Bernie Sanders
Related: About this forumNovember 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.
merrily
(45,251 posts)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.
Warren DeMontague
(80,708 posts)Sherman A1
(38,958 posts)Enthusiast
(50,983 posts)Those that were wrong, not so much.
abelenkpe
(9,933 posts)appalachiablue
(41,177 posts)Enforce the Sherman Anti-Trust Act.