The ball is in Bernie's court now, and he’s on top of his game.
Bernie Sanders gave a rousing speech in midtown New York City yesterday in which he spoke of bringing reform to Wall Street and the financial industry, and bringing justice to those who would pick the pockets of hard-working Americans.
And, put simply, it was a home run, well-delivered and on target. He was an expert truth-teller, expertly plying his trade. With his signature direct and fiery cadence Bernie laid out the list of culprits. Starting right out of the gates with “Too-Big-to Fail” banks.
Within the first 100 days of my administration, I will require the secretary of the Treasury Department to establish a “Too-Big-to Fail” list of commercial banks, shadow banks and insurance companies whose failure would pose a catastrophic risk to the United States economy without a taxpayer bailout.
And he was very far from finished. The full text is available here, but here are some more choice moments.
And, I will fight to reinstate a 21st Century Glass-Steagall Act to clearly separate commercial banking, investment banking and insurance services. Let’s be clear: this legislation, introduced by my colleague Senator Elizabeth Warren, aims at the heart of the shadow banking system.
If we are serious about reforming our financial system, we have got to establish a tax on Wall Street speculators. We have got to discourage reckless gambling on Wall Street and encourage productive investments in the job-creating economy.
He will put a stop to “Too-Big-To-Jail”
Not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy.
That will change under my administration. “Equal Justice Under Law” will not just be words engraved on the entrance of the Supreme Court. It will be the standard that applies to Wall Street and all Americans.
He showed us exactly where the pick-pockets are. Pointed right at them.
The reality is that fraud is the business model on Wall Street. It is not the exception to the rule. It is the rule. And in a weak regulatory climate the likelihood is that Wall Street gets away with a lot more illegal behavior than we know of.
Then told us what he will do about them.
Under my administration, Wall Street CEOs will no longer receive a get-out-of jail free card. Big banks will not be too big to fail. Big bankers will not be too big to jail.
As president, I will nominate and appoint people with a track record of standing up to power, rather than those who have made millions defending Wall Street CEOs. Goldman Sachs and other Wall Street banks will not be represented in my administration.
And, if we are serious about reforming our financial system, we have got to establish a tax on Wall Street speculators. We have got to discourage reckless gambling on Wall Street and encourage productive investments in the job-creating economy.
There was a great deal more, from reforming the Federal Reserve to allowing the US Postal Service to offer banking services. It's clear that, as any wise tactician and negotiator should, Bernie is aiming very high indeed with these proposals, and will seek changes that will go above and beyond anybody since FDR. It's also clear that his proposals will cause all sorts of hemming and hawwing among those who currently pull the levers. But he's right. The system is rigged against us, and we're starting to know it, and we damnwell have to do something about it.
Bernie is squarely on the side of the American people, and has been all along, and he was positively in his element with this speech. Which offers a significant challenge to Secretary Clinton.
Now she has to play catch-up. On the economy.
Your move Secretary.