'Too Big to Fail, Too Big to Exist': Sanders Introduces Bill to Break Up Nation's Largest Wall Street Banks
This is long overdue.
Support state run banks and credit unions.
Another principled action by Bernie Sanders to stand with the “little people”, the 99% middle class workers and poor against the oligarchs corporate parasites, and banker usurers - not enough for some that expect miracles and an easy victory. .
I expect this action by Bernie will be denigrated and Sanders castigated as this or that sellout or some such rot.he doesn’t deserve. Such people seem to revel in trashing the possible for the perfect in their myopic estimation. Talk’s cheap and actions speak louder than words. I don’t see other leaders or movement organization making a real difference, or at least trying! Sure, there is a large constituancy for a progressive agenda, but that takes leadership, an organized, unified public, and some backers of name, integrity, and substance to create the vehicle to actually win in this corrupt, charade, money-dominated “system” of greed, depraved people, and self-interest!
We will not defeat the parasites and fascists by eating our own because they “do not measure up” to some unrealistic expectation or perceived failure of substance. just talk and cranky nit-picking will not create the enormous change needed…
If Brand D had proposed this bill from a position of strength, it would have added greatly to their credibility. Until it’s fought for and won, however, it’s without substance, like most of its progressive talk.
The breakup indeed would have been a lot easier In 2008 when the TBTF banks controlled only 25% of US bank assets. Today they control more than 50% of US bank assets and have far more political clout than they did in 2008.
There’s an easier solution. Allow them to fail. Follow the example of Iceland.
Yes, there’s economic pain, but it’s felt primarily by those who own the banks and have the most money in them. It acts as a leveling force, and as the economy recovers, its stronger.
My biggest concern about “breaking up” the banks is that we all know that the real winners will be the friends of the regulators and the people who pay them off. Only when businesses are confronted with the risk of true failure do they take steps to avoid it.
Bernie Sanders could become a bona fide independent green socialist.
Way to go, Bernie ! I knew you had it in you.
Why don’t you ask Hank Paulsen, Tim Geitner and Ben Bernanke that question instead of trying to smear Sen. Sanders? Your revisionist history seems to be intended as a distraction from present circumstances. Hopefully, that’s all it is.
Why don’t you make the Chicago Cubs the winners of the last ten World Series just by saying so. Come on, snap those fingers and wave a wand. Cubbie fans need some real magic today, for sure.
This is all well & good, BUT let’s see how many sponsors the get in the House & Senate. You know NO Republicans will support and a hell of a lot of so called Democrats WILL NOT support it.
And the substance is in the trying. At Least Bernie is bringing it to the floor.
Good job on raising the minimum wage Bernie. I hope you succeed this time.
Breaking up Big Banks and other monopolies would form smaller oligopolies that together constitute the monopolies in the first place however.
It seems to me that limiting personal wealth and sharing the excess equally among all would make their leadership more like the common man or woman instead of the Masters of the Universe oligarchs pretend to be. It would turn these .001%ers into people instead of war profiteering, environmental destroying criminals.
First, I’m a member of a credit union, the best financial decision I ever made. This bill has been long overdue. It has 0% chance of ever passing, at least as things now stand. Trump would never sign it. The banks control most everything. Lessening the grip of the banks should be a high priority if what we’re taught about the US govt has any truth; which it really doesn’t. Politicians are in bed with the banks. The US govt is partially controlled by banks. they give too much money to get their way. There should be no way that they demand a bailout. there should have been about a million stipulations when the taxpayers were screwed over by the banks during the partial collapse. Obama was the bank’s golden boy, he bent over when they made their demands. Americans got a royal f**king in the process. At least there’s a bill that will go nowhere, but hey, it’s a start.
I admire Bernie, but he alone can not take down these Banks. He couldn’t get a handle on a poorly organized DNC… He’s gonna take on all of these Corrupt powerhouses? Nice try, but his bill will never pass.
They have too much money to fail.
I agree! This is a great post that really gets you thinking. Other businesses fail and just disappear- let them fail. Good bye.
This sounds good, but it would never fly in our “individual rights” country. Also, people would cry “socialism” communism- all that garbage.
Unlike the rest of the cowards.
Since banks in America seem to have histories of failing, maybe the CEOs should take more responsibility like with their stocks. The fact that they buy there own company stock to make it look like the bank is doing so well is----not really honest.
Maybe the CEOs should have to receive stock—BUT only if they actually reach their targets without counting their own personal money of buying back their own stock. Small business people lost a lot last time—they really should not have to do it again.
However, I think the banks have learned nothing. I had a $500 card and I received a call that wanted to raise it o $4500…LOL, so I said, maybe ti $1000 but no higher. And now, I am getting all kinds of offers for credit cards at 24.99% : 0
I think the banks are getting ready to fail again, and by offering these cards that aren’t matched to incomes I suppose that the banks are hoping that they can make even more money on their own bad loans. Perhaps too, the CEO bonus should be given at the end of a 5 -10 year cycle…making them work and wait for it instead of gambling to win.
There’s an error in the very first statement, above: these utterly evil organizations are NOT as big as they were ten years ago — THEY ARE EVEN BIGGER!!
Even if is goes nowhere this year, it will help focus attention on one of our biggest challenges, and maybe it will inspire voters to at least get out there and TRY to make things better so that next year maybe something can be done to at least chip away at the problem. GO BERNIE!!
We certainly need this bill, and I’m glad Bernie introduced it, but I’m guessing by doing so, he knows he has zero chance as the Dem nominee for President.