HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Forums » 2016 Postmortem (Forum) » Yes, Bernie Sanders Knows...

Tue Apr 5, 2016, 07:17 PM

 

Yes, Bernie Sanders Knows Something About Breaking Up Banks (NYT)

So, Mark Halperin deems Bernie's answers in the Daily News "inadequate". Maybe he needs to ask Clinton for her particulars. Or would those be found in one of her $225,000 speeches?

Bernie has gotten specific about what he would do. He introduced legislation on breaking up the big banks, for one thing. Slate magazine reviewed his position. That was last year.

The New York Times, interestingly, has this to counter that hit piece:

Yes, Bernie Sanders Knows Something About Breaking Up Banks

http://www.nytimes.com/2016/04/07/upshot/yes-bernie-sanders-knows-something-about-breaking-up-banks.html?partner=rss&emc=rss

30 replies, 2598 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 30 replies Author Time Post
Reply Yes, Bernie Sanders Knows Something About Breaking Up Banks (NYT) (Original post)
Carolator Apr 2016 OP
redstateblues Apr 2016 #1
Carolator Apr 2016 #4
Zen Democrat Apr 2016 #26
amborin Apr 2016 #2
Jefferson23 Apr 2016 #3
pdsimdars Apr 2016 #5
giftedgirl77 Apr 2016 #6
Carolator Apr 2016 #14
Gothmog Apr 2016 #7
Armstead Apr 2016 #11
Carolator Apr 2016 #16
Carolator Apr 2016 #17
cosmicone Apr 2016 #8
CorporatistNation Apr 2016 #10
cosmicone Apr 2016 #15
Carolator Apr 2016 #22
thesquanderer Apr 2016 #25
Name removed Apr 2016 #30
pantsonfire Apr 2016 #13
pat_k Apr 2016 #9
pantsonfire Apr 2016 #12
cprise Apr 2016 #18
BernieforPres2016 Apr 2016 #19
Jefferson23 Apr 2016 #20
azmom Apr 2016 #21
Jefferson23 Apr 2016 #23
Jefferson23 Apr 2016 #24
Kip Humphrey Apr 2016 #27
Name removed Apr 2016 #29
MattP Apr 2016 #28

Response to Carolator (Original post)

Tue Apr 5, 2016, 07:19 PM

1. I guess he just forgot that he already knew how

Reply to this post

Back to top Alert abuse Link here Permalink


Response to redstateblues (Reply #1)

Tue Apr 5, 2016, 07:27 PM

4. Face it

 

That Daily News "interview" was a "hit piece".

Reply to this post

Back to top Alert abuse Link here Permalink


Response to redstateblues (Reply #1)

Wed Apr 6, 2016, 09:48 AM

26. Bernie was accurate in the Daily News attempted "gotcha"

The Daily News was either misinformed or intentionally interchanged the U.S. Treasury with The Fed. Bernie wasn't fooled.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:20 PM

2. knr

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:22 PM

3. Many Clinton supporters are far too invested in bullshit to bother with this OP. One of the critics

of Bernie was a guy who Kos himself declared a stupid moron when he covered
Clinton. But his status is fine now that he is going after Bernie.

The Washington Post's Chris Cillizza is stupid. Or a moron.

http://www.dailykos.com/story/2015/10/7/1428927/-The-Washington-Post-s-Chris-Cillizza-is-stupid-Or-a-moron

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:30 PM

5. Every time you see someone trying to smear Sanders, it turns out to be a big fat lie.

 

What else is new?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:31 PM

6. Are you from the campaign?

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to giftedgirl77 (Reply #6)

Tue Apr 5, 2016, 08:29 PM

14. No.

 

Just a supporter.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:44 PM

7. 9 things Bernie Sanders should’ve known about but didn’t in that Daily News interview

Here are some more facts about how poorly informed Sanders is https://www.washingtonpost.com/blogs/post-partisan/wp/2016/04/05/9-things-bernie-sanders-shouldve-known-about-but-didnt-in-that-daily-news-interview/?hpid=hp_no-name_opinion-card-c%3Ahomepage%2Fstory

Nine moments in the Sanders conversation left me agape. From his own plans for breaking up too-big-to-fail banks to how he would handle the Israeli-Palestinian conflict to dealing with the Islamic State, the man giving homegirl Hillary Clinton a run for her money seemed surprisingly out of his depth. The bold in the text is mine for emphasis.

1. Breaking up the banks

Daily News: Okay. Well, let’s assume that you’re correct on that point. How do you go about doing [breaking up the banks]?

Sanders: How you go about doing it is having legislation passed, or giving the authority to the secretary of treasury to determine, under Dodd-Frank, that these banks are a danger to the economy over the problem of too-big-to-fail.

Daily News: But do you think that the Fed, now, has that authority?

Sanders: Well, I don’t know if the Fed has it. But I think the administration can have it.

Daily News: How? How does a President turn to JPMorgan Chase, or have the Treasury turn to any of those banks and say, “Now you must do X, Y and Z?”

Sanders: Well, you do have authority under the Dodd-Frank legislation to do that, make that determination.

Daily News: You do, just by Federal Reserve fiat, you do?

Sanders: Yeah. Well, I believe you do.


2. The legal implications of breaking up a financial institution

Daily News: Well, it does depend on how you do it, I believe. And, I’m a little bit confused because just a few minutes ago you said the U.S. President would have authority to order…

Sanders: No, I did not say we would order. I did not say that we would order. The President is not a dictator.

Daily News: Okay. You would then leave it to JPMorgan Chase or the others to figure out how to break it, themselves up. I’m not quite…

Sanders: You would determine is that, if a bank is too big to fail, it is too big to exist. And then you have the secretary of treasury and some people who know a lot about this, making that determination. If the determination is that Goldman Sachs or JPMorgan Chase is too big to fail, yes, they will be broken up.

Daily News: Okay. You saw, I guess, what happened with Metropolitan Life. There was an attempt to bring them under the financial regulatory scheme, and the court said no. And what does that presage for your program?

Sanders: It’s something I have not studied, honestly, the legal implications of that.


3. Prosecuting Wall Street executives for the financial collapse of 2008

Daily News: Okay. But do you have a sense that there is a particular statute or statutes that a prosecutor could have or should have invoked to bring indictments?

Sanders: I suspect that there are. Yes.

Daily News: You believe that? But do you know?

Sanders: I believe that that is the case. Do I have them in front of me, now, legal statutes? No, I don’t. But if I would…yeah, that’s what I believe, yes. When a company pays a $5 billion fine for doing something that’s illegal, yeah, I think we can bring charges against the executives.

Daily News: I’m only pressing because you’ve made it such a central part of your campaign. And I wanted to know what the mechanism would be to accomplish it.


Considering this is the core of his campaign message, Sanders should know all of the points covered in 1, 2 and 3 inside and out. He should have been able to lecture his interrogators into a stupor with his detailed knowledge. Instead, Sanders sounded slightly better than a college student caught off-guard by a surprise test in his best class just before finals.

Sanders has a talking point but has not considered any of the implications of what this talking point means and how to implement this talking point. This interview is scary.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Gothmog (Reply #7)

Tue Apr 5, 2016, 08:23 PM

11. I'd rather have someone like Bernie who cares than an Elitist who doesn't give a damn about it

 


http://m.nydailynews.com/opinion/transcript-bernie-sanders-meets-news-editorial-board-article-1.2588306

Daily News: ....in your speech you mention the financial industry and you focused on corporate America, the greed of Wall Street and corporate America. So I wanted to get a sense of corporate America, as the agent of American destruction.

Sanders: General Electric, good example. General Electric was created in this country by American workers and American consumers. What we have seen over the many years is shutting down of many major plants in this country. Sending jobs to low-wage countries. And General Electric, doing a very good job avoiding the taxes. In fact, in a given year, they pay nothing in taxes. That's greed.

That is greed and that’s selfishness. That is lack of respect for the people of this country.

Daily News: And so how does that destroy the fabric of America?

Sanders: I'll tell you how it does. If you are a corporation and the only damn thing you are concerned about is your profits. Let's just give an example of a corporation that's making money in America, today, but desiring to move to China or to Mexico to make even more money. That is destroying the moral fabric of this country. That is saying that I don't care that the workers, here have worked for decades. It doesn't matter to me. The only thing that matters is that I can make a little bit more money. That the dollar is all that is almighty. And I think that is the moral fabric.

To me, what moral is, I've got to be concerned about you. You've got to be concerned about my wife. That's moral to me. That's what I believe in. And if the only thing that matters to you is making an extra buck, you don't care about my family, I think that's immoral. And I think what corporate America has shown us in the last number of years, what Wall Street has shown us, the only thing that matters is their profits and their money. And the hell with the rest of the people of this country.


Daily News: Okay. Do you weigh in the balance at all, the fact that a company that's moving jobs overseas, that the competitive climate may be such that they feel that they must, to compete in the United States?

Sanders: No. I think, firstly, we have to appreciate these guys wrote the rules in the first place. So they wrote the trade agreements. And then, yes, I do understand you can make more profits by paying people in Mexico, or China, or Vietnam pennies an hour, I do understand that. But I believe that people have...and, by the way, I'm not anti-trade. We live in a global economy, we need trade. But the trade policies that we have allowed to occur, that were written by corporate America have been disastrous for American workers.

So I think we need trade. But I think it should be based on fair trade policies. No, I don't think it is appropriate for trade policies to say that you can move to a country where wages are abysmal, where there are no environmental regulations, where workers can't form unions. That's not the kind of trade agreement that I will support.


-------------------
Daily News: At what point in history, in the recent history of the United States, do you think the balance began to tip against the American worker?

Sanders: In the early '70s. I think it was in the late '60s/early '70s. I think Lyndon Johnson's, maybe even earlier than that, the victory over Goldwater, in '64 got the ruling class in this country very nervous.

And I think there became a very organized effort, on the part of corporate America, and very powerful forces, to say, "Look, we are in trouble. And we're going to have to fight back." And I think what you have seen in a number of ways, trade being one way, attacks on trade unions being another way, to really reestablish and strengthen the power of the few against the many.


Daily News: And do you trace all of that, do you ascribe, are those the forces in your mind that have led to wage stagnation since then?

Sanders: I think there's been a very concerted effort to take on trade unions. No question about that. You're seeing that every day, or in the last few years, in Wisconsin, what the governor there, Scott Walker, is about. That is a perfect metaphor for what I think corporate America...much, I'm not going to say all of, but much of corporate America has wanted to privatize everything that can be privatized. To destroy trade unions. To make it harder for people to get health care. To give tax breaks to the very wealthiest people in this country. Yeah, I think that has been a very concerted effort.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Gothmog (Reply #7)

Tue Apr 5, 2016, 08:34 PM

16. Bernie is correct about the procedures.

 

The FSOC (which includes Treasury) and Dodd-Frank allow for determination of TBTF.

The regulators decide on whether a SIFI should be broken up. The banks figure the details out, with them.

As for the legal statutes to prosecute an executive, that would depend upon which specific laws have been broken and the extent to which the executive is culpable.

IOW, the article is a hit piece.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Gothmog (Reply #7)

Tue Apr 5, 2016, 08:38 PM

17. Capehart is a known shill for Clinton.

 

Last edited Wed Apr 6, 2016, 12:56 AM - Edit history (1)

AND a liar.

From Wiki:

In February 2016, Capehart published an accusation against presidential candidate Bernie Sanders, alleging that the Sanders campaign had been misrepresenting a photograph showing Sanders speaking at a civil rights sit-in in the 1960's. Capehart wrote that the Sanders campaign should "stop physically placing him where he existed only in spirit," arguing that the photo showed another activist Bruce Rappaport. The photographer/documentarian of the event, Danny Lyon, refuted this claim and revealed other photos of Sanders from the sit-in, which are not in dispute and show Sanders wearing identical clothing and eyeglasses. Many people expressed frustration with Capehart, accusing him of staging a "smear" on Sanders. Capehart never recanted his accusation, instead writing a follow-up article titled, "Bernie Sanders and the Clash of Memory," juxtaposing Lyon's testimony and photographic evidence with eye-witness testimony from Rappaport's friend Bruce Stark, who is pictured in the photo, plus testimony of Randy Ross, who wasn't at the event but was married to Rappaport for 5 years.

And as for what left him "agape", what is his financial expertise, exactly?

ETA: He used to work for the New York Daily News. What a coinkidink.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 07:46 PM

8. Bernie's response was what another candidate normally gives

 

"We'll get the best people. The top people. It's going to be great!"

Hillary on the other hand, has details step-by-step policy details.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cosmicone (Reply #8)

Tue Apr 5, 2016, 08:19 PM

10. Yeah Hillary Has All The Answers... In How To Ensure That Her Banker Buds Who Write The 225K Checks

Maintain the status quo just the way that they prefer it...

Hillary Loves Money... And so does the DNC... So much that they and 33 state democratic parties decided to share the laundry chores... Including a whole lot of party hacks known as "Super Delegates...



Reply to this post

Back to top Alert abuse Link here Permalink


Response to CorporatistNation (Reply #10)

Tue Apr 5, 2016, 08:31 PM

15. I don't begrudge the money she gets for her speeches

 

A former first lady and a former secretary of state? $225K is cheap. If I were in her shoes, I'd have insisted on $500K.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to cosmicone (Reply #15)

Tue Apr 5, 2016, 11:10 PM

22. But, "that's what they offered".

 

Supposedly.

What I read is that she set the price. I guess she didn't quite qualify for $1.5 million like Bill did, once she got UBS off the hook with the IRS.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Reply #22)

Wed Apr 6, 2016, 09:43 AM

25. Funny how all the different banks "offered" the same amount. What a coincidence!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to thesquanderer (Reply #25)


Response to cosmicone (Reply #8)

Tue Apr 5, 2016, 08:27 PM

13. How is she going to insure the remaining 27 million uninsured?

 

I'm ignorant on the matter, did she release step-by-step policy details on the matter?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 08:12 PM

9. Thank you nytimes

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 08:25 PM

12. This wiki article regarding banks "too big to fail" suggests four ways...

 

1. Too big to fail tax
2. Reduce risk-taking through increased regulation
3. Break up the largest banks
4. Increased Monitoring

https://en.wikipedia.org/wiki/Too_big_to_fail#Bank_size_and_concentration

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 09:00 PM

18. K&R

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 09:35 PM

19. Mark Halperin, the reporter who bought Hillary's press guy a computer

loaded with new software so the guy could send him Hillary's schedule, give him instructions on what kind of articles they wanted to have written in exchange for giving him "scoops".

http://gawker.com/this-is-how-hillary-clinton-gets-the-coverage-she-wants-1758019058

<In several emails sent in early September 2009, Mark Halperin—then at Time, now at Bloomberg News—appears to have arranged for a computer pre-configured with Microsoft’s Outlook calendaring software to be delivered to Reines’ house in Washington, D.C., so that Reines would be able to open particular documents in his possession, including Hillary Clinton’s travel schedules during the 2008 presidential campaign, and relay their contents to Halperin. In one email, the reporter writes to Reines:

the computer is ready to be delivered. I could have it there in 20-25 minutes

It has a newly downloaded version of Outlook, which has not been installed, because it has to be done linked to an email. I am hoping/assuming you can do that.

Is now a good time to have it brought over? Should it be left with a doorman or left upstairs?>

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 10:28 PM

20. kick

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 10:30 PM

21. Kick

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Tue Apr 5, 2016, 11:12 PM

23. Bernie was correct about the DoJ too.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Wed Apr 6, 2016, 09:14 AM

24. kick

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Carolator (Original post)

Wed Apr 6, 2016, 10:04 AM

27. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012.

It virtually every case, the FDIC took control of these 465 failed banks on a Friday and reopened them with new management and new ownership on the following Monday. So, yes, the Federal Government knows how to break up banks without doing harm otherwise. As to actual mechanics employed, each closure is tailored to each circumstance.

5th grade Government primer (for all low information Hillarians):

The President declares a federal policy and federal employees develop programs or legislation that turn that policy into actionable processes and procedures the Federal Government need take to implement that policy. This is one reason the US has a Federal Government bureaucracy.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Kip Humphrey (Reply #27)


Response to Carolator (Original post)

Wed Apr 6, 2016, 10:20 AM

28. Any interview with Bernie is a gotcha

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread