Before crowd of several hundred people at a New York town hall meeting, Democratic frontrunner Bernie Sanders (I, Vt), took on the big banks and Hillary Clinton at the sme time.
Sanders piled it on regarding revamping the financial industry to prevent another financial collapse like that of 2008. He noted that the big banks that destroyed the lives of milliosn of Americans due to risk taking investment endeavors, not only got federal taxpayer bailouts, but are now bigger and more dangerous than ever. The lack of regulation and intervention by government and the law, the stonewalling of politicians who have their pockets lined by the bankers may cause another financial disaster, this time, a disaster the country may not recover from for decades to come.
The timing for such a collapse is right. There has been stability and increases in American assets and history has shown when this happens, Republicans somehow get caught up in wars that expend those assets. Since the Glass-Steagall Act from the age of the Great Depression that put a damper on big banking. That act, now defunct is needed to be revived according to Sanders as well as other reforms.
Sanders suggests laws that prohibit bank CEOs from sitting on the Federal Reserve board, which makes no sense whatsoever in the first place. Why put people on a governing body if they’re the people whom the government body is designed to keep in check? It’s like the old saying “letting a fox guard the chicken coup.”, which Sanders used that night. He also suggests to basically make certain the Federal Reserve be as determined to make things go right for the citizens with the same fervor they use to appease the banks. There have been laws in place to do this, but for decades had been ignored or circumvented.
Sanders went on to lambaste Clinton for basically playing up to the bankers. Clinton had criticized Sanders’ plans stating that it was the smaller banks and shadow banks that did the risky investment thing, which Sanders agreed on, but countered that these banks got their money from the big banks in the first place. It appears Hillary Clinton didn’t do her homework regarding this and adds even more to the feeling of the public that Clinton is nothing more than a big banker flunky.
The issue of the Wall Street greed and avoidance from prosecution is going to be one of ,if not, the most important topic during the Democratic Convention, Hillary had better do her homework or Sanders is going to tear her apart at the podium. Sanders has those big numbers that Clinton wants because he is addressing the issues that Americans are most interested in, not hot button media topics like Clinton is famous for.
Do you think Bernie Sanders is right in wanting the bankers to get put in check? Add your comments below.