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Thread: Bernie Sanders To Introduce Bill To Break Up The Big Banks

  1. #31
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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Anomalism View Post
    Bernie Sanders To Introduce Bill To Break Up The Big Banks

    WASHINGTON, May 5 (Reuters) - Bernie Sanders, a self-described socialist U.S. senator who has launched a bid for the 2016 Democratic presidential nomination, said on Tuesday he will introduce a bill to break up the biggest banks, a position far to the left of the party's front runner, Hillary Clinton. Calls for Wall Street's largest firms to be cut down were numerous after taxpayers spent billions of dollars to prevent the financial system from collapse during the 2007-09 financial crisis, but they have since gradually died down.

    Sanders faces long odds against Clinton's fund-raising might, and his views might help position the former secretary of state and first lady more as a moderate and buttress her efforts to attract money from banks' deep pockets. Under the Sanders proposal, regulators on the existing Financial Stability Oversight Council would compile a list of institutions that are 'too big to fail' and implicitly rely on government support during a crisis. "If an institution is too big to fail, it is too big to exist," Sanders said in a statement.

    Within a year of enactment of the bill, the Treasury secretary would be required to break up these firms. They would also be prohibited from using any customer funds for risky or speculative activities on financial markets. Sanders, an independent from Vermont, launched his long-shot bid last week, highlighting his fight against authorizing the Iraq war, which Clinton voted to authorize as a senator, and putting pressure on her political agenda from the left.

    Sanders is not alone in his view that large banks still pose an undue risk to the economy after causing the worst economic crisis since the Great Depression. Senator Elizabeth Warren, a highly visible Democrat from Massachusetts, also wants to break up big banks. Among regulators, Tom Hoenig, second-in-command at the powerful Federal Deposit Insurance Corporation, wants the same thing. Still, the bill stands a near-zero chance of becoming law. Representative Brad Sherman, a Democrat from California, also backed the bill, but it has no Republican support. Republicans hold the majority in both houses of Congress. President Barack Obama is also opposed to making any changes to the 2010 Dodd-Frank law aimed at reforming Wall Street.
    as popular as it is to hate on big banks...they are not a monopoly and there is no legal framework under which they can be broken up.
    concocting such a legal framework is extremely risky ... it would basically be the federal government dictating what size a legally operating business can be.

    Congress, can, however, regulate their trading practices.... and most likely should.
    It'll be interesting to see if Hillary kinda sides with the populist claptrap, or slaps him down with firm legal footing.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by TheDemSocialist View Post
    "Unimaginative"? Maybe the 55th ACA repeal will get it!

    But anyways anything of substance to why the bill should not be passed?
    none of these banks are a monopoly... there's simply no legal framework to justify breaking them up.
    every bank is connected, small and large, through loans and credit guarantees and other contracts... so of course there is systemic risk in the event of a banking crisis.

    even if a legal framework were to be concocted to break up these firms , that systemic risk would still exist, just on a wider scale. ( more banks involved as opposed to bigger banks involved).

    it makes infinitley more sense to regulate the trade practices of federally insured banks than it does to arbitrary break them up and pretend you did something substantive

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by zebranivem View Post
    I want Elizabeth Warren to keep barking at Wall Street as a Senator. She's doing a very good job! (The vice president doesn't really do much.)
    That's a very valid point. I guess I was thinking if she was VP there'd be a strong chance she'd take over when Hillary or Bernie were done, but that (VP being elected after the P runs his/her two terms) really hasn't been the case for generation or more, guess I better put that idea out of my head.
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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Bernie Sanders has been saying since March of 2013 that he was going to introduce this bill. I guess now that he's running for President he's decided to actually do it. It's a great way to pander for votes.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Summerwind View Post
    Oh, there's that irony again.
    He is.

    We can start off with the fact that he's a avowed Socialist and then go down his 12 point plan for how to quickly drive whats left of the American economy in to the ground.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Fenton View Post
    He is.

    We can start off with the fact that he's a avowed Socialist and then go down his 12 point plan for how to quickly drive whats left of the American economy in to the ground.
    I'd love to see you break down his plan and explain how it drives the economy into the ground.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Anomalism View Post
    Bernie Sanders To Introduce Bill To Break Up The Big Banks

    WASHINGTON, May 5 (Reuters) - Bernie Sanders, a self-described socialist U.S. senator who has launched a bid for the 2016 Democratic presidential nomination, said on Tuesday he will introduce a bill to break up the biggest banks, a position far to the left of the party's front runner, Hillary Clinton. Calls for Wall Street's largest firms to be cut down were numerous after taxpayers spent billions of dollars to prevent the financial system from collapse during the 2007-09 financial crisis, but they have since gradually died down.

    Sanders faces long odds against Clinton's fund-raising might, and his views might help position the former secretary of state and first lady more as a moderate and buttress her efforts to attract money from banks' deep pockets. Under the Sanders proposal, regulators on the existing Financial Stability Oversight Council would compile a list of institutions that are 'too big to fail' and implicitly rely on government support during a crisis. "If an institution is too big to fail, it is too big to exist," Sanders said in a statement.

    Within a year of enactment of the bill, the Treasury secretary would be required to break up these firms. They would also be prohibited from using any customer funds for risky or speculative activities on financial markets. Sanders, an independent from Vermont, launched his long-shot bid last week, highlighting his fight against authorizing the Iraq war, which Clinton voted to authorize as a senator, and putting pressure on her political agenda from the left.

    Sanders is not alone in his view that large banks still pose an undue risk to the economy after causing the worst economic crisis since the Great Depression. Senator Elizabeth Warren, a highly visible Democrat from Massachusetts, also wants to break up big banks. Among regulators, Tom Hoenig, second-in-command at the powerful Federal Deposit Insurance Corporation, wants the same thing. Still, the bill stands a near-zero chance of becoming law. Representative Brad Sherman, a Democrat from California, also backed the bill, but it has no Republican support. Republicans hold the majority in both houses of Congress. President Barack Obama is also opposed to making any changes to the 2010 Dodd-Frank law aimed at reforming Wall Street.
    It may not be released as of yet, but I cannot seem to locate the actual bill to see the language of how Sanders proposes this.

    But what I can find is the targets are J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley under the "standard" that they "issue more than two-thirds of all credit cards, over half of all mortgages, control 95 percent of all derivatives held in financial institutions and hold more than 40 percent of all bank deposits in the United States."

    Our issue is a matter of law, and specifically the method to break up these organizations by the Treasury Department.

    Since we are looking at a solidly 114th Republican controlled Congress it is unlikely to even make it out of committee. Meaning, this is a political stunt to coincide with White House ambitions by doing two things at one time. One, force Republicans to defend "too big to fail" organizations. Two, force competing Democrats into a political litmus test on handling "too big to fail." It is difficult to look at this as a real purposed bill on the part of Sanders, where he will try to garner support for it within the present Congress. I'm not entirely sure Obama would sign it even if it miraculously made it out of Congress.
    "Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by OrphanSlug View Post
    It may not be released as of yet, but I cannot seem to locate the actual bill to see the language of how Sanders proposes this.

    But what I can find is the targets are J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley under the "standard" that they "issue more than two-thirds of all credit cards, over half of all mortgages, control 95 percent of all derivatives held in financial institutions and hold more than 40 percent of all bank deposits in the United States."

    Our issue is a matter of law, and specifically the method to break up these organizations by the Treasury Department.

    Since we are looking at a solidly 114th Republican controlled Congress it is unlikely to even make it out of committee. Meaning, this is a political stunt to coincide with White House ambitions by doing two things at one time. One, force Republicans to defend "too big to fail" organizations. Two, force competing Democrats into a political litmus test on handling "too big to fail." It is difficult to look at this as a real purposed bill on the part of Sanders, where he will try to garner support for it within the present Congress. I'm not entirely sure Obama would sign it even if it miraculously made it out of Congress.
    It's a matter of principal. Somebody should be fighting for this, and Bernie has decided to be the one. If Republicans don't want to look bad by defending "Too big to fail" then maybe they shouldn't defend it.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Anomalism View Post
    It's a matter of principal. Somebody should be fighting for this, and Bernie has decided to be the one. If Republicans don't want to look bad by defending "Too big to fail" then maybe they shouldn't defend it.
    I don't buy it, I do not think this is all about principal. It makes more sense that this is about dealing with Hillary and Republicans at the same time.
    "Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by OrphanSlug View Post
    I don't buy it, I do not think this is all about principal. It makes more sense that this is about dealing with Hillary and Republicans at the same time.
    I think Sanders is attempting to take some of the POWER away from these huge banking monopolies that the US gave the Treasure to. Banks as lenders are influencing which Nations the USA manipulates to survive so that they can make their bank payments to their USA banking opportunists "privatizing" National patrimonies. The USA and huge Banking CORPORATIONS colluding to control Nations. Gosh, who'd a thunk it? "Too big to fail?" Screw 'em all. Pull the plug. Make sure the Nations that owe big debts to USA Banks survive to protect those bank payments. There have been no principles in recent gov't moves by the USA, at least, not since Vietnam.

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