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2016 Postmortem
Related: About this forum170 Economists Endorse Bernie Sanders’ Plan To Reform Wall St. And Rein In Greed
170 of the nations top economists have released a letter endorsing Democratic presidential candidate Bernie Sanderss plan to reform Wall Street.
A letter signed by 170 economists including former Labor Secretary Robert Reich, University of Texas Professor James K. Galbraith, Dean Baker, co-director of the Center for Economic and Policy Research in Washington, DC., Brad Miller, former U.S. Congressman from North Carolina, and William K. Black, University of Missouri-Kansas City endorsed the Sanders plan to reform Wall Street.
In our view, Sanders plan for comprehensive financial reform is critical for avoiding another too-big-to-fail financial crisis. The Senator is correct that the biggest banks must be broken up and that a new 21st Century Glass-Steagall Act, separating investment from commercial banking, must be enacted.
Wall Streets largest banks are now far bigger than they were before the crisis, and they still have every incentive to take excessive risks. No major Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash, and fines imposed on the banks have been only a fraction of the banks potential gains. In addition, the banks and their lobbyists have succeeded in watering down the Dodd-Frank reform legislation, and the financial institutions that pose the greatest risk to our economy have still not devised sufficient living wills for winding down their operations in the event of another crisis.
Secretary Hillary Clintons more modest proposals do not go far enough. They call for a bit more oversight and a few new charges on shadow banking activity, but they leave intact the titanic financial conglomerates that practice most shadow banking. As a result, her plan does not adequately reduce the serious risks our financial system poses to the American economy and to individual Americans. Given the size and political power of Wall Street, her proposals would only invite more dilution and finagle.
The only way to contain Wall Streets excesses is with reforms sufficiently bold and public they cant be watered down. Thats why we support Senator Sanderss plans for busting up the biggest banks and resurrecting a modernized version of Glass-Steagall.
(snip)
http://www.politicususa.com/2016/01/14/170-economists-bernie-sanders-plan-reform-wall-st-rein-greed.html
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170 Economists Endorse Bernie Sanders’ Plan To Reform Wall St. And Rein In Greed (Original Post)
Uncle Joe
Apr 2016
OP
TheDormouse
(1,168 posts)1. Somehow, this doesn't get discussed in the campaign
The media push the Hillary talking points that Bernie's economic proposals are not realistic. Yet here are scores of economists who support his plans.
Uncle Joe
(58,417 posts)2. The corporate media conglomerates have their own interests and they don't
align with the best case scenario for the vast majority of the American People.
With the CMGs we're not empowered citizens so much as gullible "consumers;" something to be sold to.
Jitter65
(3,089 posts)3. Yeah, too bad none of them sit in the Congress of the US. nt
Uncle Joe
(58,417 posts)5. For once I agree with you. n/t
Dragonfli
(10,622 posts)4. K&R