10 Reasons Wall Street Hates Bernie Sanders

[Uncle Joe]

Bernie Sanders has declared war on the biggest players in Wall Street’s financial sector. He says they are overrun with “greed, fraud, dishonesty and arrogance” and criticizes 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.”

On Tuesday, he upped the ante. “To those on Wall Street who may be listening today, let me be very clear,” Sanders said in a midtown Manhattan speech. “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

http://ecowatch.com/2016/01/06/wall-street-bernie-sanders/

The article goes into detail on each of the ten points.

[Punkingal]

1. K&R

[boobooday]

2. How coincidental!

Those are 10 reasons why I love Bernie Sanders!

[Uncle Joe]

3. It's all cosmic, I tell you.

[drray23]

4. regarding reason #9

In France, "La Poste" (the french USPS) does exactly that. It offers banking services. This allows people leaving in little villages in the country side to have easy access to a bank rather than having to drive to a bigger city. they also have pretty good saving accounts that are exonerated from taxes (the yield used to be close to 5 % years ago, now its like 1.25% or so but still its tax free).

This was(and still is) part of an effort by the government to get people to be able to save money.

[Uncle Joe]

6. It's a brilliant idea, Americans' savings rates are abysmal.

Americans are living right on the edge — at least when it comes to financial planning.

Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”

This is supported by a similar survey of 1,000 adults carried out earlier this year by personal finance site Bankrate.com, which also found that 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%). And among those who had savings prior to 2008, 57% said they’d used some or all of their savings in the Great Recession, according to a U.S. Federal Reserve survey of over 4,000 adults released last year. Of course, paltry savings-account rates don’t encourage people to save either.

(snip)




http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06

[Android3.14]

5. Aren't these 10 reasons to nominate Bernie over Hillary?

?

[Uncle Joe]

7. At least.

[stillwaiting]

8. Yes. These 10 and many, many more. Let's spread the word. nt

[SoapBox]

9. Yup! 10 Reasons I Absolutely LOVE Bernie Sanders!

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

Go Bernie Go!

[kenfrequed]

10. Yup

Bernie's plans are way better and they strike to the root of the problem.