Bernie Sanders Says Deregulation Of Wall Street Is What Pushed Us Into This Recession

[Playinghardball]

Senator Sanders, more passionate and eloquent than anyone in D.C.

http://www.youtube.com/watch?feature=player_embedded&v=YZJNL-iAOj0

Source: MoveOn.org

[arbusto_baboso]

1. He's right, of course.

Try finding any other senator that has the courage to say that, though...

[Andy823]

6. Yes I agree

Way to many members of congress, on both sides, are bought and paid for by the big money from Wall street, oil companies, and other huge corporations. As long as the money is allowed to flow to congress, nothing will ever happen, at least not at the congressional level. The only way to stop it is to get people elected who will do what is right and get the money out of congress by passing laws to prevent it from ever happening again. Sadly I won't be holding by breath for that to happen, not in my time anyway.

[butterfly77]

2. Who...

MAKES THE LAWS...

[randome]

3. Exactly right.

And it's not the banks who will regulate themselves so, IMO, OWS should march on Washington.

[redqueen]

4. How sad is it that this isn't common knowledge.

An uninformed populace cannot govern itself.

[OHdem10]

5. First they repealed Glass -Steagall which led to co-mingling

of Commercial Banks and Investment Banks. Put ordinary
citizens at risk, for openers. Then, during Bush
Administration all the final regulations were lifted
and the Banksters turned the place into a Casino
gambling away trillions.

Sure the GOP choose to ignore this and try to blame
Freddie and Fannie. There may be some blame there.

BUT, Fannie and Freddie did not tell private Mtg Companies
to make mortgage loans without checking on a Person's
monthly income, their credit hx,. Fannie and Freddie
did not put a gun to Mortgage Lenders' heads and make
them give loans to people who could not afford them.
No, the Mortgage Lenders were making big bucks and
wanted to keep their gravy train going.

Fannie and Freddie did not force the Big Banks to
bundle up mortgages(bad ones included) and sell
them almost like commodities. Creating a situation
in which a homeoowner does not even know who owns
their mortage. Further then they found more than
one way to bet on thes "bundles".

No the banksters are guilty as sin. Psst. If the Republicans
admit this---yep, these Republicans many of them repealed
Glass-Steagall and repealed all banking and investing
regulations. Bingo.

As usual the Democrats permit them to get away with this.

[unblock]

7. that's certainly part of what caused it, but hardly the entire story

the housing bubble, gutting the unions, and lowering our borders to foreign plunderers for the sake of corporate profits had a lot to do with it as well.

exporting jobs to china that saves corporations money in large part because of chinese currency manipulation, which amounts to a massive subsidy for every chinese exporter.

the offshoring and the union-busting helped undermine the solvency of household finances, which left consumers with no cushion to survive any adverse economic circumstances, and left companies unsure of who exactly would buy their products.

but i would argue that the biggest cause was the greenspan-engineered housing bubble. the spectacular increase in real estate prices was inevitably going to lead to spectacular declines in real estate prices, which, regardless of how financed, was always going to leave millions of homeowners screwed, and this was enough to cause economy-wide problems.

wall street deregulation certainly upped the ante, though the real culprit there was simply letting them get into the 33-to-1 leverage range instead of a keeping them at a more prudent 12-to-1 ratio. they left themselves too small a reserve to absorbe losses even though housing prices were demonstrably riskier than they had historically been, given the 80% increase in the roughly 7 years leading up to the start of the crisis.

[spanone]

8. he's right and republicans want even less regulation.

[sarcasmo]

9. Bernie is right again, no more derivatives, ever!