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Fri Apr 15, 2016, 04:59 PM

Article from Blue Mass Group, "Warren Takes Down Krugman"

from the article by Glenn Wiech:

"Much has been made of the twin takedowns of Sanders last week. First there was the Daily News story which was spun by many in the media and the Hillary camp as a disaster, but if you read and understood the actual content it wasn’t a disaster at all. http://rooseveltinstitute.org/sanders-ending-tbtf/ And then there was the Krugman spin on the financial crisis where he once again echoed the Hillary party line that the bad actors were “shadow” banks and not the actual too big to fail banks, and that Sanders was just on a reckless bank-hating crusade. Krugman said:

Yet going on about big banks is pretty much all Mr. Sanders has done. On the rare occasions on which he was asked for more detail, he didn’t seem to have anything more to offer. And this absence of substance beyond the slogans seems to be true of his positions across the board.

This isn’t true mind you. Sanders gave all the relevant detail he needed in the Daily News interview. Sanders’ answers regarding the breakup of the big banks was correct in that, according to Dodd/Frank, it’s up to the banks to break themselves up. Sanders would initiate it but it would fall on the Treasury Department to decide how much smaller a bank should be and what would be acceptable. It’s not up to Sanders or any president to make those decisions or to get into the weeds on details.

What about the core idea of Krugman’s that the big banks weren’t at fault? In a not so veiled swipe at Krugman, Elizabeth Warren vehemently disagreed."


more at the link:

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