[beedle]

3. Barney Franks & Robert Reich were just debating that on Up with Chris Hayes

Barnie refused to shut up for a second, telling the same nonsense about Bernie messing up in the interview ... he actually had the nerve to complain that Barnie never talked about the Glass–Steagall Act, and was so caught up in his mindless ranting that he actually said "the Glass–Steagall Act had nothing to do with breaking up the banks" ... the look on his face when he realized he had just accused Bernie of not knowing what he was talking about regarding breaking up the banks because he hadn't mentioned Glass–Steagall, and had just admitted in the same frigging sentence that Glass–Steagall had nothing to do with breaking up the banks. LOL (and that's not even mentioning that he was responding to questions from the editorial panel, and they didn't ask about Glass–Steagall.)

Then he started ranting on about it's not the 'size' of the bank it's the 'debt' they hold ... Reich made him look foolish when he pointed out that 'size' had everything to do with 'politics' and 'influence' .... Barney's "answer' was that it was the little banks that were the problem when it came to political influence ... my Gawd, is there no level of snake belly lowness these Hillary supporters will not stoop to??? It's not the Big Banks who have the power, it's the little banks!!??? Jesus H Christ do they take us for idiots?