Bernie's gettin rowdy again!

[kage69]

http://www.huffingtonpost.com/2015/05/06/bernie-sanders-too-big-to-fail_n_7225192.html


Have to say, I am in complete agreement with him on this one. I also like that it puts Hillary in a spot to respond.


From his senate page on his announcing of the bill:

Bernie Sanders on Wednesday introduced legislation to break up the nation’s biggest banks in order to safeguard the economy and prevent another costly taxpayer bailout. Rep. Brad Sherman proposed a companion bill in the House.
“No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” Sanders said. “If an institution is too big to fail, it is too big to exist.”

The biggest banks in the United States are now 80 percent bigger than they were one year before the financial crisis in 2008 when the Federal Reserve provided $16 trillion in near zero-interest loans and Congress approved a $700 billion taxpayer bailout.

“Never again should a financial institution be able to demand a federal bailout,” Sherman said. “They claim; ‘If we go down, the economy is going down with us,’ but by breaking up these institutions long before they face a crisis, we ensure a healthy financial system where medium-sized institutions can compete in the free market.”




God damn fucking straight, bolded portions for absolute agreement.:thumbsup:

 

[Fanatical Meat]

I'll be honest Bernie is growing on me.
I previously made an apology thread to Ross Perot. I made a commitment to be open to more ideas. While Bernie & Perot would not agree on many things they have similar points to make.

 

[Sonikku]

This is the kind of crap that scares me.

http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailouts

Sanders is probably helpless to do anything to change the descent into madness at this point, even if by some crazy miracle he could be elected. But he does however seem to be the one person on Capital Hill able to actually talk about these issues and if for no other reason than to give him an outlet to create a dialog on these subjects he has my vote. None of the other candidates up to bat are even in the game as far as the nations problems are truly concerned.

 

[kage69]

This is the kind of crap that scares me.

http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailouts

One of my favorite examples of the middle class getting turtlefucked. The GOP faithfully pursues the 'privatize the profit, socialize the risk' line, even in times of record corporate profits and executive bonuses. But remember... that Sanders is just a kook with crazy socialist ideas.

Sanders is all too willing to talk about the real, actual issues and what his plans are for them - while some of contemporaries are demanding not to be asked questions or have answers attributed to them, even banning the press from their presence. Pretty funny.

 

[LegendKiller]

http://www.huffingtonpost.com/2015/05/06/bernie-sanders-too-big-to-fail_n_7225192.html


Have to say, I am in complete agreement with him on this one. I also like that it puts Hillary in a spot to respond.


From his senate page on his announcing of the bill:

Bernie Sanders on Wednesday introduced legislation to break up the nation’s biggest banks in order to safeguard the economy and prevent another costly taxpayer bailout. Rep. Brad Sherman proposed a companion bill in the House.
“No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” Sanders said. “If an institution is too big to fail, it is too big to exist.”

The biggest banks in the United States are now 80 percent bigger than they were one year before the financial crisis in 2008 when the Federal Reserve provided $16 trillion in near zero-interest loans and Congress approved a $700 billion taxpayer bailout.

“Never again should a financial institution be able to demand a federal bailout,” Sherman said. “They claim; ‘If we go down, the economy is going down with us,’ but by breaking up these institutions long before they face a crisis, we ensure a healthy financial system where medium-sized institutions can compete in the free market.”




God damn fucking straight, bolded portions for absolute agreement.:thumbsup:

I actually also agree. Break up the banks. It's an instant jobs program.

 

[glenn1]

Why stop with bank bailouts? How about he does something useful and pledges not to keep on bailing out the black hole that is the U.S. auto industry? Also ironic he's bashing "too big to fail" when the same government arranged/forced the shotgun wedding mergers of several of them during the 2008 crisis.

 

[ch33zw1z]

Why stop with bank bailouts? How about he does something useful and pledges not to keep on bailing out the black hole that is the U.S. auto industry? Also ironic he's bashing "too big to fail" when the same government arranged/forced the shotgun wedding mergers of several of them during the 2008 crisis.

I find both topics useful. And we should learn from history...

but I guess haters gonna hate.

 

[PokerGuy]

“No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,”

Exactly how does one measure that? It's not generally an issue of the size of the holdings, but rather a combination of factors that could lead to a cascading effect that can mess up the system.

I generally agree though, we should not let any institution get to the point where it's failure would so severely hamper the economy such that the taxpayer is essentially always on the hook if something big happens.

Just because a cook has an idea that isn't completely cringe-worthy doesn't mean he's not a cook. Sanders is still a socialist nutbag, this is just one of his not-completely-insane ideas.

 

[Genx87]

Nice to see Democrats finally lining up to present a different view than Hillary. I'm indifferent on the subject at hand right now. I can see the benefits of diversifying the banking industry. But at the same time diversifying it doesn't necessarily shield it from the domino effect created by toxic debt we saw in 2008.

The other article is rather amusing that Dick Trumpka is whining about too big to fail and bailouts.

 

[glenn1]

I find both topics useful. And we should learn from history...

but I guess haters gonna hate.

No hate and it's not a bad idea depending on how implemented, but would be nice if he expanded the thinking to beyond the typical handful of boogeymen that are red meat to his base. In an era of interconnectedness and interdependency, we should be decentralizing and distributing as many functions as possible so that TBTF doesn't exist in any sector. Hell, the federal government itself is a prime candidate for that.

 

[Moonbeam]

Exactly how does one measure that? It's not generally an issue of the size of the holdings, but rather a combination of factors that could lead to a cascading effect that can mess up the system.

I generally agree though, we should not let any institution get to the point where it's failure would so severely hamper the economy such that the taxpayer is essentially always on the hook if something big happens.

Just because a cook has an idea that isn't completely cringe-worthy doesn't mean he's not a cook. Sanders is still a socialist nutbag, this is just one of his not-completely-insane ideas.

Your wife, if you have one, is probably a cook too. You probably are too some of the time. I know I am. May I suggest heating oil and adding minced garlic to fragrance, chicken thighs, Shaohsing wine, oyster sauce and soya, low sodium is best, Cook till liquid boils away and the chicken brows a bit, add sesame oil and scallions for flavor. Repeat for carrots onions, and zucchini and baby boc choy, all chopped or cut into quarter inch or smaller pieces and mix. Serve over rice. Adjust quantities to taste and use common sense Enjoy being a cook.

 

[Moonbeam]

No hate and it's not a bad idea depending on how implemented, but would be nice if he expanded the thinking to beyond the typical handful of boogeymen that are red meat to his base. In an era of interconnectedness and interdependency, we should be decentralizing and distributing as many functions as possible so that TBTF doesn't exist in any sector. Hell, the federal government itself is a prime candidate for that.

In a competitive system where from birth people seek their own advantage, they do that whether they work in the government or in private industry. There are no answers to the problems we face if everybody is out for him or herself. What our system destroys is morality. Democracy fails when people don't vote out of a sense of virtue.

 

[GroundZero7]

Why stop with bank bailouts? How about he does something useful and pledges not to keep on bailing out the black hole that is the U.S. auto industry? Also ironic he's bashing "too big to fail" when the same government arranged/forced the shotgun wedding mergers of several of them during the 2008 crisis.

The big 3 are back in black. The auto bailout was a good thing. It allowed much needed upgrades to everything.

 

[ch33zw1z]

No hate and it's not a bad idea depending on how implemented, but would be nice if he expanded the thinking to beyond the typical handful of boogeymen that are red meat to his base. In an era of interconnectedness and interdependency, we should be decentralizing and distributing as many functions as possible so that TBTF doesn't exist in any sector. Hell, the federal government itself is a prime candidate for that.

Maybe he's testing the waters, or taking on one task at a time. Who knows. Do you think he's wrong or right, in reference to the topic at hand.

 

[glenn1]

Maybe he's testing the waters, or taking on one task at a time. Who knows. Do you think he's wrong or right, in reference to the topic at hand.

Depends completely on how it gets done. If allowed to happen in an orderly and systematic way it could be a very good thing as spinning off parts of a conglomerate generally unlocks value. If done in a top-down forced fire sale/liquidation it could be very harmful. I would hope he'd use the screwdriver approach to dismantle them but don't put it past him to use dynamite in Hugo Chavez style.

 

[ch33zw1z]

Depends completely on how it gets done. If allowed to happen in an orderly and systematic way it could be a very good thing as spinning off parts of a conglomerate generally unlocks value. If done in a top-down forced fire sale/liquidation it could be very harmful. I would hope he'd use the screwdriver approach to dismantle them but don't put it past him to use dynamite in Hugo Chavez style.

Sounds like you should find that stuff out before calling his proposition useless.

 

[Fanatical Meat]

Depends completely on how it gets done. If allowed to happen in an orderly and systematic way it could be a very good thing as spinning off parts of a conglomerate generally unlocks value. If done in a top-down forced fire sale/liquidation it could be very harmful. I would hope he'd use the screwdriver approach to dismantle them but don't put it past him to use dynamite in Hugo Chavez style.

Just break them up like we have in the past with telecom. Yes they're reformed and are large but there are more options in telcom than in the 70's.

 

[Jhhnn]

This is easily the most important information in the article-

Sanders rattled off a string of statistics, noting that even as the country has recovered from the economic meltdown and bailouts of 2008 and 2009, 99 percent of new income is going to the richest 1 percent. The 14 wealthiest individuals in the U.S. gained $157 billion for themselves, he said, "which is more wealth than is owned by the bottom 130 million Americans."

This is the end game of Capitalism- oligarchy. The consolidation of the financial sector into fewer hands & entities is just a symptom of that.

 

[norseamd]

ow about he does something useful and pledges not to keep on bailing out the black hole that is the U.S. auto industry?

Funny because I bet that saved lots of jobs and tons of GDP of the American economy.

 

[nickqt]

This is easily the most important information in the article-



This is the end game of Capitalism- oligarchy. The consolidation of the financial sector into fewer hands & entities is just a symptom of that.

Well, oligarchy is just a stop on the way to aristocracy/feudalism.

Gain obscene wealth and power. Then write the laws so your family never has to work a day in their life, i.e. repealing estate taxes.

We're almost there!

 

[sandorski]

One way to "break up the Banks" is to simply limit the amount of Services a Bank can provide.

 

[Jhhnn]

Well, oligarchy is just a stop on the way to aristocracy/feudalism.

Gain obscene wealth and power. Then write the laws so your family never has to work a day in their life, i.e. repealing estate taxes.

We're almost there!

It's not really about money but rather about winning & power, the power to run as much of the world as you can. Multi-billionaires have no need for more money other than that.

Too big to fail means too big to let anybody get in their way, including the govt if they can have it that way. And they have, obviously.

 

[glenn1]

It's not really about money but rather about winning & power, the power to run as much of the world as you can. Multi-billionaires have no need for more money other than that.

Too big to fail means too big to let anybody get in their way, including the govt if they can have it that way. And they have, obviously.

^^^^^ The perfect example of the base who I said earlier that was being pandered to by Bernie. It's like a freaking cargo cult chanting out "fairness" and awaiting for the gods to inflict nemesis on the billionaires for their perceived hubris.

 

[Sonikku]

^^^^^ The perfect example of the base who I said earlier that was being pandered to by Bernie. It's like a freaking cargo cult chanting out "fairness" and awaiting for the gods to inflict nemesis on the billionaires for their perceived hubris.

I guess then that basically our democracy has reached it's breaking point and the only thing one could really do now would be to revolt and topple over the system.

 

[norseamd]

I guess then that basically our democracy has reached it's breaking point and the only thing one could really do now would be to revolt and topple over the system.

https://www.youtube.com/watch?v=T_r68xEH0io