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Tue Apr 12, 2016, 10:25 AM

The Guardian: "I'm the real-life Gordon Gekko and I support Bernie Sanders "

April 12, 2016

I'm the real-life Gordon Gekko and I support Bernie Sanders

~Asher Edelman


‘Bernie Sanders is the only independent candidate who escapes the malaise of being bought.’ Photograph: Allstar Picture Library

Banking is the least understood, and possibly most lethal, of all the myriad issues at stake in this election. No candidate other than Bernie Sanders is capable of taking the steps necessary to protect the American people from a repeat of the recent debacle that plunged the nation into a recession from which we have not recovered.

The potential for a depression looms heavily on the horizon. As a trained economist who has spent more than 20 years on Wall Street – and one of the models for Gordon Gekko’s character – I know the financial system is in urgent need of regulation and responsibility. Yet Hillary Clinton is beholden to the banks for their largesse in funding her campaign and lining her pockets. The likelihood of any Republican candidate taking on this key issue is not even worthy of discussion.

The recession of 2007-2016, and the persistent transfer of wealth from the 80% to the 1% is, mostly the result of banking irresponsibility precipitated by the repeal of the Glass-Steagall Act in 1999.

The law separated commercial banking (responsible for gathering and conservatively lending out funds) from investment banking (more speculative activities).

A new culture emerged that rewarded bankers for return on equity rather than sound lending practices. The wild west of risk-taking, staked on depositors’ money, became the best sport in town.

Why not? If management won, they got rich. When they lost, the taxpayer took on the responsibility. If that sounds like a good wager, it was (and is).

....snip....

Remarkably, today the derivatives positions held by the large banks approach 10 times those of 2007-2008. In four banks alone, they exceed the GDP of the entire world. This is the interesting consequence when unchecked risk management rests in bankers’ hands.

When Clinton repealed Glass-Steagall, it was the culmination of the largest ever lobbying effort by the banking community to that date, $300m spent to convince Congress that Clinton, aided by Robert Rubin (US treasurer, previously with Goldman Sachs) and Alan Greenspan, a Milton Friedman-style supply-side economist, that the restraints on speculation should be removed.

The banking community’s gratitude was and is unending. Who can blame them?

Wait, there’s more....

....big huge snip of MUCH MORE.....

http://www.theguardian.com/commentisfree/2016/apr/12/real-life-gordon-gekko-supports-bernie-sanders-wall-street-banks-regulation

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Reply The Guardian: "I'm the real-life Gordon Gekko and I support Bernie Sanders " (Original post)
RiverLover Apr 2016 OP
RandySF Apr 2016 #1
RiverLover Apr 2016 #2
RandySF Apr 2016 #3
RiverLover Apr 2016 #4
Ash_F Apr 2016 #5
DianaForRussFeingold Apr 2016 #6
kristopher Apr 2016 #7
RiverLover Apr 2016 #8

Response to RiverLover (Original post)

Tue Apr 12, 2016, 10:30 AM

1. Wasn't he the Wolf of Wall Street?

And he wants Bernie minding the henhouse? Is OJ Simpson going to endorse Bernie's platform on women's rights?

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Response to RandySF (Reply #1)

Tue Apr 12, 2016, 10:34 AM

2. He's since learned Greed is NOT good.

"Split up the banks that are speculating with depositor and government funds. Investment banks are supposed to risk investors’ money but commercial banks should return to lending fairly and carefully to help create a foundation for future growth. Bernie Sanders is the only independent candidate who escapes the malaise of being bought. He is paid for by the people and represents their interests. And you can take that to the bank."

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Response to RiverLover (Reply #2)

Tue Apr 12, 2016, 10:35 AM

3. So, an evolution to be believed?

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Response to RandySF (Reply #3)

Tue Apr 12, 2016, 10:36 AM

4. The Truth is to be believed. /nt

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Response to RandySF (Reply #1)

Tue Apr 12, 2016, 10:42 AM

5. No that was Jordan Belfort who was actually charged and convicted

https://en.wikipedia.org/wiki/Jordan_Belfort


Asher Edelman has not been charged with anything.

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Response to RiverLover (Original post)

Tue Apr 12, 2016, 11:29 AM

7. Now THAT is an endorsement worth paying attention to. nt

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Response to kristopher (Reply #7)

Tue Apr 12, 2016, 11:51 AM

8. He knows what he's talking about that's for sure. /nt

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