Bernie Sanders wants to bring back Glass-Steagall; Hillary Clinton does not. |
The Martenses say that Hillary Clinton does not understand that Dodd-Frank gives power to the regulatory agencies to break up large banks.
They are impressed that Sanders opposed the 1999 teardown of the Glass portion of the 1933 Glass-Steagall Act, back when it happened. (The wall between commercial and investment banks was torn down, but the insurance of commercial-bank deposits proposed by Rep. Henry Steagall is still in place.)
Sanders wants to bring back the wall created by Senator Carter Glass (D-Va.). Hillary Clinton does not.
Although Sanders calls himself a Democratic Socialist and calls for revolution, what he is saying fits what the London Economist Magazine said in 1999. I pointed out the Economist position in Huffington Post in 2008.
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