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Senator Bernie Sanders: Six Proposals for Helping the 99%

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posted on Oct, 12 2011 @ 09:18 PM
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Senator Bernie Sanders: Six Proposals for Helping the 99%

1) [color=gold]If a financial institution is too big to fail, it is too big to exist. Today, the six largest financial institutions have assets equal to more than 60 percent of GDP. The four largest banks in this country issue two-thirds of all credit cards, half of all mortgages, and hold nearly 40 percent of all bank deposits. Incredibly, after we bailed out these big banks because they were "too big to fail," three out of the four largest are now even bigger than they were before the financial crisis began. It is time to take a page from Teddy Roosevelt and break up these behemoths so that their failure will no longer lead to economic catastrophe and to create competition in our financial system.

2) [color=gold]Put a cap on credit card interest rates to end usury. Today, more than a quarter of all credit card holders in this country are paying interest rates above 20 percent and as high as 59 percent. When credit card companies charge 25 or 30 percent interest rates they are not engaged in the business of "making credit available" to their customers. They are involved in extortion and loan-sharking. Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25-30 percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.

3) [color=gold]The Federal Reserve needs to provide small businesses in America with the same low-interest loans it gave to foreign banks. During the financial crisis, the Federal Reserve provided hundreds of billions of dollars to foreign banks and corporations including the Arab Banking Corporation, Toyota, Mitsubishi, the Korea Development Bank, and the state-owned Bank of Bavaria. At a time when small businesses can't get the lending they need, it is time for the Fed to create millions of American jobs by providing low-interest loans directly to small businesses.

4) [color=gold]Stop Wall Street oil speculators from artificially increasing gasoline and heating oil prices. Right now, the American people are being gouged at the gas pump by speculators on Wall Street who are buying and selling billions of barrels of oil in the energy futures market with no intention of using a drop for any purpose other than to make a quick buck. Delta Airlines, Exxon Mobil, the American Trucking Association, and other energy experts have estimated that excessive oil speculation is driving up oil prices by as much as 40 percent. We have got to end excessive oil speculation and bring needed relief to American consumers.

5) [color=gold]Demand that Wall Street invest in the job-creating productive economy, instead of gambling on worthless derivatives. The American people have got to make it crystal clear to Wall Street that the era of excessive speculation is over. The "heads, bankers win; tails, everyone else loses" financial system must end. Most important, we need to create a new Wall Street that exists not to reward CEOs and investors for the bets they make on exotic financial instruments nobody understands. Rather, we need a Wall Street that provides financial services to small businesses and manufacturers to create decent-paying jobs and grow the economy by productive means. Think of all of the productive short- and long-term investments that could be made in our country right now if Wall Street used the money it has received from the federal government wisely. Instead of casino-style speculation, Wall Street could invest in high-speed trains; fuel-efficient cars; wind turbines and other alternative energy sources; affordable housing; affordable prescription drugs that save people's lives; and other things that America desperately needs. That is what we have got to demand from Wall Street.

6) [color=gold]Establish a Wall Street speculation fee on credit default swaps, derivatives, stock options and futures. Both the economic crisis and the deficit crisis are a direct result of the greed and recklessness on Wall Street. Establishing a speculation fee would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and significantly reduce the deficit without harming average Americans. There are a number of precedents for this. The U.S had a similar Wall Street speculation fee from 1914 to 1966. The Revenue Act of 1914 levied a 0.2 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled that tax to help finance the government during the Great Depression. And today, England has a financial transaction tax of 0.25 percent, a penny on every $4 invested.

blog.buzzflash.com...

I think Senator Bernie Sanders proposals are a good start, however I do not see any new laws to hold these financial sharks accountable.
I do not see anyone working on a new bill to begin holding these banks accountable for future fraud.
I do not see any new laws on the table to begin holding Wall Street accountable for turning our financial markets into one huge gambling casino just so these few brokerages firms can make a killing and at the same time causing the cost of food and energies prices to soar.

This might be good idea Mr. Sanders, but not good enough, without any accountability your ideas will not work.

What ideas or (Bills) can you all come up with that Congress should pass as laws to end the rampant fraud on Wall Street and our banking institutions?

edit on 12-10-2011 by impressme because: (no reason given)




posted on Oct, 12 2011 @ 09:29 PM
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lame non of this will change the out come of government screwing people and not serving the people. The whole system needs to be taken down. We live in a world not striving to advance life and be happy and enjoy it. Instead its work till you die in order to stay alive and have few enjoyments. If we wanted to we could all live average lives and not work but two to 4 hours a day and be happy as can be and make the planet a better place to live that is actually sustainable. Thats another thing, the way we live is not sustainable. Whether it be 100 or 1000 years in the future things will be used up and its not the way to live.



posted on Oct, 12 2011 @ 09:33 PM
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The Democrats are working hard to take over, or should I say already have taken over the OWS Movement.

Hardly surprising a self-described Socialist would attempt to get involved to pander votes. Incumbents are all in panic mode. He needs you to forget they controlled the entire US Government for two years and what they did, or more importantly what they did not do.

People are dumb though. In a few weeks even the original protestors will be in their pockets. Soros already started the money flowing. We don't hear any of the protestors complaining about being taken over which tells me that the DNC and Obama are up to their necks in this from the start and many of the protest leaders are complete fakes.

Apparently Soros, who is one of the worst of the worst in the so called 1% is buying the movement. Should be interesting to watch as protestors go to jail to benefit those phony jerks and help them line their pockets or keep power.

Hopefully enough people are awake to see through all of this.



posted on Oct, 12 2011 @ 09:38 PM
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reply to post by impressme
 


I should have said I actually agree with most of that. I don't believe they have any intention of doing anything like that though. It's simple, lie and say you will until the election is over. This guy is not for Small Business, so how can this not be crap?



posted on Oct, 12 2011 @ 09:41 PM
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reply to post by impressme
 


The problem is that such a proposal will morph into a 30,000 page behemoth that will not even address the issues listed but instead but an enormous strain on small or domestic corporations through regulations. The initial targets of the proposal will lobby it away while putting in things that further allow favored corporations and banks to not pay any taxes and get more bailout money if things go bad.



posted on Oct, 12 2011 @ 10:33 PM
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Interesting posts so far, and I have to agree with all of you on your comments.

I hate to see this 99% movement hijacked by the same slime that is behind Wall Street and all their corruptions.
If this movement could grow into millions of protesters just in New York and let’s say they all decide to block all entries to the Federal Reserve and the Stock Exchange in NYC it could shut down the country.



posted on Oct, 12 2011 @ 11:03 PM
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We kind of already had a Wall St. speculation fee, only it was paid by the ole taxpayer and called TARP.


edit on 12-10-2011 by Maluhia because: (no reason given)



posted on Oct, 12 2011 @ 11:03 PM
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Why not reinstate Glass–Steagall Act ?

Seemed to do a pretty good job of taming those greedy Wall Streeters..

Since 1999, When President Clinton (D) signed the Gramm(R)–Leach(R)–Bliley(R) Act, it took less than ten years for those greedy folks to totally put our country in the tank.

Why not go with what worked pretty well for the better part of 65 years?



posted on Oct, 12 2011 @ 11:08 PM
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reply to post by impressme
 

The biggest problem we're having right now is getting the Constitution and Bill of Rights enforced!

Our politicians and the executive branch are on the take.

Until that pattern of hidden influence is broken, new "laws" "measures" and "policies" are useless.

Our first job is to return the country to a state of honesty.



posted on Oct, 12 2011 @ 11:34 PM
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explained
edit on 12-10-2011 by mastahunta because: (no reason given)



posted on Oct, 12 2011 @ 11:35 PM
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Originally posted by JacKatMtn
Why not reinstate Glass–Steagall Act ?

Seemed to do a pretty good job of taming those greedy Wall Streeters..

Since 1999, When President Clinton (D) signed the Gramm(R)–Leach(R)–Bliley(R) Act, it took less than ten years for those greedy folks to totally put our country in the tank.

Why not go with what worked pretty well for the better part of 65 years?



I agree, throw that garbage GLB right into the fires of hell



posted on Oct, 12 2011 @ 11:37 PM
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Originally posted by Blaine91555
reply to post by impressme
 


I should have said I actually agree with most of that. I don't believe they have any intention of doing anything like that though. It's simple, lie and say you will until the election is over. This guy is not for Small Business, so how can this not be crap?



The man has been talking about these same proposals for years already, Blaine.



posted on Oct, 12 2011 @ 11:41 PM
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No, no and NO! This is crap. It sounds good but leaving the FED in charge is leaving the foxes in charge of the hen house. Nothing will change unless we end the fed.

Even a stupid doink like me can figure that out.



posted on Oct, 12 2011 @ 11:56 PM
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reply to post by TheLoony
 


well that dodd frank act signed in to law in 2010 gave the federal reserve even more power.

which just so happened to be call the "wall street reform act" and desigend to end "too big to fail"

as to the op sanders hasnt got a damn clue.



posted on Oct, 13 2011 @ 12:23 AM
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Originally posted by neo96
reply to post by TheLoony
 


well that dodd frank act signed in to law in 2010 gave the federal reserve even more power.

which just so happened to be call the "wall street reform act" and desigend to end "too big to fail"

as to the op sanders hasnt got a damn clue.


So you think oil speculation should continue to inflate prices at the pump?

You think usury should be sanctioned by the government?

Explain something for once would ya neo?



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