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[Inuhanyou]

WASHINGTON (Reuters) - U.S. Democratic presidential candidate Hillary Clinton will unveil on Thursday a sweeping plan to curb what she has called the abuses of Wall Street, proposing everything from raising the fines that can be levied by regulators to requiring executives to bear some of those costs.

The outline of Clinton's plan, which was provided to Reuters for review, also includes strengthening the "Volcker rule" in the 2010 Dodd-Frank Act and imposing a new tax on high-frequency trading.

Clinton's push to get tough on Wall Street comes as she is fending off a challenge from U.S. Senator Bernie Sanders, her main rival for the Democratic nomination for the November 2016 election.

Clinton aims to "tackle abuses and risks at big banks as well as other institutions", a campaign aide said. And her plan "will hold bad actors on Wall Street accountable – whether they are individuals or corporations".

Towards that end, Clinton is expected to propose that executives share the burden of fines levied for financial wrongdoing and that individuals convicted of financial crimes be barred from working in the entire financial industry, not just banking and investment firms as statute currently dictates.

At the same time, Clinton also said she did not think the reinstatement of a Great Depression-era law that separated commercial banks from riskier investment arms would do enough to curtail risky trading.

"If you only reinstate Glass-Steagall, you don't go after all these other institutions, in what is called the shadow banking systems, hedge funds and other big financial entities that have too much power in our economy," Clinton said in Davenport, Iowa.

The reinstatement of Glass-Steagall, which was repealed during the administration of Clinton's husband, former President Bill Clinton, has been a key issue for progressives.

Clinton also believes that the statute of limitations for financial fraud should be extended to 10 years to enable additional prosecutions.

"People should have gone to jail," Clinton said this week of the 2008 financial crisis.

http://news.yahoo.com/clinton-detail-sweeping-plan-rein-wall-street-044330005--sector.html

 

[zychi]

Name some people who should be in jail. Fuck your "regulations" you won't push once elected. Put the people from the past in their place, who are likely funding your campaign. Earn some respect from the people voting Bernie over you.

 

[SlickShoesRUCrazy]

Should kill citizens united and lobbyism while at it and make running campaigns free.

 

[JDSN]

Name some people who should be in jail. Fuck your "regulations" you won't push once elected. Put the people from the past in their place, who are likely funding your campaign. Earn some respect from the people voting Bernie over you.

Man, not even subtle.

 

[zychi]

Man, not even subtle.

She was part of my man Obama's administration when it happened. Step your game up and do something important to earn my vote.

 

[antonz]

The fines to be meaningful need to be more than the profits made in the first place from the illegal activity otherwise its pointless. If I make 2 billion through illicit trades etc. and then I get fined 10 million there is nothing to make me not want to do it again

 

[dehydratedbabies]

#HillarySoLeft

 

[Inuhanyou]

#HillarySoLeft

Its too transparent. I'd do anything to be an eternal blind optimist, and believe a majority of people in power or on the stump are simply in a bind about what to do in regards to getting this type of legislation passed. What is proposed here is actually(for the most part) common sense legislation that should have been pushed for in 2009 by the White House, and even before then as TARP was being discussed.

But i'm also unfortunately too studied on politicians and their past history. Its just a game for the people who actually know what's wrong with the system and use it for political points to shield themselves from cover. That's what i see as most egregious.

It will be good to see how the debate shakes out on the 13th.

 

[demon]

Change We Can't Believe In

 

[BreezyLimbo]

So has she made a comment on TPP yet? Until she does....

....

Oh, she did today actually-
http://www.cnn.com/2015/10/07/politics/hillary-clinton-opposes-tpp/

Well.....it's either her or bernie.

 

[Bam Bam Baklava]

I don't know why every article makes Sanders sound like such a big threat when he's not. The real threats are Biden if he chooses to run and her image with general election swing voters,

Also, this thread is off to a beautiful start.

 

[Gr1mLock]

sure..i'll buy some magic beans.

 

[Herbs]

I guess this is sort of what a lot of progressives were at least hoping for as she's had to respond to some of the issues Bernie is layout out that he wants to fix. I guess we'll just see where this goes.

 

[FeenixRising]

So has she made a comment on TPP yet? Until she does....

....

Oh, she did today actually-
http://www.cnn.com/2015/10/07/politics/hillary-clinton-opposes-tpp/

Well.....it's either her or bernie.

She was one of the main ones pushing for it though, but now all of the sudden

"I don't like it anymore"

 

[dehydratedbabies]

I don't know why every article makes Sanders sound like such a big threat when he's not.

Heh, we'll see.

 

[zero shift]

Name some people who should be in jail. Fuck your "regulations" you won't push once elected. Put the people from the past in their place, who are likely funding your campaign. Earn some respect from the people voting Bernie over you.

Pretty much this. You have to be pretty naive to think she will do anything that will really shake up Wall Street. Her funding comes from big business.

 

[Chichikov]

"If you only reinstate Glass-Steagall, you don't go after all these other institutions, in what is called the shadow banking systems, hedge funds and other big financial entities that have too much power in our economy," Clinton said in Davenport, Iowa.

Fucking bullshit.
Investment banks have so much power in our economy because they use the resources of commercial banks and more importantly retirement investments.
If rich people want to mess around with their money at the great casino of Wall Street, more power to them, it's a drop in a bucket of the global economy and if they lose their money no one would care (much like no one cares when a day trader lose everything on risky short).
The problem is that those fuckers tied the real economy into their bullshit, and that got to stop.

Also - "it won't solve everything so we shouldn't do it" is not an argument, it's a basic logical fallacy.

 

[Herbs]

Fucking bullshit.
Investment banks have so much power in our economy because they use the resources of commercial banks and more importantly retirement investments.
If rich people want to mess around with their money at the great casino of Wall Street, more power to them, it's a drop in a bucket of the global economy and if they lose their money no one would care (much like no one cares when a day trader lose everything on risky short).
The problem is that those fuckers tied the real economy into their bullshit, and that got to stop.

Also - "it won't solve everything so we shouldn't do it" is not an argument, it's a basic logical fallacy.

Apathy seems to be a central trait of the more weak willed in our society.

 

[Ruddles72]

http://news.yahoo.com/clinton-detail-sweeping-plan-rein-wall-street-044330005--sector.html
""what is called the shadow banking systems, hedge funds and other big financial entities that have too much power in our economy," Clinton said in Davenport, Iowa.

This makes me happy, the really egregious behaviour these days is taking place in private equity / hedge funds / asset management / other areas of shadow banking. There's issues in the banking sector that need fixing, but the real plutocrats moved to the shadow banking system where no-one regulates them.

 

[Suite Pee]

If she "only" reinstates Glass-Steagall, I'll be pretty satisfied.

 

[Inuhanyou]

If she "only" reinstates Glass-Steagall, I'll be pretty satisfied.

I didn't put it in, but the quote was actually in response to her saying she didn't want to reinstate it at all, and instead do something 'more comprehensive'.

She is not in support of reviving Glass Steagall.

http://www.cnn.com/2015/10/06/politics/hillary-clinton-glass-steagall-act-martin-omalley/

 

[BreezyLimbo]

She was one of the main ones pushing for it though, but now all of the sudden

"I don't like it anymore"

Lol she was? Well, I'm glad she's fast on the flip flopping. I guess she would've looked bad if she didn't say anything, considering that Bernie and even freaking Trump spoke out against it.

 

[shinra-bansho]

If she "only" reinstates Glass-Steagall, I'll be pretty satisfied.

Since I'm guessing this will be a refrain, it's worth reading this old NYT Dealbook column.
http://dealbook.nytimes.com/2012/05/21/reinstating-an-old-rule-is-not-a-cure-for-crisis/
(It is not an argument for or against, rather it elaborates on some common misperceptions, namely the idea that it would have prevented the financial crisis.)

Although, I'm guessing no one will actually go read it, so here's a small excerpt.

When I called Ms. Warren and pressed her about whether she thought the financial crisis or JPMorgan’s losses could have been avoided if Glass-Steagall were in place, she conceded: “The answer is probably ‘No’ to both.”

 

[GrotesqueBeauty]

Reinstating legislation that would have and for many years did curb the shady practices leading to the crash isn't comprehensive enough, so let's tinker around the edges of an ineffectual existing policy that does far less!

She must be campaigning on transparency, because the rhetoric here is completely see through. Guess you can't piss on your biggest campaign contributors with a real solution though, eh?

 

[Ruddles72]

Since I'm guessing this will be a refrain, it's worth reading this old NYT Dealbook column.
http://dealbook.nytimes.com/2012/05/21/reinstating-an-old-rule-is-not-a-cure-for-crisis/

For those that don't feel like reading the linked article, the issue is that Glass-Steagal stopped commercial banks and investment banks from being merged into a single entity, so the investment banking fuckpuppery was kept out of commercial banks.

Unfortunately, many of the losses in the crisis were originated by standalone commercial banks (Wachovia et al) and facilitated by standalone broker dealers (Goldman, Lehman, Bear). The failure rate was pretty similar between integrated banks like Citi and standalone broker dealers like ML, LEH and so on.

Wall Street is a lot safer these days and there's vastly less systemic risk from the banks. The activities of the banks are way more regulated, and the banks hold A LOT more capital. But guess what? All the crappy activities moved out of the regulated banks, and into the unregulated shadow banking system. That's where the worst behaviour is these days.

 

[Bam Bam Baklava]

Heh, we'll see.

Well, your post has really convinced me.

 

[Inuhanyou]

For those that don't feel like reading the linked article, the issue is that Glass-Steagal stopped commercial banks and investment banks from being merged into a single entity, so the investment banking fuckpuppery was kept out of commercial banks.

Unfortunately, many of the losses in the crisis were originated by standalone commercial banks (Wachovia et al) and facilitated by standalone broker dealers (Goldman, Lehman, Bear). The failure rate was pretty similar between integrated banks like Citi and standalone broker dealers like ML, LEH and so on.

Wall Street is a lot safer these days and there's vastly less systemic risk from the banks. The activities of the banks are way more regulated, and the banks hold A LOT more capital. But guess what? All the crappy activities moved out of the regulated banks, and into the unregulated shadow banking system. That's where the worst behaviour is these days.

The regulated banks are apart of the shadow banking system themselves. Many of those activities still aren't on the books under the limited rules introduced to this day. We're not even counting those entities that aren't on the radar.

The amount of capita Wall Street holds in general is too large to be playing around with fire like this, no wonder they have such clout with politicians in regards to their lobbying activities.

 

[Tabris]

Shadow banking is a huge issue in both of the world's global superpowers - China and the US, and both governments are struggling to regulate and control them due to political inaction. If they are not controlled, our next recession will due to shadow banking.

 

[dehydratedbabies]

Well, your post has really convinced me.

I don't think that anything will convince you of Bernie's relevancy.

 

[Unison]

Bernie's having a great effect here, no doubt, but this still sounds like a lot of hot air. Need specifics!

 

[timetokill]

I know it'll never happen, but I just want one candidate to say, "If I'm elected, the following people responsible for the financial crisis will face jail time:" and then rattle off a list of motherfuckin' names.

 

[Bam Bam Baklava]

I don't think that anything will convince you of Bernie's relevancy.

If there was something based off realistic scenarios I would. This is just the primary we're talking about too. His relevance in the general is even worse when you consider the incredible disadvantages he would be holding.

But let's humor ourselves for a minute here and really think this one through. You're Clinton right now. What are you concerned with at the moment? The guy who you're beating by nearly 20 points (even higher without Biden included) and who you have numerous systemic advantages against or are you concerned with your polling against Bush and Carson in the general election. Or your favorability ratings with swing voters in Ohio and Florida? Which of these is obviously keeping you up at night at this moment? Explain to me why Joe Biden is not a greater threat to be worried about considering he's actually a viable candidate.

But no, all you've got is a fancy little gif.

 

[SamVimes]

I know it'll never happen, but I just want one candidate to say, "If I'm elected, the following people responsible for the financial crisis will face jail time:" and then rattle off a list of motherfuckin' names.

It will never happen because they don't have the power to do that. New laws won't do anything to put in prison people for their past transgressions.

 

[Inuhanyou]

I know it'll never happen, but I just want one candidate to say, "If I'm elected, the following people responsible for the financial crisis will face jail time:" and then rattle off a list of motherfuckin' names.

Well, first we need actual investigations to find the people involved. So far, there have not been any under Obama's watch.

Anyone who says people can't be held accountable for crimes they committed never worked a murder case where the suspect skipped down. You eventually get tracked down.

 

[timetokill]

It will never happen because they don't have the power to do that.

I know, I just want them to say it.

Well, first we need actual investigations to find the people involved. So far, there have not been any under Obama's watch.

It's been incredibly shameful and a slap in the face to the American people.

 

[dehydratedbabies]

If there was something based off realistic scenarios I would. This is just the primary we're talking about too. His relevance in the general is even worse when you consider the incredible disadvantages he would be holding.

But let's humor ourselves for a minute here and really think this one through. You're Clinton right now. What are you concerned with at the moment? The guy who you're beating by nearly 20 points (even higher without Biden included) and who you have numerous systemic advantages against or are you concerned with your polling against Bush and Carson in the general election. Or your favorability ratings with swing voters in Ohio and Florida? Which of these is obviously keeping you up at night at this moment? Explain to me why Joe Biden is not a greater threat to be worried about considering he's actually a viable candidate.

But no, all you've got is a fancy little gif.

I have no interest in arguing about this with you. As I said, we'll see.

 

[The Technomancer]

I mean...is Bernie pushing her to take more explicit positions not what people wanted?

 

[Joni]

I have no interest in arguing about this with you. As I said, we'll see.

Hillary worrying too much about Bernie is the same as Mitt Romney worrying about the Tea Party. It would push her so far left (as it did Romney right) that it would cost too much in the center.

 

[FreedomFighter]

Name some people who should be in jail. Fuck your "regulations" you won't push once elected. Put the people from the past in their place, who are likely funding your campaign. Earn some respect from the people voting Bernie over you.

Pretty much.

Except for the voting Bernie part.

She's talking a good game but will kowtow to Wall St. just like Obama does.

 

[pa22word]

another democratic presidential nominee promises widesweeping reforms

Meanwhile on the hill, McCarthy and McConnell can be heard laughing

 

[noshten]

Until she requests a cease and decease from Wall Street financing no one is buying what she is selling. We've heard all of this before from Obama but as it turns out money talks and they only bring it up during election and before they get into power.

 

[Inuhanyou]

I mean...is Bernie pushing her to take more explicit positions not what people wanted?

Bernie should not be the one pushing Hillary to want to say these things. What my concern is, is that this is simply another political tone she's taking in order to 'cover her bases' on the left. Its just a political play to pander to someone for the election, not an earnest look at the issues.

Why champion your record of fully supporting TPP on 45 separate occasions and then try and back away now? That's just cynically repulsive and not trust worthy in the least.

Hillary worrying too much about Bernie is the same as Mitt Romney worrying about the Tea Party. It would push her so far left (as it did Romney right) that it would cost too much in the center.

Your first mistake was equating Bernie Sanders to the tea party in regards to political solutions.

And secondly, what is this supposed mythical "center" that doesn't want to hold Wall Street accountable for criminal abuses of our financial sector among other things? Should we be listening to this supposed 'center', that establishment types espouse instead of getting the actual facts of the matter across?

 

[Clefargle]

Name some people who should be in jail. Fuck your "regulations" you won't push once elected. Put the people from the past in their place, who are likely funding your campaign. Earn some respect from the people voting Bernie over you.

First post is about Bernie.

 

[Vigilant Walrus]

Well, first we need actual investigations to find the people involved. So far, there have not been any under Obama's watch.

Anyone who says people can't be held accountable for crimes they committed never worked a murder case where the suspect skipped down. You eventually get tracked down.

Vox did a interview with Timothy Geithner were he talks about it. He mentions that going after the people responsible would have caused more problems: https://www.youtube.com/watch?v=LRP2Vw9ix-s

 

[DrROBschiz]

#HillarySoLeft

#ShesthefemaleBernieSanders

 

[Inuhanyou]

Vox did a interview with Timothy Geithner were he talks about it. He mentions that going after the people responsible would have caused more problems: https://www.youtube.com/watch?v=LRP2Vw9ix-s

Timmy is part of the problem, same with Bernanke. Its not an excuse, its an attempt to shield his friends from cover. They are both Wall Street guys, like Greenspan before them.

 

[StoppedInTracks]

Must have missed something - why is GAF (majority of posts here) against Clinton? I thought she was the leader in presidental race (I'm from Europe BTW).

 

[ThankYouDaletech]

Yeah but what about Bernie Sanders?

 

[dehydratedbabies]

Must have missed something - why is GAF (majority of posts here) against Clinton? I thought she was the leader in presidental race (I'm from Europe BTW).

Check out this thread:

http://www.neogaf.com/forum/showthread.php?t=1077251

There are a bunch of very vocal Hillary supporters here, though.

 

[TheLostBigBoss]

ok ok ok

Issue: Hillary isn't left enough for some people

Solution: Hillary unveil Wall Street regulations that will be of greater significance than the repealed Glass-Steagall so that encompasses more organizations and institutions that effect our economy.

Result: People who said Hillary isn't left enough say Hillary is faking it and don't believe her because of reasons.

Can someone who things Hillary is a complete fake and isn't liberal enough explain what she would have to do, outside of bowing down to Sanders and proclaiming he is the one true god, to win over and gain trust that she's actually a liberal?