We never had the subprime mortgage crisis in Australia. You know why? Because we weren’t stupid enough to deregulate our banks so throughly that they could take junk loans, bundle them together and resell them as a “premium” financial vehicle.
Banks and wall street have both proven that if they’re deregulated, they will do bullshit like this, create fake money, walk off with the profits and leave it to the taxpayers to bail them out. They need to be regulated properly and bank executives need to face proper sentences and jail time if they break the regulations.
This will actually be a good thing for the economy because it will reduce the occurrence of recessions caused by bubbles.
Just wanted to repeat the requests for clarification from you. And it’s been a while since you were asked where you got the idea that Bernie wants to abolish Wall Street from.
Did you hear that Bernie was going to abolish Wall Street? Where?
Or is it just your own idea?
Yes, and your credit card regulation is better as well. Here in the US, the well healed get credit cards with “Rewards” -they are essentially kickbacks. The credit card companies pass higher fees on to merchants, who are forbidden to pass them on to cc customers. So essentially, those who pay cash subsidize those who use premium credit cards. And merchants get squeezed. Hardly the end of the world, but annoying and unnecessary. In Australia they I understand they have –horrors– fee caps.
Too bad the carbon tax got withdrawn. That was good too.
Ah well, the grass is always greener on the other side of the world.
As Commander in Chief, he could order nuclear strikes on the offices and data centers of all of the major exchanges. (Not that he’d actually do such a thing, but you asked the question.)
Right wing loony talk that properly regulating Wall Street would somehow drive all the firms there bankrupt or cause them to flee the country and set up somewhere else.
Thats dismissing the fact that Sanders would have to get an new laws regulating wall street past congress first.
Point not disputed that abuses have been widespread and that effective regulation of the industry lacked and effective implementation of regulations that existed were poorly enforced … it is still not the same as saying that the basic business model is fraud.
“Our aim is not to do away with corporations; on the contrary, these big aggregations are an inevitable development of modern industrialism, and the effort to destroy them would be futile unless accomplished in ways that would work the utmost mischief to the entire body politic. We can do nothing of good in the way of regulating and supervising these corporations until we fix clearly in our minds that we are not attacking the corporations, but endeavoring to do away with any evil in them. We are not hostile to them; we are merely determined that they shall be so handled as to subserve the public good. We draw the line against misconduct, not against wealth.”
It’s fascinating that Sanders and Trump are basically mirror images. Trump is the fascist anti-establishment candidate, Sanders is the socialist anti-establishment candidate. Not sure who would have believed you 4 years ago if you told us they would both be seriously challenging the respective party machines today.
That’s good. The Republican and Democratic Party establishment needs to be challenged vigorously after decades of foolishness. Sanders is a good man, but he will have a huge challenge around him if he is elected president in November.
What silly nonsense-it’s absurd to equate anti-Wall Street rhetoric-an institution which collectively has been malicious and detrimental to the American public with Mexicans, Muslims, or blacks who collectively have not been such. Wall Street is necessary for the functioning of a capitalist economy, yes, but they are also collectively guilty in a way ethnic groups and religions are not.
Strangely, I find myself agreeing with every word of that. Though I doubt you and I would agree on exactly where in either party the “foolishness” lies.
As you so eloquently pointed out in another thread, the “biggest belief” in the United States right now is that young people are currently joining the military in search of handouts and other personal gains. If Sanders abolishes Wall Street it will result in large numbers of greedy self-centered young workers with nowhere to turn to but the military if the wish to keep receiving the gratification that is no longer available to them by working in finance. This will greatly swell the ranks of our military, making it even more powerful than it would have been before Sanders took office, and Sanders has always struck me as being too much of a pacifist to want this.