The Sanders Standard for Serious Bank Reform

[Truth2Tell]

What would constitute "serious" financial reform? Bernie Sanders (I-Speaks4me) http://www.commondreams.org/view/2010/04/20-6">tells John Nichols what he thinks it would mean...

...

1. Break Up Huge Banks.

The four biggest U.S. banks - Bank of America, Citigroup, JPMorgan Chase and Well-Fargo - issue two-thirds of all credit cards, write half the mortgages and control nearly 40 percent of bank deposits in the United Sates. "We must break up these behemoths because of the incredible economic power they exert through their concentration of ownership," Sanders said. "It is simply not acceptable that a small handful of giant financial entities can exert such enormous influence over the economic well being of hundreds of millions of Americans."

2. Make Wall Street Part of the Real American Economy.

"With rampant unemployment and when small- and medium-size businesses are unable to obtain affordable credit, it is insane that our largest financial institutions continue to trade trillions in esoteric financial instruments which makes Wall Street the largest gambling casino in the world," he said. Instead, Sanders said, we need to create millions of new jobs by rebuilding our manufacturing base, transforming our energy system and addressing our transportation and infrastructure crisis. We need to make sure that businesses get the credit they need to expand and create employment.

3. Cap Credit Card Interest Rates.

Millions of middle-class Americans who pay their bills on time are being charged interest rates of 30 percent or more. "That is not only obscene but, according to every major religion, immoral. Banks cannot be allowed to engage in usury and charge outrageous interest rates," Sanders said. He will offer an amendment that would cap interest rates for private banks at the same level federal law allows for credit unions; 15 percent except under exceptional circumstances.

4. End Fed Secrecy.

During the bailout, large financial institutions received trillions of dollars in near-zero interest loans. "Who received those loans and under what terms? The Fed won't say. Did some of them turn around and, in a mammoth welfare scam, invest that Fed money in government treasury bonds at 3 percent or 4 percent interest rates? The Fed isn't telling. It's time we had transparency at the Fed so that the American people know what our central bank is doing with taxpayer dollars," Sanders said.

That's the Sanders Standard.

Sounds like a pretty good start to me. Something tells me what our corporate Democrats eventually deliver will be far less serious.

[Jefferson23]

1. Sanders is a great guy, and I hope he pushes Reid on the letter

from the Gang of 36 that Robert Reich put together. Also, advice from Simon Johnson and Joseph Stiglitz, it's not
as if there are no solutions, only a matter of getting them to realize they have to do this.

[Truth2Tell]

2. Keep hope alive.

:)

[malaise]

3. Saw him earlier

Go Bernie

[Truth2Tell]

4. where?

[Truth2Tell]

5. More...

http://www.benningtonbanner.com/ci_14924480

BENNINGTON -- U.S. Sen. Bernie Sanders says he will push for several key elements as the Senate prepares to begin debate on financial regulatory reform.

The Senate is expected to take up the divisive measure by the end of the week, hoping to head off the type of calamitous failure of large financial institutions that drove the U.S. and world economies into a tailspin.

"I intend to play an active role in that," Sanders, an independent, said Tuesday in a telephone interview. "The average Americanis profoundly disgusted at the behavior ofWall Street."

Sanders, a former member of the House, said Congress acted -- against his vote -- to deregulate the financial industry, allowing banks to merge with insurance companies and opening the door for the creation of new financial products. Banks began "betting rather than lending money to small and medium sized businesses," he said, creating a "casino gambling mentality."