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Hillary Clinton Reveals Her Plan To "Prevent The Next Crash" In Bloomberg Op-Ed
No commentary is needed for this Op-Ed just posted by Hillary Clinton in Bloomberg, which should be read in lieu of Thursday humor.
First published in Bloomberg View
My Plan to Prevent the Next Crash
Seven years after the financial crash, despite important new rules signed into law by President Barack Obama, there are risks in our financial system that could still cause another crisis. Banks have paid billions of dollars in fines, but few executives have been held personally accountable. “Too big to fail” is still too big a problem. Regulators don’t have all the tools and support they need to protect our economy. To prevent irresponsible behavior on Wall Street from ever again devastating Main Street, we need more accountability, tougher rules and stronger enforcement. I have a plan to build on the progress we’ve made under President Obama and do just that.
In the years before the crash, as financial firms piled risk upon risk, regulators in Washington either couldn’t or wouldn’t keep up. Top regulators under President George W. Bush posed for a picture literally taking a chain saw to banking rules. Before the crisis hit, as a senator from New York, I was alarmed by this gathering storm, and called for addressing the risks of derivatives, cracking down on abusive subprime mortgages and improving financial oversight. Unfortunately, the Bush administration and Republicans in Congress largely ignored calls for reform. The result cost 9 million Americans their jobs, drove 5 million families out of their homes and wiped out more than $13 trillion in household wealth.
Thanks to President Obama’s leadership and the determination and sacrifice of the American people, we’ve worked our way out of that ditch and put our economy on sounder footing. Now we have to keep going.
First, it’s time for more accountability on Wall Street. Stories of misconduct in the financial industry are shocking -- like HSBC allowing drug cartels to launder money or five major banks pleading guilty to felony charges for conspiring to manipulate currency exchange rates. This is criminal behavior, yet the individuals responsible often get off with limited consequences -- or none at all. I want to change that.
People who commit serious financial crimes should face serious consequences, including big fines, disbarment from working in the industry and the prospect of imprisonment. As president, I will seek to extend the statute of limitations for major financial crimes, enhance whistle-blower rewards, and increase resources for the Department of Justice and the Securities and Exchange Commission to investigate and prosecute individuals. We should also hold financial executives accountable for egregious misconduct by their subordinates. They need to lose their bonuses and, in some cases, their jobs.
Second, I will work with Congress and independent regulators to rein in the complexity and riskiness of major financial institutions. The Dodd-Frank Act that President Obama signed after the crisis has already made important reforms, but there’s more to do.
One serious approach being advocated is to pass an updated Glass-Steagall Act, separating commercial and investment banking, to reduce the size of the banks and the risk of a taxpayer bailout. I certainly share the goal of never having to bail out the big banks again, but I prefer the path of tackling the most dangerous risks in a different way.
To start, I will propose a new fee on risk that would discourage the type of excessive leverage and short-term borrowing that could spark another crisis. We should also strengthen and enforce the Volcker Rule so banks can’t make risky and speculative trading bets with taxpayer-backed money. And if a bank suffers losses that threaten its overall financial health, senior managers should lose some or all of their bonus compensation. That will ensure that financial executives have skin in the game and a real incentive to avoid reckless risk-taking.
My plan would also give regulators the authority they need to reorganize, downsize or even break apart any financial institution that is too large and risky to be managed effectively. It is a comprehensive and flexible approach. It allows regulators to adapt to changing markets and help ensure that large financial firms never pose a danger to our entire economy.
We’ve learned the hard way that there’s no substitute for tough, empowered regulators with the resources and support to do their job. That’s why I’ve supported Wisconsin Senator Tammy Baldwin’s bill to restore trust in government and slow Wall Street’s revolving door. We need to find the best, most independent-minded people for these important regulatory jobs -- people who will put consumers and everyday investors ahead of the industries and institutions they’re supposed to oversee.
Third, we need a comprehensive strategy to reduce risk everywhere in the financial system. After all, many of the firms at the heart of the crash in 2008, like Lehman Brothers, Bear Stearns and AIG, were not traditional banks. I’ll push for stronger oversight of the “shadow banking” sector, which includes certain activities of hedge funds, investment banks and other nonbank finance companies.
Fourth, we need to ensure that everyday investors and consumers can trust that our financial markets work for them -- and not just for insiders with the most sophisticated, specialized and fastest connections. That is why we should impose a tax on the high-frequency trading that makes our markets less stable and less fair. And we should reform the rules that govern our stock markets to ensure equal access to markets and information, increase transparency, and minimize conflicts of interest.
Finally, I will veto any legislation that would weaken Dodd-Frank. We can’t go back to the days when Wall Street could write its own rules. I believe we can defend Dodd-Frank while easing burdens on community banks so they are able to lend responsibly to the hardworking families and small businesses they know and trust. We also have to defeat Republican attempts to gut the Consumer Financial Protection Bureau -- an agency dedicated solely to protecting Americans from unfair and deceptive financial practices -- and to exploit the upcoming budget and debt-ceiling negotiations for rollbacks in financial reforms.
The bottom line is that we can never allow what happened in 2008 to happen again. Just as important, we have to encourage Wall Street to live up to its proper role in our economy -- helping Main Street grow and prosper. With strong rules of the road and smart incentives, the financial industry can help more young families buy that first home, make it possible for entrepreneurs to create new small businesses and support hardworking Americans saving for retirement. My plan will help us unlock that potential. We’ll create good-paying jobs, raise incomes and help families afford a middle-class life, with less speculation and more growth -- growth that’s strong, fair and long-term. That’s what I’m fighting for in my campaign, and that’s what I’ll do as president.
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LIAR....!
FUCK YOU HILLARY!
"I'M GAME!"
...SAID NO ONE, EVER.
That female dog with a bastard puppy can't hunt!
Yes, I called her a bitch, which is an insult to dogs.
We're saved! /sarc
I have a plan to build on the progress we’ve made under President Obama and do just that.
Dang lady, If you plan on building on Obama's progress, if you get elected Im putting the ranch up for sale.
I am anyway in a year or two to tidy up I've seen enough
What difference does it make?
Risk on, risk off and a new fee on risk. i.e., moar taxes.
ah, common sense, employment barriers, ah no.
If young people cannot work, and raise families, seniors cannot retire with ‘dignity and independence.’ Simply printing money drives down living standards for everyone. There is an order to things, and public services has largely become a revolving game of 52-card pickup, for lack of effective feedback, priorities.
Printing money doesn't reduce the standard of living for everyone, just teh vast majority of people. It increases the living standards of those who receive the money first. And guess who that is?
So really, who wrote that?
Someone from Goldman probably wrote the op-ed for her.
Sounds like it was written by either Robert Rubin or his spawn, now what what that bank he was with that they sunk $2.1 trillion into to keep it from going under, while under Rubin's watch (CEO) they wrote endless number of "liquidity puts" (contracts to reimburse in full the purchase price for CDOs purchased by investors)?
Oh yeah. . . .Citigroup!
It sounds like all those financial services executives that the Obama administration put in jail are about to have some company!
Wait a second....
It is good that she is able to project a clear understanding of criminal behavior before she testifies before Congress or the Grand Jury.
If elected POTUS, could she immediately pardon herself?
Double post
"Just give me personal control of all the money, and I'll fix it."
I assume JP Morgan and Morgan Stanley will be exempted, correct?
https://www.opensecrets.org/pres16/contrib.php?cycle=2016&id=N00000019&t...
That said, I'm sure lawyers are chomping at the bit for ever more byzantine regulatory structures that don't actually do anything other than create a boatload of billable hours.
https://www.opensecrets.org/pres16/indus.php?cycle=2016&id=N00000019&type=f
On the floor, laughing uncontrollably; tendons in the ribcage now in severe pain...and totally worth it.
I don't know if there has ever been a more evil, rotten, sad excuse of a human being than Hillary Rodham Clinton.
Fuck me...
Clinton will get no more than 1/3 of the democratic vote in the primary. Her delusions are truly epic...
"I have a plan to build on the progress we’ve made under President Obama"
Ya, that will get people to believe anything else that comes out of your mouth.
"My plan would also give regulators the authority they need"
So Hillery, you are saying you would give them something they already have?
Is your next press conference going to announce if you are elected President you will paint the White House white?
You should check out the Alex jones interview of matt Drudge. I think Drudge indicated that the machine could still elect hillary. Drudge bewails what will happen to America if that happens. Says that she is actually very sick. (I did notice that the upcoming debate was shortened by and hour. Wouldn't want to see Hillary fade???) Anyhow, apparently the people on the inside are starting to refer to her potential presidency as the brain in the glass jar on the desk in the Oval Office. Funny. Terrifying.
Lots of banter at the beginning. The real interview with the real matt Drudge starts at about 5:00.
Matt Drudge Visits the Alex Jones Show: Full Interviewhttps://www.youtube.com/watch?v=hxbvYWKhX48
I Shit on you Hillary. Lying Bitch. Please go away, forever.
Can you believe the balls this bitch has to say this? If she is elected president, the corruption that ensues will exceed anything we have known.
What a lying cunt. Perhaps she should review the history of the housing crisis and what lead up to it...
1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families.
1999: Bill Clinton (D) puts the CRA on steroids by pushing Fannie Mae & Freddie Mac to increase the number of sub-prime loans (owning a home is now a 'right'.).
1999 (September): New York Times publishes an article, 'Fannie Mae Eases Credit To Aid Mortgage Lending', which warned of the coming crisis due to lax lending policies of the Clinton (D) administration.
2003: White House calls Fannie and Freddie a "systemic risk". The Bush (R) administration pushes Congress to enact new regulations.
2003: Barney Frank (D) says Fannie Mae & Freddie Mac are "not in a crisis" and bashes Republicans for crying wolf and calls F&F "Financially Sound" Democrats block Republican sponsored regulation legislation.
2005: Fed Reserve Chairman Alan Greenspan voices warning over Fannie Mae & Freddie Mac accounting "We are placing the total financial system of the future at a substantial risk"
2005: Sen Charles Schumer (D) says "I think Fannie Mae & Freddie Mac over the years have done an incredibly good job and are an intrinsic part of making America the best-housed people in the world.".
2006 Sen. John McCain (R) again calls for reform of the regulatory structure that governs Fannie Mae & Freddie Mac .
2006: Democrats again block reform legislation.
2007 - Barney Frank becomes the head of House Finance Committee & Chris Dodd becomes head of Senate Banking Committee. 15 months later the US economy took a dive in the Banking & Finance Sectors
2008: Housing market collapses: Democrats blame the Republicans.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."At a House Financial Services Committee hearing, Sept. 25, 2003, Frank said:
"I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing...."
I remember an article detailing the role of Acorn and Barack Obama in the housing bubble blow up. It was almost as if he was personally implanting an IED in the financial system that conveniently blew up in September 2008 right before the presidential election. His timing was uncanny.
satan has some top of the line strategist.
Obammy was involved with the lasuit against (I believe it was, if memory serves), Chase Bank, not long after gradumuhcating from Harvard. Probably the only or maybe few times he acted as a lawyer.
Owing a home isn't just a right. It's your duty, citizen. Do it for the legions of children not so fortunate as to be born owing as much as you do.
I thought Hillary was good friends with Lloyd Blankfein and Goldman Sachs was a top contributor to her.
Wall Street owns Hillary. She is a total fraud and no one in the government/corporate whore media wants to call her on it. No, she is "fighting for the working guy"
Robert Rubin (Goldman CEO) was Treasury Secretary for her husband Bill Clinton and it was Rubin who effectively appointed all the top financial people in the Obama administration (as he was Obama's top finance advisor in the 2008 campaign).
The irony of a criminal like Hillary that should be in prison for her e-mail conduct is calling for Wall Street people to go to prison. And beyond that, she is saying this after Obama (who she teamed up with) failed to send any Wall Street criminals to prison to begin with.
What a sick joke.
Sadly, her e-mail conduct is one of the least of the things she has done.
I just threw up a little bit in my mouth...
problem reaction solution http://bfy.tw/2C02
If her words were toilet paper I could sell it at a nickle a roll and be an overnight multi millionaire......
Not one mention of Glass Steagall, the act her husband abolished. Dementia is setting in. Hillary will never pass the health requirements to function as a President.
Looking Back at the Repeal of Glass-Steagall, or, How the Banks ...
Why? Are they more stringent than the citizenship requirements?
DNC sold the Afro-American public for Obama. 2016 requires illegal aliens and amnesty cities to firewall illegal votes under unregulated city planning funding.
"Why aren't we seeing Hillary's lovers?"
http://www.infowars.com/drudge-why-arent-we-seeing-hillarys-lovers/
http://www.infowars.com/drudge-interview-top-youtube-video-in-us/
https://i.imgur.com/bvdDZbE.jpg
ANYTHING ANY presidential candidate says BEFORE getting elected means nothing. Winning the election changes everything.
So after almost 7 years it is still Bush's fault. Complete drivel!
Sigh...
I doubt the cripplingly ill Hillary is capable of reading this entire article without blacking out from devastating headaches, much less actually writing it. No doubt, Huma got someone to write it, and then read it aloud to immobilized Hillary after which performing cunnilingus on her to relieve the waves of head-trauma induced seizures.
...Who's READY FOR HILLARY to pass out at the Democratic debates?
What do the other presidential actors say about limiting the risk of another financial tsunami? I for one am sick of zero interest rates; they only benefit the people with the greatest access to capital and prevent the price discovery of a real market.
Re Hillary Reveals HER Plan.... blah... blah .... balh...
To even suggest that this insufferable hag has a coherent thought on anything - apart from her own self-aggrandisement - is a preposterous proposition... a complete and utter absurdity.
That's the reason the Democrats won't debate - to hide what a fake, phoney, fraud this dumbass b!tch actually is.
Only the most moronic, parasite liberal sheep still support this vile maggot... and yes there are a lot of them. Notice she is AGAINST bring back Glass-Stegal... that says it all for this lying bag of anal warts.
After dropping in the polls, Hillary may not be getting the big bucks from Wall Street -- so, threaten them, in hopes they 'buy' her support to exempt them.
so she is asking for contributions to her campaign right?
States Rights
O is not leaving
take-down of ussa
coming soon
hillary will sell alaska back to the russians for a donation...someone we can trust
Yup, just like she allowed the sale of the controlling interest of Uranium One U.S. mines to Russia, while Uranium One investors were busy making donations to the Clinton Foundation.
And she never wrote a fucking word of it, genius.
Where the hell is she gonna find some "independent regulators"?
Just axin.
You do realize that in politics, the more you talk about something, the less you intend to do about it. Right?
God helps us all if this scag is elected POTUS.
Comedy gold.
HRC's poll #s are dropping faster than one of Bill's 14yo fluffers on Hooker Island.
Hillary has ideas !
Whodavthought dat !
Thats not Hillary, thats an agent. What's left of Hillary is lying in the Rockefeller crypt drooling, next to David.
Hitlery is damaged goods. People know her far too well to ever trust her lies.
"I will propose a new fee on risk"
LOL LOL LOL LOL.
A fee on risk? Oh my God, I can't stop laughing. I thought Maxine Waters was the stupidest politician out there, but Hilarity just topped her. So let me see:
Unprotected sex with cheap hooker= $50 fee
Sharing dirty needles with crack head= $100 fee
Base jumping=$150 fee
Investing in cattle future options=$0 because there is no risk (if your name is Clinton).
Wow!!!!
"My plan would also give regulators the authority they need to reorganize, downsize or even break apart any financial institution that is too large and risky to be managed effectively."
So, that means the U.S. Treasury, the IRS, and the Federal Reserve get broken apart first? None of those are managed effectively.
That suggestion would get her killed like the others before.
Lord give us one journalist who would ask the Who, How, Why, Where, When and What questions, to that steaming pile of horseshit blabbering that Bloomturd just allowed her to make...
As usual a lot of vapid talk and zero substance or she would of course mention her goal of repealing that part of the Cromnibus bill that put the liabilities of the TBTF banks on the backs of the American taxpayer to the tune of hundreds of trillions while keeping the profits nice and private like. That type of specificity might not do much for her shrinking donor base though now would it. Trust Hillary!!!!!
Thanks to President Obama’s leadership and the determination and sacrifice of the American people, we’ve worked our way out of that ditch and put our economy on sounder footing...
You mean like LIBOR?
"Two of America's top law-enforcement officials, Attorney General Eric Holder and former Justice Department Criminal Division chief Lanny Breuer, confessed that it's dangerous to prosecute offending banks because they are simply too big. Making arrests, they say, might lead to "collateral consequences" in the economy."
"Right as the Libor case was being dismissed, the firm had hired none other than Lanny Breuer, the same Lanny Breuer who, just a few months before, was the assistant attorney general who had balked at criminally prosecuting UBS over Libor because, he said, "Our goal here is not to destroy a major financial institution.""
http://www.rollingstone.com/politics/news/everything-is-rigged-the-bigge...
The flaw is mispricings, that is OVERPRICINGS! See here:
http://showrealhist.com
Bubbles naturally break.
Kook.
CUNT.
"... we need more accountability, tougher rules and stronger enforcement ..."
Really Cankles? Why don't you start with your own illegal behavior, your pedophile husband, and daughter who "I don't really care about money" is nothing but a corporate shill. What a fucking joke; she wouldn't know the "truth" if it bit her in the ass.
www.traderzoo.mobi
"Enhance whistle blower rewards". Except: ******
Except whistleblowers are rewarded with prison time...
Enhanced sentencing?
Several months ago, Congress passed a bill to take the derivatives risk off the backs of the big banks and put the risk on the backs of the taxpayers through FDIC. This is the sort of law that encourages and enables reckeless risk taking (a no lose situation for the large wall street institutions). We haven't heard a word from you on this, Hillary. Why?? QUIT MAKING THE TAXPAYER THE BAGHOLDER OF LAST RESORT AND MOST OF THESE ABUSES WILL TAKE CARE OF THEMSELVES!!
To prevent irresponsible behavior on Wall Street from ever again devastating Main Street, we need more accountability, tougher rules and stronger enforcement.
Here's a much simpler approach Clitery . . . .
ENFORCE THE EXISTING FINANCIAL LAWS THOROUGHLY, UNIFORMLY AND ACROSS THE BOARD - REGARDLESS OF WHO YOU ARE OR WHAT CONNECTIONS YOU HAVE!!!
Then start putting some of the banking executives in prison rather than having their companies pay fines for their crimes using their illegally gained profits . . .
Unless they donate to the Hillary campaign.
Hillary is like looking into a dogs eyes and wondering how it thinks. Professional politicians think in a way alien to normal people. Do not try to understand them.
Hahahahahahahahaha.... LOL. So she's going to reinstate Glass Steagall????? HAHAHAHAHAHAHA LOL!
omg the irony! hang the clintons asap.
The irony is absurd. The average voter will fail to realize it though. Undoing her husband's "legacy" is simply not an option, which makes her statements even more incredulous. Fucking astounding.
And who will do the oversight?
not government workers that's for sure :)
Nop, and they won't target big banks.
They'll go in to the smaller banks and banks like GS and JPM will take them over and become even bigger.
The banks are bankrolling Hillarious campaign so there's always a reason that's more dark.
And that woman is a fraud so it's not even a IF question.
tldr: but fuck you Hilldabeast you lying sack of shit.
Stop flapping your cunt hole, I can smell the yeast infection all the way here.
There are laws and regulations on the books - ENFORCE THEM!!!!
A New Age for bribery.
Well, well, well. Let's start with the Clinton Foundation and work our way back to Mina, Arkansas.
10 years past since Oval evant at Oral cabinet (Oral@Oval)
Let's selebrate.
Thats not a woman man, thats twistoff Bill's first wife.
Ooo
Pretty sure Bill regrets her existence. I would.