I'm the real-life Gordon Gekko. But I support Bernie Sanders -- Asher Edelman

[Skwmom]

Banking is the least understood, and possibly most lethal, of all the myriad issues at stake in this election. No candidate other than Bernie Sanders is capable of taking the steps necessary to protect the American people from a repeat of the recent debacle that plunged the nation into a recession from which we have not recovered.

The potential for a depression looms heavily on the horizon. As a trained economist who has spent more than 20 years on Wall Street – and one of the models for Gordon Gekko’s character – I know the financial system is in urgent need of regulation and responsibility. Yet Hillary Clinton is beholden to the banks for their largesse in funding her campaign and lining her pockets. The likelihood of any Republican candidate taking on this key issue is not even worthy of discussion.

The recession of 2007-2016, and the persistent transfer of wealth from the 80% to the 1% is, mostly the result of banking irresponsibility precipitated by the repeal of the Glass-Steagall Act in 1999. The law separated commercial banking (responsible for gathering and conservatively lending out funds) from investment banking (more speculative activities).

A new culture emerged that rewarded bankers for return on equity rather than sound lending practices. The wild west of risk-taking, staked on depositors’ money, became the best sport in town. Why not? If management won, they got rich. When they lost, the taxpayer took on the responsibility. If that sounds like a good wager, it was (and is).

http://www.theguardian.com/commentisfree/2016/apr/12/real-life-gordon-gekko-supports-bernie-sanders-wall-street-banks-regulation
Banking is the least understood, and possibly most lethal, of all the myriad issues at stake in this election. No candidate other than Bernie Sanders is capable of taking the steps necessary to protect the American people from a repeat of the recent debacle that plunged the nation into a recession from which we have not recovered.

The potential for a depression looms heavily on the horizon. As a trained economist who has spent more than 20 years on Wall Street – and one of the models for Gordon Gekko’s character – I know the financial system is in urgent need of regulation and responsibility. Yet Hillary Clinton is beholden to the banks for their largesse in funding her campaign and lining her pockets. The likelihood of any Republican candidate taking on this key issue is not even worthy of discussion.

The recession of 2007-2016, and the persistent transfer of wealth from the 80% to the 1% is, mostly the result of banking irresponsibility precipitated by the repeal of the Glass-Steagall Act in 1999. The law separated commercial banking (responsible for gathering and conservatively lending out funds) from investment banking (more speculative activities).

A new culture emerged that rewarded bankers for return on equity rather than sound lending practices. The wild west of risk-taking, staked on depositors’ money, became the best sport in town. Why not? If management won, they got rich. When they lost, the taxpayer took on the responsibility. If that sounds like a good wager, it was (and is).


(They play their stupid games talking about lost jobs if the big banks have to break up (as if people will not be required to work at the separate entities). But let's talk about lost jobs. The current state of our financial system is a ticking time bomb. The amount of jobs and lives devastated when that blows will be mind-numbing. Of course the paid corporate whores won't have to worry. They will still be paid big $$$$$$$$ to spew their lies and distortion and prop up the candidate that will lead this country over a cliff.)

http://www.theguardian.com/commentisfree/2016/apr/12/real-life-gordon-gekko-supports-bernie-sanders-wall-street-banks-regulation

[FreakinDJ]

1. Hillary = Business as Usual for Wall Street Banks

[Skwmom]

2. Business as Usual for the Wall Street Banks = Future financial destruction for the U.S.