IN THIS CAMPAIGN WE HAVE HAD TWO DIFFERENT PERSPECTIVES
ON WHAT SHOULD BE DONE ON BIG BANKS.
IN THE ECONOMIC RECESSION
WE HAD EIGHT YEARS AGO, THERE WAS AN ACKNOWLEDGMENT THAT THE
BANKS WERE TOO BIG.
IF THEY FAILED, THE SHOCKS RADIATING OUT
FROM THAT WOULD DO DAMAGE TO OUR
ECONOMY.
SO WE SEEM TO ACCEPT AT THE TIME THAT WE SHOULD PROBABLY
GET AWAY FROM THE SYSTEM.
WE SHOULD MOVE TO A POSITION WHERE
THE BANKS ARE NOT TOO BIG TO
FAIL.
BERNIE SANDERS SAID THAT THEY REMAINED TOO BIG TO FAIL
CONSIDERING THAT THEY ARE BIGGER
THAN THEY WERE IN 2007.
HE SEEMS TO HAVE SOMETHING THERE.
HILLARY
CLINTON SAYS SHE WOULD ALSO BE WILLING TO BREAK UP BIG BANKS,
BUT THAT SHE DOESN'T THINK IT
NEEDS TO BE DONE NOW.
SHE SAYS THAT THE FINANCIAL REGULATIONS
WE HAD UNDER DODD-FRANK AFTER THE RECESSION ARE STRONG ENOUGH.
LET'S TALK ABOUT ONE OF THOSE
REGULATIONS.
ONE HAD TO DO WITH LIVING WILLS FOR THOSE BIG
BANKS.
NOW THOSE LIVING WILLS HAVE BEEN SUBMITTED.
BASICALLY
THEY HAD TO WRITE A BIG REPORT SAYING WHY THEY WERE NOT TOO BIG
TO FAIL.
BAD TIMING FOR THEM, THE REPORTS WERE DUE THIS WEEK.
THEY NOW HAVE UNTIL OCTOBER TO
REVISE THOSE FLAWED PLANS THAT COULD TRICKLE THE U.S. ECONOMY.
WHAT HAPPENS IF THEY FAIL IN OCTOBER AS SEEMS LIKELY
TO
HAPPEN?
SO, IT'S BEEN MORE THAN EIGHT YEARS, THEY FAILED.
THEY'RE GOING TO HAVE ANOTHER SIX MONTHS.
IF THEY FAIL THEN,
THEN THAT WILL HAVE TWO MORE YEARS TO FAIL, IF THEY THEN FAIL
WE WILL START TO BREAK THEM UP,
SUPPOSEDLY.
I BELIEVE THE SYSTEM IS GOING TO FUNCTION THAT WAY,
ESPECIALLY IF HILLARY CLINTON IS
THE PRESIDENT AT THAT TIME.
>> THIS KIND OF SHOWS YOU HOW WATERED-DOWN OUR REGULATIONS ARE
FOR THE BANKING INDUSTRY.
THEY ARE ALLOWED TO BE AS BIG AS THEY
WANT, THE WAY THAT WE TACKLE THEM IS SO WEAK.
YES, THIS IS A
LEGITIMATE ISSUE.
THE ONLY REASON WHY WE ARE EVEN HAVING
DISCUSSIONS ABOUT THIS IS BECAUSE OF BERNIE SANDERS.
DO
YOU THINK THAT HILLARY CLINTON WOULD BRING UP THIS ISSUE AND BE
A WARRIOR AND TRY TO BREAK UP
BIG BANKS AND ENSURE THAT WE DON'T SUFFER THE SAME TYPE OF
ECONOMIC COLLAPSE THAT WE DID IN 2008?
NO.
THE REASON WHY THIS
IS PART OF OUR CONVERSATION IS BECAUSE OF BERNIE SANDERS BEING
A WARRIOR ON IT.
FORGET THE REPUBLICAN SIDE, THEY DON'T CARE ABOUT THIS ISSUE.
>> I THINK THIS IS ABSOLUTELY PERFECT TIMING.
WE HAVE A
PRIMARY COMING UP IN NEW YORK.
I LOOKED UP, WALL STREET IS A NEW
YORK.
A LOT OF THESE BIG BANKS, THEIR HEADQUARTERS ARE IN NEW
YORK.
WE ALSO HAVE DEBATES
COMING UP VERY SOON.
SO, THEY FAILED AFTER YEARS AND YEARS OF
PREP.
JUST THE PAST YEAR, SHOULD HAVE CLUED THEM INTO THE FACT
THAT THEY SHOULD MAYBE MAKE THESE LIVING WILLS IN A WAY THAT
GIVES US SOME CONFIDENCE ñ THEY NEED TO ASK BERNIE SANDERS
AND HILLARY CLINTON BASED ON THE
FAILURE OF THESE ABSOLUTE MASSIVE BANKS WHICH ARE BIGGER
THAN THEY WERE WHEN THEY WERE TOO BIG TO FAIL.
WHAT SHOULD BE
DONE TO THESE BANKS?
IS IN SIX MONTHS, OR OCTOBER, WHEN THEY
ALMOST CERTAINLY FAIL AGAIN, IF
THEY THEN HAVE NOT REASSURED US THAT THEY ARE TAKING THIS
PROBLEM SERIOUSLY, SHOULD THEY BE BROKEN UP AND HOW WOULD YOU
DO
IT?
ASK BOTH OF THEM THAT QUESTION.
IF THEY DON'T HAVE AN
ANSWER, OR IF THEY SAY YES, WE SHOULD GIVE THEM YEARS MORE TO
PREPARE THEN WE CANNOT AFFORD TO LET THEM BE IN CHARGE
OF THAT APPARATUS OF WALL STREET.
VOTERS IN NEW YORK
DESERVE TO KNOW WHERE A CANDIDATE STANDS BEFORE THEY
VOTE.