That didn't answer my question, but I guess I'll respond. Yes I'm a stock trader and my pay is already limited by the government (I bet you are surprised to hear that). I trade for myself, but because I am a professional trader and use intraday leverage then my firm limits me to 90% payout. The firm I use to trade thru is supposed to keep that 10% and use it as a rainy day type fund in case one of the other traders at the company blows up. Other firms will only payout 80%. A few years ago I used to be able to make 100% of what I made from trading. So there are already really stupid rules in place. I can explain this more in depth if you are curious. I don't even know what you mean by blowing up the economy whenever it wants...there were many factors that went into the housing bubble and collapse. To simply blame "Wall Street" is very lazy. The government never should have allowed the big banks to get as big as they did and they should have wound down the big banks rather than reinforcing their broken structure. At no point have I ever heard Bernie talk about the need to strengthen community banking since they are more in touch with their localities. I don't think he understands why the big banks need to be broken up. I tend to think he believes everything about banking, investing, and business is bad. I have never heard him say anything positive about investing either. And what about the computers that are plugged into Wall Street now? What would you like to know about them? I'm guessing you are referring to high frequency trading. They have helped bring down the cost of trading to the average investor. There was simply much more inefficiency with the centralized markets of the NYSE that were run by humans. The high frequency trading stuff is only an irritant to guys like me. Cool. Just curious....what exactly is "Wall Street" in your mind?
I didn't say anything about min wage. I'll rephrase my questions. Can you point me to some statements where he states he thinks investing is good? Does he ever say anything positive about large, successful business? Does he ever say anything positive about the capital markets?
Oh come on. Can you point to anything where he wants to disolve the stock market. Can you point to anything where he says he will ban investing? Where he says he will nationalize all the banks? Can you point me to any sort of source that does not say that as an ever growing portion of the GDP is devoted to finance that it does not actually hurt the every day economy? Don't get me wrong. in a post-industrial economy with automation and robots etc. many many folks need to be paid for doing essentially make work tasks. For instance you could make the argument that having millions of insurance clerks billing and marketing is a good per se, even when as in the case with health care they are not necessary if we move to National Health Care. Similarly with day traders, they deserve to make a living also, like everyone else in the post industrial economy but a killing?
So you and Bernie agree on a major point, perhaps THE major point, that we should not have banks 'too big to fail.' So your objection is you think he doesn't understand why they need to be broken up. Um, okay. When I hear Sanders railing against Wall Street and big business, it's because they exert undue influence on our government through money. Which is true. I hear him complaining about Wall Street CEOs who egregiously break the law, get a slap on the wrist and then a huge raise. This is worth complaining about.
Don't mind him glynch, he's clearly dealing with Stage 3. https://theintercept.com/2016/01/21...establishment-backlash-corbynsanders-edition/
The truth is he believes it is dangerous. To ask whether he thinks it's good/bad is disingenuous. He sees it as a highly volatile risk out of hundreds of risks to a country. People are neither educated enough about the industry nor do they want to become regulatory experts to protect themselves. They want to put their money in the bank, get it when they want it. They want a mortgage if they're making enough to earn it. They want a credit card to simplify certain transactions. They want the industry to be educated about how to behave, rather than vice versa. That's over 85% of people. For most people, this is a game that has to be allowed, but also heavily controlled and educated like a petulant child. Case in point: paying Hillary to be favorable to them in terms of regulations. The thirst for risk is infinite and the self management of risk continues to rapidly deteriorate. It's not an acceptable situation. If the management in the industry took it upon themselves to not marginalize the risk managers and compliance departments, we wouldn't be having this discussion. If traders weren't demonizing any and all regulations, we wouldn't be having this conversation. That's the core of the problem. The trader who sees compliance and risk as a FINANCIAL barrier. That was supposed to be society's protection. It hasn't worked out. Compliance and risk has to be taken outside the organization, and the organization has to be cut into smaller egos.
IIRC correctly he is grieving over the mere possibiity his beloved Queen of the Status Quo Hillary might lose.
You know, I can't stand Bernie Sanders or any of the policies he stands for, but I do think it is awesome that your party is thinking outside the box. I wish that Ron Paul could have caught on more to this level than he did. I think the "Bernie" effect is going to help us in the future dilute the two party system. Ron was the beginning.
Possibility that Clinton might lose? You are watching too much MSNBC and listening to too much Progressive radio. My "beloved"? Hardly....... but I am not a big fan of an idealogue that is not a Democrat, and entire premise is based upon a fantasy that suddenly a majority of representatives will be voted out so that he can pass a damn law. It is absurd.
So is that a no? I'm really just trying to understand how he feels about banking, investing, and capital markets. I wasn't trying to pick a fight.
I mean I think he just thinks they need to be broken up because he thinks big business is bad. His views on business and the markets come off as simplistic to me as Trump's immigration and Muslim comments. I've never heard any complex thoughts from him on these topics. I'm asking for someone to point me in the direction of his deeper thoughts. I agree on your second paragraph. Ok I guess I'll just put this in all caps... I'M NOT TRYING TO PICK A FIGHT. I AM TRYING TO LEARN ABOUT HIM. I HAVE LOOKED THROUGH HIS PLAYFORM AND SAW NOTHING THAT GAVE ME GREAT INSIGHT ABOUT HIS OPINIONS ON THESE TOPICS. I AM ASKING FOR HELP. WHY AM I YELLING?
Robbie, we've defined democratic socialism elsewhere in this thread. I don't believe it is directly against capitalism, it just requires regulation of it for the safety and general welfare of the people of the nation. Breaking up the biggest banks actually increases competition, adds transparency and is financially safer for the general population. no boogie men here: KEY ACTIONS Introduced the “Too Big to Fail, Too Big to Exist Act,” which would break up the big banks and prohibit any too-big-to-fail institutions from accessing the Federal Reserve’s discount facilities or using insured deposits for risky activities. Led the fight in 1999 defending Glass-Steagall provisions which prevented banks (especially “too big to fail” ones) from gambling with customers’ money, and currently is a co-sponsor of the Elizabeth Warren/John McCain bill to reinstate those provisions. Has proposed a financial transaction tax which will reduce risky and unproductive high-speed trading and other forms of Wall Street speculation; proceeds would be used to provide debt-free public college education. Is co-sponsoring Sen. Tammy Baldwin’s bill to end Wall Street’s practice of paying big bonuses to bank executives who take senior-level government jobs. Introduced a tax on Wall Street speculation to make public colleges and universities tuition-free Supports capping credit card interest rates at 15%. Sponsored an amendment calling for an audit the Federal Reserve. The audit found that far more had been spent in the Wall Street bailout than previously disclosed, and that considerable funds had been spent to bail out foreign corporations. Warned about the risks of deregulation eight years before the fiscal crisis of 2008. Has proposed limiting the ability of bankers to get rich from taxpayer bailouts of their institutions https://berniesanders.com/issues/reforming-wall-street/
Smart people can get caught up in their own rhetoric and believe their opinions are infallible. I didn't say he was dumb. I just don't know if he has spent the time to think the about the consequences to his actions. The only thing I get from him is that he believes he can enact massive changes with no pushback and no unintended consequences. I don't know why you are trying to turn something that was multifaceted into something is black and white. Yes increasing the leverage limits was part of the problem of the 2008 crash. There is no debating that. There are many, many reasons beyond that as well. To answer your question not everyone who works in finance, banking, trading, etc is the same and they don't all have the same interests. I have 3 licenses and the testing I took to get those licenses have absolutely nothing to do with the trading I do daily. Meaning the work I do has very little to do with the investment guy you might see over at Edward Jones even though I had to pass the same tests for the same licenses that he has.
good post robbie380. I typically distrust any politicians who overly rely on black and white explanations, even though you definitely need simple to get votes. It's a tough situation, getting worse b/c of our dumbed down political discourse and obsession on quotable zingers.
Or, we can just enforce the Sherman Act.... But then our smaller banks would get raped on the world stage by Barclays, DB, Sumitomo, etc. of the world. And while we're at it, maybe Korea should break up Samsung and Hyundai. And Germany should break up DB, VW and BASF. Too much concentration there. Just a thought.
