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Ichingcarpenter

(36,988 posts)
Thu Jun 4, 2015, 04:37 AM Jun 2015

November 1999.. Sanders on the repeal of Glass-Steagall

This comes from the Meet Bernie Sanders page on the official campaign website (click on the timeline section).
November 1999
https://berniesanders.com/about/

About 10 years before the 2008 Wall Street crash spins the world economy into a massive recession, Sanders votes “no” on a bill to undo decades of financial regulations enacted after the Great Depression.

“This legislation,” he predicts at the time, “will lead to fewer banks and financial service providers, increased charges and fees for individual consumers and small businesses, diminished credit for rural America and taxpayer exposure to potential losses should a financial conglomerate fail. It will lead to more mega-mergers, a small number of corporations dominating the financial service industry and further concentration of power in our country.”

The House passed the bill 362-57 over Sanders’ objection.

Point-for-point, every single one of the things he mentions above has come to pass. We need someone with this level of understanding of our political and financial systems in the Office of the President.

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November 1999.. Sanders on the repeal of Glass-Steagall (Original Post) Ichingcarpenter Jun 2015 OP
FYI: a DUer who claimed to have studied economics set me straight on this, as follows: merrily Jun 2015 #1
....what could go wrong? Warren DeMontague Jun 2015 #2
K&R! Sherman A1 Jun 2015 #3
I think candidates proven right about the effects of past legislation should get extra credit. Enthusiast Jun 2015 #4
K&R abelenkpe Jun 2015 #5
K & R Good on Bernie, he knew it was wrong. Break up the Bank & Media monopolies. appalachiablue Jun 2015 #6

merrily

(45,251 posts)
1. FYI: a DUer who claimed to have studied economics set me straight on this, as follows:
Thu Jun 4, 2015, 04:47 AM
Jun 2015

There is no mention of repeal of Glass Steagall in connection with the 2008 crash. The only things mentioned are deregulation and CMODs.

Sanders was not the only Rep to predict correctly the results of repeal.


Enthusiast

(50,983 posts)
4. I think candidates proven right about the effects of past legislation should get extra credit.
Thu Jun 4, 2015, 08:01 AM
Jun 2015

Those that were wrong, not so much.

appalachiablue

(41,177 posts)
6. K & R Good on Bernie, he knew it was wrong. Break up the Bank & Media monopolies.
Thu Jun 4, 2015, 10:39 AM
Jun 2015

Enforce the Sherman Anti-Trust Act.

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