2016 Postmortem
Related: About this forumKrugman: Clinton has the better plan for Financial Regulation
Democrats, Republicans and Wall Street Tycoons
http://www.nytimes.com/2015/10/16/opinion/democrats-republicans-and-wall-street-tycoons.html?action=click&pgtype=Homepage&module=opinion-c-col-right-region®ion=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region&_r=0
Hillary Clinton and Bernie Sanders had an argument about financial regulation during Tuesdays debate but it wasnt about whether to crack down on banks. Instead, it was about whose plan was tougher. The contrast with Republicans like Jeb Bush or Marco Rubio, who have pledged to reverse even the moderate financial reforms enacted in 2010, couldnt be stronger.
For what its worth, Mrs. Clinton had the better case. Mr. Sanders has been focused on restoring Glass-Steagall, the rule that separated deposit-taking banks from riskier wheeling and dealing. And repealing Glass-Steagall was indeed a mistake. But its not what caused the financial crisis, which arose instead from shadow banks like Lehman Brothers, which dont take deposits but can nonetheless wreak havoc when they fail. Mrs. Clinton has laid out a plan to rein in shadow banks; so far, Mr. Sanders hasnt.
But is Mrs. Clintons promise to take a tough line on the financial industry credible? Or would she, once in the White House, return to the finance-friendly, deregulatory policies of the 1990s?
Well, if Wall Streets attitude and its political giving are any indication, financiers themselves believe that any Democrat, Mrs. Clinton very much included, would be serious about policing their industrys excesses. And thats why theyre doing all they can to elect a Republican.
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OpenSecrets contribution to GOP - Dems by sector -- Finance/Insur/RealEst: 62.5% to GOP
https://www.opensecrets.org/overview/sectors.php
Cha
(297,503 posts)underpants
(182,863 posts)MisterP
(23,730 posts)in fact I think it was Krugman saying that
Doctor_J
(36,392 posts)I don't think he actually believes that they will stop looting the country just because she tells them to stop. And he has to be aware that the criminals who caused the Great Recession are contributing scads of stolen money to her campaign. He also use to be against Heritage Care, until Obama signed it. So it's kind of hard to take his analysis seriously.
Jim Lane
(11,175 posts)I don't know if anything any candidate said in the ensuing weeks would affect Krugman's opinion. Still, it's worth noting that this is not an up-to-date analysis of the candidates' positions.
McCamy Taylor
(19,240 posts)Sigh. Ok, we'll make room for you.
SunSeeker
(51,646 posts)JTShroyer
(246 posts)The revolution never came, Bernie. Hillary has the scars to prove it. Bernie, your plans for the future ignore political realities. You sound like a Republican when you say you want to repeal Obamacare and ruin our progress. Go back to Vermont and defend the NRA.