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Wed Jan 6, 2016, 07:52 PM

 

10 Powerful Reasons Why Bernie Scares Wall Street

http://www.alternet.org/election-2016/10-powerful-reasons-why-bernie-scares-wall-street?akid=13853.227380.Qm40Z1&rd=1&src=newsletter1048485&t=3

Bernie Sanders has declared war on the biggest players in Wall Street’s financial sector, saying they are overrun with “greed, fraud, dishonesty and arrogance,” and criticizing his top rival for the Democratic nomination, Hillary Clinton, as being naïve about what needs to happen to create a financial system that “works for all Americans.”

“To those on Wall Street who may be listening today, let me be very clear,” Sanders said in a midtown Manhattan speech on Tuesday. “Greed is not good. In fact, the greed of Wall Street and corporate America is destroying the fabric of our nation. And here is a New Year’s resolution that I will keep if elected president: If you do not end your greed, we will end it for you.”


Sanders laid out a 10-point program to deeply change the nature of the financial sector, while occasionally digressing to emphasize how much more sweeping his proposals are compared to Clinton's. As always, he started by recounting how the “20 richest people own more wealth than the bottom 150 million Americans”—and said the finance industry has spent “billions” to get Congress and federal agencies to deregulate almost all areas of the financial industry while weakening consumer protection laws.

“They spent this money in order to get the government off their backs and to show the American people what they could do with that new-won freedom,” he said. “They sure showed the American people. In 2008, the greed, recklessness and illegal behavior on Wall Street nearly destroyed the U.S. and global economy. Millions of Americans lost their jobs, their homes and their life savings.” Sanders continued, “While Wall Street received the largest taxpayer bailout in the history of the world with no strings attached, the American middle class continues to disappear, poverty is increasing and the gap between the very rich and everyone else is growing wider and wider.”


Here are the 10 major components to Sanders’ Wall Street reforms:

1. End too-big-to-fail.
2. Break up the biggest banks.
3. Pass a 21st-century Glass-Steagall Act.
4. End too-big-to-jail.
5. Criminalize Wall Street’s business model.
6. Tax the casino culture.
7. Reform the financial rating agencies.
8. Cap credit card interest and ATM fees.
9. Let the USPS offer banking.
10. Reform the Federal Reserve.


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