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2016 Postmortem
Related: About this forumBernie Sanders’ threat to break up the banks is a threat to the Democratic Party establishment
The recent kerfluffle about Bernie Sanders purportedly not knowing how to bust up the big banks says far more about the threat Sanders poses to the Democratic establishment and its Wall Street wing than it does about the candidate himself.
Of course Sanders knows how to bust up the big banks. Hes already introduced legislation to do just that. And even without new legislation a president has the power under the Dodd-Frank reform act to initiate such a breakup.
But Sanders threatens the Democratic establishment and Wall Street, not least because hes intent on doing exactly what he says hell do: breaking up the biggest banks.
The biggest are far larger today than they were in 2008 when they were deemed too big to fail. Then, the five largest held around 30 percent of all U.S. banking assets. Today they have 44 percent.
(snip)
For example, Dodd-Frank instructed the Commodity Futures Trading Commission to reduce certain risks, but the Street has sabotaged the process.
In its first major rule under Dodd-Frank, the CFTC considered 1,500 comments, largely generated by and from the Street. After several years the commission issued a proposed rule, including some of the loopholes and exceptions the Street sought.
Wall Street still wasnt satisfied. So the CFTC agreed to delay enforcement of the rule, allowing the Street more time to voice its objections. Even this wasnt enough for the big banks, whose lawyers then filed a lawsuit in the federal courts, arguing that the commissions cost-benefit analysis wasnt adequate.
(snip)
https://www.rawstory.com/2016/04/robert-reich-bernie-sanders-threat-to-break-up-the-banks-is-a-threat-to-the-democratic-party-establishment/
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Bernie Sanders’ threat to break up the banks is a threat to the Democratic Party establishment (Original Post)
Uncle Joe
Apr 2016
OP
Yeap, Sanders couldn't lobby their money for the DCCC any longer so... yeah, sucks for all
uponit7771
Apr 2016
#3
think
(11,641 posts)1. " Extra bonus: It would also reduce the power of Wall Street over our democracy."
RiverLover
(7,830 posts)2. "Meanwhile they continue to gamble with depositor’s money."
Meanwhile they continue to gamble with depositors money. Many of their operations are global, making it even harder for U.S. regulators to rein them in as evidenced by JPMorgan Chases $6.2 billion loss in its London Whale operation in 2012. Citigroup alone has over 2,000 foreign subsidies.
The bottom line: Regulation wont end the Streets abuses. The Street has too much firepower. And because it continues to be a major source of campaign funding, no set of regulations will be tough enough.
So the biggest banks must be busted up.
The bottom line: Regulation wont end the Streets abuses. The Street has too much firepower. And because it continues to be a major source of campaign funding, no set of regulations will be tough enough.
So the biggest banks must be busted up.
Thanks Bill.
uponit7771
(90,347 posts)3. Yeap, Sanders couldn't lobby their money for the DCCC any longer so... yeah, sucks for all
revbones
(3,660 posts)4. You really think that jab compares to Hillary? Really? nt
RKP5637
(67,111 posts)5. The "new" democratic party drives me farther away all the time. The only thing the R and D
establishments care about are $$$$$$$$'s no matter what rhetoric they spin. Sanders is the only one I've heard that sounds like what the democratic party used to be about.
Babel_17
(5,400 posts)6. K&R
This is reality.
Uncle Joe
(58,366 posts)7. I'm running out on several appointments, will be back later.