Bernie, Hillary and Big Banks

Dear Friends,

I cannot believe that the media has not spent any time on the big difference between Hillary Clinton and Bernie Sanders on breaking up the big banks.  Since the great recession starting in 2008, the five largest banks in the United States have increased their share of the total industry assets to almost 45%.  So the too big to fail banks are getting even bigger.  

Bernie Sanders is clearly for reinstating Glass-Steagall and immediately breaking up the big banks that are too big to let fail.  Hillary Clinton is for closer regulation but not for taking any action now.  Amazingly enough she actually said this during the debate:

I represented Wall Street as a senator from New York, and I went to Wall Street in December of 2007 before the big crash that we had, and I basically said, "Cut it out." 

She spoke the truth; she represented Wall Street, and she has done a good job of that.  She continues to be on their payroll in the form of political contributions.  Her approach was to tell them to "cut it out".  Well we all know how that worked, the banks ignored her and millions of Americans lost their jobs and homes and retirement plans.   Wall Street never has and never will be self regulating.  We need to break up the big banks, and we need to deal with shadow banking as well.  Bernie will do that and Hillary will not.

Thanks for reading and please comment,
The Unabashed Liberal