BUCKNACKT'S SORDID TAWDRY BLOG
We should not be a journey to the grave with the intention of arriving safely in an attractive & well preserved body, but rather to skid in sideways, chocolate, bier or wein in hand, body thoroughly used up, totally worn out and screaming "WHOO-HOO, WHAT A RIDE!!!!!!"
+Senator Elizabeth WarrenD MA is angry, you can hear and read it the words of her speech to the +AFL -CIO on 10NOV16. drumpf/trump-pence, republicans, tea-baggers and right wing theocratic plutocrats and DINOS, you have been warned. And the rest of us have our marching orders. The BOLD PROGRESSIVES of the PCCC / Progressive Change Campaign Committee and Our Revolution offer opportunities to be to be informed and involved. If you are committed to defending our democracy, protecting our Republic then check them out, sign up and get involved. From the PCCC, transcripts from the +The Boston Globe .....
We’re now two days removed from an incredibly close and hard-fought election, and many people here in Washington and around the country are trying to make sense of what happened.
This wasn’t a pretty election. In fact, it was ugly, and we should not sugarcoat the reason why. Donald Trump ran a campaign that started with racial attacks and then rode the escalator down. He encouraged a toxic stew of hatred and fear. He attacked millions of Americans. And he regularly made statements that undermined core values of our democracy.
And he won. He won - and now Latino and Muslim-American children are worried about what will happen to their families. LGBT couples are worried that their marriages could be dissolved by a Trump-Pence Supreme Court. Women are worried that their access to desperately needed health services will disappear. Millions of people in this country are worried, deeply worried. And they are right to be worried.
Today, as President-Elect, Donald Trump has an opportunity to chart a different course: to govern for all Americans and to respect our institutions. In his victory speech, he pledged that he would be “President for all” of the American people. And when he takes the oath of office as the leader of our democracy and the leader of all Americans, I sincerely hope that he will fulfill that pledge with respect and concern for every single human being in this country, no matter who they are, no matter where they come from, no matter what they believe, no matter whom they love.
And that marks Democrats’ first job in this new era: We will stand up to bigotry. There is no compromise here. In all its forms, we will fight back against attacks on Latinos, African Americans, women, Muslims, immigrants, disabled Americans-on anyone. Whether Donald Trump sits in a glass tower or sits in the White House, we will not give an inch on this, not now, not ever.
But there are many millions of people who did not vote for Donald Trump because of the bigotry and hate that fueled his campaign rallies. They voted for him despite the hate. They voted for him out of frustration and anger-and also out of hope that he would bring change.
If we have learned nothing else from the past two years of electioneering, we should hear the message loud and clear that the American people want Washington to change. It was clear in the Democratic Primaries. It was clear in the Republican Primaries. It was clear in the campaign and it was clear on Election Day. The final results may have divided us - but the entire electorate embraced deep, fundamental reform of our economic system and our political system.
Working families across this country are deeply frustrated about an economy and a government that doesn’t work for them. Exit polling on Tuesday found that 72 percent of voters believe that, quote, “the American economy is rigged to advantage the rich and powerful.” 72 percent of ALL voters-Democrats and Republicans.1 The polls were also made clear that the economy was the top issue on voters’ minds. Americans are angry about a federal government that works for the rich and powerful and that leaves everyone else in the dirt.
Lobbyists and Washington insiders have spent years trying to convince themselves and each other that Americans don’t actually believe this. Now that the returns are in and the people have spoken, they’re already trying to wave their hands and dismiss these views as some sort of mass delusion. They are wrong-very wrong.
The truth is that people are right to be angry. Angry that wages have been stagnant for a generation, while basic costs like housing, health care, and child care have skyrocketed. Angry that our political system is awash in barely legalized campaign bribery. Angry that Washington eagerly protects tax breaks for billionaires while it refuses to raise the minimum wage, or help the millions of Americans struggling with student loans, or enforce the law when the millionaire CEOs who fund our political campaigns break it. Angry that Washington pushes big corporate interests in trade deals, but won’t make the investments in infrastructure to create good jobs right here in America. Angry that Washington tilts the playing field for giant corporations - giving them special privileges, letting them amass enormous economic and political power.
Angry that while Washington dithers and spins and does the backstroke in an ocean of money, while the American Dream moves further and further out of reach for too many families. Angry that working people are in debt. Angry that seniors can’t stretch a Social Security check to cover the basics.
President-Elect Trump spoke to these issues. Republican elites hated him for it. But he didn’t care. He criticized Wall Street and big money’s dominance in Washington-straight up. He supported a new Glass-Steagall. He spoke of the need to reform our trade deals so they aren’t raw deals for the American people. He said he will not cut Social Security benefits. He talked about the need to address the rising cost of college and about helping working parents struggling with the high cost of child care. He spoke of the urgency of rebuilding our crumbling infrastructure and putting people back to work. He spoke to the very real sense of millions of Americans that their government and their economy has abandoned them. And he promised to rebuild our economy for working people.
The deep worry that people feel over an America that does not work for them is not liberal or conservative worry. It is not Democratic or Republican worry. It is the deep worry that led even Americans with very deep reservations about Donald Trump’s temperament and fitness to vote for him anyway.
So let me be 100% clear about this. When President-Elect Trump wants to take on these issues, when his goal is to increase the economic security of middle class families, then count me in. I will put aside our differences and I will work with him to accomplish that goal. I offer to work as hard as I can and to pull as many people as I can into this effort. If Trump is ready to go on rebuilding economic security for millions of Americans, so am I and so are a lot of other people-Democrats and Republicans.
But let’s also be clear about what rebuilding our economy does not mean.
It does not mean handing the keys to our economy over to Wall Street so they can run it for themselves. Americans want to hold the big banks accountable.2 That will not happen if we gut Dodd-Frank and fire the cops responsible for watching over those banks, like the Consumer Financial Protection Bureau. If Trump and the Republican Party try to turn loose the big banks and financial institutions so they can once again gamble with our economy and bring it all crashing down, then we will fight them every step of the way.
It does not mean crippling our economy and ripping working families apart by rounding up and deporting millions of our coworkers, our friends and neighbors, our mothers and fathers, our sons and daughters. And if Republicans choose that path, we will fight them every single step of the way.
Americans want reform to Obamacare -Democrats included. We must bring down the costs of health insurance and the cost of health care. But if the Republicans want to strip away health insurance from 20 million Americans, if they want to let cancer survivors get kicked to the curb, if they want to throw 24-year-olds off their parents’ health insurance, then we will fight them every step of the way.
Americans want to close tax loopholes that benefit the very rich,3 and Donald Trump claimed to support closing the carried interest loophole and other loopholes. We need a fairer tax system, but if Republicans want to force through massive tax breaks that blow a hole in our deficit and tilt the playing field even further toward the wealthy and big corporations, then we will fight them every step of the way.
The American people - Democrats, Republicans, and Independents - have been clear about what economic policies they want Washington to pursue. Two-thirds of people support raising the federal minimum wage.4 Three-quarters of Americans want the federal government to increase its infrastructure investments.5 Over 70 percent of people believe students should have a chance at a debt-free education.6 Nearly three-quarters support expanding Social Security.7 These are the kinds of policies that will help level the playing field for working families and address the frustrations felt by millions of people across the country.
The American people sent one more message as well. Economic reform requires political reform. Why has the federal government worked so long only for those at the top? The answer is money-and they want this system changed. The American people are sick of politicians wallowing in the campaign contributions and dark money. They are revolted by influence peddling by wealthy people and giant corporations. When Bernie Sanders proved his independence by running a campaign based on small dollar contributions and when Donald Trump promised to spend his own money, both were sending an important message that they could not be bought. And once again, if Donald Trump is ready to make good on his promise to get corruption out of politics, to end dark money and pay-to-play, count me in. I will work as hard as I can and to pull as many people as I can to end the influence of big money and return democracy to the people.
Donald Trump won the Presidency under a Republican flag. But Mitch McConnell, Paul Ryan and the Republicans in Congress - and their way of doing business - were rejected-rejected by their own primary voters, rejected during the campaign, and rejected in Tuesday’s election. Regardless of political party, working families are disgusted by a Washington that works for the rich and powerful and leaves everyone else behind.
The American people have called out loudly for economic and political reform. For years, too many Republicans and too many Democrats have refused to hear their demands.
The majority of Americans voted against Donald Trump. Democrats picked up seats in both the House and the Senate. And yet, here we are. Republicans are in control of both houses of Congress and the White House. And that makes our job clear. As the loyal opposition we will fight harder, we will fight longer and we will fight more passionately than ever for the rights of every human being in this country to be treated with respect and dignity. We will fight for economic opportunity, not just for some of our children, but for all of our children. We do not control the tools of government, but make no mistake, we know what we stand for, the sun will keep rising, and we will keep fighting - each day, every day, we will fight for the people of this country.
The time for ignoring the American people is over. It’s time for us to come together to work on America’s agenda. Democracy demands that we do so, and we are ready.
Senator Elizabeth Warren of Massachusetts on Thursday pledged to work with President-elect Donald Trump to build an economy that works for everyone while vowing to fight him if the vitriol of his candidacy takes root in his presidency.
“There are many millions of people who voted for Donald Trump not because of the bigotry and hate that fueled his campaign rallies,” Warren said in her first major address since the New York businessman was elected president of the United States. “They voted for him out of frustration and anger and out of hope that he would make real change in this country.”
She spoke before the AFL-CIO Executive Council in an address that was broadcast via Facebook live and watched by more than 16,000 people.
“I believe the outcome of this election is an indictment on politics as usual,” Richard Trumka, president of the AFL-CIO, said while introducing Warren. “The type of indictment that Senator Warren has spent her career fighting against.”
Warren, a progressive Democrat, and Trump, a Republican, have both argued that Wall Street has harmed the working class. And while they agree on the problem, their worldviews could not be further apart.
Thursday’s speech was an attempt to chart a path forward for dispirited liberals after Trump’s stunning victory on Tuesday. Warren also tried to explain and validate aspects of Trump’s appeal to workers who have been hammered by Wall Street.
She vowed to put aside their differences if Trump makes good on his promises to increase government spending on infrastructure to create jobs, oppose trade deals, and increase Social Security benefits.
“When President-elect Trump wants to take on these issues, when his goal is to increase the economic security of middle-class families, then count me in,” Warren said. “I will work as hard as I can and pull as many people as I can into this effort.”
But Warren was clear: There would be no compromise if President-elect Trump insults women, minorities, or immigrants the way candidate Trump did.
“Whether Donald Trump sits in a glass tower or sits in the White House, we will not give an inch on this, not now, not ever,” she said pounding the podium for emphasis. “We will stand up to bigotry.”
The election wasn’t pretty, she said, calling the campaign a “toxic stew of hatred and fear.”
“Millions of people are worried, and they are right to be worried,” she said.
Trump’s candidacy started with a speech in which he disparaged Mexican immigrants as “rapists.” He proposed a temporary ban on allowing Muslims into the country. He mocked a disabled journalists and was accused of sexually assaulting women.
Warren became one of Trump’s biggest foes, engaging with him in a fierce war of words that often played out in 140-character exchanges on Twitter. He called her “Pocahontas” in reference to the controversy about her Native American heritage that emerged during the race for her Senate seat. She called Trump a “bully.”
But their common ground appears to be making the country a better for those angry that government seems to work only for the rich and powerful.
And while Trump might have won the White House, Warren noted that he lost the popular vote.
“The time for ignoring the American people is over,” Warren said. “It is time for us to come together to work on America’s agenda.”
“Are we ready to be in this fight?” she asked to rousing applause. “You bet!”
Michael Levenson of Globe staff contributed to this report. Akilah Johnson can be reached at akilah.johnson@globe.com. Follow her on Twitter @akjohnson1922.
"Yono quieroser del agrado detodos.Llega unmomento en el queusted tiene que tomaren elestablecimiento y noser parte deese establecimiento." SenadorBernieSanders
+ Senador Bernie Sanders dio una progresiva discurso audaz, potente el martes 5 de 16-ENE en Wall Street y la cábala bancaria financiera. Aquí está, el vídeo y los comentarios preparados. Soy un Sandernista orgulloso! Escuchar y leer el discurso de Bernie, vaya a Bernie 2016 y unirse a la revolución política barriendo a través de América, para los Estados Unidos !!!! SENTIRLABERN!
Transmitido en vivo en 05 de enero 2016
Bernie Sanders habla de su visión de la reforma económica en Estados
Unidos, incluyendo reinante en las políticas financieras que tendría
aplicar como presidente de Wall Street y. "Si Wall Street no termina su avaricia, terminaremos por ellos!" #BreakEmUp
Senador del estado de NY James Sanders introduce el senador Bernie
Sanders con un discurso esclarecedor sobre el impacto de la crisis
financiera en los neoyorquinos de todas las clases sociales.
En declaraciones a pocas paradas de distancia del
epicentro de la crisis financiera mundial, el senador Bernie Sanders
prometió rehacer el sistema financiero para servir a las familias
trabajadoras de Estados Unidos. A continuación se presentan sus declaraciones preparadas. Vea la transmisión en vivo aquí.
El pueblo estadounidense está poniendo de moda. Ellos
entienden que algo está profundamente mal cuando, en nuestro país hoy en
día, la parte superior de una décima parte del 1 por ciento posee casi
tanta riqueza como la parte inferior del 90 por ciento y cuando las 20
personas más ricas poseen más riqueza que los inferiores a 150 millones
de estadounidenses - la mitad de nuestra población. Ellos
saben que el sistema está amañado cuando la persona promedio está
trabajando más horas por salarios más bajos, mientras que el 58 por
ciento de todos los nuevos ingresos va al 1 por ciento.
También saben que un puñado de personas en Wall Street tienen un poder
extraordinario sobre la situación económica y la vida política de
nuestro país. Como mucha gente sabe, en los años 1990 y
posteriores, los intereses financieros gastan miles de millones de
dólares en cabildeo y campañas contribuciones a la fuerza en el Congreso
la desregulación de Wall Street, la derogación de la Ley Glass-Steagall
y el debilitamiento de las leyes de protección del consumidor en los
Estados .
Pasaron este dinero con el fin de conseguir que el gobierno de sus
espaldas y mostrar al pueblo estadounidense lo que podrían hacer con ese
nuevo ganado la libertad. Bueno, seguro que mostraron al pueblo estadounidense. En 2008, la codicia, la imprudencia y la conducta ilegal en Wall Street casi destruyeron la economía estadounidense y mundial.
Millones de estadounidenses perdieron sus empleos, sus casas y sus ahorros.
Mientras Wall Street recibió el mayor rescate de los contribuyentes en
la historia del mundo con sin condiciones, la clase media estadounidense
continúa desapareciendo, la pobreza va en aumento y la brecha entre los
muy ricos y todos los demás están creciendo más y más. Y
los ejecutivos de Wall Street siguen recibiendo los paquetes de
compensación enormes como si la crisis financiera que crearon nunca
sucedió.
La codicia, el fraude, la deshonestidad y la arrogancia, estas son las
palabras que mejor describen la realidad de Wall Street hoy.
Por lo tanto, a los de Wall Street que puede estar escuchando hoy, permítanme ser muy claro. La codicia no es buena. De hecho, la codicia de Wall Street y la América corporativa está destruyendo el tejido de nuestra nación. Y, aquí es una Resolución de Año Nuevo que voy a seguir si es elegido presidente. Si no termina su avaricia, terminaremos por usted.
Ya no vamos a tolerar una economía y un sistema político que ha sido
manipulado por Wall Street para beneficiar a los estadounidenses más
ricos de este país a expensas de todos los demás.
Mientras que el presidente Obama merece crédito por mejorar esta
economía después de la caída de Wall Street, la realidad es que una gran
cantidad de asuntos pendientes que queda por hacer.
Nuestro objetivo debe ser la creación de un sistema financiero y una
economía que funcione para todos los estadounidenses, no sólo un puñado
de multimillonarios
Ending "Too Big To Fail"
Eso significa que tenemos que terminar, de una vez por todas, el esquema
que no es más que una póliza de seguro libre para Wall Street, la
política de "demasiado grande para quebrar."
Necesitamos un sistema bancario que es parte de la economía productiva -
la concesión de préstamos a precios asequibles a las pequeñas y
medianas empresas para que creamos puestos de trabajo decentes pagar. Wall
Street no puede seguir siendo una isla en sí mismo, miles de millones
de juegos de azar en los instrumentos financieros de riesgo, haciendo
enormes beneficios y la seguridad de que, si sus esquemas fallan, los
contribuyentes estarán allí para rescatarlos.
En 2008, los contribuyentes de este país rescatados Wall Street, porque
nos dijeron que eran "demasiado grandes para quebrar". Sin embargo, hoy,
3 de los 4 mayores instituciones financieras (JP Morgan Chase, Bank of
America y Wells Fargo) son casi el 80 por ciento más grande que antes de
que los rescatados . Increíblemente, los seis bancos más
grandes de este país emitan más de dos tercios de todas las tarjetas de
crédito y más del 35 por ciento de todas las hipotecas. Ellos
controlan más del 95 por ciento de todos los derivados financieros y
poseen más del 40 por ciento de todos los depósitos bancarios. Sus activos son equivalentes a casi el 60 por ciento de nuestro PIB. Ya es suficiente.
Si un banco es demasiado grande para quebrar, es demasiado grande para existir. Cuando se trata de la reforma de Wall Street, que debe ser nuestra línea de fondo. Esto es cierto no sólo desde una perspectiva de riesgo y el temor de otro rescate. También
es cierto de la realidad de que un puñado de grandes instituciones
financieras simplemente tienen demasiado poder económico y político de
este país.
Si Teddy Roosevelt, el republicano de confianza-buster, estuviera vivo hoy, él diría "romper 'em up." Y tendría razón.
Y así es como voy a lograrlo.
Dentro de los primeros 100 días de mi gobierno, que requerirá el
secretario del Departamento del Tesoro para establecer un "demasiado
grandes para quebrar" la lista de los bancos comerciales, sombra bancos y
compañías de seguros cuyo fallo podría suponer un riesgo catastrófico
para la economía de Estados Unidos sin un rescate de los contribuyentes.
Dentro de un año, mi gobierno va a romper estas instituciones de manera
que ya no constituyen una grave amenaza para la economía como autorizado
bajo la Sección 121 de la Ley Dodd-Frank.
Y, voy a luchar para restablecer un 21o siglo Ley Glass-Steagall a
servicios de banca comercial, banca de inversión y de seguros claramente
separados. Seamos claros: esta legislación, introducida
por mi colega senador Elizabeth Warren, apunta al corazón del sistema
bancario en la sombra.
En mi opinión, el senador Warren, tiene razón. Dodd-Frank debería haber roto Citigroup y otros bancos "también- grandes para quebrar" en pedazos. Y eso es exactamente lo que tenemos que hacer. Y eso es lo que me comprometo a hacer como presidente.
Ahora, mi oponente, la secretaria Clinton dice que la Glass-Steagall no
habría evitado la crisis financiera porque los bancos sombra como AIG y
Lehman Brothers, los bancos comerciales no grandes, eran los verdaderos
culpables.
La secretaria Clinton que está mal.
Shadow bancos hizo jugar imprudentemente, pero ¿de dónde vino ese dinero? Venía
de los depósitos bancarios federalmente asegurados de los bancos
comerciales grandes - algo que habría sido prohibidos en virtud de la
Ley Glass-Steagall.
No olvidemos: el presidente Franklin Roosevelt firmó este proyecto en
ley, precisamente para evitar que los especuladores de Wall Street de
causar otra Gran Depresión . Y, funcionó durante más de
cinco décadas hasta Wall Street regó abajo durante la presidencia de
Reagan y lo mató durante la presidencia de Clinton.
Y, vamos, no nos engañemos. La Reserva Federal y el Departamento del Tesoro no acaban de rescatar a los bancos de sombra. Como
resultado de una enmienda que me ofrecí a auditar las actividades de
préstamo de emergencia de la Reserva Federal durante la crisis
financiera, nos enteramos de que la Reserva Federal proporcionó más de $
16 billones de dólares en corto plazo, préstamos a bajo interés para
cada institución financiera importante en el país, incluyendo Citigroup,
JP Morgan Chase, Bank of America, Wells Fargo, por no hablar de las
grandes corporaciones, los bancos extranjeros y los bancos centrales
extranjeros en todo el mundo.
La secretaria Clinton dice sólo tenemos que imponer unas cuantas tasas y regulaciones en el sector financiero . No estoy de acuerdo.
Como ex Secretario del Trabajo ha dicho Robert Reich y cito: "bancos
gigante de Wall Street siguen amenazando el bienestar de millones de
estadounidenses, pero ¿qué hacer? Bernie Sanders dice romperlas y resucitar la Ley Glass-Steagall que una vez separada la inversión de la banca comercial. Hillary
Clinton dice que acusen un poco más y supervisar con más cuidado ...
propuestas de Hillary Clinton sólo se invitará a más de dilución y
finagle. La única manera de contener los excesos de la
calle es con reformas tan grandes, audaces y público que no puede ser
aguado -. Revienta a los mayores bancos y resucitar a la Glass-Steagall
"Secretario Reich es correcto. La verdadera
reforma de Wall Street significa romper los grandes bancos y el
restablecimiento de los cortafuegos que separa la toma de riesgos de la
banca tradicional.
Mi oponente dice que, como senador, le dijo a los banqueros para "cortarlo" y poner fin a su comportamiento destructivo. Pero,
en mi opinión, políticos del establishment son los que tienen que
"cortar a cabo." La realidad es que el Congreso no regula Wall Street. Wall Street, sus cabilderos y sus miles de millones de dólares a regular el Congreso. Tenemos que cambiar esa realidad, y como presidente lo haré.
-To-Cárcel Demasiado-Big Ending
No es ningún secreto que millones de estadounidenses se han desilusionado con nuestro proceso político. Ellos no votan. Ellos no creen mucho de lo que sale de Washington. No creo que nadie está allí en representación de sus intereses. En
mi opinión, una de las razones de que en el fondo la desilusión es la
comprensión generalizada de que nuestro sistema de justicia penal se
rompe y manifiestamente injusto - y que no tenemos justicia equitativa
bajo la ley. El estadounidense promedio ve niños arrestados
y en ocasiones incluso encarcelados por posesión de marihuana u otros
delitos menores. Pero cuando se trata de ejecutivos de Wall
Street, algunas de las personas más ricas y poderosas de este país,
cuyo comportamiento ilegal causado dolor y sufrimiento para millones -
de alguna manera no pasa nada con ellos. Sin antecedentes policiales. No ir a la cárcel. No hay justicia.
Vivimos en un país hoy que tiene una economía que está amañado, un
sistema de financiación de las campañas, que es corrupto y un sistema de
justicia penal que, con demasiada frecuencia, no dispensar justicia.
Ni un importante ejecutivo de Wall Street ha sido procesado por haber causado el casi colapso de toda nuestra economía.
Eso va a cambiar bajo mi administración. "Equal Justice Bajo la Ley" no va a ser sólo palabras grabadas en la entrada de la Corte Suprema. Será la norma que se aplica a Wall Street y todos los estadounidenses.
El modelo de negocios de Wall Street es el fraude
Parece que casi todas las semanas leemos acerca de una institución
financiera gigante tras otro ser multados o alcanzar acuerdos para sus
actividades temerarias, injustas y engañosas.
Algunas personas creen que esto es una aberración: que tenemos un
sistema financiero honesto en el que, cada de vez en cuando, las
principales instituciones financieras hacen algo mal y quedar atrapado. En mi opinión, la evidencia sugiere que habría un análisis incorrecto.
La realidad es que el fraude es el modelo de negocios de Wall Street. No es la excepción a la regla. Es la regla. Y en un clima regulatorio débil la probabilidad es que Wall Street se sale con mucha comportamiento más ilegal que conocemos.
¿Cuántas veces hemos escuchado el mito de que lo que Wall Street hizo pudo haber sido un error, pero no fue ilegal?
Let ayúdame añicos ese mito hoy.
Desde el año 2009, las principales instituciones financieras de este país han sido multados $ 204 mil millones. $ 204 mil millones. Y que tiene lugar en un clima regulatorio débil.
Éstos son sólo algunos ejemplos de cuando los principales bancos fueron sorprendidos haciendo actividad ilegal.
En agosto de 2014, Bank of America resolvió un caso con el Departamento
de Justicia para más de $ 16 millones de dólares en los cargos que la
banco engañó a los inversores sobre el riesgo de los valores respaldados
por hipotecas que vendió en el período previo a la crisis.
En noviembre de 2013, JP Morgan resolvió un caso de $ 13 mil millones
con el Departamento de Justicia y la Agencia Federal de Financiamiento
de la Vivienda sobre los cargos del banco a sabiendas venden títulos
valores compuestos por hipotecas de baja calidad a Fannie Mae y Freddie
Mac.
En junio de 2014, BNP Paribas fue condenado a cinco años de libertad
condicional y se le ordenó pagar $ 8.9 mil millones en multas por un
Juez Federal de Distrito en Manhattan después de este banco declaré
culpable de los cargos de violar las sanciones por la realización de
negocios en Sudán, Irán y Cuba.
Permítanme leerles unos titulares y usted me dice cómo tiene sentido que un ejecutivo no fue procesado por fraude.
CNN Headline 20 de mayo de 2015: "5 grandes bancos a
pagar $ 5.4 mil millones para las monedas aparejo." Los bancos incluyen
JPMorgan Chase y Citigroup.
Titular de la International Business Times (24 de
febrero de 2015): ". Grandes Bancos en investigación para la fijación
Supuestamente Metales Preciosos precios" Los bancos se están
investigando incluido Goldman Sachs y JPMorgan Chase.
Titular de la Red de Noticias de Bienes (26 de noviembre
de 2013): "Los documentos en la liquidación JPMorgan revelan cómo cada
banco grande en los EE.UU. ha cometido fraude hipotecario."
Encabezado por el Washington Post (14 de marzo de 2014):
"En la demanda, la FDIC acusa a 16 grandes bancos de fraude,
conspiración," que incluyeron el Bank of America, Citigroup y JP Morgan
Chase.
Encabezado del Guardián (2 de abril de 2011): "¿Cómo un
banco grande US lavar miles de millones de bandas de narcotraficantes
asesinos de México." Este artículo habla de cómo Wachovia (que fue
adquirida por Wells Fargo) ayudó a los cárteles mexicanos de la droga en
la transferencia de miles de millones de dólares en dinero de la droga
ilegal. Esto es lo que el fiscal federal (Jeffrey Sloman)
dijo al respecto: "flagrante desprecio de Wachovia por nuestras leyes
bancarias dio cocaína internacional cárteles una carta blanca para
financiar sus operaciones."
Sin embargo, la multa total por este delito fue de menos de 2% de los
del banco $ 12.3 mil millones de ganancias para 2009 y nadie fue a la
cárcel. Nadie fue a la cárcel.
Y, si eso no es suficiente, aquí hay otra.
Título: The Wall Street Journal, 9 de febrero de 2011:
"JP Morgan se disculpa por ejecuciones hipotecarias militares." Aquí hay
un caso en el JP Morgan Chase, el mayor banco de América, arruinó las
finanzas de 4.000 familias de militares en violación de los Miembros del
Servicio Civil Ley de Alivio, sin embargo, nadie fue a la cárcel.
Y, cuando digo que el modelo de negocios de Wall Street es un fraude que no es sólo Bernie Sanders hablar. Eso es lo que los ejecutivos financieros dijeron a la Universidad de Notre Dame, en un estudio sobre la ética de la industria de servicios financieros el año pasado.
De acuerdo con este estudio, el 51 por ciento de los ejecutivos de Wall
Street que ganan más de $ 500.000 al año encontró que es probable que
sus competidores han participado en la actividad inmoral o ilegal con el
fin de obtener una ventaja en el mercado.
Más de un tercio de los ejecutivos financieros o bien han sido testigos o
tienen conocimiento de primera mano de la maldad en el lugar de
trabajo.
Casi uno de cada cinco profesionales de servicios financieros creen que
deben participar en ilegal o actividad poco ética para tener éxito.
El veinticinco por ciento de los ejecutivos financieros han firmado o ha
pedido que firme un acuerdo de confidencialidad que prohíba la
presentación de informes de actividades ilegales o poco éticas a las
autoridades.
Esto es lo que un banquero de Barclays dijo en 2010, cuando fue
sorprendido tratando a precio-arreglar el mercado de divisas $ 5000 mil
millones por día ". Si usted no está engañando, no se está tratando"
Esto es lo que un analista de Standard & Poors, dijo en 2008:
"Esperemos que todos somos ricos y jubilados por el momento este
castillo de naipes se tambalea.
"Este país ya no puede permitirse el lujo de tolerar la cultura del fraude y la corrupción en Wall Street.
Bajo mi administración, los directores ejecutivos de Wall Street ya no
recibirán un encuentro fuera de la cárcel tarjeta gratuita. Los grandes bancos no serán demasiado grandes para quebrar. Grandes banqueros no van a ser demasiado grande a la cárcel.
Como presidente, voy a nominar y nombrar a las personas con un historial
de enfrentarse al poder, en lugar de aquellos que han hecho millones
defensa de los CEOs de Wall Street. Goldman Sachs y otros bancos de Wall Street no estarán representados en mi administración.
Impuesto sobre la especulación de Wall Street
Y, si nos tomamos en serio la reforma de nuestro sistema financiero,
tenemos que establecer un impuesto sobre los especuladores de Wall
Street. Tenemos que desalentar el juego imprudente de Wall
Street y fomentar las inversiones productivas en la economía creadora de
empleo.
Vamos a utilizar los ingresos de este impuesto para que los colegios y universidades públicas de matrícula gratuita. Durante la crisis financiera, la clase media de este país rescató a Wall Street. Ahora, es el turno de Wall Street para ayudar a la clase media.
La reforma de agencias de calificación crediticia
No podemos tener un sistema financiero sano y salvo, si no podemos
confiar en las agencias de crédito para evaluar con precisión los
productos financieros. Y la única manera que podemos
restaurar esa confianza es hacer que las agencias de calificación de
crédito seguro no pueden obtener un beneficio de Wall Street.
Los inversores no habrían comprado los derivados respaldados por
hipotecas riesgosas que condujeron a la Gran Recesión si las agencias de
crédito no dieron estos inútiles financiera productos calificaciones
triple A - notas que sabían eran falsos.
Y la razón de que estos esquemas financieros de riesgo se les dio esas calificaciones favorables es simple. Wall Street pagó por ellos.
Bajo mi administración, giraremos agencias sin fines de lucro de
calificación crediticia en las instituciones sin fines de lucro,
independientes de Wall Street. Ya no va a Wall Street podrá elegir qué crédito agencia calificará sus productos.
Cap Tarjeta de crédito Tasas de interés y cargos de cajeros automáticos
Si vamos a crear un sistema financiero que funcione para todos los
estadounidenses, tenemos que dejar de instituciones financieras de
estafar al pueblo estadounidense mediante el cobro de tasas de interés
por las nubes y los honorarios escandalosos.
En mi opinión, es inaceptable que los estadounidenses están pagando una
cuota de $ 4 o $ 5 cada vez que vayan al cajero automático.
Es inaceptable que millones de estadounidenses están pagando tasas de interés de tarjetas de crédito de 20 o 30 por ciento.
La Biblia tiene un término para esta práctica. Se llama usura. Y
en La Divina Comedia, Dante reservado un lugar especial en el séptimo
círculo del infierno para los que cargó la gente tasas de interés
usurarias.
Hoy en día, no necesitamos el fuego del infierno y las horquillas, no
necesitamos los ríos de sangre hirviendo , pero necesitamos una ley
nacional de la usura.
Hoy en día, tenemos que limitar las tasas de interés en tarjetas de crédito y préstamos de consumo en un 15 por ciento.
En 1980, el Congreso aprobó una legislación para requerir las
cooperativas de crédito para limitar las tasas de interés de sus
préstamos en no más de 15 por ciento. Y, esa ley ha funcionado bien. A
diferencia de los grandes bancos, las cooperativas de crédito no
recibieron un enorme rescate de los contribuyentes de este país. Ha llegado el momento de ampliar este límite a todos los prestamistas en Estados Unidos.
También debemos limitar cargos de cajeros automáticos en $ 2.00. La
gente no debería tener que pagar una cuota de 10 por ciento para el
retiro de $ 40 de su propio dinero de un cajero automático.
Los grandes bancos tienen que dejar de actuar como usureros y empezar a actuar como prestamistas responsables.
Permitir oficinas de correos para ofrecer servicios bancarios
También tenemos que dar a los americanos opciones bancarias asequibles.
La realidad es que, increíblemente, millones de estadounidenses de bajos
ingresos viven en comunidades donde no hay servicios bancarios
normales. Hoy en día, si usted vive en una comunidad de
bajos ingresos y que necesita para cambiar un cheque o conseguir un
préstamo para pagar una reparación de automóviles o una emergencia
médica, ¿a dónde vas?
Usted va a un prestamista de día de pago que podrían cobrar una tasa de
interés de más de 300 por ciento y atraparte en un círculo vicioso de la
deuda. Eso es inaceptable.
Tenemos que dejar de prestamistas de estafar a millones de estadounidenses. Existen oficinas de correos en casi todas las comunidades de nuestro país. Una
forma importante proporcionar oportunidades bancarias decentes para las
comunidades de bajos ingresos es permitir que el servicio postal de
Estados Unidos para participar en los servicios bancarios básicos, y eso
es lo que voy a luchar.
La reforma de la Reserva Federal
Además, tenemos que reformar estructuralmente la Reserva Federal para
que sea una institución más democrática que responda a las necesidades
de los estadounidenses de a pie, no sólo los multimillonarios de Wall
Street.
Cuando Wall Street estaba al borde del colapso, la Reserva Federal
actuaron con una feroz sentido de urgencia para salvar el sistema
financiero. Necesitamos a la Fed a actuar con la misma libertad para luchar contra el desempleo y los bajos salarios.
En mi opinión, es inaceptable que la Reserva Federal ha sido secuestrado
por los mismos banqueros que se encarga de la regulación. Creo
que el pueblo estadounidense se sorprenderían al saber que Jamie Dimon,
presidente ejecutivo de JP Morgan Chase, que se sirve en la junta de la
Fed de Nueva York, al mismo tiempo que su banco recibió un rescate de $
391 mil millones de la Reserva Federal. Eso es un claro conflicto de intereses que iba a prohibir como presidente. Cuando soy elegido, los zorros ya no estarán vigilando el gallinero en la Fed. Bajo
mi administración, ejecutivos de la industria bancaria ya no podrán
servir en las juntas de la Fed y handpick sus miembros y el personal.
Además, la Fed debería dejar de pagar las instituciones financieras de
interés para mantener el dinero de la economía y estacionados en la Fed.
Increíblemente, el exceso de reservas de las entidades
financieras que están sentados en la Reserva Federal ha crecido desde
menos de $ 2 mil millones en 2008 a $ 2400 mil millones en la
actualidad. Eso es absurdo.
En lugar de pagar los bancos intereses sobre estas reservas, la Fed
debería cobrarles una cuota que podría ser utilizado para proporcionar
préstamos asequibles a las pequeñas empresas para crear cientos de miles
de puestos de trabajo.
Conclusión
Por último, permítanme decirles lo que ningún otro candidato le dirá. Ningún
presidente, no Bernie Sanders o cualquier otra persona, puede abordar
con eficacia las crisis económicas que enfrentan las familias
trabajadoras de este país solo. La verdad es que Wall
Street, la América corporativa, los medios corporativos y donantes de
campaña ricos son demasiado poderosos.
Lo que esta campaña se acerca es la construcción de un movimiento
político que revitaliza la democracia estadounidense, que reúne a
millones de personas en conjunto - en blanco y negro, latino,
asiático-americano, nativo americano - jóvenes y viejos, hombres y
mujeres, homosexuales y heterosexuales, nativos e inmigrantes, personas
de todas las religiones.
Sí. Wall Street tiene un enorme poder económico y político. Sí. Wall
Street hace enormes contribuciones de campaña, tienen miles de grupos
de presión y proporcionan tasas de habla muy generosas a los que van
delante de ellos.
Sí. Tienen una fuente inagotable de dinero. Pero tenemos algo que ellos no tienen. Y
es que cuando millones de familias trabajadoras están juntos, exigiendo
cambios fundamentales en nuestro sistema financiero, tenemos el poder
para llevar a cabo ese cambio.
Sí, podemos hacer que nuestra economía funcione para todos los estadounidenses, no sólo un puñado de especuladores ricos. Y, ahora más que nunca, eso es exactamente lo que debemos hacer.
Así que mi mensaje para ustedes hoy es sencillo: Si es elegido
presidente, voy a controlar a Wall Street para que no puedan bloquearse
nuestra economía de nuevo.
¿Me gustaría? No. ¿Van a comenzar a jugar con las reglas si soy presidente? Será mejor que lo creas.
Gracias y espero con interés trabajar con la fuerza más poderosa en
nuestra gran nación, no los barones de Wall Street, pero la gente de
nuestro gobierno fue creado para servir. He aquí algunos comentarios sobre el discurso de Bernie disponibles en el diario + Kos sitio web, haga clic en los enlaces .... Bucknackt,
ayer Bernie Sanders dio un importante discurso en la ciudad de Nueva
York en Wall Street reforma que tiene gran parte de la comunidad Daily
Kos energizado y comprometido.
Independientemente de que
usted apoya para la nominación presidencial demócrata, todos estamos de
acuerdo de que Bernie Sanders es una poderosa voz contra la codicia de
Wall Street.
+Senator Bernie Sandersgave a bold, progressive, powerful speech on Tuesday, 5 JAN 16, on wall street and the bank-financial cabal. Here it is, the video and the prepared remarks. I am a proud Sandernista! Listen to and read Bernie's speech, go to Bernie 2016 and join the political revolution sweeping across America, for America!!!! Feel the BERN!!!!!
Streamed live on Jan 5, 2016
Bernie
Sanders discusses his vision for economic reform in America, including
reigning in Wall Street and financial policies he would implement as
president. "If Wall Street does not end its greed, we will end it for
them!" #BreakEmUp
NY State Senator James Sanders introduces US
Senator Bernie Sanders with an illuminating speech on the impact of the
financial meltdown on New Yorkers from all walks of life.
Speaking a few subway stops away from the epicenter of the global
financial crisis, U.S. Sen. Bernie Sanders promised to remake the
financial system to serve America’s working families. Below are his
prepared remarks. Watch the live stream here.
The American people are catching on. They understand that something
is profoundly wrong when, in our country today, the top one-tenth of 1
percent own almost as much wealth as the bottom 90 percent and when the
20 richest people own more wealth than the bottom 150 million Americans –
half of our population. They know that the system is rigged when the
average person is working longer hours for lower wages, while 58 percent
of all new income goes to the top 1 percent.
They also know that a handful of people on Wall Street have
extraordinary power over the economic and political life of our country.
As most people know, in the 1990s and later, the financial interests
spent billions of dollars in lobbying and campaign contributions to
force through Congress the deregulation of Wall Street, the repeal of
the Glass-Steagall Act and the weakening of consumer protection laws in
states.
They spent this money in order to get the government off their backs
and to show the American people what they could do with that new-won
freedom. Well, they sure showed the American people. In 2008, the greed,
recklessness and illegal behavior on Wall Street nearly destroyed the
U.S. and global economy.
Millions of Americans lost their jobs, their homes and their life savings.
While Wall Street received the largest taxpayer bailout in the
history of the world with no strings attached, the American middle class
continues to disappear, poverty is increasing and the gap between the
very rich and everyone else is growing wider and wider. And Wall Street
executives still receive huge compensation packages as if the financial
crisis they created never happened.
Greed, fraud, dishonesty and arrogance, these are the words that best describe the reality of Wall Street today.
So, to those on Wall Street who may be listening today, let me be very
clear. Greed is not good. In fact, the greed of Wall Street and
corporate America is destroying the fabric of our nation. And, here is a
New Year’s Resolution that I will keep if elected president. If you do
not end your greed, we will end it for you.
We will no longer tolerate an economy and a political system that has
been rigged by Wall Street to benefit the wealthiest Americans in this
country at the expense of everyone else.
While President Obama deserves credit for improving this economy
after the Wall Street crash, the reality is that a lot of unfinished
business remains to be done.
Our goal must be to create a financial system and an economy that works for all Americans, not just a handful of billionaires
Ending “Too Big To Fail”
That means we have got to end, once and for all, the scheme that is
nothing more than a free insurance policy for Wall Street, the policy of
“too big to fail.”
We need a banking system that is part of the productive economy –
making loans at affordable rates to small- and medium-sized businesses
so that we create decent-paying jobs. Wall Street cannot continue to be
an island unto itself, gambling trillions in risky financial
instruments, making huge profits and assured that, if their schemes
fail, the taxpayers will be there to bail them out.
In 2008, the taxpayers of this country bailed out Wall Street because
we were told they were “too big to fail.” Yet, today, 3 out of the 4
largest financial institutions (JP Morgan Chase, Bank of America and
Wells Fargo) are nearly 80 percent bigger than before we bailed them
out. Incredibly, the six largest banks in this country issue more than
two-thirds of all credit cards and more than 35 percent of all
mortgages. They control more than 95 percent of all financial
derivatives and hold more than 40 percent of all bank deposits. Their
assets are equivalent to nearly 60 percent of our GDP. Enough is enough.
If a bank is too big to fail, it is too big to exist. When it comes
to Wall Street reform that must be our bottom line. This is true not
just from a risk perspective and the fear of another bailout. It is also
true from the reality that a handful of huge financial institutions
simply have too much economic and political power over this country.
If Teddy Roosevelt, the Republican trust-buster, were alive today, he would say “break ‘em up.” And he would be right.
And, here’s how I will accomplish that.
Within the first 100 days of my administration, I will require the
secretary of the Treasury Department to establish a “Too-Big-to Fail”
list of commercial banks, shadow banks and insurance companies whose
failure would pose a catastrophic risk to the United States economy
without a taxpayer bailout.
Within one year, my administration will break these institutions up
so that they no longer pose a grave threat to the economy as authorized
under Section 121 of the Dodd-Frank Act.
And, I will fight to reinstate a 21st Century Glass-Steagall Act to
clearly separate commercial banking, investment banking and insurance
services. Let’s be clear: this legislation, introduced by my colleague
Senator Elizabeth Warren, aims at the heart of the shadow banking
system.
In my view, Senator Warren, is right. Dodd-Frank should have broken
up Citigroup and other “too- big-to-fail” banks into pieces. And that’s
exactly what we need to do. And that’s what I commit to do as president.
Now, my opponent, Secretary Clinton says that Glass-Steagall would
not have prevented the financial crisis because shadow banks like AIG
and Lehman Brothers, not big commercial banks, were the real culprits.
Secretary Clinton is wrong.
Shadow banks did gamble recklessly, but where did that money come
from? It came from the federally-insured bank deposits of big commercial
banks – something that would have been banned under the Glass-Steagall
Act.
Let’s not forget: President Franklin Roosevelt signed this bill into
law precisely to prevent Wall Street speculators from causing another
Great Depression. And, it worked for more than five decades until Wall
Street watered it down under President Reagan and killed it under
President Clinton.
And, let’s not kid ourselves. The Federal Reserve and the Treasury
Department didn’t just bail out shadow banks. As a result of an
amendment that I offered to audit the emergency lending activities of
the Federal Reserve during the financial crisis, we learned that the Fed
provided more than $16 trillion in short-term, low-interest loans to
every major financial institution in the country including Citigroup, JP
Morgan Chase, Bank of America, Wells Fargo, not to mention large
corporations, foreign banks, and foreign central banks throughout the
world.
Secretary Clinton says we just need to impose a few more fees and regulations on the financial industry. I disagree.
As former Secretary of Labor Robert Reich has said and I quote:
“Giant Wall Street banks continue to threaten the wellbeing of millions
of Americans, but what to do? Bernie Sanders says break them up and
resurrect the Glass-Steagall Act that once separated investment from
commercial banking. Hillary Clinton says charge them a bit more and
oversee them more carefully … Hillary Clinton’s proposals would only
invite more dilution and finagle. The only way to contain the Street’s
excesses is with reforms so big, bold, and public they can’t be watered
down – busting up the biggest banks and resurrecting Glass-Steagall.”
Secretary Reich is right. Real Wall Street reform means breaking up
the big banks and re-establishing firewalls that separates risk taking
from traditional banking.
My opponent says that, as a senator, she told bankers to “cut it out”
and end their destructive behavior. But, in my view, establishment
politicians are the ones who need to “cut it out.” The reality is that
Congress doesn’t regulate Wall Street. Wall Street, its lobbyists and
their billions of dollars regulate Congress. We must change that
reality, and as president I will.
Ending Too-Big-To-Jail
It is no secret that millions of Americans have become disillusioned
with our political process. They don’t vote. They don’t believe much of
what comes out of Washington. They don’t think anyone is there
representing their interests. In my view, one of the reasons for that
deep disillusionment is the widespread understanding that our criminal
justice system is broken and grossly unfair – and that we do not have
equal justice under the law. The average American sees kids being
arrested and sometimes even jailed for possessing marijuana or other
minor crimes. But when it comes to Wall Street executives, some of the
wealthiest and most powerful people in this country, whose illegal
behavior caused pain and suffering for millions – somehow nothing
happens to them. No police record. No jail time. No justice.
We live in a country today that has an economy that is rigged, a
campaign finance system which is corrupt and a criminal justice system
which, too often, does not dispense justice.
Not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy.
That will change under my administration. “Equal Justice Under Law”
will not just be words engraved on the entrance of the Supreme Court. It
will be the standard that applies to Wall Street and all Americans.
The business model on Wall Street is fraud
It seems like almost every few weeks we read about one giant
financial institution after another being fined or reaching settlements
for their reckless, unfair and deceptive activities.
Some people believe that this is an aberration: that we have an
honest financial system in which, every now and then, major financial
institutions do something wrong and get caught. In my view, the evidence
suggests that would be an incorrect analysis.
The reality is that fraud is the business model on Wall Street. It is
not the exception to the rule. It is the rule. And in a weak regulatory
climate the likelihood is that Wall Street gets away with a lot more
illegal behavior than we know of.
How many times have we heard the myth that what Wall Street did may have been wrong but it wasn’t illegal?
Let me help shatter that myth today.
Since 2009, major financial institutions in this country have been
fined $204 billion. $204 billion. And that takes place in a weak
regulatory climate.
Here are just a few examples of when major banks were caught doing illegal activity.
In August 2014, Bank of America settled a case with the Department of
Justice for more than $16 billion on charges that the bank misled
investors about the riskiness of mortgage-backed securities it sold in
the run-up to the crisis.
In November of 2013, JP Morgan settled a case for $13 billion with
the Department of Justice and the Federal Housing Finance Agency over
charges the bank knowingly sold securities made up of low-quality
mortgages to Fannie Mae and Freddie Mac.
In June of 2014, BNP Paribas was sentenced to five years’ probation
and was ordered to pay $8.9 billion in penalties by a U.S. District
Judge in Manhattan after this bank pled guilty to charges of violating
sanctions by conducting business in Sudan, Iran and Cuba.
Let me read you a few headlines and you tell me how it makes sense that not one executive was prosecuted for fraud.
CNN Headline, May 20, 2015: “5 big banks pay $5.4 billion for
rigging currencies.” Those banks include JPMorgan Chase and Citigroup.
Headline from the International Business Times (February 24, 2015):
“Big Banks Under Investigation For Allegedly Fixing Precious Metals
Prices.” The Banks under investigation included Goldman Sachs and
JPMorgan Chase.
Headline from The Real News Network (November 26, 2013): “Documents
in JPMorgan settlement reveal how every large bank in the U.S. has
committed mortgage fraud.”
Headline from The Washington Post (March 14, 2014): “In lawsuit,
FDIC accuses 16 big banks of fraud, conspiracy,” which included Bank of
America, Citigroup and JP Morgan Chase.
Headline from the Guardian (April 2, 2011): “How a big U.S. bank
laundered billions from Mexico’s murderous drug gangs.” This article
talks about how Wachovia (which was acquired by Wells Fargo) aided
Mexican drug cartels in transferring billions of dollars in illegal drug
money. Here is what the federal prosecutor (Jeffrey Sloman) said about
this: “Wachovia’s blatant disregard for our banking laws gave
international cocaine cartels a virtual carte blanche to finance their
operations.”
Yet, the total fine for this offense was less than 2% of the bank’s
$12.3 billion profit for 2009 and no one went to jail. No one went to
jail.
And, if that’s not bad enough, here’s another one.
Headline: The Wall Street Journal, February 9, 2011: “J.P. Morgan
Apologizes for Military Foreclosures.” Here is a case where JP Morgan
Chase, the largest bank in America, wrecked the finances of 4,000
military families in violation of the Civil Service Members Relief Act,
yet no one went to jail.
And, when I say that the business model of Wall Street is fraud that
is not just Bernie Sanders talking. That is what financial executives
told the University of Notre Dame in a study on the ethics of the financial services industry last year.
According to this study, 51 percent of Wall Street executives making
more than $500,000 a year found it likely that their competitors have
engaged in unethical or illegal activity in order to gain an edge in the
market.
More than one-third of financial executives have either witnessed or have firsthand knowledge of wrongdoing in the workplace.
Nearly one in five financial service professionals believe they must engage in illegal or unethical activity to be successful.
Twenty-five percent of financial executives have signed or been asked
to sign a confidentiality agreement that would prohibit reporting
illegal or unethical activities to the authorities.
Here’s what one banker from Barclays said in 2010, when he was caught
trying to price-fix the $5 trillion-per-day currency market: “If you
ain’t cheating, you ain’t trying.”
Here’s what an analyst from Standard & Poors said in 2008, “Let’s
hope we are all wealthy and retired by the time this house of cards
falters.”
This country can no longer afford to tolerate the culture of fraud and corruption on Wall Street.
Under my administration, Wall Street CEOs will no longer receive a
get-out-of jail free card. Big banks will not be too big to fail. Big
bankers will not be too big to jail.
As president, I will nominate and appoint people with a track record
of standing up to power, rather than those who have made millions
defending Wall Street CEOs. Goldman Sachs and other Wall Street banks
will not be represented in my administration.
Tax on Wall Street Speculation
And, if we are serious about reforming our financial system, we have
got to establish a tax on Wall Street speculators. We have got to
discourage reckless gambling on Wall Street and encourage productive
investments in the job-creating economy.
We will use the revenue from this tax to make public colleges and
universities tuition free. During the financial crisis, the middle class
of this country bailed out Wall Street. Now, it’s Wall Street’s turn to
help the middle class.
Reforming Credit Rating Agencies
We cannot have a safe and sound financial system if we cannot trust
the credit agencies to accurately rate financial products. And, the only
way we can restore that trust is to make sure credit rating agencies
cannot make a profit from Wall Street.
Investors would not have bought the risky mortgage backed derivatives
that led to the Great Recession if credit agencies did not give these
worthless financial products triple-A ratings – ratings that they knew
were bogus.
And, the reason these risky financial schemes were given such favorable ratings is simple. Wall Street paid for them.
Under my administration, we will turn for-profit credit rating
agencies into non-profit institutions, independent from Wall Street. No
longer will Wall Street be able to pick and choose which credit agency
will rate their products.
Cap Credit Card Interest Rates and ATM Fees
If we are going to create a financial system that works for all
Americans, we have got to stop financial institutions from ripping off
the American people by charging sky-high interest rates and outrageous
fees.
In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM.
It is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent.
The Bible has a term for this practice. It’s called usury. And in The
Divine Comedy, Dante reserved a special place in the Seventh Circle of
Hell for those who charged people usurious interest rates.
Today, we don’t need the hellfire and the pitch forks, we don’t need
the rivers of boiling blood, but we do need a national usury law.
Today, we need to cap interest rates on credit cards and consumer loans at 15 percent.
In 1980, Congress passed legislation to require credit unions to cap
interest rates on their loans at no more than 15 percent. And, that law
has worked well. Unlike big banks, credit unions did not receive a huge
bailout from the taxpayers of this country. It is time to extend this
cap to every lender in America.
We must also cap ATM fees at $2.00. People should not have to pay a
10 percent fee for withdrawing $40 of their own money out of an ATM.
Big banks need to stop acting like loan sharks and start acting like responsible lenders.
Allow Post Offices to Offer Banking Services
We also need to give Americans affordable banking options.
The reality is that, unbelievably, millions of low-income Americans
live in communities where there are no normal banking services. Today,
if you live in a low-income community and you need to cash a check or
get a loan to pay for a car repair or a medical emergency, where do you
go?
You go to a payday lender who could charge an interest rate of over
300 percent and trap you into a vicious cycle of debt. That is
unacceptable.
We need to stop payday lenders from ripping off millions of
Americans. Post offices exist in almost every community in our country.
One important way to provide decent banking opportunities for low income
communities is to allow the U.S. postal Service to engage in basic
banking services, and that’s what I will fight for.
Reforming the Federal Reserve
Further, we need to structurally reform the Federal Reserve to make
it a more democratic institution responsive to the needs of ordinary
Americans, not just the billionaires on Wall Street.
When Wall Street was on the verge of collapse, the Federal Reserve
acted with a fierce sense of urgency to save the financial system. We
need the Fed to act with the same boldness to combat unemployment and
low wages.
In my view, it is unacceptable that the Federal Reserve has been
hijacked by the very bankers it is in charge of regulating. I think the
American people would be shocked to learn that Jamie Dimon, the CEO of
JP Morgan Chase, served on the board of the New York Fed at the same
time that his bank received a $391 billion bailout from the Federal
Reserve. That is a clear conflict of interest that I would ban as
president. When I am elected, the foxes will no longer be guarding the
henhouse at the Fed. Under my administration, banking industry
executives will no longer be allowed to serve on the Fed’s boards and
handpick its members and staff.
Further, the Fed should stop paying financial institutions interest
to keep money out of the economy and parked at the Fed. Incredibly, the
excess reserves of financial institutions that are sitting in the
Federal Reserve has grown from less than $2 billion in 2008 to $2.4
trillion today. That is absurd.
Instead of paying banks interest on these reserves, the Fed should
charge them a fee that could be used to provide affordable loans to
small businesses to create hundreds of thousands of jobs.
Conclusion
Finally, let me tell you what no other candidate will tell you. No
president, not Bernie Sanders or anyone else, can effectively address
the economic crises facing the working families of this country alone.
The truth is that Wall Street, corporate America, the corporate media
and wealthy campaign donors are just too powerful.
What this campaign is about is building a political movement which
revitalizes American democracy, which brings millions of people together
– black and white, Latino, Asian-American, Native American – young and
old, men and women, gay and straight, native born and immigrant, people
of all religions.
Yes. Wall Street has enormous economic and political power. Yes. Wall
Street makes huge campaign contributions, they have thousands of
lobbyists and they provide very generous speaking fees to those who go
before them.
Yes. They have an endless supply of money. But we have something they
don’t have. And that is that when millions of working families stand
together, demanding fundamental changes in our financial system, we have
the power to bring about that change.
Yes, we can make our economy work for all Americans, not just a
handful of wealthy speculators. And, now more than ever, that is exactly
what we must do.
And so my message to you today is straightforward: If elected
president, I will rein in Wall Street so they can’t crash our economy
again.
Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.
Thank you and I look forward to working with the most powerful force
in our great nation, not the Barons of Wall Street but the people our
government was created to serve. HERE's some commentary on Bernie's speech available on the +Daily Kos website, click the links.... Bucknackt, yesterday Bernie Sanders
gave an important speech in New York City on Wall Street reform—which
has much of the Daily Kos community energized and engaged.
Regardless of who you support for the
Democratic presidential nomination, we can all agree that Bernie Sanders
is a powerful voice against Wall Street greed.
