Real-Life "Gordon Gekko" Proclaims - Only Sanders Can Stop The Banksters

Tyler Durden's picture

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Asher Edelman just penned a powerful endorsement of Bernie Sanders in the The Guardian titled, I’m the real-life Gordon Gekko and I support Bernie Sanders.

So who is Asher Edelman? According to the paper:

Asher Edelman is an art collector and financier. He worked on Wall Street from 1962 to 1988 and taught a course at Columbia University School of Business titled Corporate Raiding: The Art of War. He is one of the inspirations for the Gordon Gekko character in the film Wall Street. 

Now here’s some of what he wrote regarding the state of the U.S. economy and the 2016 presidential election:

Banking is the least understood, and possibly most lethal, of all the myriad issues at stake in this election. No candidate other than Bernie Sanders is capable of taking the steps necessary to protect the American people from a repeat of the recent debacle that plunged the nation into a recession from which we have not recovered.

 

The potential for a depression looms heavily on the horizon. As a trained economist who has spent more than 20 years on Wall Street – and one of the models for Gordon Gekko’s character – I know the financial system is in urgent need of regulation and responsibility. Yet Hillary Clinton is beholden to the banks for their largesse in funding her campaign and lining her pockets. The likelihood of any Republican candidate taking on this key issue is not even worthy of discussion.

 

The recession of 2007-2016, and the persistent transfer of wealth from the 80% to the 1% is, mostly the result of banking irresponsibility precipitated by the repeal of the Glass-Steagall Act in 1999. The law separated commercial banking (responsible for gathering and conservatively lending out funds) from investment banking (more speculative activities).  

 

Remarkably, today the derivatives positions held by the large banks approach 10 times those of 2007-2008. In four banks alone, they exceed the GDP of the entire world. This is the interesting consequence when unchecked risk management rests in bankers’ hands.

 

Wait, there’s more. After the collapse of 2008, the Federal Reserve invested more than $15tn to save the banks under the guise of monetary stimulation. At the same time, little or no funds were channeled to the needs of the American people. Yet today we face another crisis of liquidity. This time Europe will break first, followed by their highly leveraged US colleagues. Meanwhile, the bottom 80% of Americans remain mired in a recession, having seen no increase in their incomes during the last 20 years.

 

Poverty is at its highest level since the 1930s (in some areas of the country, higher). More than 30% of all children live with families subsisting below the poverty level. Employment is at a new all-time low (the percentage of employed persons is at about 49%, having been at more than 52% prior to 2008).

 

Dodd-Frank provides the necessary structure with which to begin. Enforce it. Put teeth into bank regulation. Determine the acceptable level of risk at which banks can operate. Make management, not underlings or stockholders, responsible for violating the law. Encourage the Justice Department to be clear in seeking appropriate penalties for financial crimes in large institutions, not by fines alone but by the prosecution of those executives responsible.

 

Split up the banks that are speculating with depositor and government funds. Investment banks are supposed to risk investors’ money but commercial banks should return to lending fairly and carefully to help create a foundation for future growth. Bernie Sanders is the only independent candidate who escapes the malaise of being bought. He is paid for by the people and represents their interests. And you can take that to the bank.

Despite my reservations regarding Senator Sanders on certain issues, one thing is perfectly clear. He’s the only one running who genuinely wants to reign in the out of control financial services sector, and the only one who will aggressively prosecute bank executives. To me, this isn’t a side issue, and I agree with Mr. Edelson when he says:

Banking is the least understood, and possibly most lethal, of all the myriad issues at stake in this election.

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Chupacabra-322's picture

"I make nothing, I own everything."
-Gordon Gekko.

Mr Pink's picture

Wait......unregulated banking is going to crash the financial system? Thank you Captain Obvious

KnuckleDragger-X's picture

It's regulated, now guess who wrote the regulations, and enforces them.......

orez65's picture

President Andrew Jackson vetoed the re-charter of the Second Bank of the United States, the equivalent of today's Federal Reserve. It ceased to operate in the year 1836. The US did not have a Central Bank again until the year 1913, the current Federal Reserve.

What we need today is to abolish the Federal Reserve AND "fractional reserve banking". That would make for an honest and stable financial system. Deficit spending and never ending wars would automatically stop.

Kirk2NCC1701's picture

"I make nothing, I own everything." -Gordon Gekko / Asher Edelman

Spoken like a true Pharisee.  Take note Jesus fans.

junction's picture

Let's see, among those we we have running as candidates: Ted Cruz, whoose Cuban father was a CIA asset in Dallas before the JFK assassination; Hillary, who with Bill as governor presided over the largest drug running operation in U.S. history through the Mena, Arkansas airport (and whose supporters greenlighted the attempted murder of Tom Cruise, filming the movie "Mena" in Columbia, sabotaging a plane he was supposed to be on); Sanders, who never had a job until he was 40 and, in the words of Sharon Stone, looks like an acidhead. 

http://www.ew.com/article/2015/09/12/tom-cruise-mena-plane-crash-colombia

anonnn's picture

A Pseudo-Justice System

Encourage the Justice Department to ...!

Ask them to please stop taking bribes?

Ask them to please stop being pwned by fraudsters?

Ask them please start to do justice?

Ask them please start to do their jobs?

Be reasonable with a system that consistently demonstrates failure to perform?

There is no functioning Justice System It is only a Pretend Justice System. I e., a Pseudo-Justice System.

Unfairness leads to chaos.

  

Bill of Rights's picture

Ask the Venezuelans how that Socialism is working out...

Ignatius's picture

So your argument is that the CIA and Venezuelan oiligarchs are playing no role in destabilizing Venezuela?  That would be a first.

Bill of Rights's picture

Amazing you go all that from my post...true ingenuous.

Ignatius's picture

Then what, in God's name, was the point of your post?

Bill of Rights's picture

For you Sanders for top cheese. dopes to out yourselves lol...its working I see.

Ignatius's picture

So if I try to encompass the whole truth about Venezuela's problems and come out against CIA and oligarch interventions in other country's affairs, that makes me a socialist and Bernie supporter?  Talk about loopy logic.

Bill of Rights's picture

It will only be what you assume to be the truth in your mind only, me Ill remain skeptical of anything and everything...The " Truth "  is so hard to come by these days, fact is fiction and fiction is fact.

 

Good time to be alive isn't it...

Ignatius's picture

Try some skepticism about your own misinformed bleets.

Ignorance is not the same thing as skepticism.

Interesting times, indeed.

stewie's picture

Would you guys get a room already ;o)

orez65's picture

There is no need for the CIA or the Venezuelan oligarchs to destabilize Venezuela. Maduro is taking care of it all by himself.

SHsparx's picture

And you think US is not currently a socialist country?

Bill of Rights's picture

No ...next question, its ruled by Oligarchs, is your basement electricity sill on? well Im sure it is subsidized of course.

SHsparx's picture

We have socialised healthcare. We have socialized education. We have a wellfare system with 48million people on foodstamps. We have a banking and corporate system that can never fail with a tax payer backstop. I'm just trying to understand what you believe Sanders will do to soicalize things that will dramatically change the way the US is now?

RPDC's picture

It's terrifying.  Today, the government accounts for roughly 70% of all health care spending.  Sanders wants to make it . . . pause for effect . . . upwards of 85%!  Also, the US provides free public education for K-12, and has done so for hundreds of years.  Sanders wants to do so . . . for K-16! 

Anyone who actually gives a shit about the economy should want both of those things to happen.  The den of socialist pit-vipers known as the IMF published a study last year finding that the financialization of the US economy reduces growth by 2%.  A big part of that is student loan debt, which is crowding out other spending.  The same is true for health care.  I'd love to go back to free market health care where you paid your doctor for a visit, but that ship sailed a looong time ago.  We now have the worst of all worlds, and the obvious and inevitable resolution is single-payer health care.  Dragging our feet out of some misplaced fealty to a free market past is to shoot ourselves in them as well. 

venturen's picture

LOL....Sander couldn't save himself without a hack government job. If people from Wall Street tell you who is best...you know they are LYING!

TeamDepends's picture

It is no coinkidink this guy was a Columbia prof. Columbia has been progressive (communist) central since the Fabians arrived. Thanks Columbia, for giving us the likes of the Weather Underground (Dorn & Ayers), Cloward & Piven, Obama, and God knows how many other brainwashed totalitarians.

BorisTheBlade's picture

It's about time corporate raiders reinvigorated themselves by turning their eyes towards true enemies of capitalism: big banks.

Tallest Skil's picture

Yes, (((Sanders))) is the only way to stop (((the bankers))).

Ruffmuff's picture

The little crooks, must give way to the bigger crooks.  Normal people need a hero like dillinger or john gotti. If only to make us feel real.

venturen's picture

He lost me at "

 

Dodd-Frank provides the necessary structure with which to begin." 

 

an industry laden "reform" written by guys who have made millions selling out Washington to the highest bidder!

The Gladiator's picture

He lost me at "columbia University".

pickatheweek's picture

Desk, credenza, tree...

atomicwasted's picture

I would believe Colonel Sanders on this _if_ he supported Audit the Fed.  You want to break up the big banks?  Break up the biggest one, the Fed, and use the audit results to break up any others.  Oh, what's that, Bernie?  You didn't support Audit the Fed?  Well then fuck you and the hypocritical horse you rode in on.

Ruffmuff's picture

You must realized if you saw what was in the audit of the fed, YOU WOULD GO BLIND!!!!!  Beware...

Banker Buster's picture

I'm not a huge Sanders fan but he is strong on kicking the fed's ass and he did vote for the Audit the Fed bill.  The one who did not vote and missed the entire thing but talks big and tough about ending the fed is Cruz. Cruz skipped the vote.  See link for vote outcome.  I like your energy but you need to have your facts straight.

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=114&session=2&vote=00002#position

 

Kirk2NCC1701's picture

Maybe Sanders "can" stop the Banksters.  Will he?  Doubt it.

I rather suspect that, in his hubris and presumption, he will do the opposite:  He will ENABLE them more, by increasing the size of our DEBT-based financial slavery and its base of Fiat-Currency-out-of-thin-air and FRB.

Sanders needs a weekend crash course at Tyler Durden University, before his eyes are truly opened and he can talk financial sense.

HopefulCynical's picture

Like he'd listen. He's merely trying to be Commander In Chief of the FSA; for that, he needs CTRL-P to infinity and beyond.

gmak's picture

Are Gekko's lips moving?

william114085's picture

And Saunders squashed the Audit the Fed bill he ha'd previously sponsered with Ron Paul.

 

https://www.youtube.com/watch?v=ZNuHRyip3iA

___________'s picture

sanders is a fake

i dont see him as an opportunity to hillary

actually its not difficult to figure out who he really is.

JBilyj's picture

Then why didn't he vote to Audit the Fed!?

Lucky Leprachaun's picture

He did worse IMO. He gutted the Bill of its few meaningful measures while purporting to support an audit.

jomama's picture

You mean why did he vote for it?

http://www.usnews.com/news/articles/2016-01-12/democrats-kill-rand-pauls...

 

Sanders released a statement explaining why he voted against most Democrats, saying:

“Too much of the Fed’s business is conducted in secret, known only to the bankers on its various boards and committees. In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Federal Reserve during the financial crisis. As a result of this audit, we learned that an institution that was created to serve all Americans had been hijacked by the very bankers it regulates.

We must expand on that first review of the Fed’s activities. Requiring the Government Accountability Office to conduct a full and independent audit of the Fed each and every year, would be an important step towards making the Federal Reserve a more democratic institution that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street.”

HopefulCynical's picture

He voted for it in 2015 strictly for show, because he knew Fauxahontas had already killed it in backroom deals.

Several years ago, Sanders sold Ron Paul out.

superbroker1's picture

Asher Edelman - Good ole Irish name, eh?

A Jew for a Jew. Supprise supprise. 

 

superbroker1's picture

Asher Edelman - Good ole Irish name, eh?

A Jew for a Jew. Supprise supprise. 

 

Friedrich not Salma's picture

Hogwash. Sanders says his mission is to break up the TBTF banks but when you listen to the NY Daily News interview from earlier this month, Bernie waffles his way around how he'd actually do it. His defenders say NYDN was out to get him but listen to the interview yourself and you'll realize the man hasn't a clue! He's just another stuffed suit.