Bernie Sanders to warn Wall Street: ‘Greed is not good’

[Uncle Joe]

In a policy speech on Tuesday in New York City -- just blocks away from Wall Street itself -- Sanders is expected to lay out more details of his plan to crack down on the industry. He will reiterate his calls for breaking up banks that are too big to fail and to reinstate the Glass-Steagall Act, which separated commercial and investment banking. Hillary Clinton, his chief rival and the front-runner for the Democratic nomination, opposes that measure.

“To those on Wall Street who may be listening today, let me be very clear,” Sanders will say, according to prepared remarks provided by his campaign. “Greed is not good. Wall Street and corporate greed is destroying the fabric of our nation. And, here is a New Year’s Resolution that we will keep: If you do not end your greed we will end it for you.”

Sanders has made curtailing what he calls Wall Street greed a focus of his campaign. He also has questioned whether Clinton, a former New York senator, can effectively police many of the same people and companies who have paid her and her husband large sums for speeches and in campaign contributions. In the second Democratic presidential debate, she struggled to explain her ties to Wall Street donors.

(snip)

Though it’s not clear what new policies Sanders will propose on Tuesday, he will make clear that the reinstatement of the Glass-Steagall Act would aim to crack down on the shadow banking system. “Let’s be clear: this legislation, introduced by my colleague Senator Elizabeth Warren aims at the heart of the shadow banking system,” he will say.

Sanders will also say that as president, he would ask his Treasury secretary to create a “ ‘Too-Big-To-Fail’ list of commercial banks, shadow banks and insurance companies whose failure would pose a catastrophic risk to the United States economy without a taxpayer bailout.” Within a year, he would break up those entities.

http://www.marketwatch.com/story/bernie-sanders-to-warn-wall-street-greed-is-not-good-2016-01-04

[merrily]

1. Thanks, Uncle Joe. After the movie, this message will come as a surprise.

I hope the poor babies recover from the shock enough to reform.

[Uncle Joe]

2. Thank you merrily,

I definitely will need to check that movie out.

[merrily]

7. I meant the film Wall Street, with Michael Douglas and Charlie and Martin Sheen.

[Uncle Joe]

11. I got you now, I thought you were talking about the new movie "The Big Short" and

meant to type "won't come as a surprise."

[merrily]

13. "Greed is good" is a line said by Douglas's character in Wall Street. That's why

my mind automatically went to that film.

[Uncle Joe]

15. I should've thought of that one, I've seen it a couple of times and that line

is the most famous line of the movie.

[Skittles]

3. Reagan made greed and idiocy fashionable

oh yes

[Uncle Joe]

4. Yes he did and wrapped it all up in the American Flag.

[merrily]

9. And swaddling clothes, and laid them in a manger.

[retrowire]

5. Wall St to respond,

"Whaaa? Naaaahhh... *eats dollar bills*"

[raouldukelives]

6. K&R Some want representation for all, some want it just for Wall St.

It is sickening how much our nations and our worlds people, productivity, natural resources and even a survivable future itself are being sucked dry and thrown into the abyss for the sake of investors.

Socialism for them, rugged capitalism for the rest. But that's fine by me. I'd rather starve alone than feast with them.

[merrily]

10. noun, verb, 911, woman™

[Enthusiast]

8. Kicked and recommended!

[Scuba]

12. Hillary didn't "struggle" to explain her Wall Street ties. She belly-flopped. Total fail.

[1StrongBlackMan]

14. Okay. Sounds nice; but, how? ... There is no law making greed unlawful. eom.

[Uncle Joe]

16. I'm looking forward to Bernie's speech on the matter, Glass-Stegall, breaking up the bank monopolies

shadow banking restrictions etc. etc. to protect the public from our worst frailties.

Bernie's not against small or medium sized businesses but when corporate conglomerates become so huge to the point of dominating the peoples' government, while undermining our economy, eventually that presents a security problem to the nation.

Bernie isn't trying to make greed unlawful but he is trying to take it off our national altar and put some logical restrictions on the mentality of "greed is good."

[1StrongBlackMan]

17. I agree with the sentiment behind this; but, again, there's the how. eom.

[ljm2002]

18. Give 'em hell, Bernie!

We all know that really you'll be giving 'em the truth, and they'll just think it's hell!

[EndElectoral]

19. The anti-Gordon Gekko

[Orsino]

20. Sanders needs more than a "cut it out" here.

If he wants to draw a distinction between himself and Clinton, specific policy ought to be on the table.

"If you do not end your greed" is self-evidently nonsense. Greed is the disease, and we need treatment.