Sanders backs reviving Glass-Steagall
Greg Nash
By Kevin Cirilli -
Democratic presidential candidate Sen. Bernie Sanders
(I-Vt.) aid Friday he supports a bill championed by Sen. Elizabeth
Warren (D-Mass.) designed to break up big banks.
Earlier this month, Warren offered legislation to re-instate
Glass-Steagall, a Depression-era banking law that divided commercial and
investment banking.
“Today, not only must we reinstate this important law, but
if we are truly serious about ending too big to fail, we have got to break up
the largest financial institutions in this country," Sanders said in a
public statement.
President Bill Clinton repealed the
law in 1999. Glass-Steagall has long been popular with liberals, who argue the
repeal was part of the deregulation they say led to the 2008 financial
collapse.
The issue sets up a divide between
Hillary Clinton, the Democratic frontrunner, and Sanders, who has been gaining
on her in the polls and riding a wave of popularity among the party's liberal
base.
Earlier this week, one of her economic advisers said that
Clinton wouldn't be
pushing to reinstate Glass-Steagall law.
Sanders was one of eight senators in 1999 who voted against
its repeal.
Many economists and President Clinton's former advisers
though argue that the repeal did not contribute to the crisis.
At a 2014 economic forum in Washington, former President
Bill Clinton said that "getting rid of Glass-Steagall didn't have
anything to do with the crash."
The White House also sought to distance itself from Warren's
Glass-Steagall push on Friday.
"At this point, we believe that the kind of
implementation of Wall Street reform is the most effective way to protect our
economy and middle-class taxpayers," White House press secretary Josh
Earnest told reporters when asked whether President Obama supports it.
THE SMELL OF DIRTY BANKSTER BRIBES
IS ALWAYS IN HILLARY'S NOSTRILS!
"There were reasons. There were positive reasons," Clinton said then of its repeal.
"What I believe the failure in '99 was -- is that once
you removed some of those barriers between banks and investment banks and the
kind of business that could be done by banks -- that there needed to be new
regulatory framework," she continued. "But there was no appetite in
the Republican Congress or with a Republican president to take the second
step."
HILLARY CLINTON: DEDICATED SERVANT TO
THE 1%, OBAMA’S
CRIMINAL CRONY BANKSTERS and DISCIPLE of OBAMA-
CLINTONOMICS for
the super-rich.
The central aim of Clinton’s speech
was to reassure the American financial oligarchy that, despite her occasional
lukewarm denunciations of corporate criminality and social inequality, she is a
right-wing, pro-business defender of Wall Street.
The speech makes clear that a Clinton
presidency will pursue the same pro-Wall Street policies of the Obama
administration, seeking to expand the fortunes of the super-rich at the expense
of the great majority of society, while invoking “fairness” and “equality” as
window dressing.
Hillary bellies up to Obama’s banksters – She reeks of the smell
of BRIBES and BAILOUTS
Hillary
and Obama’s crony criminal banksters…. their looting has just begun!
OBAMA'S CRIMINAL
BANKSTERS DESTROYED MORE THAN A TRILLION
DOLLARS IN THE AMERICAN MIDDLE-CLASS'
HOME EQUITY. THEY WERE
REWARDED WITH MASSIVE BAILOUTS WHICH THEY USED TO BUY
COMPETITORS. NOT ONE BANKSTER WENT TO PRISON!
Hillary Clinton has
vowed to take the banksters to new heights of looting!
THE CRONY CLASS:
OBAMA-CLINTONomics was created by BILLARY CLINTON!
Income inequality
grows FOUR TIMES FASTER under Obama than Bush.
“By the time of Bill
Clinton’s election in 1992, the Democratic Party had completely repudiated its
association with the reforms of the New Deal and Great Society periods. Clinton
gutted welfare programs to provide an ample supply of cheap labor for the rich
(WHICH NOW MEANS OPEN BORDERS AND NO E-VERIFY!), including a growing layer of
black capitalists, and passed the 1994 Federal Crime Bill, with its notorious
“three strikes” provision that has helped create the largest prison population
in the world.”
*
“Calling income and wealth inequality the "great
moral issue of our time," Sanders laid out a sweeping, almost unimaginably
expensive program to transfer wealth from the richest Americans to the poor and
middle class. A $1 trillion public works program to create "13 million
good-paying jobs." A $15-an-hour federal minimum wage. "Pay
equity" for women. Paid sick leave and vacation for everyone. Higher taxes
on the wealthy. Free tuition at all public colleges and universities. A
Medicare-for-all single-payer health care system. Expanded Social Security
benefits. Universal pre-K.” WASHINGTON
EXAMINER
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