General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIf America is to be saved from Feudalism/Fascism,
some brave politician with power is going to eventually have to stand up to the banks and be extremely tough with them. Who/Where is that politician going to be/come from?
Many of us hoped it would be Bill Clinton. And while Clinton was a good manager, he gave the banks almost everything they could have hoped for in the last year or two of his presidency - especially the repeal of Glass-Steagall.
Many of us hoped it would be Barack Obama. And while Obama was a good manager, he let the banks majorly off the hook for the financial crisis, with hardly any criminal prosecution for the massive fraud committed, and no break ups of too-large-to-fail institutions. The recovery from the financial crash due to mortgage-backed securities was mostly one of protecting the banks, not the citizens and victims.
Not many of us hoped it would be Hillary Clinton. It was not a major part of her message, and a large part of the Clintons' modus operandi was working within the structures of American power. Which is a smart way to gain political power, but it certainly doesn't threaten the control the banks now have over government.
Elizabeth Warren has a record of being extremely tough on bankers, having studied their weasel words and fraud for decades. If she ran, I would again hope that the banks might finally be frustrated in getting so much of their way.
Salvation for us as a culture and as an economy lies only in frustrating the bottomless greed and rapaciousness of the banker class and the fraud and lawlessness of high finance. It won't come from the GOP, that much is blindingly obvious. Will it arise from the Democratic party? That seems to be our only hope, but I don't hear much of it in our messaging. Hardly any politician (outside of Warren) even talks about it much as a problem.
My support has to go to any politician who can talk about the problems of unchecked financial/banking power, the revolving door, and goals and plans to check that power. I really hope it comes out of the next set of Democratic candidates. We may not have much more time to wait.
Mike Rows His Boat
(389 posts)... not have Wells Fargo - or any other banking institutions - sponsor the Democratic convention.
ProfessorPlum
(11,257 posts)if ever a company deserved the death penalty, they are it
Johnny2X2X
(19,066 posts)You do realize that Clinton fought to keep Glass-Steagall right? He Vetoed its repeal once, but they had the votes to override his veto so rather than be over ridden and have a full repeal he cut a deal to keep some important parts of it in exchange for his signing it. The Republican Congress repealed Glass-Steagall, Bill Clinton tried to save it, but Congress had the votes to over ride him.
ProfessorPlum
(11,257 posts)and many of his advisors, including Robert Rubin, were very much for repealing it.
Here is BC defending his vote, even as late as 2015 with the hindsight of the crash behind him: http://thehill.com/blogs/blog-briefing-room/250838-bill-clinton-defends-repeal-of-glass-steagall
I've got nothing in particular against Bill Clinton. I voted for him twice and quite like a lot of other things that he did. But this was a huge mistake on his part.
Stallion
(6,476 posts)then these compromises will be based on Democratic principles. We really need to understand what is and is not possible based on power politics. Much of the criticism of Clinton/Obama completely overlooks what is and what is not possible
ProfessorPlum
(11,257 posts)but do you think that automatically means the banks will be constrained? There's really no evidence to suggest that.
Johnny2X2X
(19,066 posts)Dodd-Frank did more to reign in banks than any law in a century.
This is another failed attempt at false equivalency. Dems believe the banks play a vital role in our economy, but believe they should have rules to keep them from running wild. Reps believe the US population should be subject to scams of every type by large banks, that's just part of the free market to them. There is no comparison.
ProfessorPlum
(11,257 posts)i was comparing politicians who will do something substantial to regulate banking fraud versus those who won't. DF was great as far as it went, which was not far.
The republicans, as you note, are completely hopeless.
betsuni
(25,539 posts)CrispyQ
(36,478 posts)Until we get money out of our process, people with money have more "speech."
ProfessorPlum
(11,257 posts)the paradox is we have to find a politician(s) who can take the banks' money to get elected, and then be brave enough to disappoint them and start decoupling money from elections.
Wounded Bear
(58,670 posts)The problem starts at the local level. We need legislators at all levels of gov't to have a less business friendly posture.
The real solution is in Congress and the States.
ProfessorPlum
(11,257 posts)but the President can be a leader by talking about the problem and supporting solutions. That's a place to start.
And of course we need to support congresspeople who understand the problem we have with big money.
SWBTATTReg
(22,143 posts)the Koch brothers, Paul Ryan, and the like.
Paul Ryan is the ultra hypocrite, since he is in Congress, solely elected to represent the voters of his district, and what does he do? He crams down an Ann Rand economics course down his voters' throats because he thinks it is the best (and what's even worst, there has never been a Ann Rand economy anywhere in the world, because it won't work.)
Instead of representing Americans, They seem intent on cramming these political/economic methodologies down our throat, with their money. It's sad that they think this, since I would think if a thing was popular, then you wouldn't have a spend a dime in order to spread the word about it.
Makes one wonder, eh?
ProfessorPlum
(11,257 posts)they are pretending to believe in something because it allows them to steal more money.
BSdetect
(8,998 posts)Despite social mobility being really low compared to "class bound" countries like the UK and wages being reduced over decades (compared to inflation etc) people think they have a chance to win the "lottery" of success.
ProfessorPlum
(11,257 posts)FDR was such a politician, and his reforms worked perfectly well with the American Dream mythos.