Topics in the News: Deregulation
JD Vance on Corporations
: Jul 22, 2016
Deregulation doesn't address economic & social crisis
My people are really struggling. From the Left, they get some smug condescension. From the Right, they've gotten the basic Republican policy platform of tax cuts, free trade, deregulation, and paeans to the noble businessman and economic growth.
Whatever the merits of better tax policy and growth (and I believe there are many), the simple fact is that these policies have done little to address a very real social crisis. More importantly, these policies are culturally tone deaf: nobody from
southern Ohio wants to hear about the nobility of the factory owner who just fired their brother.Trump's candidacy is music to their ears. He criticizes the factories shipping jobs overseas. His apocalyptic tone matches their lived experiences
on the ground. He seems to love to annoy the elites, which is something a lot of people wish they could do but can't because they lack a platform.
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Source: The American Conservative on 2024 Veepstakes
Jill Stein on Principles & Values
: Jul 12, 2016
Hillary supports Wall Street, war and the Walmart economy
I join millions of Americans who see Hillary Clinton's campaign as the opposite of what they and Bernie Sanders have fought for. Despite her penchant for flip flopping rhetoric, Hillary Clinton has spent decades consistently serving the causes of
Wall Street, war and the Walmart economy.The policies she fought for--along with her husband and political partner, Bill Clinton--have been foundations of the economic disaster most Americans are still struggling with: the abuses of deregulated
Wall Street, rigged corporate trade agreements, racist mass incarceration, and the destruction of the social safety net for poor women and children. The consistent efforts of the Democratic Party to minimize, sideline, and sabotage the
Sanders campaign are a wake up call that we can't have a revolutionary campaign inside a counter-revolutionary party. I call on the tens of millions inspired by Bernie Sanders' call for political revolution.
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Source: CommonDreams.org column by Jill Stein
Bernie Sanders on Corporations
: Apr 15, 2016
Regrets vote to deregulate swaps and derivatives
Hillary Clinton said, "I'm the only one on this stage who did not vote to deregulate swaps and derivatives, as Senator Sanders did, which led to a lot of the problems that we had with Lehman Brothers." Did Bernie Sanders vote to deregulate swaps &
derivatives? Bustle.com says:"Clinton's claim is unavoidably true. In 2000, Sanders voted for the Commodity Futures Modernization Act. The act prevented the government from regulating credit default swaps and the trading of financial derivatives.
Swaps like these, which are a type of financial derivative, were largely vilified during the financial meltdown of 2008. Sanders was far from the only Democrat who voted for the bill. It passed the House by a wide margin: Only four representatives did
not vote for it. Not to mention, Clinton's husband, then-president Bill Clinton, supported the bill and signed it into law."
Bernie now says he regrets that vote, but Hillary was accurate.
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Source: OnTheIssues FactCheck: 2016 Dem. primary debate in Brooklyn
Bernie Sanders on Budget & Economy
: Feb 4, 2016
I led the effort against deregulation, but we lost
SANDERS: Let's talk about why, in the 1990s, Wall Street got deregulated. Did it have anything to do with the fact that Wall Street spent billions of dollars on lobbying and campaign contributions?CLINTON: You're the one who voted to deregulate swaps
and derivatives in 2000, which contributed to the over-leveraging of Lehman Brothers, which was one of the culprits that brought down the economy. I'm not saying you did it for any kind of financial advantage. What we've got to do as Democrats is to be
united to solve these problems.
SANDERS: I was on the House Financial Committee at that time. I heard the arguments coming from Democrats and Republicans -- Robert Rubin, Alan Greenspan -- about how great an idea it would be if we did away with
Glass-Steagall and if we allowed investor banks and commercial banks and big insurance companies to merge. Go to YouTube today -- look up Greenspan -- it was the worst financial disaster since the Great Depression.
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Source: MSNBC Democratic primary debate in New Hampshire
Bernie Sanders on Budget & Economy
: Feb 4, 2016
We need a 21st-century Glass-Steagall legislation
CLINTON: I have great respect for Senator Sanders's commitment to try to restore Glass-Steagall [regulatory legislation which was overturned in 2000, setting the stage for the deregulated banking crisis of 2008].SANDERS:
I would say that we do need a 21st century Glass-Steagall legislation. I would tell you also that when you have three out of the four largest banks in America today, significantly bigger than when we bailed them out because they were too big to fail,
I think if Teddy Roosevelt were alive today, a good Republican by the way, what he would say is: Break them up; they are too powerful economically; they are too powerful politically.
And that is what I believe and many economists believe. Time to break them up.
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Source: MSNBC Democratic primary debate in New Hampshire
Bernie Sanders on Government Reform
: Feb 4, 2016
Congress represents the wealthy; they donate to ensure that
CLINTON: Sen. Sanders [hints that] anybody who ever took donations or speaking fees from any interest group has to be bought. You will not find that I ever changed a view or a vote because of any donation.SANDERS: Let's talk about why, in the 1990s,
Wall Street got deregulated. Did it have anything to do with the fact that Wall Street spent billions of dollars on lobbying and campaign contributions? Let's ask why it is that we pay the highest prices in the world for prescription drugs.
Let's talk about climate change. Do you think there's a reason why not one Republican has the guts to recognize that climate change is real? Do you think it has anything to do with the Koch brothers and ExxonMobil pouring huge amounts of money into the
political system? There is a reason these people are putting huge amounts of money into our political system. And it is undermining American democracy and it is allowing Congress to represent wealthy campaign contributors and not working families.
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Source: MSNBC Democratic primary debate in New Hampshire
Jill Stein on Budget & Economy
: Jan 25, 2012
90% tax on bonuses for bailed out bankers
The watered down Dodd-Frank Wall Street Reform did not fix the massive problems with the deregulated financial status quo. Wall Street and the big banking interests continue to steer the economy just as they did before the Great Financial Crash of 2008.
It's time to really reform Wall Street so that working America has a chance. Here is what the financial reforms of the Green New Deal will do.- First, the debt overhang holding back the economy must be deleveraged by reducing homeowner and student
debt burdens, including an immediate halt to all foreclosures and evictions
- Democratize monetary policy. This means we'll nationalize the private bank-dominated Federal Reserve Banks
- We will break up the oversized banks that are "too big
to fail."
- We will end taxpayer-funded bailouts for banks, insurers, and other financial companies.
- We will establish a 90% tax on bonuses for bailed out bankers.
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Source: Green Party 2012 People's State of the Union speech
Joe Biden on Budget & Economy
: Oct 2, 2008
Deregulation got us into the housing crisis
Q: Who is to blame for the subprime lending meltdown?BIDEN: Barack warned about the sub prime mortgage crisis. We let Wall Street run wild. John McCain thought the answer is that tried and true Republican response, deregulate, deregulate.
And guess what? The middle class needs tax relief. They need it now.
PALIN: It was predator lenders who tried to talk Americans into thinking that it was smart to buy a $300,000 house if we could only afford a $100,000 house.
There was deception, and there was greed and there is corruption. Joe Six Pack, hockey moms across the nation, we need to band together and say never again.
We need to demand from the federal government strict oversight of those entities in charge of our investments and our savings. Let's do what our parents told us before we probably even got that first credit card. Don't live outside of our means.
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Source: 2008 Vice Presidential debate against Sarah Palin
Bernie Sanders on Corporations
: Oct 1, 2008
Deregulation led to incredible greed of $39B in CEO bonuses
In our country today we have the most unequal distribution of income and wealth of any major country on Earth, with the top 1% earning more income than the bottom 50%, and the top 1% owning more wealth than the bottom 90%. We are living at a time when we
have seen a massive transfer of wealth from the middle class to the very wealthiest people in this country; when, among others, CEO's of Wall Street firms receive unbelievable amounts in bonuses, including $39 billion in bonuses in the year 2007 alone
for just the 5 major investment houses. We have seen the incredible greed of the financial service industry manifested in the hundreds of millions of dollars they have spent on campaign contributions and lobbyists in order to deregulate their industry so
hedge funds and other unregulated financial institutions could flourish. We have seen them play with trillions and trillions of dollars in esoteric financial instruments in unregulated industries which no more than a handful of people even understand.
Click for Bernie Sanders on other issues.
Source: Outsider in the White House, by Bernie Sanders, p.323
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