Bernie Sanders unveils the "Too Big to Fail, Too Big to Exist Act"
I don't think anyone can see this as being a bad thing. Get this out to everyone before huge corporations try to destroy a bill like this.
Quote:
Senator Bernie Sanders (I-VT) introduced new legislation on Friday that should, he claims, solve the phenomenon of massive and failing financial institutions holding the nation's economy captive.
It's all of two pages long.
The Vermont Democrat-Socialist unveiled the "Too Big to Fail, Too Big to Exist Act" -- which he billed as a succinct remedy for tackling financial risk and avoiding a repeat of the taxpayer-funded bailouts that occurred just one year ago.
The act is straightforward. It would require that 90 days after its passage, Treasury Secretary Tim Geithner "submit to Congress a list of all commercial banks, investment banks, hedge funds and insurance companies that the Secretary believes are too big to fail."
Subsequently, one year after the law is enacted, the Treasury Secretary would be required to "break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout."
The rest of the details -- like, say, how to do that, how the broken-up entities would be structured, and what authorities would be granted for preempting institutions from becoming too big to fail in the first place -- would be filled in during the legislative process, Sanders's office said. The goal is simply to immediately preempt a duplication of last year's economic meltdown.
"Here is an example of amazing irony," the senator said in a video shot by Brave New Films accompanying the legislation's release. "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse. So we have got to break these guys up so we don't see a recurrence of what we saw a year ago."
What a ridiculous idea. That doesn't go against the fundamentals the country was founded on or anything.... what the fuck. Notice how this article even labeled the senator as a Socialist...
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What a ridiculous idea. That doesn't go against the fundamentals the country was founded on or anything.... what the fuck. Notice how this article even labeled the senator as a Socialist...
Wow. Way to use some thinking skills here. The article mentions "socialist", and you're immediately writing off anything it has to say.
Note the important part: "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse."
Surely even you can understand how absolutely fucking wrong that is.
Wow. Way to use some thinking skills here. The article mentions "socialist", and you're immediately writing off anything it has to say.
Note the important part: "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse."
Surely even you can understand how absolutely fucking wrong that is.
Ummmm.. I didnt write it off because of the word "socialist"... not even sure if I agree with it's usage there... I wrote it off because I disagree with the idealogy behind that type a plan.
Here is a novel idea.... why not make the path a little easier for competition to be created. This is a capitalistic country. Like it or not, that is how we were built. We have gotten so far away from the basic principles of capitalism, and that is why there is no room for competition anymore. Make that road less difficult, and you can get what you want without destroying our principles or giving even MORE control to the government.
Wow. Way to use some thinking skills here. The article mentions "socialist", and you're immediately writing off anything it has to say.
Note the important part: "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse."
Surely even you can understand how absolutely fucking wrong that is.
Ummmm.. I didnt write it off because of the word "socialist"... not even sure if I agree with it's usage there... I wrote it off because I disagree with the idealogy behind that type a plan.
Here is a novel idea.... why not make the path a little easier for competition to be created. This is a capitalistic country. Like it or not, that is how we were built. We have gotten so far away from the basic principles of capitalism, and that is why there is no room for competition anymore. Make that road less difficult, and you can get what you want without destroying our principles or giving even MORE control to the government.
/thread
The issue with "too big to fail" is that either way, there will be more government control. Either another crisis happens and the government needs to step in and bail these assholes out again (or risk the total collapse of the dollar and probably the worst depression in history), or they step in now to somehow break up these massive companies into smaller less important entities. I have come to the conclusion that pure capitalism will always fail. Greed is more powerful than social responsibility. Pure capitalism will fail because of greed. This is where government and regulation comes in.
The issue with "too big to fail" is that either way, there will be more government control. Either another crisis happens and the government needs to step in and bail these assholes out again (or risk the total collapse of the dollar and probably the worst depression in history), or they step in now to somehow break up these massive companies into smaller less important entities. I have come to the conclusion that pure capitalism will always fail. Greed is more powerful than social responsibility. Pure capitalism will fail because of greed. This is where government and regulation comes in.
Ironic isn't it that greed creates wealth and also destroys it.
Barnie Frank said to ignore the regulations to get the poor into housing and now he is doing it again.
The people in our new government are elitist is the reason. The collapse of the dollar will catapult them into power and the Constitution will be used for toilet paper.
Ironic isn't it that greed creates wealth and also destroys it.
Barnie Frank said to ignore the regulations to get the poor into housing and now he is doing it again.
The people in our new government are elitist is the reason. The collapse of the dollar will catapult them into power and the Constitution will be used for toilet paper.
I believe the collapse of the dollar will lead to the next revolution. Here's hoping!
The problem with it is that idea of too big to fail is false. When these big conglomerates fail, all the pieces that are worth anything continue on after being bought by someone else. The excess and non-viable parts go away. Painful for some I know, but that's life.
Wow. Way to use some thinking skills here. The article mentions "socialist", and you're immediately writing off anything it has to say.
Note the important part: "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse."
Surely even you can understand how absolutely fucking wrong that is.
Actually the government getting too involved in the private financial sector is what caused all of our problems. The answer isn't more government interference.
Wow. Way to use some thinking skills here. The article mentions "socialist", and you're immediately writing off anything it has to say.
Note the important part: "Three out of the four largest financial institutions in the country who led us to this financial disaster are now bigger then they were before the collapse."
Surely even you can understand how absolutely fucking wrong that is.
Please explain which institutions you are talking about.
If you mean Fannie or Freddie, please remember that they were CREATED by the government originally. The losses they incurred in the beginning were merely hidden by the government, and taken off of the books. You think the answer is to get the government MORE involved? Are you fucking high?
The government builds flawed/failing businesses... (see: amtrak; fannie mae; IRS) There is no reason to give the government absolute power over the way ANY business is run due solely to it's size.
Why is capitalism failing? Because we are not letting it work.
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Bernie Sanders unveils the "Too Big to Fail, Too Big to Exist Act"
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