They really need better regulation for both banks and wall street. There are just too many opportunities for them to play fast and loose with our money while they enrich themselves and let us cover the failures. High speed trading has had several scandals already where they take unfair advantage of the average person trying to use an IRA to save for retirement or a pension fund.
The function of banking is to facilitate the flow of capital into productive and job-creating activities. Financial institutions cannot be an island unto themselves, standing as huge profit centers outside of the real economy. Today, six huge Wall Street financial institutions have assets equivalent to 61 percent of our gross domestic product – over $9.8 trillion. These institutions underwrite more than half the mortgages in this country and more than two-thirds of the credit cards. The greed, recklessness and illegal behavior of major Wall Street firms plunged this country into the worst financial crisis since the 1930s. They are too powerful to be reformed. They must be broken up.
The banks are able to help our poor suffering congress people (of whatever party) with both writing their legislation and also their long term financial needs whereas the voters can’t compete for their attention with similar perks.
The middle class is collapsing and productivity is up. Millions of Americans have lost their jobs, homes, life savings and any ability to send their kids to college. Break up the banks
Yes – those dumb people who have a mortgage. Idiots trying to live the American dream when that is only for a select few. Never mind that 80% of citizens are in debt and 70% of them are in debt for non-mortgage necessities, but it must be their own fault. Higher-income people with more assets tend to have more debt, but they are obviously stupid because they have debt. Education debt is affecting people who are trying to send their own children to school. Again, those people would be morons right?
Theodore E. Lind Premium Member over 8 years ago
They really need better regulation for both banks and wall street. There are just too many opportunities for them to play fast and loose with our money while they enrich themselves and let us cover the failures. High speed trading has had several scandals already where they take unfair advantage of the average person trying to use an IRA to save for retirement or a pension fund.
Diane Lee Premium Member over 8 years ago
Bernie Sanders’ statement on the issue:
The function of banking is to facilitate the flow of capital into productive and job-creating activities. Financial institutions cannot be an island unto themselves, standing as huge profit centers outside of the real economy. Today, six huge Wall Street financial institutions have assets equivalent to 61 percent of our gross domestic product – over $9.8 trillion. These institutions underwrite more than half the mortgages in this country and more than two-thirds of the credit cards. The greed, recklessness and illegal behavior of major Wall Street firms plunged this country into the worst financial crisis since the 1930s. They are too powerful to be reformed. They must be broken up.
superposition over 8 years ago
The banks are able to help our poor suffering congress people (of whatever party) with both writing their legislation and also their long term financial needs whereas the voters can’t compete for their attention with similar perks.
Mr. Blawt over 8 years ago
The middle class is collapsing and productivity is up. Millions of Americans have lost their jobs, homes, life savings and any ability to send their kids to college. Break up the banks
Mr. Blawt over 8 years ago
Yes – those dumb people who have a mortgage. Idiots trying to live the American dream when that is only for a select few. Never mind that 80% of citizens are in debt and 70% of them are in debt for non-mortgage necessities, but it must be their own fault. Higher-income people with more assets tend to have more debt, but they are obviously stupid because they have debt. Education debt is affecting people who are trying to send their own children to school. Again, those people would be morons right?
Mr. Blawt over 8 years ago
I wish we lived in a world where people were too big to fail and the banks had to pull themselves up by their bootstraps.
Nantucket Premium Member over 8 years ago
Why do you approve of a small number of banks controlling the majority of the economy?
ScullyUFO over 8 years ago
You mean “like student loans”.