Countdown Clocks

Countdown Clocks

Tweets by @JGibsonDem

Sen. Bernie Sanders proposed legislation today that would break up the big banks and financial institutions that crashed the economy. The ending of too big to fail would also open the door to criminal prosecutions.

Sen. Sanders called ending too big to fail a matter of justice, “We have a situation now where Wall Street banks are not only too big to fail, they are too big to jail. That is unacceptable and that has got to change because America is based on a system of law and justice. In my view, no single financial institution should have holdings so extensive that its failure could send the world economy into crisis. At the very least, no institution, no CEO in America should be above the law. If an institution is too big to fail, it is too big to exist.”

The legislation makes its intended purpose clear, “Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, the Secretary of the Treasury shall break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.”

Too big to fail banks and financial institutions, which tanked the economy, are using their size as a defense against criminal prosecution. According to Sen. Sanders, the legislation would give the Treasury Department 90 days to identify commercial banks, investment banks, hedge funds and insurance companies whose failure would have a catastrophic effect on the stability of either the financial system or the United States economy without a government bailout.

This is a matter of both economic security and justice. The six largest financial institutions in the US control 2/3 of the country’s GDP. They hold 2/3 of all credit cards, half of all mortgages, and more than 40% of all bank deposits.

The same people who crashed the economy in 2008 now find themselves richer and bigger than ever. While people who now find themselves in poverty because of the Great Recession are being thrown into jail for missing a payment, the rich have gotten richer.

H/T: Jason Easley at PoliticusUSA

  1. noteaforme reblogged this from justinspoliticalcorner
  2. avfug reblogged this from america-wakiewakie
  3. between-the-cheats reblogged this from justinspoliticalcorner
  4. politiciansoc reblogged this from justinspoliticalcorner
  5. retromantique reblogged this from inspirement and added:
    This is important.
  6. taeyeonlikesgirls reblogged this from inspirement
  7. strangepolitics reblogged this from america-wakiewakie
  8. richardlc reblogged this from old-prepper
  9. poofyphluff reblogged this from contentment-of-cats
  10. thisismgk reblogged this from randomactsofchaos
  11. star-spirit reblogged this from inspirement
  12. m3mphis-progex reblogged this from djtoe
  13. afloweroutofstone reblogged this from justinspoliticalcorner and added:
    Bernie Sanders is one of the last few good senators.
  14. skyghe reblogged this from paradoxicalparadigms
  15. djtoe reblogged this from paradoxicalparadigms and added:
    my man bernie
  16. paradoxicalparadigms reblogged this from randomactsofchaos
  17. thatguykasey reblogged this from questionall
  18. to-them00n-andback reblogged this from katie-veg
  19. government-hookers reblogged this from america-wakiewakie
  20. randomactsofchaos reblogged this from questionall
  21. inspirement reblogged this from questionall
  22. tickertapeblog reblogged this from justinspoliticalcorner and added:
    Doubtful that this will ever actually get anywhere, but the sentiment is admirable nonetheless.
  23. etnaj reblogged this from america-wakiewakie
  24. fuzzyblueveggies reblogged this from katie-veg
  25. princely-brat reblogged this from troy-and-abed-now-on-tummmmblr
  26. katie-veg reblogged this from valeriewontcomeonover and added:
    bernie fucking sanders everyone.