Wall Street Isn't Feeling the Bern as Sanders Calls for Breakup

[Historic NY]

Bernie Sanders, the Democratic presidential candidate from Vermont, will vow to break up the largest U.S. banks within one year of taking office, according to prepared remarks for a Tuesday speech in New York. Sanders lambasted the power the biggest lenders have and the “Wall Street and corporate greed” he said is destroying the nation’s fabric.

While spokesmen for the four biggest banks -- JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. -- declined to address Sanders’s threat, analysts and historians expressed doubt that it would ever be realized, even if he defied the odds to win the White House.

“Even on the off-chance that Sanders got elected, he wouldn’t be able to break up the big banks because his party would restrain him when it came to actual policy,” said Charles Geisst, a finance professor at Manhattan College in New York and author of books on the history of Wall Street. “As all politicians voicing populist sentiments during election campaigns find out if they’re actually handed power, any attempt at radical changes will be resisted and blocked by their own political party.”

Sanders said in his remarks that he will use Section 121 of the Dodd-Frank Act to break up the largest banks. That section allows the Federal Reserve, with assent from the Financial Stability Oversight Council, to force a bank to sell assets and shrink in size if the lender is deemed to pose a “grave threat” to the nation’s financial stability and less severe actions are inadequate to mitigate the threat. While the president has no direct control over the Fed, he or she can nominate new governors and appoint the chairman. The earliest term expires in 2018

Sanders also said he would fight to reinstate the part of the Glass-Steagall Act that separated commercial and investment banking. That would require a vote by Congress, and even using Dodd-Frank to shrink banks could face internal resistance in Washington, said Brian Gardner, a political analyst at investment bank Keefe, Bruyette & Woods.


http://www.bloomberg.com/news/articles/2016-01-05/wall-street-isn-t-feeling-the-bern-as-sanders-calls-for-breakup

[PatrickforO]

1. This will NOT be true if WE back Bernie's play

and create MASSIVE social pressure for reforms.

[NCTraveler]

4. Social pressures are not determined by Sanders.

They are borne out of realities. Very strange the thought that creating social pressure is dependent on an individual.

[PatrickforO]

19. You don't seem to get it.

Let me spell it out. Bernie has told us in no uncertain terms that he cannot make the changes he's advocating without us. What he is calling a 'political revolution' is simply you and I and millions of other Americans keeping abreast of issues and holding those they elect responsible for upholding their interests, not those of the corporatists. Basically, Sanders is demanding of us that we become once again (if we ever really were) responsible citizens of a republic. Because without our active involvement, our republic has devolved into the corporate shit hole it is.

See, we've all allowed ourselves to become model consumers. We work in jobs and watch our buying power shrink as the corporatists cut the size or quality of product and raise the price. If we're lucky enough to have healthcare, we grit our teeth each year waiting for services to be cut, copays to go up and premiums to go up. If we need medicine we grit our teeth and hope dirtbag capitalists like Shkreli don't raise the price of a pill that's already driving us broke through the ceiling so we can't even afford one dose.

Then, in order to escape, some turn to drugs. Others to the 'entertainment' of the popular culture. And for those who are a little fearful, there's a giant, swollen, phallic corporate propaganda organ called Fox 'news,' and, of course, hate-talk radio. But you know, too many Americans don't even know what our three branches of government are, or who represents them in the US Congress, let alone their state and local governments. And the powers that be WANT IT THAT WAY, NCTraveler.

So, maybe instead you should look at this as not as social pressure being dependent on Bernie, but on Bernie as being a catalyst for waking us all up so that we can take back our responsibility as citizens of a republic. At least that seems to be what Bernie is saying by calling for this 'political revolution.'

As to our 'realities,' the fact that Bernie may win, and Trump is the Republican front runner should tell you how profoundly angry Americans are at what's happening in this county, to us, to our way of life. The right wing crazies following Trump are blaming Muslims, Mexicans, blacks and other brown-skinned people because the divide and conquer strategy has been used successfully against us for centuries by the elites. The left - the 80+ percent of people in the Democratic base that are following Bernie right now feel the same frustration, but thanks to Bernie, we have identified the real enemy - the corporate kleptocrats - Wall Street bankers, the military industrial complex, and other huge multinational corporations.

People are listening to Bernie, and what the powers that be should realize is that reform under Bernie isn't anything near as bad for them as what will come if reforms don't happen soon. Bernie merely wants to bring back the New Deal with the addition of single payer healthcare. That's it, and it would be a minor concession for the greed heads to make that would keep them fleecing us for another century.

But alas, it is said of the capitalists that they will sell you the very rope you're going to use to hang them. The profit motive as it has evolved in this neoliberal model is too myopic to see beyond next quarter's 10-Q report. So, no reforms? Pitchforks in less than 20 years is what I predict then. Fortunately, I'm old enough to be happily dead by then, because no sane person would ever want to live through a bloody revolution. But, mark my words, it is coming closer with every dollar that goes up and does not come back down. America is groaning, staggering under the weight of the Wall Street bankers and their wealth inequality.

So there it is. If we were a bit more worthy as a people, we would not NEED Bernie to call us to social activism against the right enemy.

[in_cog_ni_to]

25. That is an amazing post, PatrickforO!

Well done you!

PEACE
LOVE
BERNIE

[PotatoChip]

31. Excellent post! TY. (nt)

[ViseGrip]

2. They are 80% LARGER than when we bailed them out! For crap sake! What gives here with

the Hillary bullshit?

[bigtree]

3. that's not a very convincing reason not to support him in his proposal

...there's plenty of time between now and 2017 or 2018 to manage the politics; especially if his revolution is realized through supporters energized by his election.

[NCTraveler]

5. I have to say that BLM is attempting to start a revolution.

The Bundy asshats are trying to start a revolution.

I have not seen one thing out of the Sanders campaign that would be considered revolutionary.

[jkbRN]

6. Then you really need to do some reading, my friend.

You seem to be, as always, ill-informed

[NCTraveler]

7. Thank you for your kind words.

[jkbRN]

15. Anytime, I call them as I see them

[NCTraveler]

18. With crystal clear vision as well. Impressive.

[bigtree]

8. to be fair

...I believe he's said that revolution would grow out of the number of supporters who align with his campaign. It's predicated on what he views as his direct and unapologetic message of economic reform.

I think the verdict on all of that is still out, but there are signs that many primary voters are receptive to such an appeal; notwithstanding any questions about its credibility and potential for success.

I don't think it's necessary to equate anything Bernie's advocating with the Bundy family.

[NCTraveler]

9. I really don't see how that is any different than....

Trump or Cruz saying the revolution would grow out of the number of supporters who align with their campaigns. Truly don't see a difference. I have yet to see anything revolutionary from his campaign or supporters.

"I don't think it's necessary to equate anything Bernie's advocating with the Bundy family."

Please read what I wrote again. There was absolutely no equating Sanders campaign with the Bundy family. In fact I did just the opposite.

None of this is or can be viewed as a knock on Sanders or his supporters.

[bigtree]

11. I've never seen a progressive candidate generate this much support in the polls

...or in the numbers willing to attend rallies. That's something the Sanders campaign has been able to achieve in many different regions of the country.

The response to his candidacy is also substantial considering how well-known and prepared the Clinton campaign has been. His supporter base is an interesting phenomenon in that it's based on an identification with policy, as much as it is with personality- - or more.

I think it's unfair to criticize him for the lack of a revolution realized before the first vote is even cast. There are certainly elements of what he's defined as his revolution in the support he's received; both the monetary and human resources. The money is grassroots and unusually competitive with the major donor-fueled Clinton haul, and his politics are attracting voters from a broad spectrum of the electorate.

I think BLM and Sanders envision a productive, constructive revolution. Bundy and son are angling for a divisive and destructive one.

[HerbChestnut]

12. Teddy Roosevelt did it back in the day.

I honestly believe Sanders fits that mold.

[NCTraveler]

13. Thank you for your reply and I very much agree with most of it.

My one issue still lies in this.

"I think it's unfair to criticize him for the lack of a revolution realized before the first vote is even cast."

I simply think it is deceptive to call it a revolution in the first place.

I do think what Sanders is doing is impressive. I don't think it is surprising in any way considering we have a two person race and have had that for the most part since day one. No one thought Clinton was going to stay where she was in the polls. Sanders is running in the democratic primary with Clinton being his only challenger(yes I hate to say that). I don't think it is very surprising that he would get thirty or so percent of the vote. I see nothing that can be even remotely described as revolutionary.

[bigtree]

14. he's not calling his campaign a revolution

...so much as he's calling for one to occur around the leadership of his campaign. That's all dependent on the process and progress of this primary.

Whether you believe he's realizing all of that, I suppose (or has the potential to realize), is at the center of that question; for you and the numbers of other voters who will make that determination.

[NCTraveler]

16. Not even sure what I realize or not at this point.

I have never been as far off on a political prediction as I was this cycle. From the beginning I was big O'Malley. Over and over I said he was going to be a game changer. He still might be, just not in this election, and possibly not even as an elected official. I was simply wrong as could be.

Thanks for your time.

[PatrickforO]

20. I beg to differ.

The revolution against the Wall Street bankers and the corporate kleptocrats is the only real revolution. The idiots in OR and all the rest of the crazy right wing 'militias' are a segment of our population that has been propagandized to see brown peoples and the government itself as the 'enemy.' This strategy, perpetrated by the corporatists through their propaganda organs ever since the Fairness Doctrine was killed under Reagan, effectively blinds the right to the real enemy, who is then free to keep picking their pockets, taking what they have and giving nothing back.

The BLM movement is the rise of a militant black movement protesting the systematic oppression of people of color by the 'justice' system. This, too, is a divide and conquer strategy perpetrated by the corporatists to blind us to the real enemy - again the Wall Street bankers, the MIC and other corporate kleptocrats. Because the whites in the 'militias' hate the blacks for becoming militant because it makes them afraid, and the black militants are striking out at the 'justice' system - while all the while our money trickles up and nothing comes back down on us except pee - the people who really call the shots - the power elites - have been peeing down our backs for decades and telling us it is raining.

But it doesn't need to keep 'raining.' Not if we open our eyes and vote accordingly, and then become active politically.

So you think we'll prove smart enough as a people to actually DO this?



Nah.



But it is a nice thought, and I'm tilting at the ol' windmill one more time!
Go Bernie!!!

[libdem4life]

29. And then there is the other end of the stick...the Unions. Bernie has long been an

ardent supporter of unions. IMO, that's the other half of the Revolution...giving the silenced, downgraded, now near Peasant Class at least the glimmer of hope. Get the Leaders to enable their workers to endorse to work for Bernie. That have nothing (much) to lose and much to gain.

[Betty Karlson]

23. Indeed: his plans are mainstream, Clinton's plan is fringe material.

[Ferd Berfel]

10. The Corporate structure which includes MSM

will continue to pretend he doesn't exist. WE have to make THEM feel the BERN.

BTW Hillary and her donors are part of that same corporate structure. That's why THEY are not afraid of HER.

I support people that scare the crap of of those in the Corporate structure.

[Tierra_y_Libertad]

17. ".. any attempt at radical changes will be resisted and blocked by their own political party.”

Disgusting, isn't it?

[neverforget]

21. Entrenched power always resists change

Cut it out! Now there's a plan. And 911!

[Betty Karlson]

22. "his party would restrain him?" - step 1: get rid of DWS.

step 2: nominate actual Democrats, rather than third-waywards.

step 3: see that they are elected.

step 4: celebrate the legislative victories.

[in_cog_ni_to]

24. Ummm...

We're talking about Bernie Sanders here! He's not going to be putting up with any of their bullshit. That's just the way it's going to be. They had better start getting use to that fact. Their days are numbered.

PEACE
LOVE
BERNIE

[Truprogressive85]

26. A former banker basically saying banks hold all the power

So therefore lets continue with the same old shit

Banks meet with Gov't agencies
Gov't agency Slap them with fines ( tax write off)
and continue business as if nothing happened

Meanwhile :
Who care if banks launder money for drug cartels?
who cares if banks manipulate currency and metals?
Who cares if banks committed fraud and foreclosed on the elderly,widows and vets
who cares if banks racially discriminated against minorities

I care and any democrat who would not want to break the big banks up is part of the problem and should not hold office because they represent the interest of Wall st not Main st.

[CanonRay]

27. Every politician should be calling for breaking up the banks

POTUS included.

[Ichingcarpenter]

28. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo

All supported and helped finance the NAZIs and the Holocaust

according National Archive Records

[libdem4life]

30. Add Great Grandaddy Bush's loot...trading with the enemy.

On Edit...Back on topic....They may actually Be Feeling the Bern...in a different kind of way.