The Big Short and Bernie's Plan to Bust Up Wall Street
If you haven't yet seen The Big Short - directed and co-written by Adam McKay, based on the non-fiction prize-winning book by Michael Lewis about the housing and credit bubble that triggered the Great Recession -- I recommend you do so.
Not only is the movie an enjoyable (if that's the right word) way to understand how the big banks screwed millions of Americans out of their homes, savings, and jobs -- and then got bailed out by taxpayers. It's also a lesson in why they're on the way to doing all this again -- and how their political power continues to erode laws designed to prevent another crisis and to shield their executives from any accountability.
Most importantly, the movie shows why Bernie Sanders's plan to break up the biggest banks and reinstate the Glass-Steagall Act (separating investment from commercial banking) is necessary -- and why Hillary Clinton's more modest plan is inadequate.
I'll get back to Bernie and Hillary in a moment, but first you need to know why Wall Street wants us to forget what really happened.
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Unless they're broken up and Glass-Steagall resurrected, we face substantial risk of another near-meltdown -- once again threatening the incomes, jobs, savings, and homes of millions of Americans.
To paraphrase philosopher George Santayana, those who cannot remember they were screwed by Wall Street are condemned to be screwed again.
http://www.huffingtonpost.com/robert-reich/the-big-short-and-bernies-plan-to-bust-up-wall-street_b_8959418.html
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