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

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    Bernie Sanders To Introduce Bill To Break Up The Big Banks

    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.

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

    Bernie Sanders about as relevant as Atari.
    Well said: That was laid on with a trowel ~ W. Shakespeare, The Merchant of Venice.

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

    Quote Originally Posted by catswiththumbs View Post
    Bernie Sanders about as relevant as Atari.
    That is an excellent, well-reasoned critique of why Sanders' plan isn't a good one.

    Feel free to calmly and rationally introduce facts to this discussion at any time!

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

    Quote Originally Posted by Phys251 View Post
    That is an excellent, well-reasoned critique of why Sanders' plan isn't a good one.

    Feel free to calmly and rationally introduce facts to this discussion at any time!
    It's obvious to anyone with only a passing interest in politics. Not worth discussion, but adequate for a short sentence or two.
    Well said: That was laid on with a trowel ~ W. Shakespeare, The Merchant of Venice.

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

    Quote Originally Posted by catswiththumbs View Post
    Bernie Sanders about as relevant as Atari.
    No one though Obama had a chance against Hillary either, and look how that turned out. Granted it's Hillary's to lose, but she lost it once before she could lose it again.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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

    Quote Originally Posted by Summerwind View Post
    No one though Obama had a chance against Hillary either, and look how that turned out. Granted it's Hillary's to lose, but she lost it once before she could lose it again.
    Hillary dropped out a long time ago. She is yesterday's breakfast - she may get a great deal of the Dem. party vote, but not as much as expected.

    Look at her - listen to her - people just don't like her, and in the end that's how most non-political junkies vote - she comes off as full of sh*t, shallow, and crass. I have no idea if she is or isn't any of those things, but that is how she resonates.

    She could still win, but she's a has been - the lack of any halfway decent challengers could give her the "meh, whatever" vote and do the trick.
    Well said: That was laid on with a trowel ~ W. Shakespeare, The Merchant of Venice.

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

    Quote Originally Posted by catswiththumbs View Post
    Hillary dropped out a long time ago. She is yesterday's breakfast - she may get a great deal of the Dem. party vote, but not as much as expected.

    Look at her - listen to her - people just don't like her, and in the end that's how most non-political junkies vote - she comes off as full of sh*t, shallow, and crass. I have no idea if she is or isn't any of those things, but that is how she resonates.

    She could still win, but she's a has been - the lack of any halfway decent challengers could give her the "meh, whatever" vote and do the trick.
    Right at the moment you're wrong about how people feel about Hillary, she's beating all opponents by leaps and bounds in polls. She could screw up though and lean too far right as she did in 2008 and lose most of the party.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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

    He's such a unmitigated moron.

    Honestly, he wants to push American " forward " but there's nothing " forward " about his iniatives.

    If he had his way whats left of the economy would be driven into the ground once and for all.

    Bernie attack the 2 Financial entities that were the most corrupt agencies involved in the Subprime mortgage crisis and stop with the talking points.

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

    Quote Originally Posted by Summerwind View Post
    Right at the moment you're wrong about how people feel about Hillary, she's beating all opponents by leaps and bounds in polls. She could screw up though and lean too far right as she did in 2008 and lose most of the party.
    People are voting for the party, not her - she's who the party stuck out there, so she gets the nod.

    Elizabeth Warren would crush her.
    Well said: That was laid on with a trowel ~ W. Shakespeare, The Merchant of Venice.

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

    Quote Originally Posted by catswiththumbs View Post
    People are voting for the party, not her - she's who the party stuck out there, so she gets the nod.

    Elizabeth Warren would crush her.
    Certainly it would seem that EW would crush her, but EW ain't runnin' so it's a stupid point for the discussion. So long as Hillary stays left and doesn't cruise right, she'll likely be fine. However, she could screw up. Right now she's in a very good position and it's not just because she's a Democrat. Those that really really want an EW will likely be rooting for Sanders.
    jallman: "It's all good. At least you have a thick skin and can take being poked fun back at without crying. "

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