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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBernie Sanders Proposes Bill to Break Up Big Banks and Pressure Hillary Clinton
Heidi Przybyla
Senator Bernie Sanders proposed legislation to break up the nations biggest banks, including JPMorgan Chase & Co. and Bank of America Corp., setting up a contrast with Hillary Clinton as both seek the Democratic presidential nomination.
The measure would create a too-big-to-fail list compiled by regulators of banks and bank holding companies whose collapse would be considered to pose a threat to the financial system.
Sanders said that list would have to include those two banks plus Bank of New York Mellon Corp., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp. and Wells Fargo & Co.
Senator Bernie Sanders
If an institution is too big to fail, it is too big to exist and that is the bottom line, Sanders, a Vermont independent running for the 2016 Democratic presidential nomination, said at a news conference Wednesday in Washington.
Similar to legislation he introduced in previous years, when Democrats controlled the U.S. Senate, the bill has little chance of advancing. It does, however, allow the underdog candidate to pressure Clinton -- the Democratic presidential frontrunner -- to back up her populist rhetoric on Wall Street with specific proposals.
more...
http://www.bloomberg.com/politics/articles/2015-05-06/sanders-proposes-bill-to-break-up-big-banks-and-pressure-clinton
fadedrose
(10,044 posts)who broke up the Northern Securities Company, plus some other trusts, and was cheered by the public....
http://www.ushistory.org/us/43b.asp
frazzled
(18,402 posts)Is this about actually breaking up banks or is it simply about pressuring Clinton to say something about breaking up banks? And if, as the article states, "Similar to legislation he introduced in previous years, when Democrats controlled the U.S. Senate, the bill has little chance of advancing," then we're just talking about "talk," right?
The problem is, for years around here we've heard never-ending choruses of plaints whenever President Obama makes a pitch for something we support: "Yeah, yeah, It's just words," people always say. "I want to see action."
What confuses me here is that we're now celebrating words (as opposed to successful action) as the highest mark of progressive pedigree.
So what's the big deal if Clinton (or Sanders) espouses breaking up banks if it's not going to pass Congress?
Of course, I'm playing devil's advocate here a bit: I do believe that words matter. Repeated enough times, they may start to change attitudes. And laws won't change until attitudes do. But it might take years, even decades. If, say, a President Sanders called for breaking up the banks and didn't achieve it in his first 100 days, or first year, or first term, would we be railing against him as a puppet of corporate interests? Does he, too, have the supposed magic powers that people bemoan Obama for not using? Do we have double standards for candidates pre- and post-election?
Or are we merely flapping our lips?
liberal_at_heart
(12,081 posts)that caused the 2008 collapse. If we don't do something it will happen again and as things stand we will have to bail them out again. Will all those who support any Democratic candidate still support any Democratic candidate if we have to go through yet another 2008?