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Msg. 20727 of 65535 |
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Bernie is weak on details & knowledge on important issues!
TRANSCRIPT: Bernie Sanders meets with the Daily News Editorial Board
.... Sanders: How you go about doing it is having legislation passed, or giving the authority to the secretary of treasury to determine, under Dodd-Frank, that these banks are a danger to the economy over the problem of too-big-to-fail. Daily News: But do you think that the Fed, now, has that authority? Sanders: Well, I don't know if the Fed has it. But I think the administration can have it. Daily News: How? How does a President turn to JPMorgan Chase, or have the Treasury turn to any of those banks and say, "Now you must do X, Y and Z?" Sanders: Well, you do have authority under the Dodd-Frank legislation to do that, make that determination. Daily News: You do, just by Federal Reserve fiat, you do? Sanders: Yeah. Well, I believe you do. Daily News: So if you look forward, a year, maybe two years, right now you have...JPMorgan has 241,000 employees. About 20,000 of them in New York. $192 billion in net assets. What happens? What do you foresee? What is JPMorgan in year two of... Sanders: What I foresee is a stronger national economy. And, in fact, a stronger economy in New York State, as well. What I foresee is a financial system which actually makes affordable loans to small and medium-size businesses. Does not live as an island onto themselves concerned about their own profits. And, in fact, creating incredibly complicated financial tools, which have led us into the worst economic recession in the modern history of the United States. Daily News: I get that point. I'm just looking at the method because, actions have reactions, right? There are pluses and minuses. So, if you push here, you may get an unintended consequence that you don't understand. So, what I'm asking is, how can we understand? If you look at JPMorgan just as an example, or you can do Citibank, or Bank of America. What would it be? What would that institution be? Would there be a consumer bank? Where would the investing go? Sanders: I'm not running JPMorgan Chase or Citibank. Daily News: No. But you'd be breaking it up. Sanders: That's right. And that is their decision as to what they want to do and how they want to reconfigure themselves. That's not my decision. All I am saying is that I do not want to see this country be in a position where it was in 2008, where we have to bail them out. And, in addition, I oppose that kind of concentration of ownership entirely. You're asking a question, which is a fair question. But let me just take your question and take it to another issue. Alright? It would be fair for you to say, "Well, Bernie, you got on there that you are strongly concerned about climate change and that we have to transform our energy system away from fossil fuel. What happens to the people in the fossil fuel industry?" That's a fair question. But the other part of that is if we do not address that issue the planet we’re gonna leave your kids and your grandchildren may not be a particularly healthy or habitable one. So I can't say, if you're saying that we’re going to break up the banks, will it have a negative consequence on some people? I suspect that it will. Will it have a positive impact on the economy in general? Yes, I think it will. Daily News: Well, it does depend on how you do it, I believe. And, I'm a little bit confused because just a few minutes ago you said the U.S. President would have authority to order... Sanders: No, I did not say we would order. I did not say that we would order. The President is not a dictator. Daily News: Okay. You would then leave it to JPMorgan Chase or the others to figure out how to break it, themselves up. I'm not quite... Sanders: You would determine is that, if a bank is too big to fail, it is too big to exist. And then you have the secretary of treasury and some people who know a lot about this, making that determination. If the determination is that Goldman Sachs or JPMorgan Chase is too big to fail, yes, they will be broken up. Daily News: Okay. You saw, I guess, what happened with Metropolitan Life. There was an attempt to bring them under the financial regulatory scheme, and the court said no. And what does that presage for your program? Sanders: It's something I have not studied, honestly, the legal implications of that. Daily News: Okay. Staying with Wall Street, you've pointed out, that "not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy." Why was that? Why did that happen? Why was there no prosecution? Sanders: I would suspect that the answer that some would give you is that while what they did was horrific, and greedy and had a huge impact on our economy, that some suggest that...that those activities were not illegal. I disagree. And I think an aggressive attorney general would have found illegal activity. Daily News: So do you think that President Obama's Justice Department essentially was either in the tank or not as... Sanders: No, I wouldn’t say they were in the tank. I'm saying, a Sanders administration would have a much more aggressive attorney general looking at all of the legal implications. All I can tell you is that if you have Goldman Sachs paying a settlement fee of $5 billion, other banks paying a larger fee, I think most Americans think, "Well, why do they pay $5 billion?" Not because they're heck of a nice guys who want to pay $5 billion. Something was wrong there. And if something was wrong, I think they were illegal activities. Daily News: Okay. But do you have a sense that there is a particular statute or statutes that a prosecutor could have or should have invoked to bring indictments? Sanders: I suspect that there are. Yes. Daily News: You believe that? But do you know? Sanders: I believe that that is the case. Do I have them in front of me, now, legal statutes? No, I don't. But if I would...yeah, that's what I believe, yes. When a company pays a $5 billion fine for doing something that's illegal, yeah, I think we can bring charges against the executives. Daily News: I'm only pressing because you've made it such a central part of your campaign. And I wanted to know what the mechanism would be to accomplish it. more:  DO SOMETHING! |
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