Senator Sanders Unfiltered: Real Financial Reform, Now!

bravenewfilms
— May 06, 2010 —
As a member of the House Financial Services Committee, this is what I said on the floor of the House in 1999 as I voted against the major bank deregulation bill: This legislation, in its current form, will do more harm than good. It will lead to fewer banks and financial service providers; increased charges and fees for individual consumers and small businesses; diminished credit for rural America; and taxpayer exposure to potential loses should a financial conglomerate fail. It will lead to more mega-mergers; a small number of corporations dominating the financial service industry; and further concentration of economic power in our country.

Frankly, it didnt take a PhD in finance to reach that conclusion. If you give unlimited license to Wall Street speculators, no one should be surprised when the result is greed on steroids.