Democratic presidential candidate Bernie Sanders said in a speech Tuesday that Wall Street's entire business model is "fraud," but he has a plan to completely end "too big to fail" among big banks.
But that's no the only thing he had to say about Wall Street, read on to find out more.
U.S. Senator Bernie Sanders provided Americans with an unforgettable piece of his mind concerning the inner workings of Wall Street, clearly stating in his prepared remarks that he will no longer tolerate the burden that big banks have placed on taxpayers.
“We can no longer tolerate an economy and a political system that has been rigged by Wall Street to benefit the wealthiest Americans in this country at the expense of everyone else,” Sanders noted. “I’ll rein in Wall Street behavior, so they can’t crash our economy again. Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.”
He added, "Greed, fraud, dishonesty and arrogance, these are the words that best describe the reality of Wall Street today.
So, to those on Wall Street who may be listening today, let me be very clear. Greed is not good. In fact, the greed of Wall Street and corporate America is destroying the fabric of our nation. And, here is a New Year’s Resolution that I will keep if elected president. If you do not end your greed, we will end it for you."
Sanders noted that he intends to take a completely different approach from fellow presidential candidate Hillary Clinton when addressing greed within Wall Street.
“My opponent says that as a senator she told bankers to ‘cut it out’ and end their destructive behavior,” Sanders explained. “But, in my view, establishment politicians are the ones who need to ‘cut it out.’ The reality is that Congress doesn’t regulate Wall Street. Wall Street and their lobbyists regulate Congress. We must change that reality and as president I will.”
Another subject that has been heavily discussed among government agencies and officials is the accountability of those that were allegedly directly involved with the onset of the financial crisis that this nation endured. Sen. Sanders stated that he has a plan to bring those executives to justice.
"Not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy,” Sanders said before describing some of the biggest crimes committed by financial institutions in recent years. “That will change under my administration. ‘Equal justice under law’ will not just be words engraved on the entrance of the Supreme Court. It will be the standard that applies to Wall Street and all Americans.”
Sen. Sanders' proposed solution to the address big banks and the uneven distribution of wealth and power in the U.S. includes a series of steps. First, he will require the secretary of the Treasury Department to establish a list of commercial banks, shadow banks, and insurance companies deemed "too-big-to-fail." Then, he will break up these institutions. Lastly, Sen. Sanders said that he will reinstate a 21st Century Glass-Steagall Act.
"We need a banking system that is part of the productive economy–making loans at affordable rates to small- and medium-sized businesses so that we create decent-paying jobs," Sen. Sanders stated. "Wall Street cannot continue to be an island unto itself, gambling trillions in risky financial instruments, making huge profits and assured that, if their schemes fail, the taxpayers will be there to bail them out."
He continued, "If a bank is too big to fail, it is too big to exist. When it comes to Wall Street reform that must be our bottom line. This is true not just from a risk perspective and the fear of another bailout. It is also true from the reality that a handful of huge financial institutions simply have too much economic and political power over this country."
Click here to read Sen. Sanders' prepared remarks.
Click here to watch the live stream of Sen. Sanders' speech.