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ProfessorPlum

(11,257 posts)
Thu Sep 13, 2018, 09:17 AM Sep 2018

If 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.

18 replies = new reply since forum marked as read
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If America is to be saved from Feudalism/Fascism, (Original Post) ProfessorPlum Sep 2018 OP
First move to convince voters would be to ... Mike Rows His Boat Sep 2018 #1
jeezus. Especially those thieves at Wells Fargo ProfessorPlum Sep 2018 #2
Clinton Glass-Stiegel Johnny2X2X Sep 2018 #3
i don't think he fought very hard ProfessorPlum Sep 2018 #4
Correct-the First Step is to Elect Majorities in Both Houses of Congress and the Presidency Stallion Sep 2018 #6
I'm totally for a Democratic Congress and Presidency ProfessorPlum Sep 2018 #7
Dodd-Frank? Johnny2X2X Sep 2018 #16
I wasn't making that comparison ProfessorPlum Sep 2018 #18
LOL THE BANKS Bill Clinton bad Obama bad Hillary bad Democratic messaging bad LOL betsuni Sep 2018 #5
We need to fix our electoral process. CrispyQ Sep 2018 #8
I agree ProfessorPlum Sep 2018 #9
I don't think the president has that much power... Wounded Bear Sep 2018 #10
agreed ProfessorPlum Sep 2018 #11
Also, need to save us from Libertarians and Ann Rand policies, since they are supported by ... SWBTATTReg Sep 2018 #12
It's not much of a mystery ProfessorPlum Sep 2018 #14
As long as the myth of "the American Dream" persists any such change will be difficult. BSdetect Sep 2018 #13
disagree ProfessorPlum Sep 2018 #15
Until the Big Money Requirement is Removed from Campaigns, We Will Have the Status Quo dlk Sep 2018 #17
 

Mike Rows His Boat

(389 posts)
1. First move to convince voters would be to ...
Thu Sep 13, 2018, 09:21 AM
Sep 2018

... not have Wells Fargo - or any other banking institutions - sponsor the Democratic convention.




Johnny2X2X

(19,066 posts)
3. Clinton Glass-Stiegel
Thu Sep 13, 2018, 09:24 AM
Sep 2018

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)
4. i don't think he fought very hard
Thu Sep 13, 2018, 09:31 AM
Sep 2018

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)
6. Correct-the First Step is to Elect Majorities in Both Houses of Congress and the Presidency
Thu Sep 13, 2018, 09:52 AM
Sep 2018

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)
7. I'm totally for a Democratic Congress and Presidency
Thu Sep 13, 2018, 10:03 AM
Sep 2018

but do you think that automatically means the banks will be constrained? There's really no evidence to suggest that.

Johnny2X2X

(19,066 posts)
16. Dodd-Frank?
Thu Sep 13, 2018, 10:44 AM
Sep 2018

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)
18. I wasn't making that comparison
Thu Sep 13, 2018, 10:56 AM
Sep 2018

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.

CrispyQ

(36,478 posts)
8. We need to fix our electoral process.
Thu Sep 13, 2018, 10:05 AM
Sep 2018

Until we get money out of our process, people with money have more "speech."

ProfessorPlum

(11,257 posts)
9. I agree
Thu Sep 13, 2018, 10:15 AM
Sep 2018

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)
10. I don't think the president has that much power...
Thu Sep 13, 2018, 10:20 AM
Sep 2018

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)
11. agreed
Thu Sep 13, 2018, 10:27 AM
Sep 2018

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)
12. Also, need to save us from Libertarians and Ann Rand policies, since they are supported by ...
Thu Sep 13, 2018, 10:30 AM
Sep 2018

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)
14. It's not much of a mystery
Thu Sep 13, 2018, 10:42 AM
Sep 2018

they are pretending to believe in something because it allows them to steal more money.

BSdetect

(8,998 posts)
13. As long as the myth of "the American Dream" persists any such change will be difficult.
Thu Sep 13, 2018, 10:41 AM
Sep 2018

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)
15. disagree
Thu Sep 13, 2018, 10:43 AM
Sep 2018

FDR was such a politician, and his reforms worked perfectly well with the American Dream mythos.

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