“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.
Which brings us back to Bernie and Hillary. Hillary Clinton doesn’t want to break up the big banks or resurrect the Glass-Steagall Act, as Bernie does
Instead, she’d charge the big banks a bit more for carrying lots of debt and to oversee them more carefully. She’d also give bank regulators more power to break up any particular bank that theyconsider too risky. And she wants more oversight of so-called “shadow banks” such as hedge funds and insurance companies like the infamous AIG.
READ MORE (VERY INTERESTING ARTICLE):
http://www.ukprogressive.co.uk/the-big-short-and-bernies-plan-to-bust-up-wall-street/article47495.html
