Monday, January 18, 2016

I Agree with Bernie


In last night's Democrat debate, Bernie Sanders made a few points with which. I concur:

- Wall Street was mainly responsible for the housing and financial collapse in 2008. The fact that no one has been indicted for this travesty proves that Washington ... in particular the Obama administration ... is beholden to Wall Street money.

- The repeal of the Glass-Steagall Act in the late 1990's (under Bill Clinton's presidency) is the primary reason that America's big banks have gotten too big to fail and required huge government bailouts in 2008 and 2009. Glass-Steagall needs to be reimposed.

- The Dodd-Frank financial reform bill has not fixed this problem ... in fact, these banks have even gotten bigger since the collapse and would require another bailout the next time around.

- Hillary Clinton and Barack Obama have taken huge campaign contributions and speaking fees from the Wall Street banks ... particularly Goldman Sachs ... and this is why things are so cozy between these parties. Hillary Clinton cannot be relied upon to sever her relationship with Wall Street.

Now, am I a Socialist because I agree with Bernie? Not hardly, in fact what Bernie didn't and couldn't say was that the Democrat party ... in particular Barney Frank and Chris Dodd ... are another primary reason for the financial collapse in 2008 ... because they forced banks to give sub-prime mortgages to poor credit risks and then had these mortgages purchased by Fannie Mae and Freddie Mac, two Democrat-controlled honey pots.

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