2016 Postmortem

babylonsister

(171,065 posts) Thu Apr 28, 2016, 03:27 PM Apr 2016

Obama: Sanders’ critique is ‘correct’ that big banks have not been dismantled

Obama: Sanders’ critique is ‘correct’ that big banks have not been dismantled
04/28/16 11:40 AM—Updated 04/28/16 02:19 PM
By Anna Merod

Pres. Barack Obama said in an interview about his economic policies with the New York Times Magazine that Sanders’ critique about big banks is “correct,” in so far as that they have not yet been broken up.

“But there is no doubt that the financial system is substantially more stable,” Obama told the Times. “It is true that we have not dismantled the financial system, and in that sense, Bernie Sanders’s critique is correct.”

However, Obama said that the proposal to expand on the Dodd-Frank Wall Street Reform and Consumer Protection Act by dismantling big banks such as JP Morgan Chase, Citi Bank or Bank of America is not as simple of a solution as it appears. Obama signed Dodd-Frank into law in 2010, which sought to monitor and prevent risks that could impact the entire finance industry. The law also created the Consumer Financial Protection Bureau to ease the the shutdown of banks without using bailouts at the cost of taxpayers.

“But one of the things that I’ve consistently tried to remind myself during the course of my presidency is that the economy is not an abstraction. It’s not something that you can just redesign and break up and put back together again without consequences,” he added.

more...

http://www.msnbc.com/msnbc/obama-sanders-correct-need-break-big-banks

3 replies

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Obama: Sanders’ critique is ‘correct’ that big banks have not been dismantled (Original Post) babylonsister Apr 2016 OP

What else he said zipplewrath Apr 2016 #1

My God, have we become the govt that can't tackle any of our major problems b/c their just too Skwmom Apr 2016 #2

Kicking AuntPatsy Apr 2016 #3

zipplewrath

(16,646 posts)

1. What else he said

Reply to babylonsister (Original post)

Thu Apr 28, 2016, 03:36 PM

Apr 2016

Obama does have regrets.

Obama admits he could have done a few more “common-sense things” to improve the economy more, something he said occasionally haunts his conscience. “We could have brought down the unemployment rate lower, faster. We could have been lifting wages even faster than we did. And those things keep me up at night sometimes,” he said.

Yeah, believe me, your mistakes cost a lot of people more than a bad night sleep. Many are still suffering the consequences. And it isn't like people weren't screaming at you that you were making a mistake. Krugman told you the stimulus was too small by at least HALF. But I know, your critics were all "drug addled", "sanctimonious" and "retarded".

Skwmom

(12,685 posts)

2. My God, have we become the govt that can't tackle any of our major problems b/c their just too

Reply to babylonsister (Original post)

Thu Apr 28, 2016, 03:42 PM

Apr 2016

damn hard.

We have a bunch of damn idiots working in DC. The voices of the smart people not blinded by greed have been silenced.

It is more than just Bernie being President. He will bring on board people that know what the hell they are doing, instead of the stupid corporate and financial hacks that are simply destroying this country.

This is like watching the bad part of history repeating itself. I remember feeling this way when Clinton decided it would be a capital idea to repeal the remainder of Glass-Stegall after we saw what disaster repealing the first part had wrought.

AuntPatsy

(9,904 posts)

3. Kicking

Reply to babylonsister (Original post)

Thu Apr 28, 2016, 04:03 PM

Apr 2016

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