Bernie Sanders takes on "Too Big to Jail"

Steve Kinsman By Steve Kinsman, 28th Mar 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/1ccx0t6t/
Posted in Wikinut>News>Politics

When the Attorney General of the United States declared that he could not prosecute big banks because doing so would send shock waves through the economy, Bernie Sanders had heard enough.

Bernie Sanders - a lone voice of reason crying in the wilderness

These days, Senator Bernie Sanders, Independent from Vermont, seems to be the lone voice of reason in Washington, as he cries out in the corrupted and co-opted halls of Congress for what is right rather than for what is politically expedient.

When Attorney General Eric Holder came out and publicly stated that to prosecute criminal wrongdoing by Wall Street and big bank executives would perhaps threaten economic stability and therefore not be a good idea, Bernie had had enough. He rose on the floor of the Senate and declared it is time to end the banks' stranglehold on the American economy. "In other words," he declared, "we now have a situation where Wall Street banks are not only too big too fail, they are too big to jail." The Obama administration should think long and hard about that, he added, "because America is based on a system of law."

Break up the banks

Sanders is introducing legislation designed to break up the nation's largest financial institutions, six of which - J.P. Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley - have assets that equal two-thirds of America's gross domestic product. His bill, according to commondreams.org, "would give Treasury Secretary Jacob Lew 90 days to compile a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. The affected financial institutions would include 'any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance.'"

Within a year of Sanders' legislation taking effect, the government would be required by this law to break up those institutions identified by the Treasury Secretary as 'too big to fail.'

"If an institution is too big to fail, it's too big to exist," said Sanders.

Photos from wikimedia commons

Tags

Austerity, Banks, Bernie Sanders, Big Banks, Economics, Economy, Financial Crisis, Politics, Steve Kinsman, Wall Street

Meet the author

author avatar Steve Kinsman
I live in California with my wife Carol, where I have been practicing professional astrology for 35 years. I write articles on astrology, but I enjoy writing on a variety of other subjects as well..

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Comments

author avatar Rania, Jamie & Reni
29th Mar 2013 (#)

A powerhouse page, Steve!

More and more brother and sisterhood people are coming out of the woodwork and standing all together, and you most definitely are one of them alongside Bernie Sanders, taking his words and spreading them all around the globe, whilst the mainstream media owned by these wicked of the wicked try to silence though the repeatedly spreading of lies, lies and even more lies!

I love this article thank you!

Uthrania Seila

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author avatar Steve Kinsman
29th Mar 2013 (#)

I'm glad you liked the article, and I am so very grateful for your support Uthrania. Bless you.

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author avatar Songbird B
29th Mar 2013 (#)

Thank God there are still a few open and honest politicians out there Steve.. This article gives hope, and so many need that right now..\0/x

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