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5/14/2015 7:08 am  #1

Got this from Bernie Sanders

Dear Friend,

It's time to break up the banks.The greed, recklessness, and illegal behavior on Wall Street drove this country into the worst recession since the Great Depression. Their casino-style gambling has helped divert 99 percent of all new income to the top one percent. And it has contributed to the most unequal level of wealth and income distribution of any major country on earth.

In the midst of all of this grotesque inequality sits a handful of financial institutions that are still so large, the failure of any one would cause catastrophic risk to millions of Americans and send the world economy into crisis. If it's too big to fail, it's too big to exist. That's the bottom line.

I introduced legislation in Congress that would break up banks that are too big to fail. Can you sign on as a citizen co-sponsor of my bill to show your support? Click here to add your name as a citizen co-sponsor of my bill to break up the banks.

Banking should be boring. It shouldn't be about making as much profit as possible by gambling on esoteric financial products. The goal of banking should be to provide affordable loans to small and medium-sized businesses in the productive economy, and to Americans who need to purchase homes and cars. That is not what these financial institutions are doing. They're instead creating an economy which is not sustainable from a moral, economic, or political perspective. It's a rigged economy that must be changed in fundamental ways.

Let's be clear who we're talking about: JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Morgan Stanley, and other institutions; they're all too big to fail. So they must be broken up.

Wall Street can't be an island unto itself separate from the rest of the productive economy whose only goal is to make as much money as possible. I fear very much that the financial system is even more fragile than many people may perceive.

Millions of Americans are working longer hours for lower wages, while virtually all new income goes to the people who need it the least. In fact, the top 14 wealthiest people saw their wealth grow more last year than the bottom 130 million have in total. We must break this cycle to save the middle class in America. Can you show your support for my bill to break up the banks? 

Add your name as a citizen co-sponsor to my legislation to break up banks that are too big to fail.

I'm running for President of the United States because I believe that it is incumbent on us to try to take back our country from the billionaires and make it thrive again for the working and middle class. Breaking up the banks is a critical part to making that a reality. Thank you for all of your support. 

Senator Bernie Sanders

Last edited by Just Fred (5/14/2015 7:11 am)


5/14/2015 7:15 am  #2

Re: Got this from Bernie Sanders

Added my name yesterday.


5/14/2015 9:58 am  #3

Re: Got this from Bernie Sanders

I'll go along with Bernie on this.

We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. 

5/14/2015 11:46 am  #4

Re: Got this from Bernie Sanders

It's tempting, I'll give you that. I might sign it after I think on it for a day or two.

I remember when Ron Paul introduced HR 1207, the Federal Reserve Transparency Act. Bernie Sanders introduced the Senate version, S 604. As far as I know, the bills never became law and no audit of the Federal Reserve system took place. It would be nice to see some new life breathed into bills of that nature.

FWIW, I thought this was a fun article:

Last edited by opendoug (5/14/2015 11:53 am)


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