BERNIE’S PROMISE TO BREAK-UP BIGGEST BANKS IS ONLY FIRST STEP TO RESTORE INTEGRITY & REVIVE THE MIDDLE CLASS
NEW YORK – Democrat Bernie Sanders is to outline his plan to break-up the largest “too big to fail” financial institutions within the first year as President. This is only the first step in restoring the middle class and make upward mobility a reality for those at the lowest rung stuck in poverty.
“If a bank is too big to fail, it is too big to exist,” Sanders will say, according to excerpts released by his campaign. “When it comes to Wall Street reform that must be our bottom line.”
As President he plans to reinstate legislation to separate commercial banking, investment banking and insurance services as they have contributed to a global credit crisis.
During the course of public service Sanders has come to identify with those marginalized by economic practices based on “greed, recklessness and illegal behavior” of the money-changers on Wall Street. The six largest banks violate the basic principle of our freedoms.
Sanders recognizes the mandate inherent within Our Constitution and the course of American History. The ultimate goal of his Presidency is to break the dangerous monopolies banks hold.
The reform of runaway form of capitalism is within the nature of our economic system, an order to redistribute wealth. Before you curse the concept consider the results of recent research of the distribution of wealth in the United States. A study by David Wessel of the Brookings Institute appeared in a Washington Post article reporting some discouraging results.
“The typical male worker actually saw his after-inflation pay fall between 1973 and 2014.”
Those readers who were working in the early years in the Seventies will recall the explosion in oil prices, embargo and recession with high unemployment. It was the introduction of the new "culture" within business and government. It was the cycle where workers were about to revolt due to the utter frustration of almost impossible workloads, "givebacks" in pay and benefits and "do more with less." As workers began to contemplate a "strike" or to quit, the company line was "you're lucky to have this job."
“The biggest culprit when it comes to why a growing economy has not meant growing incomes for so many people. The combination of tax cuts for the top, new technologies that have helped high-earners more than anyone else, and globalization moving manufacturing jobs overseas has made growth much more lopsided the past 30 years. A rising tide, in other words, might lift all boats, but not many people can afford a boat anymore.”
The naked fact is not only shocking, but damn near pornographic.
The study illustrates in charts and graphs what most Americans do not know about the huge chasm between the wealthy and the poor. Consider this, there are 85 individuals who collectively have more wealth than the bottom 50% of Americans. This fact makes the disparity in wealth a slap to the face of hard working Americans struggling to make ends meet since the 2008 real estate and Wall Street crash.
The concentration of wealth over the past four decades has seen CEO compensation rise to somewhere between 300 – 500 times as that of the average employee within their fiefdom. They maintain a stranglehold over Labor. This is not the equitable free economy of the modern era but reminiscent of the Middle Ages where the Aristocratic class virtually owned the serfs below them as well as the wealth. The cry to take back America and return the government to what it once was is not to return to the 16th century. However, that is what has been occurring.
Bernie Sanders will seek to break-up those banks that are “too big to fail.” The rationale is sound. These monopolies do not just influence Congress, they control our American way of life. The greed is without conscience and seeks to deny Personal and Economic Freedom. Their arrogance ignores the Declaration of Independence and Bill of Rights guaranteed to “all the people.” The most important is the American right of “life, liberty and pursuit of happiness.”
With wealth and assets concentrated in the top six banks, they hold a juggernaut on the economy and the power to direct how we are governed. The wealthiest 1% hold government at all levels hostage to their whim and transform a true free market economy to an oligarchy surpassing the concentration of power and corruption within the old Soviet Union. The power brokers in America seem to emulate the very system we fought in a Cold War.
The largest financial institutions make all the decisions as to how you live, work, die and pay taxes.