2016 Postmortem
Related: About this forumOn July 13th this happened
A lone heckler was ejected and his question never answered.
Heckler ejected from Hillary Clinton speech after interrupting to ask about Wall Street regulation
Former Secretary of State Hillary Clinton's major economic speech on Monday was interrupted by a protester who demanded answers from her about investment banking regulations.
The heckler, Daniel Burke, stood up and shouted at the end of Clinton's address, in which she outlined her presidential campaign's economic agenda.
"Senator Clinton, will you restore Glass-Steagall?" Burke yelled.
Clinton, who was speaking in Manhattan at The New School, appeared taken aback. She did not answer his question. Her supporters in the audience eventually started clapping to drown out Burke and security escorted him from the building.
Read more: http://www.businessinsider.com/heckler-ejected-from-hillary-clinton-event-2015-7#ixzz3iOKJ623T
Five days later on July 18th a group of hecklers basically took over the NetRoots event of which Sanders was speaking, they weren't ejected, Bernie tried to answer (even if not satisfactorily in the heat of the moment) and has continued from that point to this day address the concerns of Black Lives Matter.
Does anyone know if Hillary Clinton ever answered the question regarding restoring Glass-Steagall or has this issue just conveniently dropped off the radar?
On edit a little information about Glass-Steagall.
https://en.wikipedia.org/wiki/Glass_Steagal
The term GlassSteagall Act usually refers to four provisions of the U.S. Banking Act of 1933 that limited commercial bank securities activities and affiliations within commercial banks and securities firms.[1] Congressional efforts to repeal the GlassSteagall Act referred to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms [2]). Those efforts culminated in the 1999 GrammLeachBliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.[3]
The term GlassSteagall Act is also often used to refer to the entire Banking Act of 1933, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama.[4] This article deals with only the four provisions separating commercial and investment banking. The article 1933 Banking Act describes the entire law, including the legislative history of the Glass-Steagall provisions separating commercial and investment banking. A separate 1932 law also known as the GlassSteagall Act is described in the article GlassSteagall Act of 1932.
(snip)
Many commentators have stated that the GLBAs repeal of the affiliation restrictions of the GlassSteagall Act was an important cause of the late-2000s financial crisis.[9][10][11] Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks.[12] Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the GlassSteagall Act.[13] Commentators, including former President Clinton in 2008 and the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.[14]
JI7
(89,260 posts)Uncle Joe
(58,386 posts)http://www.businessinsider.com/george-soros-we-are-just-entering-act-2-of-the-crisis-and-were-totally-screwed-2010-6
Finally, we must recognize that financial markets evolve in a one-directional, nonreversible manner. The financial authorities, in carrying out their duty of preventing the system from collapsing, have extended an implicit guarantee to all institutions that are too big to fail. Now they cannot credibly withdraw that guarantee. Therefore, they must impose regulations that will ensure that the guarantee will not be invoked. Too-big-to-fail banks must use less leverage and accept various restrictions on how they invest the depositors money. Deposits should not be used to finance proprietary trading. But regulators have to go even further. They must regulate the compensation packages of proprietary traders to ensure that risks and rewards are properly aligned. This may push proprietary traders out of banks, into hedge funds where they properly belong. Just as oil tankers are compartmentalized in order to keep them stable, there ought to be firewalls between different markets. It is probably impractical to separate investment banking from commercial banking as the Glass-Steagall Act of 1933 did. But there have to be internal compartments keeping proprietary trading in various markets separate from each other. Some banks that have come to occupy quasi-monopolistic positions may have to be broken up.
Read more: http://www.businessinsider.com/george-soros-we-are-just-entering-act-2-of-the-crisis-and-were-totally-screwed-2010-6#ixzz3iOR8VZur
sabrina 1
(62,325 posts)There was another video of hecklers at a Hillary event also. They more or less took over, not sure if this was the same event.
Bernie is going to have to get security. He was pushed by one of the disrupters something that is a crime, if he chose to push it, which he will not I am sure.
But as a US Senator there is simply NO excuse for what bordered on violence.
Next time, it could be someone with a weapon, it's not as if we have not seen it before.
GoneFishin
(5,217 posts)disagree with his democratic ideas about democracy.
Uncle Joe
(58,386 posts)I would like to put this behind us as well, I pray no more disruptors take over or attempt to take over either candidate's speeches to their supporters.
Having said that I do believe the issue of Glass-Steagall should be addressed by the candidates.
Peace to all of you.
Sunlei
(22,651 posts)All you have to do to find answers to some questions is place her name and GlassSteagall Act in a search bar and you'll see several news reports.
Here is one headline, Financial adviser: Clinton won't push Glass-Steagall bank bill, I placed a link to the article because there is some explanation from Mrs. Clinton interviews, 'why' in the article. article also mentions this is a difference between Mrs. Warren and Mrs. Clinton.
http://thehill.com/policy/finance/247700-adviser-clinton-wont-push-glass-steagall-bank-bill
Uncle Joe
(58,386 posts)http://www.vanityfair.com/news/2009/01/stiglitz200901-2
The deregulation philosophy would pay unwelcome dividends for years to come. In November 1999, Congress repealed the Glass-Steagall Actthe culmination of a $300 million lobbying effort by the banking and financial-services industries, and spearheaded in Congress by Senator Phil Gramm. Glass-Steagall had long separated commercial banks (which lend money) and investment banks (which organize the sale of bonds and equities); it had been enacted in the aftermath of the Great Depression and was meant to curb the excesses of that era, including grave conflicts of interest. For instance, without separation, if a company whose shares had been issued by an investment bank, with its strong endorsement, got into trouble, wouldnt its commercial arm, if it had one, feel pressure to lend it money, perhaps unwisely? An ensuing spiral of bad judgment is not hard to foresee. I had opposed repeal of Glass-Steagall. The proponents said, in effect, Trust us: we will create Chinese walls to make sure that the problems of the past do not recur. As an economist, I certainly possessed a healthy degree of trust, trust in the power of economic incentives to bend human behavior toward self-interesttoward short-term self-interest, at any rate, rather than Tocquevilles self interest rightly understood.
The most important consequence of the repeal of Glass-Steagall was indirectit lay in the way repeal changed an entire culture. Commercial banks are not supposed to be high-risk ventures; they are supposed to manage other peoples money very conservatively. It is with this understanding that the government agrees to pick up the tab should they fail. Investment banks, on the other hand, have traditionally managed rich peoples moneypeople who can take bigger risks in order to get bigger returns. When repeal of Glass-Steagall brought investment and commercial banks together, the investment-bank culture came out on top. There was a demand for the kind of high returns that could be obtained only through high leverage and big risktaking.
https://en.wikipedia.org/wiki/Joseph_Stiglitz
Joseph Eugene Stiglitz, ForMemRS, FBA (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the (US president's) Council of Economic Advisers.[2][3] He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists" , and some international institutions like the International Monetary Fund and the World Bank.
Thanks for your reply, Sunlei
Sunlei
(22,651 posts)banks suck big time at the consumer level.