HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Groups » Martin O'Malley (Group) » 'How do we fix Wall Stree...

Wed Oct 21, 2015, 08:21 PM

'How do we fix Wall Street, a.k.a. "the banks"? How do the candidates compare?

How do we fix Wall Street, a.k.a. "the banks"? How do the candidates compare? This question came up in the first Democratic debate and there has been lots of online commentary on this since.

The first place to look, of course, is CAF's Candidate Scorecard. "The Candidate Scorecard measures the positions of Democratic candidates for president against the Populism 2015 platform endorsed by organizations representing 2 million Americans." On Wall Street -- specifically, making "Wall Street serve the real economy" -- the Candidate Scorecard rates the candidates as follows:

-- Bernie Sanders: 100%
-- Martin O'Malley: 100%
-- Hillary Clinton: 63%

Note that Clinton's 63 percent rating is primarily based on not having a position on a financial transaction tax -- "Has yet to take a position, though has used rhetoric against high frequency traders who game the system" -- as well as opposing reinstating some form of a Glass-Steagall Act and a lack of specific proposals related to the categories "Break Up Big Banks" and "Affordable Banking."

"For what it's worth, Mrs. Clinton had the better case. Mr. Sanders has been focused on restoring Glass-Steagall, the rule that separated deposit-taking banks from riskier wheeling and dealing. And repealing Glass-Steagall was indeed a mistake. But it's not what caused the financial crisis, which arose instead from 'shadow banks' like Lehman Brothers, which don't take deposits but can nonetheless wreak havoc when they fail. Mrs. Clinton has laid out a plan to rein in shadow banks; so far, Mr. Sanders hasn't.

"[...] If a Democrat does win, does it matter much which one it is? Probably not. Any Democrat is likely to retain the financial reforms of 2010, and seek to stiffen them where possible. But major new reforms will be blocked until and unless Democrats regain control of both houses of Congress, which isn't likely to happen for a long time.

"In other words, while there are some differences in financial policy between Mrs. Clinton and Mr. Sanders, as a practical matter they're trivial compared with the yawning gulf with Republicans."

Krugman later writes that we can probably trust Clinton on this, because Wall Street is mostly giving money to Republicans these days.

Mike Konczal at Next New Deal, agrees with Krugman on the merits of Clinton's policies, in "Structural Reform Beyond Glass-Steagall": . .

Most of the public discussion has been focused on the top two contenders, but Martin O'Malley's proposals also merit consideration. O'Malley says he has "independence" from Wall Street that Clinton does not. On "The Daily Show" on Monday, O'Malley...

"accus[ed] the former senator from New York of being too close to Wall Street to protect Americans from the 'excesses' of big financial institutions.

"'I believe I have the independence to actually get that done, and I do not believe that Hillary Clinton does,' Maryland's former governor told the show's new host, Trevor Noah."

O'Malley's position paper stresses enforcement and anti-corruption steps for regulators.

"As President, Governor O'Malley will change the culture of our regulatory and oversight agencies and departments by immediately pursuing the following reforms to ensure that Wall Street megabanks don't get to play by their own set of rules. He will provide real deterrents to recidivist behavior among the worst actors on Wall Street."

Martin O'Malley explains how to make an honest buck on Wall Street: . .

It Comes Down To Trust

Which Democratic candidate will take on the banks? They all have proposals that increase regulation and give voice to breaking up the biggest banks. But will their administrations enforce those as well as existing regulations if elected?

- No one doubts that Sanders, with his 100 percent Candidate Scorecard rating is independent of Wall Street and potential regulatory capture -- his net worth after 25 years in the Congress is around $330,000 and that includes his residence -- and will be extremely tough both with policy and enforcement.

-- O'Malley is stressing his positions on and independence from Wall Street. He also has a 100 percent Candidate Scorecard rating and solid proposals. His position paper stresses enforcement. His net worth is less than $256,000. ("That's after subtracting the $339,000 in student loans that he owes for his daughters' college educations..."

-- Clinton is offering a comprehensive plan to bring the big banks under control. She has also offered a "revolving door" plan that goes after bonuses from Wall Street firms and delays for three years any lucrative compensation for people who leave government after doing favors for the companies that might hire them. But her own net worth is between $15.3 million and $55 million, and this does not include the assets of her husband Bill. Much of this is from giving extremely lucrative speeches to Wall Street firms (for which some of the proceeds are donated to the Clinton Foundation). Yet Krugman says we can probably trust her to enforce the rules because Wall Street isn't giving her any money now.

It all comes down to trust. Which candidate do you trust to regulate the big banks and bring in people who will enforce the rules?'

http://www.opednews.com/articles/1/Clinton-vs-Sanders-vs-O-Ma-by-Dave-Johnson-Banking-Crime_Bernie-Sanders_Glass-Steagall_Hillary-Clinton-151021-601.html

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's a matter of TRUST, and y'all know who has MY trust, the person with PROVEN executive experience ALONG WITH a PLAN!

3 replies, 1323 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 3 replies Author Time Post
Reply 'How do we fix Wall Street, a.k.a. "the banks"? How do the candidates compare? (Original post)
elleng Oct 2015 OP
1StrongBlackMan Oct 2015 #1
elleng Oct 2015 #2
lbroz Oct 2015 #3

Response to elleng (Original post)

Wed Oct 21, 2015, 08:48 PM

1. I will added Martin O'Malley into this mix ...

 

"In other words, while there are some differences in financial policy between Mrs. Clinton and Mr. Sanders, as a practical matter they're trivial compared with the yawning gulf with Republicans."

Add offer, this holds true on any number of issues ... So voting for the Democratic nominee in the G/E really does matter. But ...

It's a matter of TRUST, and y'all know who has MY trust, the person with PROVEN executive experience ALONG WITH a PLAN!


Yes ... ^^^ That ^^^!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to 1StrongBlackMan (Reply #1)

Wed Oct 21, 2015, 08:51 PM

2. Thanks, Man.

Good to see you here!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to elleng (Original post)

Sun Oct 25, 2015, 03:37 PM

3. How to Fix Wall Street

We can't fix the wall street problem until we've changed the 'greed is good' ethos in america. Humor and satire catches peoples attention...

" target="_blank">

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread