Bernie Sanders wins Elizabeth Warren’s praise on Wall Street reform

In fact, as the Washington Post noted, “three of the four largest financial institutions are almost 80 percent larger” than they were in 2008.

It’s always been the working assumption that Clinton, with her widespread name recognition and more moderate track record, has a better chance of winning the general election than Sanders, whose reputation as one of the most liberal members of Congress might hinder the probability he’ll win over centrists.

But the Clinton campaign says that isn’t enough.

Sanders leads Clinton among younger voters and those who are registered independent but plan to vote in the state’s Democratic primary, according to thepoll.

During his speech in NY on Wednesday, Sanders said, “Wall Street and corporate greed is destroying the fabric of our nation”. And, here is a New Year’s Resolution that we will keep: “If you do not end your greed we will end it for you”. He also vowed to break up “too big to fail” banks, saying, “If a bank is too big to fail, it is too big to exist….” This is true not just from a risk perspective and the fear of another bailout.

“Yes, Wall Street has enormous economic and political power”. And, here’s how I will accomplish that.

Sanders also called for structural reforms to the Federal Reserve, making credit rating agencies nonprofit entities, and a tax on speculative investments. “That means regulating or abolishing various financial instruments that have created the enormous shadow banking system that is at the heart of the collapse of AIG and the financial services meltdown”. “That is not Secretary Clinton’s position”.

Sanders said Tuesday that if elected, “Goldman Sachs and other Wall Street banks will not be represented in my administration”. In July, Warren and Republican Senator John McCain introduced legislation to reinstate the Glass-Steagall Act, the 1933 law separating commercial and investment banking. “We are friends. But I think in this critical moment in American history, when you have a Wall Street situation, when you have an American middle class which is disappearing, when you have massive levels of income and wealth inequality, when you have climate change, we need a president who now has the courage to stand up to the billionaire class and Wall Street”.

“My opponent says that as a senator she told bankers to “cut it out” and end their destructive behavior”, Sanders said. Her Wall Street plan is aimed primarily at protecting regulations already in place, strengethening rules on some lightly regulated sectors and drafting tough regulators to enforce them. The central theme of Sanders campaign, from the very beginning, has been reforming our crooked financial system.

Sanders appeared on MSNBC’s Morning Joe to discuss a range of topics, including Clinton, and he bashed the former secretary of state for being inconsistent throughout her political career. But the attacks on Clinton marked an escalation in his offensive against the Democratic front-runner.

Yesterday was another step in that direction.

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